Palladium One Reports Drill Assay Results for Murtolampi, Finland, 2.1 g/t Pd_Eq over 24.2 Meters at Surface

Highlights

• Murtolampi represents an at surface, satellite deposit opportunity located only 2 kilometers north of the 2019 NI43-101 Kaukua Open Pit Mineral Resource Estimate.
• 2.7 g/t Palladium Equivalent (Pd_Eq) over 5.7 meters within 2.1 g/t over 24.2 meters starting at a true depth of only 5 meters in hole LK21-137.

Toronto, March 17, 2022 - Drill hole LK21-137 at Murtolampi, Finland intersected up to 2.7 g/t Pd_Eq over 5.7 meters, within 2.1 g/t Pd_Eq over 24.2 meters, starting at a true depth of 5 meters (Figure 1 and 2), said Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) ("Palladium One" or the "Company").

Derrick Weyrauch, President and CEO, commented: "The Murtolampi zone has again delivered a high grade, at surface drill intercept, and represents a potentially valuable satellite open pit in the greater Kaukua Area. Additional regional exploration will be conducted in 2022 starting with an Induced Polarization (IP) survey which began this month on the far eastern portion of the Haukiaho Trend wherein the favourable marginal series changes orientation toward the north (see Figure 1)."

The Company drilled a total of 11 holes totalling 1,514 metres into the Murtolampi Zone, with values of up to 3.4 g/t Pd_Eq over 7.0 meters within 1.8 g/t Pd over 78.5 meters in hole LK21-026, (Figure 1 and 2, Table 1). see news release November 16, 2020. The Murtolampi zone is interpreted to be a faulted offset of the Kaukua trend and shares many similarities with Kaukua resource pit area. The Murtolampi zone has been traced over 600 meters of strike with a Core Zone of 350 meters. Murtolampi's Core Zone is exposed on surface and represents a very low strip satellite open pit opportunity beside the main Kaukau open pit located only 2 kilometers to the south.

2022 Regional Exploration in Finland

The first phase of 2022 regional exploration program consists of a drone based magnetic and IP survey over the far eastern portion of the Haukiaho Trend, referred to as the Lota area (Figure 1). This portion of the favourable basal marginal series has received very little exploration compared to the rest of the property. Limited drilling by the Geological Survey of Finland (GTK) in the 1990's returned narrow intervals up to 0.19% Ni and 0.31 g/t Pd in gabbroic and peridotitic rocks. Several boulders were also located by GTK down ice of the Lota area with anomalous PGE grades. The limited geological work to date indicates that not only does the marginal series turn north in this location but it also dips very shallowly to the west which would provide a very favourable geometry for open pit style mining.

Figure 1. LK Project location map showing the NI43-101 compliant Kaukua and Haukiaho Mineral Resource Estimate, Murtolampi Zone, along with Induced Polarization (IP) grids (blue lines) and new 2022 IP survey area. Yellow lines represent Exploration Permits, red lines represent Exploration Permit Applications and orange lines Exploration Reservations held by the Company.

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Figure 2. Murtolampi plan map showing IP chargeability anomalies and drill holes.

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Table 1. LK Project, select Murtolampi 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/lb Ni, and $20/lb Co. Limited historical metallurgical work on the Kaukua Deposit indicates final recoveries in the range of 73% Pd, 56% Pt, 78% Au, 91% Cu, 48% Ni and 48% Co and are used in the Estimated Recovered Pd_Eq grade calculation.
** Orange shaded values previously released (see press releases August 25, 2020, November 16, 2020)

Palladium Equivalent (Pd_Eq)

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 per pound 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. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in leading mining jurisdictions. Its flagship project is the Läntinen Koillismaa (LK) Project in north-central Finland, which is ranked by the Fraser Institute as one of the world's top countries for mineral exploration and development. LK is a PGE-copper-nickel project that has existing Mineral Resources. PDM's second project is the 2020 Discovery of the Year Award winning Tyko Project, a high-grade sulphide, copper-nickel project located in Canada. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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 is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

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 palladium and other commodity prices; title matters; 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 Canadian and 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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