3.2% Nickel, 1.0% Copper from Massive Nickel Copper Sulphides at the West Pickle Zone of the Tyko Project

• Assay results:
  • 0.97% Nickel Equivalent ("Ni Eq") over 12.6 meters (0.72% Ni, 0.34% Cu, 0.02% Co, 0.14g/t Total Precious Metals ("TPM") (Pt+Pd+Au) in massive and disseminated sulphide in hole LK-22-060
    • Including 3.94% Ni Eq over 2.4 meters (3.18% Ni, 0.99% Cu, 0.06% Co, 0.39g/t TPM)
    • Including 8.68% Ni Eq over 0.5 metres (7.60% Ni, 1.25% Cu, 0.12% Co, 0.41g/t TPM)
• Massive to semi-massive pentlandite-chalcopyrite-pyrrhotite sulphide discovery at West Pickle Zone:
  • 20 diamond drill holes completed to date, assay results for 9 reported
  • Mineralization intersected over 500-meter strike length
• Geological model confirmed, Chonolith "Feeder Dyke" proximal to West Pickle Zone intersected in hole TK22-076
• West Pickle closely resembles the extremely high-grade Smoke Lake Zone located 20 kilometers to the east which has returned up to:
  • 10.2% Ni Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19, 2021)
• West Pickle is interpreted to be an extension of the historic RJ showing located 2.7 kilometres to the east which retuned up to:
  • 1.04 % Ni and 0.23% Cu over 16.2 meters in hole TK-16-002 (see press release June 8, 2016)
• The Tyko Project represents a major new Nickel District which hosts five known nickel sulphide zones along a 20-kilometer trend and several yet to be tested Versatile Time Domain Electromagnetic ("VTEM") anomalies

Toronto, November 21, 2022 - Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "Palladium One") is pleased to report additional assay results from the West Pickle massive sulphide discovery in Ontario, Canada. The Tyko Property hosts nickel, copper and cobalt, each of which has been designated a Critical Mineral.

President and CEO, Derrick Weyrauch, commented, "Tyko continues to impress as a developing Nickel District."

At the West Pickle Zone hole TK-22-60 returned 3.9% Ni Eq over 2.4 metres (Table 1). Importantly, stringers of chalcopyrite-pyrrhotite-pentlandite were observed in hole TK-22-077, which represents the most easterly hole drilled to date at West Pickle. Hole TK-22-077 steepened unexpectedly, resulting in it missing the targeted electromagnetic ("EM") Maxwell plate, but it still intersected mineralization indicating the zone remains alive and well to the far east. The West Pickle mineralization has now been defined over more than 500 meters of strike length (Figure 3 and 5).

Another significant discovery is hole TK-22-076 drilled to the west of the West Pickle Zone (Figure 3). This hole tested an interpreted Chonolith "Feeder Dyke" structure. Hole TK-22-076 intersected 117 meters of ultramafic rocks from 68.6 to 185.6 metres downhole, including 30 meters of ultramafic breccia (Figure 6). This is very indicative of an active feeder system, and reinforced the companies' theory that there are numerous Chonolith "Feeder Dyke" structures on the project. To date, most of the nickel zones discovered on the Tyko property are proximal to these interpreted Chonolith "Feeder Dyke" structures (Figure 2), and systematic exploration of the structures could to lead to additional discoveries. This is illustrated by Figure 4 which shows the potential for blind massive sulphide lenses, beyond the detection depth limit of the 2021 VTEM survey.

The West Pickle discovery occurs on the Pezim II claim block of the larger Tyko Project (seen new release July 27, 2022). To date a total of 20 holes, totalling 4,604 meters have been drilled in the vicinity of the West Pickle Discovery. In October, the drill program at Tyko resumed following the traditional moose hunting season and is scheduled to continue to the end of the year. Drilling resumed in Smoke Lake area, while results form a borehole EM survey "BHEM" completed at West Pickle are interpreted. The BHEM survey was carried out to further refine the geometry and extend the mineralization intersected to date.

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone

(1) Reported widths are "drilled widths" not true widths.
(2) Italicised grey shaded values are previously reported (see news release October 4, 2022)
(3) * Ni_Equivalent is calculated for comparison purposes using, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One's May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022) and assumes 100% recovery rates of sulphides to concentrate.

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole (see new release October 4, 2022). Wall rock is tonalite breccia.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics ("CVG").

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_002full.jpg

Figure 3. Plan map of the West Pickle and RJ zones with airborne VTEM and ground EM maxwell plates showing Chonolith structures "Feeder Dykes" with Calculated Vertical Gradient Magnetics ("CVG") as the background.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_003full.jpg

Figure 4. Long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_004full.jpg

Figure 5. Long section looking south of the West Pickle Zone, showing EM plates and drilling to date.

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_005full.jpg

Figure 6. Chonolith structure hosting ultramafic breccia in hole TK-22-076.

To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_006full.jpg

Bulldozer Mafic-Ultramafic Complex Drilling

Holes TK-22-053 to 057 totalling 988 meters, were drilled in the southeast portion of the large mafic-ultramafic Bulldozer Complex, representing the first drill holes to test the Complex (Figure 7). The Bulldozer Complex is host to the Bulldozer showing which has returned up to 3.34% Cu, 0.12% Ni, 0.24% Co, 0.38 g/t Pd, 0.08 g/t Pt (see Ontario Mineral Deposit Index MDI0000000019013) consisting of remobilized sulphide within a shear zone. The Complex is also host to several coincident VTEM anomalies, Induced Polarization ("IP") chargeability, and soil anomalies (see new releases October 28, 2021, November 30, 2021, June 9, 2021). The mineralization within this portion of the Bulldozer Complex consists of finely disseminated chalcopyrite and pyrite, the chalcopyrite mineralization observed in drilling is associated with strong disseminated magnetite, locally >10%. The combination of abundant disseminated magnetite and associated finely disseminated chalcopyrite and pyrite explain the IP chargeability anomalies. The VTEM anomalies remain to be fully explained and could be the result of Superparamagnetic ("SPM") effects due to magnetite grains in the soil, as the anomalies occurred on topographic highs with thin overburden. The soil anomalies, which are also clustered on the topographic highs appear to be a result of direct weathering of the bedrock, and are a true reflection of the widespread anomalous nature of the copper mineralization.

Widespread anomalous 200-400 ppm copper was observed over 10's of meters in all drill holes, with individual samples exceeding 1,000 ppm copper (Table 2). This shows that there is a significant base metal endowment in the Bulldozer Complex, and potential remains to find higher concentrations of sulphide mineralization, as the vast majority of the Complex remains untested.

Table 2: Assay Results: Tyko 2022 Drill Results from the Bulldozer Complex

Figure 7. Southwest portion of the Bulldozer mafic-ultramafic Complex showing, IP, soil, VTEM anomalies, and 2022 drill hole locations.

To view an enhanced version of Figure 7, please visit:
https://images.newsfilecorp.com/files/6502/144991_bc87212d64b679f5_007full.jpg

*Nickel Equivalent ("NiEq")
Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Company's September 2022 NI 43-101 LK resource estimate (see news release April 25, 2022).

About Tyko Copper-Nickel-Cobalt Project
The Tyko Copper-Nickel-Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel-copper (2:1 ratio) project with drill hole intercepts returning up to 10.2% NiEq (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) over 3.8 metes in hole TK-20-023 (see news release January 19, 2021).

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 Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. 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

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