Canadian Palladium Makes Option Payment on East Bull Palladium Project

1

FOR IMMEDIATE RELEASE

CANADIAN PALLADIUM MAKES OPTION PAYMENT ON

EAST BULL PALLADIUM PROJECT

Vancouver, British Columbia, March 1, 2021 – Canadian Palladium Resources Inc. (the "Company")

(CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) announces that, pursuant to the terms of the Option

Agreement entered into with Pavey Ark Minerals Inc. (the “Agreement”) (see February 26, 2019 press

release) to acquire a 100% interest in the East Bull palladium property (the “Property”), the Company

confirms it has exceeded the contractual minimum exploration expenditures on the Property, issued

1,000,000 common shares of the Company, and made the first tranche of the next cash payment to Pavey

Ark Minerals Inc.

Pursuant to the Agreement, and over a period of four years (should the Company elect to continue), the

Company is obliged to incur $1,750,000 in exploration expenditures, issue $1,000,000 in cash payments,

and issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark Minerals in

accordance with the following schedule:

Minimum

Exploration

Expenditures

Common

Shares

Issued

Cash

Issued

Due Date

- - $25,000 On Term Sheet signing (issued)

- 750,000 $75,000 Within 5 days of signing (issued)

$250,000 750,000 $150,000 On or before March 1, 2020 (issued)

$500,000 1,000,000 $200,000 On or before March 1, 2021 (all

shares issued, first cash tranche

issued)

$500,000 1,000,000 $250,000 On or before March 1, 2022

$500,000 1,000,000 $300,000 On or before March 1, 2023

$1,750,000 4,500,000 $1,000,000

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4472

Reader Advisory

This news release contains certain "forward-looking information" within the meaning of applicable securities law.

Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend",

"believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or

"will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements

with respect to the proposed timing and completion of the private placement and the proposed use of proceeds from

the private placement. Although we believe that the expectations reflected in the forward-looking information are

reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future

results, performance or achievements. Consequently, there is no representation that the actual results achieved will

be the same, in whole or in part, as those set out in the forward-looking information.

2

Forward-looking information is based on the opinions and estimates of management at the date the statements are

made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results

to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors

that could cause the results to differ materially from those expressed in the forward-looking information include, but

are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental

regulation and environmental regulation; failure to obtain industry partner and other third party consents and

approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals

from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations;

competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions;

geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure

to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that

this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

We undertake no duty to update any of the forward-looking information to conform such information to actual results

or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are

cautioned not to place undue reliance on forward-looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the

adequacy or accuracy of this release.