Colt Silver Corp. completed its spin-out from Palamina Corp. (TSX.V: PA; OTCQB: PLMNF) on September 29, 2026, becoming a standalone public company. Colt is the largest landholder in the Santa Lucia Mining District in the Puno region of southeastern Peru, with four critical-mineral projects: Galena, Sora, Volcano and Esperanza. Since 2017, the company has assembled its portfolio of projects through systematic staking and land consolidation. In June of 2025, Colt shifted from a “buy and hold” strategy to active exploration, where a 2,500-metre inaugural drill program at the Galena Silver-Copper Project is planned for the fall of 2026.
Colt Silver’s flagship Galena Project lies at the intersection of two prospective mineral belts: a southeast-trending porphyry copper belt and a northeast-trending silver-copper Carbonate Replacement Deposit (CRD) belt.
The inaugural drill program will target high-grade, near-surface silver-copper mineralization in the Tacaza volcanics and the underlying Cretaceous Ayabacas limestone. The limestones are the host for mineralization at Aftermath Silver’s neighbouring Berenguela deposit, where the limestone is exposed at surface.
Colt Silver’s executive team has a track record of acquiring, advancing and successfully exiting silver and copper projects.
Tier-One Infrastructure and Access: Galena is approximately 1.5 hours by major highway from Colt Silver’s regional exploration office in Juliaca. Located above the tree line, the project benefits from established road access, an active railway line crossing the property, existing power infrastructure and water resources from Lake Lagunillas.
In 2026, Colt completed a high-resolution ground magnetic survey covering 112.53 line-kilometres and a gravity survey comprising 1,119 readings. Property-wide regional XRF sampling is also ongoing. Interpretation of these datasets has helped refine targets associated with high-priority CRD anomalies. Initial drilling will focus on drill testing in the historic Chaparro and Gaspar galena mines area in the Gris Zone, followed by the historic Santa Rosa mines in the Rosa Zone. Galena has never been drill-tested.
With silver and copper prices hitting record highs and significant drilling underway across the district, Colt Silver offers investors exposure to the discovery potential of an underexplored, district-scale land package.
Colt’s Sora Project lies south of Pinaya within the regional southeast-trending porphyry copper belt. On April 27, 2026, Panam Copper acquired Pinaya from Ivanhoe Electric in a transaction valued at US$11 million, comprising cash payments, Panam Copper shares and a 1% net smelter return royalty. Ivanhoe Electric’s 2025 resource disclosure reported approximately 617 million pounds of contained copper across measured, indicated and inferred resources, together with gold mineralization. Panam Copper plans to drill in 2027 to test deeper porphyry copper-gold targets identified by Ivanhoe Electric’s Typhoon induced-polarization survey.
Colt’s Esperanza Project is located ~ 500 metres southeast of the Berenguela deposit, within Aftermath Silver Ltd.’s (TSX.V: AAG) claim block. Berenguela hosts 122.5 million ounces (Moz) of silver in measured and indicated mineral resources, plus a further 22.0 Moz in inferred resources*. In February 2026, Aftermath commenced a pre-feasibility study (PFS), while ongoing drilling continued to return significant high-grade silver-copper results.
Colt’s Volcano Project lies along the CRD trend south and west of the historic Santa Barbara silver copper mine and covers prospective ground between Santa Barbara and the producing Tacaza copper mine. Volcanic cover conceals the same limestone as that exposed at Berenguela. This setting presents an opportunity to discover concealed CRD mineralization along a historically mined and mineralized trend
*Source: Aftermath Silver mineral resource estimate, news release dated December 4, 2025.