Mr. Derrick Weyrauch reports

PALLADIUM ONE ANNOUNCES ELECTROMAGNETIC ("EM") SURVEY RESULTS FOR CANALASK NICKEL - COPPER PROJECT, YUKON, CANADA

Palladium One Mining Inc.'s electromagnetic survey results have been received and interpreted from the fall program on the Canalask nickel-copper project located in the Kluane mafic-ultramafic belt, Yukon, Canada.

Highlights

A high-resolution ground-based EM survey has confirmed the presence of a strong untested conductor down plunge of historic shallow drilling and within the mafic-ultramafic chonolith/dike. The result has achieved several important goals:

• Defined the conductor's geometry, a necessary precursor to drill testing;

• Improved understanding of the conductor's relationship to historic shallow drilling. For example, DD hole VQ-7 which returned 0.8 per cent nickel and 0.2 per cent copper over 3.0 metres including 1.3 per cent Ni and 0.3 per cent Cu over 0.1 metre in disseminated to semi-massive sulphide within the ultramafic dike; and

• Enhanced geological understanding through additional modelling of new and historic data.

To assist in drill program planning and future permitting, a high-resolution orthophoto survey was also flown.

Diamond drill testing is planned for the 2024 field season, the timing of which will be dependent on the late-winter/spring breakup.

President and chief executive officer Derrick Weyrauch commented: "The fall exploration program has highlighted the potential of the Canalask property to host significant nickel-copper sulphide mineralization within the mafic-ultramafic dike in addition to its historical footwall deposit. Drill testing is planned for the 2024 field season.

"A previous EM survey had indicated the presence of a significant conductor at depth in a flexure of the ultramafic dike, however, due to incomplete data from the past survey, the exact geometry was poorly understood. The 2023 EM survey used the most modern equipment available and has not only confirmed the presence of the conductor but has also significantly improved its three-dimensional orientation. The conductor's position is now interpreted to be deeper than previously understood. The closest holes to the body of the conductor are from the 1980s, hole VQ-7 contained a narrow patch of semi-massive sulphide which returned 1.3 per cent nickel, thereby suggesting a source of massive sulphide nearby.

"In addition to this untested conductor, the Canalask project contains the historic Main zone Canalask deposit consisting of 400,000 tonnes at 1.35 per cent nickel (copper was not reported) (Yukon Assessment Report 094599), hosted within footwall rocks of the ultramafic dike. The occurrence of the footwall hosted mineralization is in part the basis of our hypothesis that the historic deposit was originally fed by a larger body of nickel-copper sulphide present within the ultramafic dike."

Exploration since acquisition

The company completed a drone-based magnetometer survey over the entire Canalask project. This survey consisted of 392 line kilometres at 100-metre spacing and helped refine the location and structure of the Ni-Cu-platinum-group-element prospective ultramafic dike and greatly assisted the refinement of drill targeting. In addition, a reconnaissance site visit returned grab sample assays over 2 per cent nickel, 6 per cent copper and 1.55 grams per tonne gold (see press release Nov. 17, 2022). These results support the high grades that were historically reported in footwall-style sulphide mineralization at the Canalask deposit. The 2023 program consisted of brushing out and re-establishing access trails, as well as re-establishing historic grid lines, and was followed by a drone based airborne orthophoto survey and a high-resolution ground-based electromagnetic survey using Lamontagne's ultrasonic testing electromagnetic system. This work has led to a substantial better understanding of the project's geology, and has refined drill targets.

Canalask property overview

The Canalask property is located within the Whitehorse mining district, approximately 300 kilometres northwest of Whitehorse, Yukon, and is accessed from the Alaska Highway southeast of Beaver Creek. The Canalask property consists of a contiguous block of 179 quartz claims covering approximately 3,400 hectares.

Exploration dates to the 1950s when the Canalask footwall zone was originally discovered, drilled and partially developed. A historical resource estimate on the Main zone is quoted at 400,000 tonnes at 1.35 per cent nickel (copper was not reported) by Discovery Mines Ltd. in 1968 (Yukon Assessment Report 094599). Early metallurgical floatation test work returned concentrate grades as high as 19.7 per cent nickel (Yukon Assessment Report 093256). Exploration continued up until the early 2000s through a series of surface programs including geochemical surveys, geological mapping and geophysics. During these campaigns, numerous high-grade Ni-Cu-PGE showings such 4.7 per cent nickel, 0.6 per cent Cu and 6.82 g/t TPM (total precious metals) in grade samples at the Discovery zone (Yukon Assessment Report 094599), were discovered along the length of the ultramafic-mafic dike. In 2006, Xstrata completed an assessment report (Yukon Assessment Report 094599) summarizing this earlier work. Readers are cautioned that the company has not verified the 1968 historical mineral resource estimate and therefore the data should not be relied upon.

Geological setting

The Canalask property covers the lateral extent of the northwest-southeast striking, steeply dipping White River intrusive complex (WRIC) which is part of the larger Kluane mafic-ultramafic belt. The Kluane belt extends from Northern British Columbia to east-central Alaska, within the Pennsylvanian to Triassic Wrangellia terrane volcanics and sediments. The belt is host to numerous nickel-copper plus/minus platinum-palladium deposits and prospects, most notably the past producing Wellgreen deposit, now owned by Nickel Creek Platinum Corp., approximately 110 kilometres to the south. The WRIC occurs as a sill-like body of ultramafic and mafic rocks 100 to 150 metres thick and dipping approximately 50 degrees to the southwest. The northern margin of the WRIC represents the basal footwall contact zone while the southern margin delineates the upper hanging wall intrusive contact. The intrusion itself is dominantly composed of peridotite and dunite with a mineralized basal gabbro zone.

Exploration target

The WRIC is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered a feeder system with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall deposit, the project hosts strong potential for both magmatic feeder-type basal deposits and epigenetic footwall-type footwall deposits. The geological setting draws comparison to the world-class Norilsk Ni-Cu-PGE camp.

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 National Instrument 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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