Palladium One Announces Highest Grade Drill Hole to Date in Finland

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4.1 g/t Palladium Equivalent over 24 meters, within 2.1 g/t Palladium Equivalent over 112 meters at Kaukua South, LK Project, Finland

Toronto, September 23, 2021 - Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC Pink: NKORF) ("Palladium One" or the "Company") is pleased to announce Kaukua South Hole LK21-081 which intersected 4.07 g/t Palladium Equivalent ("Pd_Eq") over 24 meters, within 2.08 g/t Pd_Eq over 112 meters, starting at 171.5 meters depth. This represents the highest-grade intercept over width that drilling has returned to date, at the Kaukua South zone of the LK Project in Finland (Table 1, Figure 1). In addition, down plunge drilling is successfully expanding higher grade core zones to depth as demonstrated by Hole LK21-080 which intersected 1.86 g/t Pd_Eq over 40.5 meters, including 2.95 g/t Pd_Eq over 3.0 meters from 229.5 meters depth. Multiple holes now demonstrate increasing grade and widths at depth.

Derrick Weyrauch, President and CEO of Palladium One commented: "Our Kaukua South discovery continues to deliver excellent results and demonstrates potential for higher grade core zones within the Kaukua Area. We believe there are several other higher-grade core zones yet to be defined based on the significant number of drill targets still to be tested."

Hole LK21-081 returned 234 gram*meters surpassing hole LK20-016, which returned 201 gram*meters (Table 1, Figures 1 and 2) reported on see news release October 22, 2021. These holes are part of two parallel higher grade, southwest plunging, core zones (Figure 2), or shoots at Kaukua South. A similar core zone occurs at the existing Kaukua deposit, where it occupies a linear depression in the footwall contact. These core zones may represent magma channels, within the marginal phase of the Koillismaa Mafic-Ultramafic Complex, that have thermally eroded the footwall rocks. Induced Polarization ("IP") surveys have proven very effective at targeting these higher-grade core zones, and two potential new zones have been identified to the west and east of the drill defined mineralization at Kaukua South (Figure 1), see news release July 7, 2021.

Table 1. LK Project Kaukua South Drill Hole Results

* Pd_Eq calculated using prices from the 2021 NI43-101 Haukiaho Mineral Resource Estimate; $1,600/oz Pd, $1,100/oz Pt, $1,650/oz Au, $3.50 Cu, and $7.50 Ni
** Spot Au_Eq and Cu_Eq is calculated for comparison only, using recent prices, $2,300/oz Pd, $1,000/oz Pt, $1,800/oz Au, $4.5/lb Cu, and $9.0/lb Ni.
• Grey Italicised results are previously released (see press release October 22, 2020).

Figure 1. Historic and current drilling in the Kaukua and Western portion of the Kaukau South area having a drill data cut off date of September 4, 2021 (hole LK21-128), assays have been received for holes up to LK21-082, the rest are pending. Background is Induced Polarization ("IP") Chargeability.

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Figure 2. Kaukua South Long Section. Having a drill data cut off date of September 4, 2021 (hole LK21-128), assays have been received for holes up to LK21-082, the rest are pending. The long section covers only the western portion of Kaukua South which the Company is focused on bringing to an initial NI43-101 resource estimate. The long section is a vertical slice representing only the ~55° south dipping Lower Zone of Kaukua South. Intercepts are represented in both width (meters) and grade (Pd_Eq*) as well as gram*meters (grade*width).

To view an enhanced version of Figure 2, please visit:
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Figure 3. Cross sections A and B through Kaukua South, looking west.

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Palladium Equivalent

Revised price assumptions - The Company is now calculating Palladium equivalent using US$1,600 per ounce for palladium, US$1,100 per ounce for platinum, US$1,650 per ounce for gold, US$3.50 per pound for copper, and US$7.50 per pound for nickel consistent with the calculation used in the Company's September 2021 NI 43-101 Haukiaho Resource Estimate.

Spot Gold Equivalent

Spot palladium and gold equivalents are calculated using recent spot prices for comparison purposes using US$2,300 per ounce for palladium, US$1,000 per ounce for platinum, US$1,800 per ounce for gold, US$4.5 per pound for copper, and US$9.0 per pound for nickel.

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 an exploration company targeting district scale, platinum-group-element (PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world's top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit Mineral Resource.

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

For further information contact: Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

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.

This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions and general business conditions. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's annual information form dated April 27, 2021 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

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