Mr. James Newall reports

CANADIAN PALLADIUM ANNOUNCES SHARE CONSOLIDATION

Canadian Palladium Resources Inc. has detailed a proposed consolidation of its common shares. In accordance with the constating documents of the company, the board of directors of the company passed a resolution authorizing the consolidation of the issued and outstanding common shares of the company on a 1:10 ratio.

The company currently has 175,843,566 common shares issued and outstanding. Following the completion of the consolidation and not taking into account any adjustments for rounding, the company anticipates there will be approximately 17,584,357 common shares outstanding. Any fractional share will be rounded down to the nearest whole number. The company does not intend to change its name or seek a new stock trading symbol from the Canadian Securities Exchange in connection with the consolidation. The new Cusip number will be 13646R509 and the new ISIN number will be CA13646R5096 for postconsolidation.

The company will complete the necessary filings in order to give effect to the consolidation as of Oct. 25, 2023. Once completed, a letter of transmittal will be sent by mail to shareholders advising them that the consolidation has taken effect and instructing them to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.

The board of directors of the company is of the view that the consolidation will provide the company with greater flexibility for future corporate activities, enhance the marketability of the common shares as an investment and lead to increased interest by a wider audience of potential investors, thereby increasing its ability to raise additional financing to finance operations in the near future.

The company also announces the appointment of James Newall as president and chief executive officer of the company, replacing Wayne Tisdale who has resigned as president, CEO and director. In addition, Robert Meister has been appointed as a director of the company, replacing Michelle Gahagan who has resigned as a director and chair of the board of directors.

Mr. Newall has been a director of the company since 2019, and is an experienced senior executive director, having served as a director or executive officer of numerous publicly listed companies. He was investment director of Intrepid Financial, an incubator of natural resource companies for eight years, and was voluntary CEO of Oracle Cancer Trust, the United Kingdom's largest head and neck cancer research charity. Mr. Newall is a graduate of Cambridge University and holds a master's degree in law.

Mr. Meister is an accomplished capital markets executive known for his expertise in driving growth through strategic leadership, transformative M&A (merger and acquisition) activities, and securing vital capital. His impressive track record includes playing a pivotal role in M&A activities, including the $189-million Alpha Minerals to Fission Uranium transaction. Mr. Meister has extensive executive experience, he has held leadership positions as CEO, chief operating officer, secretary and director in both private and publicly traded firms listed on the Toronto Stock Exchange, CSE and NEO exchanges.

The company would like to thank Mr. Tisdale and Ms. Gahagan for their dedication and support over the years and wishes them success in their future endeavours.

We seek Safe Harbor.