Palamina Corp. has set its annual and special meeting of shareholders for September 24, 2026, to vote on the spin-out of its subsidiary Colt Silver Corp., with the transaction anticipated to close on or about September 30, 2026.

Under an amending agreement signed with Colt Silver and Colt Finco Corp., the parties adjusted the transaction terms. Palamina shareholders will now receive one Colt Silver share for every four Palamina shares held, replacing the previous exchange ratio of 0.33 of a Colt Silver share per share set under the initial April 17, 2026 arrangement agreement. Additionally, Palamina will pay Colt Silver $0.05 for each share issued upon the exercise of warrants under the arrangement and has agreed to forgive approximately $389,493 currently owed by Colt Silver to Palamina.

Colt Silver holds seven silver-copper assets across southeastern, northeastern, and central Peru. Alongside the revised transaction terms, Palamina filed a National Instrument 43-101 technical report for Colt Silver's flagship Galena silver-copper project in the Department of Puno, Peru. The report has an effective date of June 14, 2026, and a report date of July 14, 2026, and was prepared by independent consultant Steven L. Park.

At the upcoming meeting, shareholders will also vote on electing directors, appointing auditors, and approving the company's equity incentive plan. The corporate restructuring advances as silver trades at US$65.06 per ounce, representing a 10.81% increase over a 30-day period.

Read the full announcement: Palamina Update on Colt Silver Spin-Out Transaction