On June 9, 2022 Palamina Corp. paid USD 44,000 to acquire 100 % of a 200 hectare titled internal concession at the Usicayos Gold Project. An additional USD 11,000 is being held in trust to be paid on notification from the Registro Publicos that the titled claims have been transferred and fully registered to Palamina S.A.C. (Palamina's Peruvian subsidiary).

Palamina now holds 100% title interest to 14,012 hectares at Usicayos with no underlying payments or royalties. Over the last 3 years surrounding concessions within the principal NE mineralized gold trend totalling another 1,600 hectares were secured through staking and won at subsequent auctions. These interior claims are located southwest of the Veta Zone that has been tested by drilling in 2022, are in the same structural corridor and increases the strike length of the known cluster of surface gold mineralization held by Palamina from 2.4 to 4.5 km's. The entire 1.5 km wide by 4.5 km long trend is on privately held ground.

A total of 78 samples were submitted for assay from the Sol de Oro, Coriwasi and Veta Flor gold zones. In 2021 Palamina completed 4 diamond drill holes over a total 1,704.50 metres along the 800 metre mineralized gold strike length defined at surface in the Veta Zone. A six hole planned drill program was reduced to 4 due to the advent of the rainy season in December 2021.

Drill hole VE-01-2021 returned 1m @ 1.26 g/t Au, VE-02-2021 1m @ 3.09 g/t Au (visible gold in intercept), VE-03-2021 24m @ 0.5 g/t Au and VE-04-2021 11m @ 0.8 g/t Au (visible gold in intercept). The 2021 drill holes did not intercept high- grade Au mineralization similar to that found at surface. Palamina resumed drilling in May of 2022 and has completed drill holes VE-05-2022 & VE-06-2022 from drill pad 5 in order to test the last 200m at the north east end of the 800m mineralized gold strike length defined at surface.

These holes were drilled closer to the exposed gold-bearing quartz veins and at a shallower angle testing the continuity of mineralization in this segment of the Veta zone. Assays are pending. Palamina is in process of completing the modification of its DIA (Declaración de Impacto Ambiental) in order to drill additional gold zones southwest of the Veta Zone.

Under the current DIA Palamina can build a total of 40 drill pads with 5 drill pads completed to-date. As part of that process, Palamina recently concluded two additional surface rights agreements covering areas where additional drill holes have been planned southwest of the Veta Zone. These surface agreements cover the 200m hectare concession acquisition area.

Palamina is undertaking a surface mapping and sampling program on the newly acquired concession initially focused on the historic adit and mined areas. Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its exploration projects.

Prior to delivery of field samples to the analytical laboratory and with the objective to provide an independent check on precision, accuracy and contamination in the laboratory, Palamina QAQC staff insert blank samples, field duplicates and certified standards into the sample stream. To assure best practice compliance, assay results are only reported once the results of internal QAQC procedures have been reviewed and approved. Samples are collected and transported by Palamina personnel to the Certimin S. A laboratory in Juliaca, Peru where they are processed and then sent for assay to the Certimin SA lab in Lima, Peru.

The technical information herein has been reviewed and approved by J. Blackwell (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. Blackwell is a technical advisor to Palamina.