• Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 600-meter long VTEMmax Electromagnetic ("EM") anomaly known as the 'West Pickle Zone':
  • 12 diamond drill holes completed to date
• Preliminary assay results return:
  • 3.4% Nickel Equivalent ("Ni Eq") over 3.7 meters (2.3% Ni, 1.8% Cu, 0.45 g/t Total Precious Metals ("TPM") (Pt+Pd+Au)) in hole TK-22-059
  • Including 6.8% Ni Eq over 1.8 metres (4.8% Ni, 3.7% Cu, 0.87 g/t TPM)
  • And 9.4% Ni Eq over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM)
• Visual results for holes TK-22-070, which intersected 1.7 meters of massive sulphide mineralization from 165.4 to 167.1 meters down hole.
• The new discovery 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^[1])
• 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 is now host to 5 known nickel sulphide zones along a 20 kilometer trend and several yet to be tested VTEMmax anomalies
  • Two Conolith systems ("Feeder Dykes") with several proximal Ni-Cu Zones identified.

President and CEO, Derrick Weyrauch, commented, "We are pleased to report the first assay results from our new West Pickle massive sulphide discovery, with individual assays over 8% nickel. The sulphides have an extremely high metal tenor and look very much like our Smoke Lake Discovery, 20 kilometers to the east.

Starting with our Kaukua South discovery at the LK Project, our very systematic exploration approach has seen a very high rate of discovery success. In fact, three discoveries in the last two years. At Tyko our first discovery was at the Smoke Lake Zone and now we have the West Pickle high-grade nickel-copper sulphide discovery.

The lithologies and mineralization at West Pickle closely resemble those found at the Smoke Lake, RJ, and Tyko zones, which together form a 20-kilometer long trend, representing a very robust nickel sulphide mineralizing system."

The West Pickle Lake discovery occurs on the Pezim II claim block of the larger Tyko Project (see new release July 27, 2022^[2]). A Bore hole electromatic survey "BHEM" has been completed at West Pickle, results of which are expected shortly. The survey was carried out to further refine the geometry and extend the mineralization intersected to date.

To allow for the traditional moose hunting season, the drill program at Tyko was paused mid-September and will remain so until mid-October. Drilling will resume with one rig and continue to the end of the year.

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

Table 2: Visual Results: Tyko 2022 Drill Results from the West Pickle Zone

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.

To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_001full.jpg^[4]

Figure 2. Closeup of massive pentlandite-pyrrhotite-chalcopyrite in hole TK-22-070.

To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_002full.jpg^[5]

Figure 3. Tyko Property map showing various mineralized zones and multi-line VTEMmax anomlies, background is total field mag as the background.

To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_003full.jpg^[6]

Figure 4. Plan map of the RJ Zone and new West Pickle Zone with VTEMmax and ground EM maxwell plates with Calculated Vertical Gradient ("CVG") as the background.

To view an enhanced version of Figure 4, please visit: https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_004full.jpg^[7]

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

To view an enhanced version of Figure 5, please visit: https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_005full.jpg^[8]

*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^[9]).

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^[10]).

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^[11], Twitter^[12], and at www.palladiumoneinc.com^[13].

ON BEHALF OF THE BOARD "Derrick Weyrauch" President & CEO, Director

For further information contact: Derrick Weyrauch, President & CEO Email: [email protected]^[14]

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.

References

1. ^{^} January 19, 2021 (www.newsfilecorp.com)
2. ^{^} July 27, 2022 (www.newsfilecorp.com)
3. ^{^} April 25, 2022 (www.newsfilecorp.com)
4. ^{^} https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_001full.jpg (images.newsfilecorp.com)
5. ^{^} https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_002full.jpg (images.newsfilecorp.com)
6. ^{^} https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_003full.jpg (images.newsfilecorp.com)
7. ^{^} https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_004full.jpg (images.newsfilecorp.com)
8. ^{^} https://images.newsfilecorp.com/files/6502/139360_feb5228634e5a99d_005full.jpg (images.newsfilecorp.com)
9. ^{^} April 25, 2022 (www.newsfilecorp.com)
10. ^{^} January 19, 2021 (www.newsfilecorp.com)
11. ^{^} LinkedIn (www.newsfilecorp.com)
12. ^{^} Twitter (www.newsfilecorp.com)
13. ^{^} www.palladiumoneinc.com (www.newsfilecorp.com)
14. ^{^} [email protected] (www.media-outreach.com)