Canadian Palladium Announces $3 Million Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION

IN THE UNITED STATES

CANADIAN PALLADIUM ANNOUNCES $ 3 MILLION PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, September 9, 2020 – Canadian Palladium Resources Inc. (formerly

21C Metals Inc.) (“Canadian Palladium ” or the “Company”) (CSE: BULL) (FRA: DCR1) (OTCQB: DCNNF)

is pleased to announce that it has entered into a letter of engagement with Eight Ca pita l, under which Eight Capital ,

acting as agent for the Company, has agreed to offer for sale a combination of units (the “Units”) and flow-through

common shares (the “ FT Shares”) of the Company on a “best efforts” private placement basis, for a ggrega te gross

proceeds of up to $3 ,000,019.50, subject to all required regulatory approvals. Up to 8,333,400 Units will be offered at

an offering price of $ 0.12 per Unit; up to 14, 814,9 00 FT Shares will be off ered at an offering price of $0.135 per FT

Sha re.

Each Unit shall consist of one common share of the Company (a “ Share”) and one common sha re purcha se wa rrant

(a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $ 0.18 for a period of

24 months following the Closing Date .

The Company has granted Eight Ca pita l an over-allotment option to purchase up to an additional $1,00 0,000 of Un its

and/or FT Shares at their respective offering p rice, exercisable in whole or in part , at any time on or prior to 48 hours

prior to the closing of the Offering. If this option is exercised in full, an additional $ 1,000,000 will be raised pursuant

to the Offering and the aggregate proceeds of the Offering will be approximately $4,000,000 .

The Company intends to use the net proceeds of the Offering to advance the exploration program on the Company’ s

East Bull palladium proper ty, and for working capital and general corporate purposes .

The gross proceeds from the sale of the FT Shares will be used for expenditures which qualify as “Canadi an

exploration expenses” (“ CEE”) and “flow -through mining expenditures” both within the meaning of the Income Tax

Act (Canada). The Company will renounce such CEE with an effective date of no la ter than December 31, 2020.

The closing date of the Offering is scheduled to be on or about October 2, 2020, and is subject to certain conditions

including, but not limited to, the receipt of all necessary approvals , including the approval of the Ca na dia n Securities

Exchange and the a pplica ble securities regulatory authorities.

As consideration f or its services, Eight Ca pita l will receive a cas h commission equal to 7 % of the gross proceeds of

the Offering. The Company wi ll a lso issue to Eight Ca pita l compensation wa rra nts in an amount equal to 7% of the

number of Units and FT Shares sold pursuant to the Offering. Each compensation wa rra nt shall entitle the holder

thereof to acquire one Unit at a price of $0.12 , for a period of 24 months .

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 offer ed

have not be en, 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 Securiti es Act of 1933 , as amended, and applicable state securities laws.

On behalf of the Board of Directors

Wayne Tisdale , President & Director

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy

of the content of this news release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The

securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as

amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States,

or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless

pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an

offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

FORWARD LOOKING INFORMATION

This press re lease contains forward -looking information based on current expectations , including the completion of

the Offering . These statements should not be read as guarantees of future performance or results. Such statements

involve known and unknown risks, uncerta inties and other factors that may cause actual results, performance or

achievements to be materially different from those implied by such statements. Although such statements are based

on manag ement's reasonable assumptions, Canadian Palladium assumes no responsibility to update or revise

forward -looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward -looking statements are

based are reasonable, undue reliance should not be placed on the forward -looking statements because the Company

can give no assurance that they will prove to be correct. Since forward -looking statements address future events and

conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the

date of this press release. Actual results could differ materially from those currently anticipated due to several factor s

and risks including various risk factors discus sed in the Company's disclosure documents which can be found under

the Company's profile on www.sedar.com.

This press release contains "forward -looking statements" within the meaning of Section 27A of the Securities Act of

1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward -looking

statements are made pursuant to t he safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

The CSE has neither reviewed nor approved the contents of this press release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4452