Mr. Derrick Weyrauch reports

PALLADIUM ONE DRILLING CONFIRMS MULTIPLE CHONOLITH-FEEDER DYKE STRUCTURES AND DISCOVERS NEW NI MINERALIZATION AT TYKO NI - CU PROJECT

Palladium One Mining Inc. has released initial results from the 2023 drill program on the Tyko I property, which forms part of the larger Tyko nickel-copper project in Ontario, Canada.

Highlights:

• New areas of nickel mineralization and new chonolith/feeder dike structures have been discovered.
• In the West Pickle area, chonolith/feeder dike structures now extend over more than five kilometres of strike length.
• A new nickel zone has been identified with intercepts returning up to 0.4 per cent Ni and 0.2 per cent Cu over 2.7 meters, including 1 per cent Ni and 0.4 per cent Cu over 0.9 metre in hole TK23-128 in an area with soil anomalies as high as 0.15 per cent Ni, 0.27 per cent Cu and 86 parts per billion (ppb) palladium plus platinum.
• Drilling along the eastern margin of the West Pickle zone targeting bore hole electromagnetic anomalies (BHEM) returned 1.8 per cent Ni and 1 per cent Cu over 1.5 metres in hole TK23-134.
• Three-dimensional modelling of the West Pickle zone geology following a magnetotelluric (MT) survey suggests the zone continues at least 500 metres farther northeast, where it intersected magnetic and soil anomalies associated with a newly confirmed ultramafic chonolith/feeder dike structure.
• In Q4 2023, 3,023 metres were drilled in 22 diamond drill holes on the Tyko projects, 12 holes drilled on the Tyko I property are detailed in this release.

"Tyko's new nickel district geologic model continues to be confirmed with the 2023 drilling program. The discovery of an additional zone of high-grade nickel mineralization (hole TK23-128) at shallow depth is highly encouraging. Notably, the MT anomaly extending east of the West Pickle zone remains to be tested along with other priority targets, while additional exploration permits will be required in advance of drilling," stated Derrick Weyrauch, president and chief executive officer.

The 2023 drill program comprised 22 holes totalling 3,023 metres on both the Tyko I and Tyko II properties. The program included 12 holes targeting the West Pickle area of Tyko I which form this release. Drilling in the West Pickle area was designed to be shallow and to test for near-surface mineralization proximal to soil anomalies previously reported. Deeper drill testing of the MT geophysical anomaly (see news release Oct. 30, 2023) that could connect West Pickle to the RJ zone (four to five kilometres to the east), and the Gionet zone on Tyko II (see news release Nov. 21, 2023) will require additional exploration permits.

The result of the drill program successfully intersected significant ultramafic rocks confirming the chonolith/feeder dike model. Two new large areas of ultramafic rocks were outlined confirming previous soil and geophysical anomalies. However, the amount of sulphide Ni-Cu mineralization intersected in drilling is less than suggested by nearby soil anomalies, indicating that additional mineralization exist and additional drilling is warranted. Future exploration plans include trenching, mapping and channel sampling to better understand the controls on this new mineralization followed by drill testing.

The most significant result of the program was a new area of high-grade Ni-Cu mineralization intersected one kilometre northwest of the West Pickle zone, in an area with significant Ni-Cu-platinum-group-element soil anomalies having up to 0.15 per cent Ni, 0.27 per cent Cu and 69 parts per billion Pd and 17 ppb Pt in soils. These anomalies were offset from the magnetic high, suggesting more extensive non-magnetic ultramafic rocks in the area. Hole TK23-128 intersected sheared Ni-Cu sulphide mineralization in altered pyroxenitic rocks returning 0.4 per cent Ni and 0.2 per cent Cu over 2.7 metres, including 1 per cent Ni and 0.4 per cent Cu over 0.9 metre.

Two holes tested Maxwell plates modelled from BHEM surveys on the West Pickle zone. Hole TK22-133 did not intersect any mineralization or ultramafic rocks, the source of the Maxwell plate remains unexplained. Hole TK23-134 intersected the modelled Maxwell plate returning 1.8 per cent Ni and 1 per cent Cu over 1.5 metres. The West Pickle zone horizon remains open to both the east and west.

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 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 Yukon, Canada, respectively.

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