Palladium One Reports Highly Anomalous Nickel and Copper in Soil Sampling on the Tyko Ni-Cu-PGE Property, Canada

Vancouver, January 27, 2020 - Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC: NKORF) (the "Company" or "Palladium One") is pleased to report that the Fall 2019 program has returned up to 238 ppm nickel and 108 ppm copper in soils over the Smoke Lake airborne electro-magnetic (EM) anomaly on the Tyko Nickel-Copper-PGE Property, located near Marathon, Ontario, Canada.

"These soil values represent up to 22 times the background values for both nickel and copper, and as a result, have confirmed The Smoke Lake airborne EM anomaly as a compelling drill target. The clear nickel-copper-cobalt signature, in soils slightly mobilized along historic glacial ice flow, from the EM anomaly suggests a classic geochemical response to overburden covered nickel-copper-cobalt sulphides." commented Derrick Weyrauch, President and CEO.

The Fall 2019 exploration program (see press release January 21, 2020) included reconnaissance B horizon soil sampling over overburden covered, untested Mag (magnetic) and EM anomalies (Figure 1). The strongest among these was the airborne EM anomaly found at Smoke Lake.

In 2016, the Company conducted a VLF survey over the Smoke Lake airborne EM anomaly, this survey successfully delineated a north-south trending EM anomaly over at least 300m of strike length (Figure 2). Soil sampling in the Fall of 2019 along this north-south trend produced two adjacent soil samples (Figure 2) with highly anomalous nickel-copper, and elevated cobalt (Table 1).

Table 1. Significant Smoke Lake Soil samples from the 2019 Fall Exploration Program

The Smoke Lake EM anomaly has never been drilled and now represents one of the highest priority targets on the Tyko project.

2020 Exploration Update for the palladium dominant, LK PGE-Ni-Cu project in Finland

SJ Geophysic's (see press release dated January 14, 2020) initiated survey activities last week and has nearly completed, the first of five grids on the property. Initial data interpretation results are anticipated shortly and will inform drill targets for the upcoming drilling campaign.

The Company anticipates drilling to begin towards the end of February 2020.

Figure 1. Fall 2019 Sample Locations

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Figure 2. Smoke Lake 2016 VLF Survey and Fall 2019 Soil Sample Locations.

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About Tyko Ni-Cu-PGE Project

The Tyko Ni-Cu-PGE project, is located ~65km northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel focused project with the most recent drill hole intercepts returning up to 1.06% Ni over 6.22 m including 4.71% Ni over 0.87m in hole TK-16-010 (see press release dated June 8, 2016).

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo, Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One:

Palladium One Mining Inc. is a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa ("LK") PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.

The Kaukua deposit of the LK project hosts 635,600 Pd_Eq ounces of Indicated Resources grading 1.80 g/t Pd_Eq* ("palladium equivalent") contained in 11 million tonnes (@ 0.81g/t Pd, 0.27g/t Pt, 0.09g/t Au, (1.17g/t PGE), 0.15% Cu & 0.09% Ni), and 525,800 Pd_Eq ounces of Inferred Resources grading 1.50 g/t Pd_Eq contained in 11 million tonnes (@ 0.64g/t Pd, 0.20g/t Pt, 0.08g/t Au (0.92g/t PGE), 0.13% Cu, & 0.08% Ni), (see press release September 9, 2019). Kaukua is open for expansion, while the Kaukua South, Murtolampi and Haukiaho mineralized zones require systematic exploration via diamond drilling to follow up mineralized drill intercepts.

*Pd_Eq is calculated using the following metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni.

ON BEHALF OF THE BOARD:
"Derrick Weyrauch"
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com
Phone: 1-778-327-5799

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking statements: Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; 6 environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

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