Palladium One Mining Inc. reported initial soil and prospecting results from the Fall 2023 exploration program on the Tyko II Property which forms part of the larger Tyko Nickel - Copper Project in Ontario, Canada. Prospecting samples up to 1.0% nickel and 2.4 g/t palladium were collected from historic trenches, and soil sampling returned up to 3,380 parts per million (ppm) or 0.34% copper and 321 ppm nickel, coincident with Versatile Time Domain Electromagnetic ("VTEM") airborne anomalies. Highlights are: Grab Samples up to 1.04% nickel, 0.22% copper, 0.13% cobalt, 2.42 g/t Pd, 0.15 g/t Pt and 0.01 g/t Au from historic trenches on the Kejimalda Zone of the Feries-Moshkinabi mafic-ultramafic complex; Grab Samples up to 0.43% copper,0.18% cobalt and 0.03% nickel from the Gionet Zone; Soil Samples up to 3,380 ppm or 0.34% copper, and 321 ppm nickel from the Gionet Zone area coincident with a newly identified VTEM anomaly located east of the Gionet Zone; and The 2023 drill program has relocated to the Tyko II property and has been focused on the Kejimalda Zone, targeting VTEM conductors along the base of the Feries-Moshkinabi mafic-ultramafic complex.

The 2023 ground truthing field program was extremely active with total of 7,355 soil samples collected and extensive areas having been prospected and mapped for the first time. A total of 833 soil samples on the Tyko II property are included in this update. The extensive geological mapping undertaken this year provides the Company with a much greater understanding of the Tyko Project geology.

The key objective of the 2023 program was ground truthing interpreted Chonoliths /Feeder dykes prior to diamond drilling and this activity was very successful. With the field program complete the Company has been focused on drill testing permitted drill targets. The Gionet Zone Showing historically consists of boulders and subcrops of highly metamorphosed and deformed bands of pyrite-chalcopyrite-rich mineralization in altered gabbro, with historic values up to 2.46% Cu and 0.22% Ni.

Resampling of the historic showing by the Company has returned 0.43% Cu, 0.03% Ni, and interestingly 0.18% Co. Notably, the 2023 VTEM survey indicated a conductive anomaly to the east of the historic Gionet showing, and this year's field season also found a strong coincident Cu and Ni anomaly associated with this VTEM anomaly, with copper values up to 3,380 ppm or 0.34% Cu and 321 ppm Ni in soils. The Gionet Zone has never been drilled tested and is a priority target once exploration permits are received to enable drill testing.

The Kejimalda Zone is located near the base of the Moshkinabi Intrusion, which forms part of the Feries-Moshkinabie mafic-ultramafic complex, where it is in contact with amphibolitized mafic volcanics and metasediments including banded iron formation. The zone consists of a 3 kilometer long, 5 to 30-meter wide lens or reef of disseminated copper-palladium-rich sulphide mineralization distant from but parallel to the intrusive contact. Notably in addition to the disseminated mineralization, there occurs near the intrusive contact discontinuous lenses of 1 to 3-meter wide pyrrhotite-rich semi-massive to massive sulphide which consistently carries ~1% Ni and ~2g/t Pd.

The exact nature of these massive sulphide lenses is obscured as a historical trench has been extensively blasted and samples collected by the Company are from blast rock. The 2023 VTEM survey has identified several conductors near the intrusive contact and these are the focus of this current phase of the fall drill program.