Canadian Palladium Closes Flow-Through Private Placement

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FOR IMMEDIATE RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION

IN THE UNITED STATES

CANADIAN PALLADIUM CLOSES FLOW-THROUGH PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, September 24, 2021 – Canadian Palladium Resources Inc. (“Canadian

Palladium” or the “Company ”) (CSE: BULL) (FRA: DCR1) (OTCQB: DCNNF) is pleased to announce that it

has arranged for and closed a non -brokered private placement (the “ Private Placement”) raising aggregate gross

proceeds of $715,000 through 6,217,389 flow-through units (the “FT Units”) of the Company at a price of $0.115 per

Unit.

Each FT Unit consists of one flow-through common share of the Company (a “FT Share”) and one-half of one non-

flow-through common share purchase warrant (a “Warrant”). Each whole Warrant shall entitle the holder thereof to

acquire one non-flow-through common share at a price of $0.17 for a period of 24 months following the closing date.

The gross proceeds from the sale of the FT Units will be used for expenditures which qualify as “Canadian 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 later than December 31, 202 1.

In connection with the Private Placement, the Company has paid advisory fees of $46,550 and issued an aggregate of

404,783 compensation warrants to Red Cloud Securities Inc, who acted as advisor for the Private Placement . Each

compensation warrant shall entitle the holder thereof to acquire one common share at a price of $0.115 for a period of

24 months following the closing date.

The securities issued under this Private Placement are subject to a hold period and may not be traded until January 25,

2022.

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 release contains forward- looking information based on current expectations , including the proposed use

of proceeds from the private placement. These statements should not be read as guarantees of future performance or

results. Such statements involve known and unk nown risks, uncertainties and other factors that may cause actual

results, performance or achievements to be materially different from those implied by such statements. Although such

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statements are based on management's reasonable assumptions, Canadian Pal ladium 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 factors

and risks including various risk factors discussed 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 Sect ion 21E the Securities Exchange Act of 1934, as amended and such forward- looking

statements are made pursuant to the 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