Palamina Clears Peru Permit Ahead of Colt Silver Spin-Out

Palamina Corp. (OTCQB: PLMNF) said its wholly owned subsidiary Colt Silver Corp. has received Ficha Técnica Ambiental environmental approval from Peru's Ministry of Energy and Mines for the Galena Silver Copper Project in Puno, authorizing up to 20 drill pads, ahead of a September 24, 2026 shareholder vote to spin Colt out for an expected October 2026 TSX Venture listing under the symbol COLT.

Palamina Corp. (OTCQB: PLMNF), which also trades on the TSX Venture Exchange under the symbol PA, has cleared the regulatory step that matters most to a pre-drill exploration story: a permit to put a drill rig on the ground.

The company said its wholly owned Canadian subsidiary, Colt Silver Corp., has received its Ficha Técnica Ambiental — the FTA, Peru's streamlined environmental approval for early-stage exploration work — from the Ministry of Energy and Mines (MINEM) for the Galena Silver Copper Project in the Puno region of southern Peru. The approval authorizes construction of up to 20 drill pads. Critically, there is no cap on the number of holes that can be collared from each pad, which gives the technical team room to redesign a program on the fly without going back to the regulator.

Colt holds its 100% interest in Galena through a Peruvian subsidiary; Palamina holds 100% of Colt. That ownership chain is about to change shape.

The September 24 vote and an October ticker

At an annual and special meeting on September 24, 2026, Palamina will ask shareholders to approve spinning Colt Silver Corp. out as a standalone public company. Subject to that vote and to TSX Venture Exchange approval, Colt is expected to begin trading in October 2026 under the symbol COLT, according to the announcement carried by INN Precious Metals.

The sequencing is deliberate, and shareholders should read it that way. A spin-out that arrives with a signed environmental permit and a stated fully funded position is a materially different proposition from one that arrives with a geological concept and a plan to raise money. The permit removes the single largest timing unknown in Peruvian grassroots exploration — how long MINEM takes — and it removes it before the new shares are priced by the market rather than after.

For Palamina holders, the practical question is what they end up owning. In a conventional TSXV spin-out, existing shareholders receive an interest in the new vehicle while retaining their shares in the parent, and the parent typically keeps a residual stake. The company has not disclosed the distribution ratio or any retained holding in the material summarized here, so the arithmetic of who gets what per share remains open. That detail, when it lands in the meeting circular, is the number to read first.

Never drilled, and sitting on a structural intersection

Galena has never been drilled. Palamina describes it as sitting at the intersection of two important regional structures — the kind of setting exploration geologists chase because faults and their crossing points are the plumbing that moves mineralizing fluids and concentrates metal.

That is also the honest risk statement. A first-pass drill program on virgin ground has no historical intercepts to calibrate against, no resource estimate, and no metallurgical work behind it. Twenty permitted pads is a lot of optionality for a single project, but optionality is not discovery. The value of the FTA is that it converts a target into a testable target on a defined timetable.

The commodity mix helps the pitch. Silver and copper are the two metals with the clearest industrial demand narratives attached — copper for grid, wiring and electrification, silver for both industrial and monetary demand — and Peru is an established producing jurisdiction with deep contractor and assay-lab capacity. Puno, in the country's south, is squarely within the belt where that infrastructure exists.

What the tape is saying about the parent

Puno, in the country's south, is squarely within the belt where that infrastructure exists.

Palamina's OTC line, PLMNF, was quoted at 0.10 as of the last trade at 15:22 GMT on August 28, 2026, down 8.03% from the previous close of 0.11, with an intraday range of 0.09 to 0.12. That is a micro-cap quote behaving like a micro-cap quote: a wide percentage band on what is, in absolute terms, a fraction of a cent of movement, and an OTC listing that is the thinner of the company's two venues. The primary market for price discovery remains the TSX Venture line.

The move ran against a broadly positive day for U.S. equities. The S&P 500 tracker (SPY) was at $774.50, up 0.44%; the Nasdaq 100 tracker (QQQ) at $722.58, up 0.20%; and the Dow tracker (DIA) at $537.52, up 0.43%. In other words, the softness in the OTC quote was not a market-wide risk-off session — though at this size, a single seller can set the print.

The checkpoints between now and the first hole

Three dated items now govern the story, and all three are near-term.

September 24, 2026: the shareholder vote. Without approval, the spin-out does not proceed and Galena stays inside Palamina.
TSX Venture Exchange sign-off: a separate gate from the shareholder vote, and the one that determines whether the October listing window holds.
Drill mobilization: the FTA authorizes pad construction. What follows is pad-building, rig contracting and the first assays from ground that has never been tested.

What investors do not yet have is the funding figure behind the phrase "fully funded," the number of metres planned, or the share structure of the new company. Each of those will define how much dilution risk a COLT holder carries into the first program. Until the circular is out, the disclosed facts are the permit, the pad count, the vote date and the intended ticker — which, for a project that has never seen a drill bit, is more than most stories at this stage can show.

Key facts

PLMNF last trade: 0.10, down 8.03% (as of 15:22 GMT, Aug 28, 2026)
Permit granted: Ficha Técnica Ambiental from Peru's MINEM, up to 20 drill pads
Shareholder vote: September 24, 2026 annual and special meeting
Planned listing: Colt Silver Corp. on TSXV under symbol COLT, October 2026

Frequently asked questions

What is a Ficha Técnica Ambiental?

The Ficha Técnica Ambiental, or FTA, is Peru's streamlined environmental approval for early-stage mineral exploration. Issued by the Ministry of Energy and Mines, it authorizes defined surface disturbance such as drill pad construction. In Colt Silver's case the FTA covers up to 20 drill pads at the Galena Silver Copper Project in the Puno region, with no stated limit on holes per pad.

When will Colt Silver begin trading?

Colt Silver Corp. is expected to commence trading in October 2026 on the TSX Venture Exchange under the symbol COLT. That timetable is conditional on two approvals: Palamina shareholders voting in favour at the annual and special meeting on September 24, 2026, and separate sign-off from the TSX Venture Exchange itself. Neither has been granted yet.

Who owns the Galena project?

Palamina Corp. holds a 100% interest in its Canadian subsidiary Colt Silver Corp., which in turn holds a 100% interest in the Galena Silver Copper Project through a Peruvian subsidiary. If the spin-out is approved, Colt becomes a standalone public company holding the project directly rather than as a Palamina subsidiary.

Has Galena been drilled before?

No. Palamina states that the Galena Silver Copper Project has never been drilled. The company describes the property as sitting at the intersection of two important regional structures, a setting geologists target because faults and their crossing points can channel and concentrate mineralizing fluids. With no prior intercepts, there is no resource estimate to reference.

How did Palamina's stock trade on the news day?

Palamina's OTC line, PLMNF, was quoted at 0.10 as of the last trade at 15:22 GMT on August 28, 2026, down 8.03% from a previous close of 0.11, with an intraday range of 0.09 to 0.12. The company's primary listing is on the TSX Venture Exchange under the symbol PA, where price discovery is typically deeper.

What details are still undisclosed?

The material summarized does not give the distribution ratio for Colt shares to Palamina holders, whether Palamina retains a residual stake, the cash amount behind the stated fully funded position, or the planned metreage of the first drill program. Those figures would normally appear in the meeting circular ahead of the September 24 vote.

Sources

Palamina's Colt Silver Spin Out Receives FTA Environmental Permit for the Galena Silver Copper Project in Peru — INN Precious Metals

Photo: Julia Volk · Pexels Licence — source