Palamina completes sampling program at Galena

Executive Summary

• Palamina completed a second portable XRF soil sampling program at the 100 % owned Galena project, collecting 730 new samples (1,660 total) that delineate two northwest‑southeast mineralized trends extending over several kilometres.
• Surface XRF assays graded up to 440 g/t Ag, 0.6 % Cu and 2.7 % Mn within the tertiary volcanics; historic rock samples from Rosa and Azul zones previously returned up to 1,135 g/t Ag, 5.2 % Cu and 0.69 % Mn.
• The company plans further XRF sampling, a property‑wide gravity survey, and ultimately drilling of high‑priority carbonate replacement deposit (CRD) targets to test for mineralization comparable to the historic Santa Barbara and Berenguela deposits.

Key Details

• Sampling effort: 730 B‑horizon/regolith samples collected in May 2025; total soil sample count now 1,660. Samples taken on a 100 m × 100 m grid.
• Analytical method: Hand‑held Olympus C‑series Vanta portable XRF (pXRF); each sample measured three times with arithmetic averaging; quality control via certified reference materials, blanks and field duplicates.
• Geochemical anomalies identified:
• Two distinct NW‑SE coincident Ag–Cu–Mn anomalies; southern trend spans ~3 km × 1.5 km and remains open in both directions.
• A 5 km × 4.5 km manganese anomaly linking Rosa (NE) to Verde (SW) zones, suggesting potential blind CRD mineralization.
• A significant silver anomaly west of the Gris zone that is still open.
• Highest surface assay values: Up to 440 g/t Ag, 0.6 % Cu, 2.7 % Mn in tertiary volcanics; historic rock assays up to 1,135 g/t Ag, 5.2 % Cu, 0.69 % Mn (Rosa) and 584 g/t Ag, 7.1 % Cu, 0.47 % Mn (Azul).
• Planned next steps: Additional XRF soil sampling west of the Gris silver anomaly and southeast of a regional NE‑SW extensional fault; property‑wide gravity survey; prioritization of drill targets for CRD testing.
• Technical oversight: Qualified Person Alvaro Fernandez‑Baca, P.Geo., Vice‑President Exploration, reviewed and approved technical information per NI 43‑101.

Notable Quotes

“Our expanded XRF soil sampling has provided further evidence of the presence of a large hydrothermal system… Further XRF soil sampling is under way to further define surface mineralization with a property‑wide gravity survey planned.” – Andrew Thomson, President

Materiality Assessment: Non‑Material – Positive (exploratory results are encouraging but no drilling or economic conclusions disclosed).