Toronto, Ontario--(Newsfile Corp. - May 7, 2021) -  Eric Sprott announces that 1,300,000 common share purchase warrants (Warrants) of Palladium One Mining Inc. (held by 2176423 Ontario Ltd., a corporation he beneficially owns) were exercised, and when combined with intervening treasury issuances of common shares by Palladium One, represent a decrease in holdings of approximately 5.5% of the outstanding common shares on a partially diluted basis since the date of the last early warning report. Prior to the exercise of these Warrants, Mr. Sprott beneficially owned and controlled 36,300,000 common shares and 1,300,000 Warrants representing approximately 15.3% of the outstanding common shares on a non-diluted basis and approximately 15.8% on a partially diluted basis assuming the exercise of all such Warrants.

As a result of the Warrant exercise, Mr. Sprott beneficially owns and controls 37,600,000 common shares representing approximately 15.8% of the outstanding common shares on a non-diluted basis. The Warrants exercise resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.

The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Palladium One is located at Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower. Toronto, Ontario M5J 2J1).

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