Palladium One Mining Inc. announced 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. 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 that could connect West Pickle to the RJ Zone (four to five kilometers to the east), and the Gionet Zone on Tyko II 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. 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.

Two holes tested Maxwell plates modelled form Borehole Electromagnetic ("BHEM") surveys on the West Pickle Zone. 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.