Palladium One Initiates 17,500-Meter Phase II Drilling Program in Finland

Toronto, Ontario--(Newsfile Corp. - November 10, 2020) -  A 17,500-meter Phase II drilling program targeting the Kaukua South zone is scheduled to begin on November 13, 2020, said Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC Pink: NKORF) (the "Company" or "Palladium One"). The Phase II program is primarily designed to support a future inferred resource estimate at Kaukua South, which possesses a drill defined, greater than 4-kilometer mineralized strike length (Figure 1).

The initial stage of the Phase II program will include approximately 2,500 meters of diamond drilling to be completed before year end, targeting the 750-meter long high-grade section located between holes LK20-006 and LK20-016. Drilling will also include step-out exploration drilling to the east of drill hole LK20-016.

Hole LK20-016 returned:

• 62.7 m at 3.52 g/t of palladium equivalent (Pd_Eq)* starting at only 23.5 m down hole,
• Included a high-grade interval of 18.5 m at 4.58 g/t Pd_Eq starting near surface at 47.5 m down hole, (see news release October 22, 2020)

Hole LK20-006, located 750-meters west of hole LK20-016 returned:

• A core interval of 63.4 m at 1.88 g/t Pd_Eq starting near surface at 95.0 m down hole, within 166.7 m at 1.16 g/t Pd_Eq starting at only 43.8 m down hole (see news release August 11, 2020)

"The shallow mineralization and continuity of drill results demonstrates potential to rapidly add open pit ounces and significantly increase the existing NI 43-101 open pit constrained resource estimate," stated Derrick Weyrauch, President and CEO.

Table 1
Select previously announced Phase I Drill Results from Kaukua South in the 750-meter long high-grade section between holes LK20-006 and LK20-016

* Includes 16.25m of unsampled core given a zero grade.
** Reported widths are "drilled widths" not true widths.
*** All values are previously released (see press release August 11, 2020, October 6, 2020, and October 22, 2020)

Figure 1: This figure shows the greater Kaukua Area, the NI 43-101 compliant Kaukua Open Pit resource, Murtolampi and Kaukua South zones. The drill defined four-kilometer strike length of the Kaukua South zone is shown with select drill holes from the winter (labelled in black) and summer (labelled in red) campaigns of the Phase I drill program.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6502/67820_cf6d1f33e4c62ad6_001full.jpg

Figure 2: Kaukua South Long section looking north, showing IP Chargeability isoshells and Pd_Eq grade for resumed Phase I drill holes labelled in red.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6502/67820_cf6d1f33e4c62ad6_002full.jpg

*Palladium Equivalent
Palladium equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne for copper, and US$15,4332 per tonne for nickel. This calculation is consistent with the calculation in the Company's September 2019 NI 43-101 Kaukua 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. is an exploration company targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium-dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world's top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67820