Canadian Palladium’S Initial Metallurgical Testwork Program Demonstrates Potential FOR Favourable Recoveries and Concentrate Grades at East BULL Palladium Deposit

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FOR IMMEDIATE RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

CANADIAN PALLADIUM’S INITIAL METALLURGICAL TESTWORK PROGRAM

DEMONSTRATES POTENTIAL FOR FAVOURABLE RECOVERIES AND

CONCENTRATE GRADES AT EAST BULL PALLADIUM DEPOSIT

Vancouver, British Columbia, February 22, 2023 – Canadian Palladium Resources Inc. (the

"Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to report that SGS

Canada Inc. of Lakefield, Ontario (SGS) has completed initial metallurgical test work on the East

Bull Palladium Deposit, located 90 km west of Sudbury, Ontario, with favourable outcomes for

metal recovery and concentrate grades. The preliminary, scoping level, flotation test work

indicates that a concentrate product could be produced at a copper recovery of ~90% and palladium

recovery of ~74% with grades of 16.5% Cu, ~50 g/t Pd, ~14 g/t Pt and ~9 g/t Au. These recoveries

and grades were achieved with a favourable low mass pull of only 0.8% of the initial sample

weight. SGS has also identified opportunities to further improve recoveries with additional test

work.

Mr. Wayne Tisdale, President and CEO, stated “Canadian Palladium is pleased with the successful

outcome of metallurgical test work at the East Bull Project. The recoveries and concentrate grades

are good and are achieved with a high concentration ratio that should be beneficial to project

economics. We are now in a great position to move forward with a preliminary economic

assessment (PEA) of this significant palladium resource. The upcoming financing will allow us

to advance both our East Bull project as well as our extremely prospective property at Tisova on

the Czech/German border”.

The metallurgical study was performed on 40 kg drill core composites from each of the Valhalla

and Garden Zones of the East Bull PGM project. The primary purpose of the metallurgical study

was to characterize the sulphide mineralogy, and evaluate potential metal recoveries and

concentrate quality for the East Bull Deposit. Testing included mineralogy, comminution, and

flotation test work. The test samples from the Valhalla and Garden Zones had head grades of 0.58

g/t Pd, 0.17 g/t Pt, 0.15% Cu and 0.39 g/t Pd, 0.15 g/t Pt, 0.17% Cu respectively. Rougher flotation

test work indicated that a grind size of 80% passing 35 μm was best for both sampl es.

Comminution test work indicated that both samples were relatively hard and moderately abrasive

relative the SGS database of Bond Ball Mill Work Index (BWI) values.

The mineralogical analysis was conducted with TIMA -X technology using an Automated

Scanning Electron Microscope (ASEM) instrument. The m ineralogical analysis identified

chalcopyrite (CuFeS2), pyrrhotite (FeS), pyrite (FeS2), and pentlandite ((Fe,Ni)9S8) as the main

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sulphide minerals in both samples. A significant portion of these sulphides were found to be free.

Platinum group minerals (PGM) include sperrylite (PtAs 2), kotulskite (Pd(Te,Bi)) and

isomertieite/mertieite (Pd11Sb2As2/Pd11(Sb,As)4 ). The samples also contain native gold (Au).

The preliminary scoping recoveries and concentrate grades reported are based on the 4th cleaner

concentrate product that indicated copper recovery of ~90% and palladium recovery of ~74% in

0.8% mass pull, with grades of 16.5% Cu, ~50 g/t Pd, ~14 g/t Pt and ~9 g/t Au. These scoping

tests were made with Aerofloat 3477 combined with PAX reagents. SGS reports that these

recoveries should improve with recycling of middling streams and further locked cycle and

continuous test work. The low mass pull is favourable for potential future concentrate smelter

treatment charges.

In 2022, Canadian Palladium reported an updated Mineral Resource Estimate for the East Bull

Deposit that includes total Indicated Resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq

for 492,100 ozs PdEq AND total Inferred 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.

The palladium and associated rhodium, platinum, and gold mineralization is primarily hosted

within a 45° north dipping vari-textured gabbro unit in disseminated copper-nickel sulphides near

the basal contact of the East Bull Gabbro. Drill results have demonstrated the consistency of the

disseminated precious metal-bearing sulphide mineralization that occurs near the basal contact of

the East Bull Gabbro. Drilling has successfully focused on testing the strike and downdip

extensions of this “contact-type” mineralization that is typically tens of metres thick for over 3 km

strike length. The Company is also evaluating potential footwall mineralization related to feeder

conduits for the East Bull Gabbro.

The Company also announces that it intends to complete a non-brokered private placement to raise

up to $1,000,000 through the issuance of units at $0.05 (the “Offering”). Each unit will consist of

one common share and one common share purchase warrant with an exercise price of $0.10 for a

period of 12 months from the date of issue. The Company intends to use the gross proceeds from

the Offering to further develop its mineral properties and for general working capital.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall

there be any sale of the securities in any State in which such offer, solicitation or sale would be

unlawful. The securities being offered have not been, nor will they be, registered under the United

States Securities Act of 1933, as amended, and may not be offered or sold in the United States

absent registration or an applicable exemption from the registration requirements of the United

States Securities Act of 1933, as amended, and applicable state securities laws.

Mr. Ryan Monteith, B.Eng., SGS Lakefield has reviewed the contents of this release as they pertain

to the metallurgical studies. Mr. Garry Clark, P. Geo., Clark Exploration Consulting, is the

“Qualified Person” as defined in NI 43-101, who has reviewed and approved the technical content

in this press release.

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4452

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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 private placement, use of proceeds, and analytical results and exploration at the East

Bull palladium property.

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. 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 Ser vices Provider accepts responsibility for the

adequacy or accuracy of this release.