Palladium One Drilling Confirms Multiple Chonolith-Feeder Dyke Structures and Discovers new Ni Mineralization at Tyko Ni - Cu Project

Toronto, February 1, 2024 - Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "Palladium One") is pleased to announce initial results from the 2023 drill program on the Tyko I Property, which forms part of the larger Tyko Nickel-Copper Project in Ontario, Canada.

Highlights

• New areas of nickel mineralization and new Chonolith / Feeder Dyke structures have been discovered.

• In the West Pickle Area, Chonolith / Feeder Dyke structures now extend over more than five kilometers of strike length (Figure 1).

• A new nickel zone has been identified with intercepts returning up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15% Ni, 0.27% Cu and 86 parts per billion ("ppb") Pd + Pt (Figure 2).

• Drilling along the eastern margin of the West Pickle Zone targeted bore hole electromagnetic anomalies ("BHEM") returned 1.8% Ni and 1.0% Cu over 1.5 meters in hole TK23-134.

• 3D modelling of the West Pickle Zone geology following a Magneto Telluric ("MT") survey suggest the zone continues at least 500 meters further northeast, where it intersected magnetic and soil anomalies associated with a newly confirmed ultramafic Chonolith / Feeder Dyke structure (Figure 3).

• In Q4 2023, 3,023 meters were drilled in 22 diamond drill holes on the Tyko projects, 12 holes drilled on the Tyko I property are detailed in this release.

"Tyko's new nickel district geologic model continues to be confirmed with the 2023 drilling program. The discovery of an additional zone of high-grade nickel mineralization (hole TK23-128) at shallow depth is highly encouraging. Notably the MT anomaly extending east of the West Pickle Zone remains to be tested along with other priority targets, while additional exploration permits will be required in advance of drilling," stated Derrick Weyrauch, President and CEO.

The 2023 drill program comprised 22 holes totalling 3,023 meters on both the Tyko I and Tyko II properties. The program included 12 holes targeting the West Pickle area of Tyko I which form this release. Drilling in the West Pickle area was designed to be shallow and to test for near surface mineralization proximal to soil anomalies previously reported. Deeper drill testing of the Magneto Telluric ("MT) geophysical anomaly (see news release October 30, 2023) that could connect West Pickle to the RJ Zone (four to five kilometers to the east), and the Gionet Zone on Tyko II (see news release November 21, 2023) will require additional exploration permits.

The result of the drill program successfully intersected significant ultramafic rocks confirming the Chonolith / Feeder Dyke model. Two new large areas of ultramafic rocks were outlined confirming previous soil and geophysical anomalies. However, the amount of sulphide Ni-Cu mineralization intersected in drilling is less than suggested by nearby soil anomalies, indicating that additional mineralization exist and additional drilling is warranted. Future exploration plans include trenching, mapping and channel sampling to better understand the controls on this new mineralization followed by drill testing.

The most significant result of the program was a new area of high-grade Ni-Cu mineralization intersected 1 kilometer northwest of the West Pickle Zone, in an area with significant Ni-Cu-PGE soil anomalies having up to 0.15% Ni, 0.27% Cu and 69 ppb Pd and 17 ppb Pt in soils (Figure 1 and 2). These anomalies were offset from the magnetic high suggesting more extensive non-magnetic ultramafic rocks in the area. Hole TK23-128 intersected sheared Ni-Cu sulphide mineralization in altered pyroxenitic rocks returning 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters (Figure 1 and 2).

Two holes tested Maxwell plates modelled form Borehole Electromagnetic ("BHEM") surveys on the West Pickle Zone (Figure 1 and 2). Hole TK22-133 did not intersect any mineralization or ultramafic rocks, the source of the Maxwell plate remains unexplained. Hole TK23-134 intersected the modelled Maxwell plate returning 1.8% Ni and 1.0% Cu over 1.5 meters. The West Pickle Zone horizon remains open to both the east and west.

Figure 1. West Pickle Area plan map and long section showing confirmed and interpreted Chonoliths / Feeder Dykes. 2023 drill holes are in red, previous drill holes in black with hose >1% Ni in yellow.

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Figure 2. Copper soil anomalies in the West Pickle area showing: 2023 drill holes (red circles), trace of the Chonoliths / Feeder Dykes, previous drill holes (black circles), soil samples (grey circles), background is high resolution airborne magnetics (total field).

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Figure 3. Nickle soil anomalies in the West Pickle area showing: 2023 drill holes (red circles), trace of the Chonoliths / Feeder Dykes, previous drill holes (black circles), soil samples (grey circles), background is a 250m depth plan map showing 3D resistivity inversion results from the 2023 MT survey.

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About Tyko Nickel - Copper - Cobalt Project
The Tyko Nickel - Copper - 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 and with multiple mineralized zones spanning over a 20-kilometer strike length and demonstrating the potential for a new greenfield nickel district.

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 Critical Green Transportation Metals. A Canadian mineral exploration and development company, Palladium One is targeting district scale, nickel - copper sulphide and platinum-group-element (PGE) 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

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 mineral and 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 the impact of governmental entities. 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

Appendix A

Table 1: Assay Results: Tyko 2023 Drill Results from the West Pickle Area of Tyko I Property

(1) Reported widths are "drilled widths" not true widths.

Table 2: Drill Hole Locations for assay results from this News Release

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