Canadian Palladium Files NI 43-101 Technical Report for East Bull

Canadian Palladium Resources Inc. has filed an independent technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects on the Company's East Bull Palladium Deposit, located 90 km west of Sudbury, Ontario. The technical report, titled "Technical Report and Updated Mineral Resource Estimate on the East Bull Palladium Property Gerow Township, Sudbury Mining Division, Ontario" dated April 14, 2022, with an effective date of March 2, 2022, has been prepared by P&E Mining Consultants Inc. and is available on SEDAR under Canadian Palladium Resources' issuer profile.

The 2022 Updated Mineral Resource Estimate includes total Indicated Mineral Resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq for 492,100 ozs PdEq AND total Inferred Mineral 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 C$15/t net smelter return (NSR) cut-off and Out-of-Pit Mineral Resources at a C$50/t NSR cut-off. Estimated Mineral Resource classifications for the East Bull Palladium Deposit are shown in Table 1.

Wayne Tisdale, Canadian Palladium's CEO, commented, "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 Palladium Deposit. We are pleased that Palladium has been recently recognized as an important metal in the Ontario government's critical metals strategy. As western nations become focussed on stable sources of critical metals, assets such as East Bull that are located in secure mining jurisdictions are becoming increasingly valuable."

The Technical Report concludes that East Bull Palladium Property contains a significant platinum group metal and base metal Mineral Resource that is associated with a well-defined magmatic mineralization environment. The authors of the Technical Report recommend further step-out drilling on extensions of known contact-type mineralization zones and drilling to target discovery of high-grade magma conduit-type mineralization. Additionally, based on the current resources, the report authors recommend that Canadian Palladium advance development studies at East Bull including in-fill drilling, further metallurgical testwork, initiate base line environmental studies and complete a Preliminary Economic Assessment ("PEA") to evaluate development potential.

The Mineral Resource Estimate presented herein is reported in accordance with the Canadian Securities Administrators' National Instrument 43-101 and were estimated in conformity with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resource and Mineral Reserves Best Practice Guidelines" (November 2019) and reported using the definitions set out in the 2014 CIM Definition Standards on Mineral Resources and Mineral Reserves.

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