Palladium One Intersects Widest Intercept to Date Southwest of the Kaukua Open Pit Resource Estimate, Finland, 1.6 g/t Pd_Eq over 121 Meters

Highlights

• Widest ore grade intercept to date, intersected 250 meters southwest and down plunge of the current Kaukua Open Pit Mineral Resource Estimate (“MRE”).
• 2.1 g/t Palladium Equivalent (Pd_Eq) over 33.5 meters, within 1.6 g/t Pd_Eq over 121.1 meters, in hole LK21-105, with individual samples grading up to 16.0 g/t Pd_Eq over 0.6 meters.
• Three holes (LK21-101, 102 and 105), spread over 220-meters laterally, have all intersected the down plunge, high-grade 'Core Zone' of the current pit constrained Kaukua Open Pit.
• High-grade 'Core Zone' of the Kaukua Open Pit remains open to depth.

January 11, 2021 – Toronto, Ontario, Initial down plunge drilling, has intersected the widest ore-grade intercept to date, southwest of the 2019 open-pit constrained MRE of the Kaukua Deposit. Hole LK21-105 intersected 2.1 g/t Pd_Eq over 33.5 meters, within 1.6 g/t Pd_Eq over 121.1 meters, starting at a true depth of approximately 260 meters (Figure 2), said Palladium One Mining Inc. (“Palladium One” or the “Company”).

Derrick Weyrauch, President and CEO commented: “We have extended the 'Core Zone' of the Kaukua Deposit 250 beyond the current conceptual open-pit and hole LK21-105 is among the thickest intercepts to date within the Kaukua Deposit and adds significant tonnage to our existing resource endowment. The high-grade 'Core Zone' of the Kaukua Deposit remains open to the southwest for more expansion. An updated NI43-101 Mineral Resource Estimate is schedule for release in Q1 2022 and will incorporate these valuable results”

These drilling results extend a broad, >200-meter wide 'core zone' of mineralization 250-meters southwest of the existing conceptual open-pit, and it remains open for expansion (Figure 1 and 2, and 3). Importantly, the previous geological interpretations suggested that the Kaukua Deposit was cut-off by a northwest trending fault, occupying a distinct magnetic low and topographic lineament. Drilling has now demonstrated that the magnetic low is the result of a later cross cutting dyke (now referred to as the high-titanium gabbro dyke) and that the Kaukua Deposit remains open to the south. Significantly the high-grade 'Core Zone' of the Kaukua Deposit has been extended 250 meters to the southwest and we have encountered some of the thickest intercepts (>100m) to date within the deposit (see news release November 23, 2021).

Figure 1. Historic and current drilling in the Kaukua area having a drill data cut-off date of September 30, 2021 (hole LK21-137), assays have been received for holes up to LK21-108, the remainder are pending. Background is Induced Polarization (“IP”) Chargeability.

Figure 2. Cross sections showing holes LK21-099, 103, 104, 105 and 106 and historic holes KAU09-049 and KAU12-060, and their position with respect to the 2019 Kaukua Mineral Resource Estimate Whittle Open Pit.

Figure 3. Cross section showing holes LK21-100, 108, historic holes KAU09--040, 042, 043, KAU12-053 and their position with respect to the 2019 Kaukua Whittle Open-Pit constrained Mineral Resource Estimate.

Table 1. LK Project, select Kaukua 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.
**Italicised orange highlighted results are previously released results see news release November 23, 2021.

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 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

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