Palamina Corp
Financials:
Primary ticker: TSXV:PA, OTCQB:PLMNF
Stage of development: Exploration
Primary minerals: Gold, Silver, Copper
Project to promote: Usicayos Gold Project
Project location: Peru
Website: www.palamina.com
Corporate presentation: Click here
News: Click here
Palamina has participation in 9 orogenic gold projects in SE Peru and the battery metal Galena Silver Copper Project. In 2023, PA completed a 2,081m drill program at its flagship Usicayos Gold Project.
Palamina holds a 19.9% equity stake in Winshear Gold Corp. (WINS: TSX-V.) who are advancing the Gaban Gold Project. WINS has a fully funded arbitration (US$3.3M drawdown) against the Tanzanian government for damages of +CDN$ 140M. Judgement in 2023 where any proceeds represent a non-dilutive financing. Arbitration case concludes in Feb 2023.
Main Catalysts:
Drill programs at PA Usicayos and WINS Gaban gold projects + WINS arbitration judgement.
Cash: CAD$250,000
Debt: NIL
Major shareholders:
Eric Sprott – 12%
Andrew Thomson – 9%
Ernesto Echavarria – 8%
Jeff Phillips – 7%
Goldspot – 3%
Management ownership – 10%
Management Profile
ANDREW THOMSON – PRESIDENT & CEO
Mr. Thomson is the former President and Chief Executive Officer of Soltoro Ltd. which was acquired by Agnico Eagle Mines in June of 2015. Mr. Thomson is an entrepreneur who has actively been exploring in Latin America since 1993. Mr. Thomson holds positions on the Board of Directors of Winshear Gold Corp., Montero Mining and Exploration Ltd. and is CEO of NewOrigin Gold Corp.
What is your rationale for taking part 121 Mining Investment?
Palamina is seeking investors wishing to participate in discoveries on grass roots gold projects, high grade silver copper projects, royalties, 19.9% equity investment in WINS where a judgement on a fully funded arbitration is due in Q1 2023 seeking +CDN$130M in damages. Possible raise coming up.
What recent news would you like to highlight to investors attending?
SEPTEMBER 18, 2022
Palamina Sol De Oro Zone Returns 0.9 Metres Of 200 g/t Au at The Usicayos Gold Project
SEPTEMBER 14, 2022
Palamina Reports Exploration Results & Land Consolidation At Its Galena Silver Copper Project
SEPTEMBER 12, 2022
Palamina Receipts US$50,000 Advance Royalty Payment From Winshear Gold Corp.
AUGUST 22, 2022
Winshear Gold Closes Oversubscribed $651,300 Private Placement
JULY 6, 2022
Palamina Intercepts More Gold at the Usicayos Gold Project
JUNE 10, 2022
Palamina Secures 100% of the Mineralized Gold Trend at the Usicayos Gold Project
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Lidar survey & trenching at Sol de Oro zone at the Usicayos Gold Project, prioritize drill target areas, continue to advance Galena Silver Copper Project. Seek to sell or JV other projects
6 Months:
PA – Raise funding to conduct further drilling at Usicayos Gold Project
WINS – Arbitration Proceedings in TZ concluded by February 2023. Judgement within 6 months.
12 Months:
PA – Drill Sol de Oro / Cayos Zones at Usicayos Gold Project
WINS – TZ arbitration conclusion, possible settlement or collection of judgement
WINS permitted to drill Gaban Gold Project
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Greater political + community issues in Peru, high cost of capital
Ongoing consultation in communities supporting local artisans , road building and investment in community. Reduced burn by shutting down drill program (drill remains at site) awaiting arbitration judgement in equity partner Winshear Gold (WINS seeking +CDN$140M in damages).
What do you think makes your company such a compelling investment?
Palamina has participation in 9 projects in the Puno Orogenic Gold Belt with participation in two projects in drill discovery phase with tier 1 gold deposit potential. Battery metal Galena high grade silver copper play with great neighbours and infrasturcture. Maintaining our 19.9% holding in Winshear Gold with conclusion to fully funded arbitration in Tanzania scheduled for Feb 2023 with +CDN$140M in damages being sought.
What are the top 3 key investor takeaways?
1) Participation in drilling at PA Usicayos Gold Project & WINS Gaban gold projects
2) Possible non dilutive financing on collection of judgement or settlement in 2023 of arbitration in Tanzania by Winshear Gold (PA owns 19.9% equity stake in WINS)
3) Goldspot and Eric Sprott purchased 15% in recent June 2021 $5M capital raise / 65M shares out. President Palamina + wife has invested over $2.3M cash in PA