Palladium One Mining Announces Positive Electromagnetic Survey Results for Yukon Nickel-Copper Project

• Ground-based electromagnetic (EM) survey confirms presence of large, untested conductor down-plunge from historic shallow drilling and within mafic-ultramafic chonolith
• Conductor is located in a flexure of the ultramafic dyke and could represent a significant nickel-copper sulphide body
• Drill testing of the conductor planned for 2024 once winter breakup allows access
• Project also hosts historic 400,000 tonne Canalask deposit grading 1.35% nickel, providing further exploration upside
• Strategically located in proven nickel-copper region of Yukon amidst infrastructure

About Palladium One Mining Inc.

Palladium One Mining Inc. (TSXV: PDM) is a Canadian mineral exploration and development company targeting district-scale nickel-copper and platinum group element deposits in Canada and Finland. The company has several key projects at various stages of exploration and development, aimed at supplying the growing demand for battery metals driven by the electric vehicle and clean energy transition.

Canalask Project Background

The latest exploration results announced are for Palladium One's Canalask project located in the Yukon's Whitehorse Mining District, approximately 300km northwest of Whitehorse. The 179 claim, 3,400 hectare project sits within the renowned Kluane mafic-ultramafic belt which hosts numerous intrusion-related high-grade nickel-copper-PGE deposits and showings. Historic work at Canalask includes 400,000 tonnes grading 1.35% nickel at the Main Zone deposit, confirming the belt's prospectivity.

Details of Recent Electromagnetic (EM) SurveyKey details from the recent Electromagnetic (EM) survey completed in fall 2023:

• Modern survey equipment defined a large conductive body down-plunge from shallow historic drilling and at depth within the prospective ultramafic intrusive dyke.
• The conductor's geometry can now be accurately targeted by drilling. It lines up down-plunge of drill hole VQ-7 which intersected 1.3% nickel and 0.3% copper.
• An orthophoto survey was completed to aid future drill planning and permitting required before the 2024 field program.

Conductor Represents Compelling Drill Target

The conductor itself represents a compelling exploration target that will be drill-tested once winter breakup enables site access. While its lateral dimensions have been defined by the EM survey, the size, grade, and economic potential will only be determined by diamond drilling.

The survey importantly provides strong evidence of a potentially large sulphide source to explain the high-grade nickel and copper from past drilling in the dyke. This includes hole VQ-7 and numerous mineralized showings up to 4.7% nickel along the total 5km strike of the dyke.

Additionally, the past-producing Main Zone deposit offers demonstrated exploration upside independent of the conductor drill target. Located in the dyke's footwall rocks, historic drilling outlines 400,000 tonnes at 1.35% nickel, highlighting the wider district potential.

Strategic Importance of Battery Metals Exposure

As President and CEO Derrick Weyrauch commented: "The fall exploration program has highlighted the potential of the Canalask property to host significant nickel-copper sulphide mineralization within the mafic-ultramafic dyke in addition to its historical footwall deposit."

With palladium and platinum demand growth constrained by substitution from nickel in electric vehicle batteries, copper essential to renewable energy infrastructure, and consistently strong stainless steel markets, nickel stands as the key battery growth exposure. Global nickel consumption in EV batteries alone is projected to grow 621% in this decade according to research firm Roskill.

Canalask thus offers Palladium One leverage to surging battery metal nickel demand alongside the project's copper, platinum, and palladium credits. Located in a proven nickel belt with established infrastructure, successful exploration could fast-track the asset to resource delineation, development studies, and ultimately production.

Conclusion

For investors seeking battery metal opportunities enhanced by Canadian premiums and infrastructure advantages, Canalask offers an exciting drill-ready nickel-copper asset with strategic critical minerals optionality. With drilling imminent in a successful mining jurisdiction, results from the under-explored project have potential for strong market interest and significant upside.