Canadian Palladium Resources Inc. reported that it has completed an independent National Instrument 43-101 updated Mineral Resource Estimate on the Company's East Bull Palladium Deposit, located 90 km west of Sudbury, Ontario. The Updated Mineral Resource Estimate includes total Indicated Resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq for 492,100 ozs PdEq AND total Inferred Resources of 16.3 million tonnes at a grade of 0.99 g/t PdEq for 519,600 ozs PdEq. These totals include Pit-Constrained Mineral Resources at a CAD 15/t net smelter return (NSR) cut-off and Out-of-Pit Mineral Resources at a CAD 50/t NSR cut-off.

The updated Mineral Resource Estimate is the culmination of a successful 20,000 metre drilling program by Canadian Palladium that has substantially increased the size of the East Bull Deposit since the initial Mineral Resource Estimate was completed in 2019. The drilling program has also significantly increased the confidence level of the Mineral Resource Estimate with the majority of the Deposit now being classified as Indicated Mineral Resources. The East Bull Mineral Resource Estimate was derived from applying NSR cut-off values to the block model and reporting the resulting tonnes and grades for potentially mineable areas.

The NSR cut-off values take into consideration metal prices, estimated process recoveries of metals into concentrate, estimated smelter payables, and metal refining charges. Metal prices were based on December 2021 two-year forward consensus prices as follows: Pd - USD 1,840/oz; Pt - USD 1,180/oz; Au - USD 1,640/oz; Rh - USD 8,000/oz; Cu - USD 3.75/lb; Ni - USD 7.75/lb; Co - USD 24.00/lb. A currency exchange rate of CAD /USD = 0.80 was used.

Pit optimization parameters were as follows: CAD 2.50/t mining cost, CAD 13/t process cost, CAD 2/t G&A cost and 50 degree pit slopes. The Pit Constrained Mineral Resource Estimate used a C AD 15/t NSR cut-off value and the Out-of-Pit Mineral Resource Estimate used a CAD 50/t cut-off value. The Pit Constrained Mineral Resource model ensured a reasonable assumption of potential economic extraction could be made.

The Initial NI 43-101 Mineral Resource Estimate and Technical Report for the East Bull Deposit was completed in 2019 by P&E Mining Consultants Inc. The 2019 Report estimated Inferred Mineral Resources of 11.1 million tonnes at a grade of 0.58 g/t Pd, 0.26 g/t Pt, 0.05 g/t Au, 0.04 g/t Rh, 0.14% Cu, 0.05% Ni, 0.01% Co. The 2019 Mineral Resource Estimate was based on a 0.8 g/t PdEq cut off using the following commodity prices: Pd - USD 767/oz; Pt - USD 973/oz; Au - USD 1,262/oz; Rh - USD 1,000/oz; Cu - USD 2.55/lb; Ni - USD 4.42/lb; Co - USD 20.00/lb. As a consequence of differences in commodity prices and cut-off grades, the current Mineral Resource Estimate including the PdEq grade is not directly comparable to the previous estimate.