Vancouver, British Columbia--(Newsfile Corp. - February 17, 2023) - Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (the "Company"), through its wholly owned subsidiary Golden Pet S.R.O., is pleased to announce that it has received the first tranche of a grant payment from the EU funded €7.5 million Exploration Information System (EIS) Project (the "Project"). This grant is only in relation to Canadian Palladium's Tisova/Klingenthal project which is located on the border of the Czech Republic and Germany.

The Exploration Information System (EIS) Project will produce new geological models as well as new, fast and cost-effective spatial analysis tools for mineral exploration. The Project also aims to increase public awareness of the importance of raw materials to society and build confidence in the exploration and production of these geological raw materials.

The Project's Science Coordinator, Professor Vesa Nykanen (from the Geological Survey of Finland, GTK) explained, "We use selected ore deposits as research and test sites for specific mineral systems and metals. These include cobalt minerals in volcanic massive sulphide ore deposits (VMS), lithium-tin-tantalum and tungsten minerals in granite-pegmatite systems, and REE and cobalt minerals in iron-oxide-copper-gold (IOCG) systems," Nykänen explains. The research and test sites of the project are located in the Czech Republic and Germany (Tisova/Klingenthal), Spain, Finland, Sweden, France, Brazil and South Africa.

The EIS is a project coordinated by GTK and funded by the European Union's Horizon Europe programme. Horizon Europe projects contribute to a green transition and digitalisation, to achieve the agreed goal of making Europe a climate-neutral continent by 2050. The EIS consortium includes 17 partners from six EU countries, South Africa and one associate partner from Brazil. The total budget for the three-year project is €7.5 million.

Canadian Palladium Director Jamie Newall, who has been focusing on the Project, commented: "We are delighted to be part of such a prestigious EU funded project working in partnership with some of the best geologists in Europe and the world. The opportunity to have these individuals and organisation look in depth at the Tisova/Klingenthal project and help develop our exploration program, based on detailed analysis of the data, all funded by the EU, is unparalleled."

The EIS Consortium:

• Geologian tutkimuskeskus GTK (Finland) - Project Leader

Golden Pet S.R.O. (Czech Republic) - 100% owned subsidiary of Canadian Palladium

• Beak Consultants GmbH (Germany)
• Bureau de Recherches Géologiques et Minières (France)
• Luleå tekniska universitet (Sweden)
• Agencia Estatal Consejo Superior de Investigaciones Científicas (Spain)
• Sveriges geologiska undersökning SGU (Sweden)
• Keliber Technology Oy (Finland)
• LGI Sustainable Innovation (France)
• Gispo Oy (Finland)
• University of the Free State (South Africa)
• Turun yliopisto (Finland)
• Univerzita Karlova (Czech Republic)
• Deutsche Lithium GmbH (Germany)
• Cobre Las Cruces (Spain)
• Talga Battery Metals AB (Sweden)
• Universidade Estadual de Campinas (Brazil)

Additional Information

Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or European Health and Digital Executive Agency (HADEA). Neither the European Union nor the granting authority can be held responsible for them.

Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4452

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 planned exploration program, resource expansion, and assay results at the East Bull palladium property, as well as planned exploration at the Tisova and Klingenthal properties. 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.

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