Mr. Derrick Weyrauch reports

PALLADIUM ONE OUTLINES MAGNETOTELLURIC "MT" ANOMALY AT WEST PICKLE, DRILL PROGRAM UNDERWAY ON TYKO NI - CU PROJECT

Palladium One Mining Inc. has discovered a large MT (magnetotelluric) resistivity anomaly on the Tyko I property, which forms part of the larger Tyko nickel-copper project, in Ontario, Canada. The MT resistivity anomaly is coincident with the high-grade West Pickle zone and extends eastward toward the RJ zone, suggesting that they form one continuous mineralizing system.

Highlights:

• The 2023 diamond drill program is under way at Tyko;
• A 1,600-metre-long MT resistivity anomaly has been discovered, which extends from the high-grade West Pickle zone toward the interpreted chonolith/feeder dike structure;
• MT anomaly coincident with multiple copper and nickel in soil anomalies;
• Mag, MT and soil anomalies suggest West Pickle and RJ zones form part of one large mineralizing system.

President and chief executive officer Derrick Weyrauch commented: "We are very pleased to announce positive results from the first MT survey on the Tyko project that indicate a strong MT resistivity anomaly extending from our high-grade West Pickle zone toward multiple copper- and nickel-in-soil anomalies associated with the interpreted chonolith/feeder dike target. Tyko's fall diamond drill program has commenced and is currently on track."

The MT survey represents the first deep-penetrating geophysical survey to be conducted on Tyko. The survey was undertaken by Quantec Geoscience using the Spartan MT system, which has the potential to detect both high-grade massive nickel sulphide (as found at the West Pickle zone) and blebby to disseminated sulphide (as found at the RJ zone). The MT survey targeted a highly prospective strike length of 2,800 metres between the West Pickle and RJ zones covering several highly anomalous copper and nickel soil anomalies and associated magnetic highs (see press release dated Aug. 22, 2023).

Drilling is now under way at the Tyko project. The current drill program will focus on targets in the West Pickle zone of Tyko I as well the newly acquired Moshkinabi mafic-ultramafic complex in the Tyko II property (see news releases dated Sept. 11, 2023, and Sept. 28, 2023).

The summer field program is now completing, with a total of 7,340 soil samples having been collected; additional results are expected shortly and will assist in drill hole targeting. The summer field program also involved extensive geological mapping, the company now has much greater understanding of the Tyko project geology. The key objective of the 2023 exploration program was ground truthing interpreted chonoliths/feeder dikes prior to diamond drilling. As part of the program, in Q1 2023, the company completed a high-resolution magnetic survey (see news release dated May 16, 2023). The 2023 magnetic survey was designed to refine the geometry of the interpreted chonoliths/feeder dikes across the Tyko project's 30-kilometre strike length. Recent geological mapping has identified outcrops and boulders of ultramafic pyroxenites, which continue to support the chonolith/feeder dike geological model.

About Tyko nickel-copper-cobalt project

The Tyko nickel-copper-cobalt project is located approximately 65 kilometres northeast of Marathon, Ont., Canada. Tyko is an early-stage, high-sulphide-tenor nickel-copper (2:1 ratio) project and with multiple mineralized zones spanning over a 20-kilometre strike length and demonstrating the potential for a new greenfield nickel district.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, vice-president of exploration and a director of the company and the qualified person as defined by National Instrument 43-101.

About Palladium One Mining Inc.

Palladium One Mining is focused on discovering environmentally and socially conscious critical green transportation metals. A Canadian mineral exploration and development company, Palladium One is targeting district-scale nickel/copper sulphide and platinum group element (PGE) deposits in Canada and Finland. The Lantinen Koillismaa (LK) project in north-central Finland is a PGE/copper/nickel project that has existing NI 43-101 mineral resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively.

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