Tag: Palladium One Mining Inc

Palladium One and MetalCorp Enter into Definitive Agreement for a Business Combination

Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) (“Palladium One” or “PDM”) and MetalCorp Limited (TSXV: MTC) (“MetalCorp” or “MTC”) are pleased to announce a definitive agreement (the “Arrangement Agreement“) for a business combination to be completed under a plan of arrangement. Palladium One has agreed pursuant to the Arrangement Agreement to acquire all of the issued and outstanding shares of MetalCorp by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction“). Pursuant to the Transaction, MetalCorp shareholders (“MTC Shareholders“) will receive, in exchange for each common share in the capital of MetalCorp (a “MTC Share“) held, 0.30 (the “Exchange Ratio“) of a common share in the capital of Palladium One (each whole share, a “PDM Share“). The Exchange Ratio implies a purchase price of C$0.026 per MTC Share, or gross consideration of C$3.3 million. The number of PDM shares to be issued on completion of the Transaction is approximately 38,703,051. Existing shareholders of PDM will hold approximately 88% of PDM immediately following completion of the Transaction, and the former MTC Shareholders will hold approximately 12% immediately following completion of the Transaction.

“This transaction advances our strategy of creating value by responsibly, establishing a partnership with a senior producer and growing a portfolio of critical mineral assets in Canada in support of North American critical mineral supply chains, and it also increases liquidity,” commented Derrick Weyrauch, Chief Executive Officer of PDM.

“We are pleased to be combining MetalCorp’s business with Palladium One,” commented Donald Sheldon, Chief Executive Officer of MTC. “Like MetalCorp, Palladium One has an excellent suite of properties including gold, PGEs, copper – nickel and a strong cash position. Based on the TSXV closing prices of each company on the day the agreement was signed, this transaction reflects a 28% premium for MetalCorp shareholders.”

Transaction Highlights:

  • PDM will maintain the earn-in agreement in favour of Barrick Gold Inc. (“Barrick”), on MetalCorp’s Hemlo East Project adjacent to Barrick’s producing Hemlo Gold Mine (>21 million ounces mined to date) and located 40 kilometers southwest of PDM’s Tyko Project.

  • MetalCorp’s assets include two critical mineral projects located in Ontario, a Tier 1 mining jurisdiction (Figure 1):

    • North Rock Copper – Nickel Project
      • Road accessible, permitted, exploration stage.
      • A historical resource estimate.

    • Big Lake BL-14 Copper – Zinc – Gold – Silver VMS-style Project
      • Road accessible, exploration stage.
  • MetalCorp’s assets also include a royalty portfolio of five exploration stage mineral projects located in Ontario, the principal royalty being:

    • Hemlo Annex Property (Barrick):
      • 2% NSR royalty.
      • 176 hectares between Barrick’s Hemlo gold mine and the Hemlo East Project.
  • The business combination strengthens the proforma cash position to approximately C$13 million as of December 31, 2022.

Upon completion of the Transaction, Palladium One will benefit from the following:

  • Three district scale, road accessible massive sulphide, magmatic nickel – copper projects located in Tier 1 mining jurisdictions:
  1. Tyko Nickel – Copper – Cobalt Project (30,000 hectares), Ontario Canada
    • Extremely high tenor Massive Sulphides in a new untested Nickel District
  2. CanAlask Nickel – Copper Project (3,400 hectares), Yukon Canada
    • Large-scale ultramafic body with multiple high-grade nickel – copper – PGE showings.
  3. KS Nickel – Copper – PGE Project (16,000 hectares), Finland
    • Potential for extremely high tenor sulphide: ~ 3 oz per tonne precious metals, ~10% nickel and ~13% copper (based on 100% sulphide using metal tenors of the adjacent LK Project).
  • LK Platinum-Group-Element (PGE) – Copper – Nickel Project in Finland
    • National Instrument 43-101 compliant Mineral Resource Estimate (April 2022)
  • North Rock Copper – Nickel Project (7,000 hectares), Ontario Canada
    • Covers 20 kilometers of the Grassy Portage layered mafic intrusion and hosts four known zones of copper-nickel sulphide mineralization.
  • Hemlo East Earn-in agreement with Barrick Gold Inc. (“Barrick” or “ABX”)
    • Hemlo East Project is adjacent to Barrick’s producing Hemlo Gold Mine (>21 million ounces mined to date)
    • Located 40 kilometers southwest of the Tyko Project (see details above).
    • Earn-in agreement signed in November 2020.
    • On November 26, 2021, MetalCorp announced that Barrick provided a notice of Force Majeure due to permitting delays resulting in Barrick’s inability to meet the performance obligations under the earn-in agreement. Barrick is maintaining the claims in good standing.
  • C$4.4 million of assessment credits from MetalCorp resulting in no cash servicing requirements for at least ten years on the North Rock Cu-Ni, Big Lake Cu-Au VMS and the Black Bear Au Projects.
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Transaction Details

The Transaction will be subject to the approval of at least 66⅔% of the votes cast by MTC Shareholders, voting as a single class at a special meeting of the MTC Shareholders to be called to consider the Transaction, which is expected to be held near the end of April 2023 (the “Meeting“). In addition to the approval of the MTC Shareholders, the Transaction is also subject to the receipt of certain regulatory and court approvals, including the approvals of the TSX Venture Exchange (“TSXV“), and other closing conditions customary in transactions of this nature.

Pursuant to the Arrangement Agreement, unless otherwise excluded, all outstanding options exercisable into MTC Shares, which remain unexercised at the effective time of the Transaction, will be exchanged for options exercisable into PDM Shares at the Exchange Ratio.

Support for the Transaction

All directors and senior officers of MTC have entered into support and voting agreements with PDM, pursuant to which they have agreed to vote their MTC Shares, representing approximately 40% of the issued and outstanding MTC Shares, in favour of the Transaction. The board of directors of MTC has unanimously approved the Transaction.

Subject to certain conditions, including obtaining the requisite regulatory approvals, the Transaction is expected to close by the end of April 2023.

Further details of the Transaction are set out in the Arrangement Agreement and will be included in a management information circular of MetalCorp to be mailed in connection with the Meeting (the “Circular“). The Arrangement Agreement and Circular will be made available on SEDAR under the issuer profile of each of PDM and MTC at www.sedar.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Advisors and Counsel
Bennett Jones LLP is acting as Palladium One’s legal advisor. Dickinson Wright LLP is acting as MetalCorp’s legal advisor.

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 Palladium One and a 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 Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

About MetalCorp
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca.

For further information, for Palladium, contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

For further information, for MetalCorp, contact:
Donald Sheldon, CEO
Email: info@metalcorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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. Forward-looking statements contained in this press release include, without limitation, statements with respect to: any information as to the future financial or operating performance of Palladium One and MetalCorp, the completion of the Transaction, the expected synergies and benefits of the Transaction, the “Transaction Highlights”, the future price of nickel, copper, gold, and cobalt, the estimation of mineral resources, costs and timing of the development of projects and new deposits, success of exploration, currency fluctuations, requirements for additional capital, government regulation of mining operations, and environmental risks. 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 the results of shareholder and regulatory approvals for the Transaction, the integration of MetalCorp with Palladium One, the quality of the title of MetalCorp to its assets and the extent of any known, unknown or contingent liabilities of MetalCorp, the results of the exploration at the Hemlo East or North Rock Copper-Nickel Projects, the accuracy of mineral resource estimates; 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 Palladium One and MetalCorp common share prices 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 neither MetalCorp nor Palladium One undertakes any 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.

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Palladium One Discovers New Mineralized Chonolith North of RJ Zone and Reports Drill Results for the Smoke Lake Zone, Tyko Nickel – Copper Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to report drill results from the Smoke Lake Zone and reconnaissance drilling in the RJ Area, where the Company has discovered a new mineralized Chonolith / Feeder Dyke on the Tyko Nickel – Copper Project, in Ontario, Canada.

President and CEO, Derrick Weyrauch commented, “These latest results confirm the high-grade nature of the deeper portion of the Smoke Lake Zone. The Smoke Lake area continues to suggest the presence of additional mineralization given the presence of ultramafic rocks that were intersected in several holes and IP anomalies that are still to be fully tested.

“Significantly, reconnaissance drilling north of the RJ Zone discovered a new mineralized Chonolith / Feeder Dyke. Importantly, this drill hole (TK22-093 Figure 2) tested a magnetic high with no ElectroMagnetic (“EM”) response. This provides further confirmation of widespread occurrences of Chonolith / Feeder Dyke mineralization on the property, and that these occurrences are not necessarily detectable by airborne EM surveys. Additional drilling at the RJ Zone also returned wide zones (up to 50 meters, Table 1) of at surface disseminated nickel sulphide mineralization similar to historic hole TK16-002 which returned 85.4 meters of 0.5% Ni and 0.2% Cu.

“The 2023 exploration program will continue to focus on these newly identified and interpreted Chonolith / Feeder Dyke structures on the 30,000 hectare Tyko Project (Figure 1).”

The 18 holes which comprise the current release were drilled with two drill rigs, a land-based rig in the Smoke Lake Zone and a helicopter portable rig for reconnaissance holes.

The Smoke Lake Zone drilling focused on testing Induced Polarization (“IP”) anomalies (Figure 3) for which Exploration Permits had been received, as well as infill drilling on the deeper part of the Smoke Lake Zone (Figure 4). Ultramafic rocks were intersected (hole TK22-079) in the IP anomaly interpreted to represent the southeast extension of the Smoke Lake Zone (Figure 3). However, further testing is warranted as no sulphide mineralization was intersected and the IP anomaly remains unexplained. The IP anomaly located to the north of Smoke Lake, which also hosts a coincident magnetic anomaly and copper in soils anomaly of up to 195ppm (Figure 3) was tested by hole TK22-095 but also remains unexplained. A yet to be received Exploration Permit is required to fully test this IP anomaly. The presence of several occurrences of ultramafic rocks in drilling, the unexplained IP and soil anomalies suggest that additional mineralization is yet to be found in the larger Smoke Lake area.

The reconnaissance drilling program focused on testing the historic RJ and Tyko zones, a new single line EM anomaly and Interpreted Chonolith Structures (TK22-093). Hole TK22-093 is significant as this target was identified by magnetics alone, with no EM signature and consisted of sheared ultramafic rocks with disseminated nickel sulphide mineralization.

The drilling on the RJ and Tyko zones assisted in establishing the geometry of the mineralization, with the RJ zone confirmed to be dipping steeply to the north, similar to the West Pickle Zone located 3 kilometers to the west. Two 400 meter Borehole ElectroMagnetic (“BHEM”) platform holes (TK22-083 and 085) were also drilled at RJ and Tyko to test for massive sulphide mineralization at depth. Within the typical 200-meter observation radius of the holes, no conductors were identified. Hole TK22-083 at RJ intersect several local zones of scattered disseminated nickel mineralization, locally to 0.6% Ni and 0.26% Cu (Table 1.) indicating that the zone does continue to depth.

The 2022 drill program consisted of 70 holes totaling 13,038 meters, of which 27 holes are pending assay results. The 2023 field season is currently underway, with a high-resolution magnetic survey having been completed. The survey was designed to refine the geometry of the interpreted feeder dykes / chonoliths across the Tyko project’s 30-kilometer strike length prior to additional drill testing.

Figure 1. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics (“CVG”).
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_001full.jpg

Figure 2. Plan and stylized long section looking north perpendicular to the interpreted chonolith structures linking the West Pickle, RJ and Tyko zones showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey. Note, hole TK22-093, in the top right corner of the plan map intersected nickel mineralization in a new chonolith structure.
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_002full.jpg

Figure 3. Smoke Lake area showing all drilling to date, along with IP chargeability anomalies, VTEMax EM trends (dashed white line), Copper in soil anomalies, and ultramafic rock intersects. Background is total field magnetics.
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_003full.jpg

Figure 4. Plan map of Smoke Lake Zone showing all drilling to date, (red collars are 2022 drill holes, black collars are 2020-2021 drill holes) background is 1st vertical magnetics.
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_004full.jpg

Table 1: Assay Results: Tyko 2022 Drill Results Smoke Lake, RJ and Tyko Zones
https://www.acnnewswire.com/docs/Multimedia/Low_PalladiumOne202302231.jpg

Table 2: Drill Hole Locations for assay results from this News Release
https://www.acnnewswire.com/docs/Multimedia/Low_PalladiumOne202302232.jpg

QA/QC

The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration, and a Director of the Company.

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored onsite at the Tyko exploration camp core yard facility.

Samples were transported in secure bags directly from the logging facility at the onsite exploration camp, to the Activation Laboratories Ltd. (“Actlabs”) in Thunder Bay, Ontario. Actlabs, which is ISO 17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.

About Tyko Nickel – Copper – Cobalt Project

The Tyko Nickel – Copper – 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 and currently has five known mineralized zones spanning over a 20 kilometer strike length.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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.

Palladium One Expands West Pickle High-Grade Nickel Zone to 600 Meters, Tyko Nickel – Copper Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One“) is pleased to report the expansion of and additional high-grade drillhole intercepts from the West Pickle Zone massive sulphide discovery on the Tyko Nickel – Copper Project, in Ontario, Canada.

President and CEO, Derrick Weyrauch commented, “This latest batch of drill results reinforces the high-grade nature of the West Pickle Zone. Visual results from hole TK22-117, the most easterly hole drilled to date on the West Pickle Zone, intersected massive nickel – copper sulphides (Figure 1 and 4) which has extended the zone to over 600 meters in length, and it remains open for further expansion both to the east and west.

“The anomalous nickel values over significant widths in hole TK22-076 is significant as they represent the first assays from the many interpreted Feeder Dyke / Chonolith structure on the 30,000-hectare Tyko Project. This mineralization style reinforces our interpretation that these structures potentially host additional nickel – copper discoveries.

“The 2023 exploration program is focused on ground truthing and drill testing these structures, with the intent of discovering additional wide zones of mineralization, such as the RJ Zone which retuned 85.4 meters of 0.5% Ni and 0.2% Cu (Hole TK16-002).

“The 2022 drill program consisted of 70 holes totaling 13,038 meters, of which 45 holes are pending assay results. The 2023 field season is currently underway, with a high-resolution magnetic survey having been completed. The survey was designed to refine the geometry of the interpreted feeder dykes / chonoliths across the Tyko project’s 30-kilometer strike length prior to additional drill testing.”

To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery. At present, West Pickle mineralization has been defined over more than 600 meters of strike length (Figure 3 and 4).

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

HoleFrom
(m)		To
(m)		Width
(m)		Ni
%		Cu
%		Co
%		TPM g/t
(Pd+Pt+Au)		Pd
g/t		Pt
g/t		Au
g/t
TK22-059184.0187.73.72.331.850.060.450.210.210.03
185.3187.72.43.492.730.090.640.300.300.04
185.3187.01.84.793.670.120.870.410.410.05
185.3185.90.68.211.600.241.620.800.790.03
TK22-060183.7196.312.60.720.340.020.140.060.060.02
184.3189.04.71.770.630.030.270.120.120.03
186.6189.02.43.180.990.060.390.180.190.02
188.0188.50.57.601.250.120.410.180.200.03
TK22-070164.6174.710.12.470.990.040.270.140.100.02
164.6168.43.86.422.400.090.640.350.250.04
165.4167.62.310.413.400.140.920.530.340.04
165.4167.11.712.582.490.170.940.600.300.04
165.4166.30.912.902.700.161.050.670.340.04
TK22-072149.0153.14.12.050.890.040.360.110.220.03
150.4153.12.73.081.180.070.450.140.290.02
151.7153.11.55.331.480.120.670.170.480.02
151.7152.30.77.392.220.160.950.240.690.03
TK22-073137.5140.12.67.192.010.100.560.320.200.05
137.5139.31.810.322.880.150.800.460.270.07
138.5139.30.811.900.980.160.640.330.260.05
TK22-074148.9150.82.03.942.500.050.550.360.170.02
149.9150.80.98.142.840.111.050.710.310.03
TK22-075133.6137.84.20.060.170.000.090.030.040.03
133.6134.50.90.110.250.000.140.040.050.05
TK22-07670.6115.546.30.080.010.010.010.000.000.00
103.6114.010.40.100.020.010.010.000.000.00
TK22-077214.4214.90.50.000.160.010.000.000.000.00

(1) Reported widths are “drilled widths” not true widths.
(2) Italicised grey shaded values up to hole TK22-073 are previously reported (see news release October 4, 2022, November 21, 2022 November 29, 2022, and January 12, 2023)

Table 2: Drill Hole Locations for assay results from this News Release

HoleAzimuthDipLengthNAD83 z16 EastNAD83 z16 NorthElevation
TK22-074170-561806016085421928349
TK22-075120-452046016115421924348
TK22-076135-452105995035421889354
TK22-077160-603006019745421987347

QA/QC
The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration, and a Director of the Company.

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored onsite at the Tyko exploration camp core yard facility.

Samples were transported in secure bags directly from the logging facility at the onsite exploration camp, to the Activation Laboratories Ltd. (“Actlabs”) in Thunder Bay, Ontario. Actlabs, which is ISO 17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.

About Tyko Nickel – Copper – Cobalt Project
The Tyko Nickel – Copper – 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 and currently has five known mineralized zones spanning over a 20 kilometer strike length. The West Pickle Zone occurs on the Pezim II claim block of the larger Tyko Project.

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 Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Palladium One Initiates 2023 Exploration Program and Expands the Tyko Nickel – Copper Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to report that a high-resolution airborne magnetic survey has commenced at Tyko and that the Company has acquired an additional 4,520 hectares through staking contiguous with the Tyko Nickel – Copper Project, in Ontario, Canada (Figure 1).

Figure 1. New Tyko property position map showing various mineralized zones, multi-line VTEM anomalies and interpreted feeder dyke / chonolith structures. Background is the 2021 survey magnetic survey Calculated Vertical Gradient (“CVG”). Greyed out zones are controlled by third parties.

President and CEO, Derrick Weyrauch commented, “This low-cost strategic expansion of the Tyko property secures additional ground interpreted to host prospective feeder dykes / chonolith structures. The 2023 high-resolution magnetic survey, that is currently being flown, will incorporate these new claims and will greatly refine structures across the entire property. Results of the magnetic survey will be compiled in 3D along with a broad soil sampling / mapping program that is scheduled to start in Q2.”

The new high-resolution magnetic survey is being flown by helicopter at 75-meter spacings and will comprise 4,520 line-kilometres. The survey is expected to be completed in February. The increased resolution of this survey will enable the Company to “see through the clutter” of the numerous later cross cutting diabase dykes at Tyko and improve drill targeting of the feeder dykes / chonolith structures.

Figure 1. New Tyko property position map showing various mineralized zones, multi-line VTEM anomalies and interpreted feeder dyke / chonolith structures. Background is the 2021 survey magnetic survey Calculated Vertical Gradient (“CVG”). Greyed out zones are controlled by third parties.
https://images.newsfilecorp.com/files/6502/152488_845f83cc7452ab84_001full.jpg.

About Tyko Nickel – Copper – Cobalt Project

The Tyko Nickel – Copper – 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 and currently has five known mineralized zones spanning over a 20 kilometer strike length.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Palladium One Reports 10.3% Nickel, 2.9% Copper over 1.8 meters at the Tyko Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to report additional high-grade drillhole intercepts for the Tyko Property, from the West Pickle massive sulphide discovery in Ontario, Canada.

Highlights
– Additional West Pickle Zone assay results include:
— 7.2% Ni, 2.0% Cu, 0.10% Co, 0.56 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 2.6 meters of massive sulphides in hole TK-22-073
—- Including 10.3% Ni, 2.9% Cu, 0.15% Co, 0.80 g/t TPM over 1.8 meters
— 2.0% Ni, 0.9% Cu, 0.04% Co, 0.36 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 4.1 meters of massive and semi-massive sulphides in hole TK-22-072
—- Including 5.3 Ni%, 1.5% Cu, 0.12% Co, 0.67 g/t TPM over 1.5 meters
– RJ Zone, 2.7 kilometres east of West Pickle, previously retuned 85.4 meters of mineralization:
— 0.5% Ni and 0.2% Cu over 85.4 meters in hole TK-16-002 (see press release June 8, 2016)
—- Including 1.0% Ni and 0.2% Cu over 16.2 meters
– A key objective of the 2023 exploration program is to connect the West Pickle and RJ Zones (Figure 3)
– The Tyko Project currently hosts five known nickel sulphide zones along a 20-kilometer trend and several yet to be tested Versatile Time Domain Electromagnetic (“VTEM”) anomalies

President and CEO Derrick Weyrauch commented, “This latest batch of drill results, with individual assays up to 11.9% nickel, continue to reinforce the high-grade nature of the West Pickle Zone within the larger regional opportunity provided by the project. Similar to the Smoke Lake Zone, West Pickle is revealing massive sulphides that have been likely remobilized from a much larger source, which we hope to discover in 2023. Our 2023 exploration plan at Tyko also includes step-out drilling from known mineralization, and regional exploration to refine drill targets along 10’s of kilometers of interpreted feeder dykes / chonoliths (Figure 2 & 3) that could have fed the large Bulldozer mafic-ultramafic complex.

Cash and cash equivalents of approximately C$11.3 million (unaudited) were on hand as at December 31, 2022.

The 2022 Drill program on Tyko consisted of 70 holes totaling 13,038 meters, of which 49 holes are pending assay results. The 2023 field season is currently being planned and a high-resolution magnetic survey is scheduled in Q1. This survey has been designed to refine the geometry of the interpreted feeder dykes / chonoliths across Tyko’s 30-kilometer strike length prior to additional drill testing.”

To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery. At present, West Pickle mineralization has been defined over more than 500 meters of strike length (Figure 3 and 4).

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-073 from 137.5 to 139.3 meters down hole (core is dry). Wall rock is tonalite breccia.
https://images.newsfilecorp.com/files/6502/151121_093b45d304cecb48_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics (“CVG”).
https://images.newsfilecorp.com/files/6502/151121_093b45d304cecb48_002full.jpg

Figure 3. Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.
https://images.newsfilecorp.com/files/6502/151121_093b45d304cecb48_003full.jpg

Figure 4. Long section looking south of the West Pickle Zone.
https://images.newsfilecorp.com/files/6502/151121_093b45d304cecb48_004full.jpg

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone
https://www.acnnewswire.com/topimg/Low_Palladium2022112_1.jpg

(1) Reported widths are “drilled widths” not true widths.
(2) Italicised grey shaded values are previously reported (see news release October 4, 2022, November 21, 2022 and November 29, 2022)

Table 2: Drill Hole Locations
https://www.acnnewswire.com/topimg/Low_Palladium2022112_2.jpg

QA/QC

The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration, and a Director of the Company

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored onsite at the Tyko exploration camp core yard facility.

Samples were transported in secure bags directly from the logging facility at the onsite exploration camp, to the Activation Laboratories Ltd. (“Actlabs”) in Thunder Bay, Ontario. Actlabs, which is ISO 17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.

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. The West Pickle Zone occurs on the Pezim II claim block of the larger Tyko Project.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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.

Palladium One Announces Increase in Brokered Private Placement Financing from C$3 million to C$4.2 million

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to announce that it has increased the previously announced brokered private placement from $3 million to $4.2 million.

The Company will issue up to 21,000,000 units on a charity flow-through basis (the “Charity FT Units”) at a price of $0.20 per Charity FT Unit (the “Charity FT Issue Price”) for gross proceeds of up to $4,200,000 (“Offering”). Each Charity FT Unit will consist of one common share of the Company (each, a “Charity FT Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Charity FT Warrant”), and each Charity FT Share and Charity FT Warrant will be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada). Each Charity FT Warrant will entitle the holder thereof to purchase one non flow-through Common Share (a “Warrant Share”) at an exercise price of $0.20 for a period of 36 months from the date of issuance thereof. The Charity FT Units will be offered for sale to purchasers in all the provinces and territories of Canada (other than Quebec) in reliance on the listed issuer financing exemption available in Part 5A.2 National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) and will not be subject to any statutory hold periods.

The Offering will be led by Echelon Capital Markets (“Echelon”, the “Lead Agent”) and along with Sprott Capital Partners LP and Research Capital Corporation (collectively “Agents”). As compensation, the Agents will be entitled to a cash fee in an amount equal to 6% of the gross proceeds from the Offering. In addition, the Agents will receive non-transferable warrants (the “Broker Warrants”) exercisable at any time prior to the date that is 24 months from the Closing Date to acquire that number of units (each comprised of one common share and one-half of one warrant with an exercise price of $0.20 for a period of 36 months) which is equal to 6.0% of the number of Charity FT Units sold under the Offering at an exercise price equal to $0.14.

In addition, the Company’s non-brokered flow-through unit financing (“FT Units”) to be issued at unit price (“FT Unit Price”) remains unchanged.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.palladiumoneinc.com. Prospective investors should read this offering document before making an investment decision.

An amount equal to the gross proceeds from the issuance of the FT Units and Charity FT Units will be used to incur, on the Company’s Canadian mineral exploration properties, Canadian exploration expenses that will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and that will also qualify as “eligible Ontario exploration expenditures” within the meaning of subsection 103(4) of the Taxation Act, 2007 (Ontario) (collectively, the “Qualifying Expenditures”). The Qualifying Expenditures will be incurred on or before December 31, 2023 and will be renounced by the Corporation to the subscribers with an effective date no later than December 31, 2022 to the initial purchasers of the FT Units and Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units and Charity FT Units. In the event that the Corporation is unable to renounce the FT Issue Price and Charity FT Issue Price on or prior to December 31, 2022 for each FT Unit and Charity FT Unit purchased and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Corporation will as sole recourse for such failure to renounce, indemnify each FT Unit and Charity FT Unit subscriber for the additional taxes payable by such subscriber to the extent permitted by the Income Tax Act (Canada) as a result of the Corporation’s failure to renounce the Qualifying Expenditures as agreed.

The Offering and the Non-Brokered Offering are expected to close on or about December 20, 2022, or such other date or dates as the Company and the Lead Underwriter may agree (the “Closing Date”) and are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

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. These forward-looking statements include, but are not limited to, statements relating to the timing and completion of the Offering, the satisfaction and timing of the receipt of required stock exchange‎approvals and other conditions to closing of the Offering and the intended use of the proceeds of the Offering. 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.

Not for distribution to United States newswire services or for dissemination in the United States

Palladium One Announces C$4.0 million Private Placement Financing

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to announce a brokered private placement of up to 15,000,000 units of the Company issued on a charity flow-through basis (the “Charity FT Units”) at a price of $0.20 per Charity FT Unit (the “Charity FT Issue Price”) for gross proceeds of up to $3,000,000 (“Offering”). Each Charity FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “Charity FT Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Charity FT Warrant”) each to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada). Each Charity FT Warrant will entitle the holder thereof to purchase one non flow-through Common Share (a “Warrant Share”) at an exercise price of $0.20 for a period of 36 months from the date of issuance thereof. The Charity FT Units will be offered for sale to purchasers in all the provinces and territories of Canada (other than Quebec) in reliance on the listed issuer financing exemption available in Part 5A National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) and will not be subject to any statutory hold periods.

In connection with the Offering, the Company has entered into an agreement with Echelon Capital Markets (“Echelon”), on its own behalf and, if applicable, on behalf of a syndicate of agents (collectively the “Agents”). As compensation, the Agents will be entitled to a cash fee in an amount equal to 6% of the gross proceeds from the Offering. In addition, the Agents will receive non-transferable warrants (the “Broker Warrants”) exercisable at any time prior to the date that is 24 months from the Closing Date to acquire that number of Common Shares which is equal to 6.0% of the number of Charity FT Units sold under the Offering at an exercise price equal to $0.14. In addition, the Company shall grant the Agents an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in at any time up to 48 hours prior to the closing date of the Offering, to purchase up to an additional number of Charity FT Units as is equal to 15% of the number of the Charity FT Units issued under the Offering, on the same terms as set forth above, to cover over-allotments, if any, and for market stabilization purposes.

In addition, the Company will issue up to 6,666,667 units of the Company on a flow-through basis (the “FT Units”) at a price of $0.15 per FT Unit (the “FT Issue Price”) for gross proceeds of up to $1,000,000 issued on a non-brokered basis (“Non-Brokered Offering”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “FT Warrant”) each to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada). Each FT Warrant will entitle the holder thereof to purchase Warrant Share at an exercise price of $0.20 for a period of 24 months from the date of issuance thereof. All securities issued or issuable under the Non-Brokered Offering will be subject to a statutory hold period lasting four months and one day following the closing of the Non-Brokered Offering.

No fees will be paid in connection with the Non-Brokered Offering.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.palladiumoneinc.com. Prospective investors should read this offering document before making an investment decision.

An amount equal to the gross proceeds from the issuance of the FT Units and Charity FT Units will be used to incur, on the Company’s Canadian mineral exploration properties, Canadian exploration expenses that will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and that will also qualify as “eligible Ontario exploration expenditures” within the meaning of subsection 103(4) of the Taxation Act, 2007 (Ontario) (collectively, the “Qualifying Expenditures”). The Qualifying Expenditures will be incurred on or before December 31, 2023 and will be renounced by the Corporation to the subscribers with an effective date no later than December 31, 2022 to the initial purchasers of the FT Units and Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units and Charity FT Units. In the event that the Corporation is unable to renounce the FT Issue Price and Charity FT Issue Price on or prior to December 31, 2022 for each FT Unit and Charity FT Unit purchased and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Corporation will as sole recourse for such failure to renounce, indemnify each FT Unit and Charity FT Unit subscriber for the additional taxes payable by such subscriber to the extent permitted by the Income Tax Act (Canada) as a result of the Corporation’s failure to renounce the Qualifying Expenditures as agreed.

The Offering and the Non-Brokered Offering are expected to close on or about December 20, 2022 or such other date or dates as the Company and the Lead Underwriter may agree (the “Closing Date”) and are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

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. These forward-looking statements include, but are not limited to, statements relating to the timing ‎and ‎completion of the Offering, the satisfaction and timing of the receipt of required stock ‎exchange ‎approvals and other conditions to closing of the Offering and the intended use of the ‎ proceeds of the ‎ Offering. 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.

Not for distribution to United States newswire services or for dissemination in the United States

Palladium One Reports 10.4% Nickel, 3.4% Copper over 2.3 Meters and Adds Second Drill Rig at The Tyko Project, Canada

Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the “Company” or “Palladium One”) is pleased to report the highest-grade drillhole intercept to date on the Tyko Property, from the West Pickle massive sulphide discovery in Ontario, Canada. The Tyko Property hosts nickel, copper and cobalt, each of which has been designated a Critical Mineral.

Highlights
– Assay results:
— 3.1% Nickel Equivalent (“Ni Eq”) over 10.1 meters (2.5% Ni, 1.0% Cu, 0.03% Co, 0.26 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in massive and disseminated sulphide in hole TK-22-070
— Including 12.8% Ni Eq over 2.3 metres (10.4% Ni, 3.4% Cu, 0.14% Co, 0.92 g/t TPM)
— Including 15.0% Ni Eq over 0.9 metres (12.9% Ni, 2.7% Cu, 0.16% Co, 1.05 g/t TPM)
– Drilling has resumed on West Pickle and a second drill rig has been added
– West Pickle 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)
– 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 hosts five known nickel sulphide zones along a 20-kilometer trend and several yet to be tested Versatile Time Domain Electromagnetic (“VTEM”) anomalies

President and CEO, Derrick Weyrauch commented, “With assays of up to 12.8% nickel equivalent over 2.3 meters (Table 1, Figure 1), drillhole TK-22-070’s nickel grades exceed those of our 2020 award-winning Smoke Lake Discovery located 20 kilometers to the east. These are truly spectacular grades over minable widths. Given the spectacular grades we added a second drill rig in November to also focus on West Pickle.”

The West Pickle discovery occurs on the Pezim II claim block of the larger Tyko Project (seen new release July 27, 2022). To date a total of 20 holes, totalling 4,604 meters have been drilled in the vicinity of the West Pickle Discovery. Two drill rigs guided by a recent borehole electromagnetic (“BHEM”) survey are now focused on infilling and expanding the West Pickle massive sulphide mineralization. At present, West Pickle mineralization has been defined over more than 500 meters of strike length (Figure 3 and 5).

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 breccia.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics (“CVG”).
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_002full.jpg

Figure 3. Plan map of the West Pickle and RJ zones with airborne EM and ground EM maxwell plates showing Chonolith structures “Feeder Dykes” with Calculated Vertical Gradient Magnetics (“CVG”) as the background.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_003full.jpg

Figure 4. Long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_004full.jpg

Figure 5. Long section looking south of the West Pickle Zone.
https://images.newsfilecorp.com/files/6502/145981_c18793ff04296961_005full.jpg

Table 1: Assay Results: Tyko 2022 Drill Results from the new West Pickle Zone
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(1) Reported widths are “drilled widths” not true widths.
(2) Italicised grey shaded values are previously reported (see news release October 4, 2022 and November 21, 2022)
(3) * Ni_Equivalent is calculated for comparison purposes using, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022) and assumes 100% recovery rates of sulphides into concentrate.

*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) and assumes 100% recovery rates of sulphides to concentrate.

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.

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 Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

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.