Palamina Corp. resumed exploration at its 100% owned Lagos Silver Copper Project in late November of 2021 conducting a mapping /sampling program, short magnetometer survey and test Induced Polarization (IP) study before year end. Palamina is proceeding with more sampling and mapping, a pole-dipole IP survey and has commenced an FTA environmental study in order to permit up to 20 drill pads.

Lagos covers 10,300 hectares and is located in the Santa Lucia mining district, 72 km's southwest of Palamina's regional field office in Juliaca in the department of Puno, Peru. Lagos is at a 4,200 metre elevation with excellent infrastructure that includes road access, local power, water and a railway line that transverses the property. To date four field campaigns have been completed with four distinct mineralized zones identified.

The Rosa and Azul zones to the north host higher grade Ag-Cu veins, related to fault zones and hydrothermal breccias. The Gris and Verde zones to the south are being explored to potentially host broad zones of Cu-Ag mineralization, similar to the Cu oxide material found at surface. In the last quarter of 2021 a test geophysical program was carried out by Valdor Geofisica S.A.C. including a 21 linear km mag survey, 14.1 linear km pole-dipole IP survey and 8.8 km gradient IP survey.

Results of the studies identified potential anomalies at depth in the Gris and Verde zones and to a lesser extent in the Rosa zone. Palamina has elected to proceed with more pole-dipole IP surveys as an effective tool to identify drill targets. No drilling has ever been carried out on the Lagos claims. During the rainy season from December to late April, Palamina suspends exploration on its Puno Orogenic Gold Belt (`POGB') projects and advances the Lagos Project in the Santa Lucia district.

Lagos was acquired through staking (starting in 2017) to investigate the potential for the historic Santa Rosa mine area to host a Ag-Cu Carbonate Replacement Deposit (`CRD'). Locally drill programs are underway at Kaizen Discovery Inc.'s Cu-Au Pinaya project and at Aftermath Silver Ltd.'s Ag-Cu-Mn Berenguela project. Palamina is working with equity partner GoldSpot Discoveries Inc. to develop a better understanding of the POGB and Santa Lucia districts.