Palladium One Reports 10.4% Nickel, 3.4% Copper over 2.3 m and Adds Second Drill Rig at The Tyko Project

TORONTO, Nov 29, 2022 - Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "Palladium One") is pleased to report the highest-grade drillhole intercept to date on the Tyko Property, 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.

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite breccia.

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

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

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.

Figure 5. Long section looking south of the West Pickle Zone.

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

Highlights
- Assay results:
-- 3.1% Nickel Equivalent ("Ni Eq") over 10.1 meters (2.5% Ni, 1.0% Cu, 0.03% Co, 0.26 g/t Total Precious Metals ("TPM") (Pt+Pd+Au)) in massive and disseminated sulphide in hole TK-22-070
-- Including 12.8% Ni Eq over 2.3 metres (10.4% Ni, 3.4% Cu, 0.14% Co, 0.92 g/t TPM)
-- Including 15.0% Ni Eq over 0.9 metres (12.9% Ni, 2.7% Cu, 0.16% Co, 1.05 g/t TPM)
- Drilling has resumed on West Pickle and a second drill rig has been added
- 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

President and CEO, Derrick Weyrauch commented, "With assays of up to 12.8% nickel equivalent over 2.3 meters (Table 1, Figure 1), drillhole TK-22-070's nickel grades exceed those of our 2020 award-winning Smoke Lake Discovery located 20 kilometers to the east. These are truly spectacular grades over minable widths. Given the spectacular grades we added a second drill rig in November to also focus on West Pickle."

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. Two drill rigs guided by a recent borehole electromagnetic ("BHEM") survey are now focused on infilling and expanding the West Pickle massive sulphide mineralization. At present, West Pickle mineralization has been defined over more than 500 meters of strike length (Figure 3 and 5).

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite breccia.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics ("CVG").
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_002full.jpg

Figure 3. Plan map of the West Pickle and RJ zones with airborne EM and ground EM maxwell plates showing Chonolith structures "Feeder Dykes" with Calculated Vertical Gradient Magnetics ("CVG") as the background.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_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.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_004full.jpg

Figure 5. Long section looking south of the West Pickle Zone.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_005full.jpg

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone
https://www.acnnewswire.com/topimg/Low_Palladium20221129-6.jpg

(1) Reported widths are "drilled widths" not true widths.
(2) Italicised grey shaded values are previously reported (see news release October 4, 2022 and November 21, 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 into concentrate.

*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) and assumes 100% recovery rates of sulphides to concentrate.

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.

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 Lantinen 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

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.

Source: Palladium One Mining Inc

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