Palladium One Mining Inc. announced Electromagnetic ("EM") survey results have been received and interpreted from the fall program on the Canalask Nickel - Copper Project, located in the Kluane mafic-ultramafic belt, Yukon, Canada. A previous EM survey had indicated the presence of a significant conductor at depth in a flexure of the ultramafic dyke, however, due to incomplete data from the past survey, the exact geometry was poorly understood. The 2023 EM survey used the most modern equipment available and has not only confirmed the presence of the conductor but has also significantly improved its 3-dimensional orientation.

The conductor's position is now interpreted to be deeper than previously understood. The closest holes to the body of the conductor are from the 1980's, hole VQ-7 contained a narrow patch of semi-massive sulphide which returned 1.3% nickel, thereby suggesting a source of massive sulphide nearby. In addition to this untested conductor, the Canalask project contains the historic Main Zone Canalask deposit consisting of 400,000 tonnes at 1.35% nickel (copper was not reported) (Yukon Assessment Report 094599), hosted within footwall rocks of the ultramafic dyke.

The occurrence of the footwall hosted mineralization is in part the basis of its hypothesis that the historic deposit was originally fed by a larger body of nickel - copper sulphide present within the ultramafic dyke." Exploration Since Acquisition: The Company competed a drone-based magnetometer survey over the entire Canalask project. This survey consisted of 392-line kilometers at 100-meter spacing and helped refine the location and structure of the Ni-Cu-PGE prospective ultramafic dyke and greatly assisted the refinement of drill targeting. In addition, a reconnaissance site visit returned grab sample assays over 2% nickel, 6% copper and 1.55 g/t gold.

These results support the high grades that were historically reported in footwall-style sulphide mineralization at the Canalask deposit. The 2023 program consisted of brushing out and re-establishing access trails, as well as re-establishing historic grid lines and was followed by a drone based airborne orthophoto survey and a high-resolution ground-based EM survey using Lamontagne's UTEM system. This work has led to a substantial better understanding of the project's geology, and has refined drill targets.

Canalask Property Overview: The Canalask Property is located within the Whitehorse Mining District, approximately 300 kilometers northwest of Whitehorse, Yukon and is accessed from the Alaska Highway near south-east of Beaver Creek. The Canalask Property consists of a contiguous block of 179 quartz claims covering approximately 3,400 hectares. Exploration dates to the 1950s when the Canalask footwall zone was originally discovered, drilled, and partially developed.

A historical resource estimate on the Main Zone is quoted at 400,000 tonnes at 1.35% nickel (copper was not reported) by Discovery Mines Ltd. in 1968 (Yukon Assessment Report 094599). Early Metallurgical floatation test work returned concentrate grades as high as 19.7% nickel (Yukon Assessment Report 093256). Exploration continued up until the early 2000s through a series of surface programs including geochemical surveys, geological mapping, and geophysics.

During these campaigns, numerous high-grade Ni-Cu-PGE showings such 4.7% Nickel, 0.6% Cu and 6.82 g/t TPM (Total Precious Metals) in grade samples at the Discovery Zone (Yukon Assessment Report 094599), were discovered along the length of the ultramafic-mafic dyke. In 2006, Xstrata completed an assessment Report (Yukon Assessment Report 094599) summarizing this earlier work. Readers are cautioned that the Company has not verified the 1968 Historical Mineral Resource Estimate and therefore the data should not be relied upon.

Exploration Target: The WRIC is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered a "feeder system" with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall deposit, the project hosts strong potential for both "magmatic feeder-type" basal deposits and "epigenetic footwall-type" footwall deposits. The geological setting draws comparison to the world-class Norilsk Ni-Cu-PGE camp.