Palladium One Down Plunge Drilling Extends Broad Mineralized Zone at Kaukua South, Finland

Highlights

• The deepest drill hole to date demonstrates continuity of high grades and significant widths at Kaukua South
• 3.4 g/t Palladium Equivalent over 6.0 meters, within 1.9 g/t Palladium Equivalent over 60.3 meters, in hole LK21-091
• 3.4 g/t Palladium Equivalent over 10.0 meters, within 1.7 g/t Palladium Equivalent over 62.9 meters, in hole LK21-098

Toronto, October 19, 2021 - Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) ("Palladium One" or the "Company") is pleased to announce that the deepest down plunge drill hole to date on the Kaukua South Zone, hole LK21-098, intersected 3.4 g/t Palladium Equivalent ("Pd_Eq") over 10.0 meters, within 1.7 g/t Pd_Eq over 62.9 meters, starting at 308 meters down hole (Figure 1, 2, and 3).

These drilling results extend the Kaukua South zone beyond 300 meters vertical depth and confirm that the high-grade core zones identified at surface extend to depth (Figure 1, and 3).

Derrick Weyrauch, President and CEO of Palladium One, commented: "Multiple, broad, high-grade conduits of mineralization exist within Kaukua South and extend to depth. We have extended the Kaukua South Zone from a depth of approximately 200 meters to beyond 300 meters, where it remains open for additional expansion."

Initially drilling of Kaukua South was restricted to 200 meters in depth, but with the discovery of an Upper Zone of mineralization that could favourably reduce the strip ratio, the Company refocused its drill program to expand the core zone of both the existing Kaukua deposit and Kaukua South to a 300-meter depth. The batch of holes released herein confirms that not only does Kaukua South Zone extend to depth, but also proves continuity of wider and higher grade core zones.

Figure 1. 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 LK21-098, 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).

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Figure 2. 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 LK21-098, the rest are pending. Background is Induced Polarization ("IP") Chargeability.

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Figure 3. Cross sections A and B showing on Figure 2 Long section, and new results for holes LK21-091 and 098.

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Table 1. LK Project Kaukua South Drill Hole Results

* Pd_Eq calculated using in-situ values and 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, and $20/lb Co. Limited historical metallurgical work on the Kaukua deposits indicates final recoveries in the range of 73% Pd, 56% Pt, 78% Au, 91% Cu, and 48% Ni.

Palladium Equivalent

The Company is 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, US$7.50 per pound for nickel, and $20/b cobalt consistent with the calculation used in the Company's September 2021 NI 43-101 Haukiaho Resource Estimate.

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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