CORPORATE PRESENTATION

JANUARY 18, 2021

TSX-V: PDM OTC: NKORF FRA: 7N11 1

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 2

This presentation contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from Palladium One Mining Inc’s (the “Company”) expectations and projections. The TSXV has neither approved nor disapproved the information contained in this presentation. Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", “could”, "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are 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 projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Data and technical information in this document is extracted from the NI 43-101 technical report entitled ‘Technical Report for the Kaukua Deposit, Läntinen Koillismaa Project, Finland “ prepared for Palladium One Mining Inc.’, written by Mining Plus, dated September 2019 and historical data and technical information is extracted from the September 19, 2013 NI43-101 technical report prepared for Finore Mining Inc for the Läntinen Koillismaa Project, Finland , also written by Mining Plus. Historical resources have not been verified by the Company and are not current, therefore reliance should not be placed on such historical information.

Mr. Neil Pettigrew, P.Geo,. is the Qualified Person as defined by National Instrument 43-101, is the Vice President of Exploration and a director of the Company and has reviewed and approved the technical information in this document.

Forward Looking Statements

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 3

Company Overview

• Exploration stage company focused on discovering Green Energy Metals

• Two thematically hot metals

• Assets located in Finland and Canada

• Identified targets for future exploration success

Corporate Summary(all figures in millions of CAD$)

Market capitalization $63.3

Cash (12/31/2020) $7.2

ITM Warrants $1.7

Share price $0.35

52-week High/Low $0.045 - $0.36

Shares o/s 180.6

Fully diluted 202.3

Avg. daily volume (Q4) 3.1

Insider Ownership (Fully diluted)

Eric Sprott 37.6 shares

Management & directors

8.9 shares

All insiders (Partially diluted)

26%

Research Noble Capital Markets

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 4

Leadership Team

Seasoned team of mining industry professionals with over 100 years of combined

experience in adding shareholder value

Mosaic of background including Geology, Mineral Processing, Portfolio Management,

Corporate & Investment Banking

Derrick Weyrauch

CEO & Director

Peter Lightfoot

Director

Lawrence Roulston

Director

Neil Pettigrew

VP Exploration & Director

Gordon Marrs

Metallurgical Engineering

Steven Velimirovic

Corporate Development

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 5

Investment Highlights

Balanced exposure to Green Energy Metals (‘Metals for Clean

Air’)

Large land positions in top jurisdictions

Credible and significant resource upside potential

Strong balance sheet

Dedicated & experienced team focused on growing resources per

PDM share

Strong recent drill results from Canada and Finland

Scarcity of advance palladium / nickel sulphide exploration assets

Robust fundamentals for palladium, nickel and copper

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 6

Project Portfolio Overview: Finland

KOSTONJÄRVI (“KS”)

• 20,000 hectares of prospective feeder dyke.

• High-grade massive magmatic sulphide target

• Regional scale gravity and magnetic geophysical anomaly.

• Up to 3,000 m GTK hole in progress, first to test anomaly.

• Excellent infrastructure.

• Similarities to Noril’sk (Nornickel - Russia) and Voicey’s Bay (Vale - Canada)

• 100% interest, royalty-free.

LÄNTINEN KOILLISMAA (“LK”)

• ~38 km (3,674 hectares) of favourable basal contact.

• Disseminated sulphides

• Estimated to be one of the largest palladium dominant project of its type in the 1st world.

• Phase II 17,500 m resource definition drillingunderway.

• NI 43-101 open pit constrained resource completed on the Kaukua zone deposit.

• Excellent infrastructure

• Similarities to Platreef type deposits of the Bushveld Igneous Complex in South Africa

• 100% interest.

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 7

Project Portfolio Overview: Ontario, Canada

DISRAELI PGE-Ni-Cu

• 100% interest

• Land package of 2,500 hectares

• 2-hour drive north of Thunder Bay

• Drill ready project

• Target:

• Disseminated to massive sulphides in feeder dyke,

• Massive sulphides similar to Eagle Mine

• Untested airborne EM anomalies in possible ultramafic core of intrusion

TYKO Ni-Cu-PGE

• 100% interest.

• Land package of 130 sqkm

• 55km NE of the Marathon deposit

• Accessible by private road

• Flow through funded drilling underway

• Smoke Lake Massive Sulphide Discovery

• 8.7% Nickel equivalent (193 lbs/tonne) over 3.8 meters

• Sulphide drilled widths ranging from 1 to 15 meters

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 8

LK: Mineralized Area Remains Unconstrained

New Discoveries, Near surface, continuity

Target +100 million tonnes

Phase II 17,500 m resource drillingunderway.

~38 km (3,674 hectares) of favourable basal contact.

NI 43-101 open pit constrained resource at Kaukua zone.

100% interest.

Excellent infrastructure

*Palladium Equivalent “Pd_Eq” is calculated using metal prices (in USD) of $1,100/oz for palladium, $950/oz for platinum, $1,300/oz for gold, $6,614/t for copper and $15,432/t for nickel as used in the Company’s 2019, 43-101 mineral resource estimate on the Kaukua Deposit (see press release September 9, 2019).

Initial Phase II Infill Drilling

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 9

LK Project

• Exploration Permits outlined in yellow, reservations in red, 2020 geophysics program (IP and Mag) in blue

• Plan map of Phase II Initial Infill drilling near holes LK20-016 & 019. Background is IP chargeability

• LK Land Position

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 10

Pit Constrained NI43-101 Resource Estimate

• 635,600 Pd_Eq ounces of Indicated Resources (1.80 g/t Pd_Eq, 11 million tonnes)

• 525,800 Pd_Eq ounces of Inferred Resources (1.50 g/t Pd_Eq, 11 million tonnes)

• Low 3:1 waste to ore ratio

• Low cost, optimized, open pit

Whittle Pit assumptions ValueMining Recovery 95%Mining Dilution 5%Currency USDRoyalties 1% NSRProcessing cost (incl. G&A) $9.75/tMining cost $2.20/tCut-off grade Pd 0.3Overall Wall Angle 54.96

Palladium equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne for copper, and US$15,4332 per tonne for nickel.

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 11

LK : Metallurgy – initial results

• Disseminated, palladium-rich, high tenor sulphide

• At 100% sulphide (mean):

• ~84 g/t PGE (including ~58 g/t Pd), ~13% Cu and ~10% Ni

• Preliminary metallurgical work:

• Saleable concentrate by bulk floatation

• Final concentrate grading 11.4% Cu, 4.5% Ni, 36.3 g/t Pd, 4.6 g/t Au and 7.8 g/t Pt

• Final concentrate grades of 16-17% Cu+Ni have been obtained.

• Unoptimized recoveries demonstrate scope for improvement:

• Rougher: 86% Pd, 72% Pt, 85% Au, 95% Cu and 56% Ni

• Cleaner: 73% Pd, 56% Pt, 78% Au 91% Cu and 48% Ni

• MgO below 4%, no smelter penalty

• 1.6% final concentrate mass pull = low shipping cost to smelter

Metallurgical testing conducted by SGS Canada Inc.

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 12

LK: Open Pit Disseminated Sulphide

• Hosted by the laterally extensive basal phase of Koillismaa Complex

• Post intrusion deformation has extensively exposed favourable basal phase at surface

• High-tenor, palladium dominated sulphide (3Pd:1Pt)

Cross section of the original sheet-like Koillismaa Intrusion with current erosion level of the blocks and two possible scenarios explaining the present intrusion structure: tensional (A) and compressional (B). Modified from Alapieti & Lahtinen (1984) and Karinen (1998). Abbreviations: LS = Layered Series, MS = Marginal Series (Basal Phase)

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 13

KS: Gravity and Magnetic Anomalies

• At 100% sulphide, LK hosts ~58 g/t palladium, ~84 g/t total-precious-metals (TPM), 10% nickel and 13% copper.

• High tenor LK mineralization suggests massive sulphides could be very high value.

• 3,000 m GTK hole in progress, first to test anomaly

Voisey’s Bay Long Section

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 14

Archean mafic-

ultramafic intrusion.

• Indications of active

feeder-type system -

abundant rip-up clasts.

• Metamorphosed gabbro

and pyroxenite, intruded

by later granitoid rocks.

• Nickel-rich - Ni:Cu ratio

of ~2:1

• Massive magmatic

sulphides (Smoke Lake

zone), semi-massive

sulphide breccia and

disseminated to blebby

semi-massive sulphide

(RJ and Tyko zone).

Tyko Nickel-Copper: Ontario, Canada

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 15

Tyko Nickel-Copper: Massive Magmatic Sulphides

• Very high value resource potential.

• 8.7% Ni_Eq (193 lbs/tonne) over 3.8

m (6.6% Ni, 3.7% Cu, 1.5g/t PGE)

• 7.5% Ni_Eq (164 lbs/tonne) over 4.2

meters (5.8% Ni, 2.7% Cu, 1.3g/t

PGE)

• Drilled sulphide intercepts ranging

from 1 up to 15 meters.

• Road within 0.5 km

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 16

2,500-hectare

50 km east of Impala’s Lac

des Iles Palladium mine

West Nipigon lineament

hosts Thunder Bay North

(TBN), Seagull and Disraeli

Intrusions

PGE-rich Nipigon Plate of the

Proterozoic mid-continent rift

Disraeli PGE-Ni-Cu Property: Ontario, Canada

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 17

• Drill Ready:

• High resolution airborne

Mag, EM, & IP

• Mapping, soils and lake

sediment surveys

• Untested airborne EM

anomalies in possible

ultramafic core of the intrusion

• Drilling has not tested the

highest priority target under the

Disraeli Lake

• Target:

• Disseminated to massive

sulphides in a feeder

conduit / dike, similar to

TBN intrusion.

• Disseminated sulphides in

a basal phase similar to

Sunday Lake Intrusion.

Disraeli PGE-Ni-Cu Property: Highlights

West NipigonLineament

AeroTEM EM Anomalies

Reversely Polarized Intrusive

Airborne Total Field Mag

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 18

Investment Highlights

Balanced exposure to Green Energy Metals (‘Metals for Clean Air’)

Large land positions in top jurisdictions

Credible and significant resource upside potential

Strong balance sheet

Dedicated & experienced team focused on growing resources per PDM

share

Strong recent drill results from Canada and Finland

Scarcity of advance palladium / nickel sulphide exploration assets

Robust fundamentals for palladium, nickel and copper

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 19

Appendix

• Air quality regulations and mine supply deficit

• PGE industry consolidation

• Regional data (Fennoscandian Shield)

• Peer Comparison

• Drill Results

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 20

Palladium Market Overview

38%

41%

21%

Significant Jurisdictional Risk:Supply by Region

South Africa Russia Rest of World

10%

41%

49%

Major Constraint to Increase Supply:Mine Supply

Primary mine productionPlatinum by-productNickel by-product

83%

1%

15% 1%

3-7 grams of palladium per vehicle:Gross Demand

Autocatalyst JewelleryIndustrial Investment

21%

10%

22%

28%

19%

Growing Demand from China;Regional Demand

Europe Japan North AmericaChina Rest of WorldSource: Johnson Matthey – PGM Market Report February 2020

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 21

Palladium & Environmental Benefits

Cleaner Air - Reduced Hydrocarbons

• Critical in reducing harmful emissions

• Stricter environmental standards = increasing demand

• Diesel being phased out for gas = increasing demand

• Unique properties better suited to meet stricter emission standards.

• Palladium is more durable and longer lasting.

• Real Driving Emissions (RDE) testing: palladium performs much better than platinum.

Evolving Emission LegislationLIGHT DUTY

3-stage auto-catalyst

Limited scope – increasing demand

Eight-year supply deficit

Strategic reserves depleted

ETF holdings depleted

Limited new supply

94% (9.7M oz) used inauto-catalysts (2019)

6.9M oz global mine supply (2019)

COVID-19 demand decrease offset by mine closures, reduced production

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 22

Limited Investment Opportunities

Recent Transactions

Top 5 Producers

• 85% of global PGE production

• Market capitalization: ~US$80 billion

Exploration and Development Companies

• 80% of industry dominated by South Africa and Russia supply

• Very few advanced exploration or early stage developers in top

ranked mining jurisdictions

Date Buyer Target Price

(USDmm)

Pd $/oz b/f announcement

(USD/oz)

% of trailing 6 month vs

SpotOct-19 Impala NAP 750$ 1,463$ 61%Jan-18 CD Capital Suhanko 40$ 973$ 41%Dec-17 Sibanye Lonmin 286$ 928$ 39%Dec-16 Sibanye Stillwater 2,203$ 666$ 28%

Pd $/oz 23-Oct-20 $2,399

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 23

Finland: Elephant Country Geology

• The Fennoscandia shield hosts a wealth of Cu-Ni-PGE deposits

• Includes world class deposits such as Pechenga (nickel) and Suhanko(palladium)

Koillismaa Complex including the LK & KS Projects

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 24

Peer Grade Comparison

Source: Company disclosures and internal calculations as at May 2020

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 25

LK Project: Long Sec., Drill Hole LK20-006 and LK20-016

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 26

LK: Murtolampi Zone

PALLADIUM ONE MINING INC. TSX-V:PDM FRA: 7N11 27

LK: Phase II Drill Results

*Palladium Equivalent

Palladium equivalent is calculated using US$1,100per ounce for palladium, US$950 per ounce forplatinum, US$1,300 per ounce for gold, US$6,614per tonne for copper, and US$15,4332 per tonnefor nickel. This calculation is consistent with thecalculation in the Company’s September 2019 NI43-101 Kaukua resource estimate.

Zone HoleFrom (m) To (m)

Width (m)

Pd_Eq g/t*

PGE g/t (Pd+Pt+Au) Pd g/t Pt g/t

Au g/t Cu % Ni %

Kaukua South LK20-016 23.5 86.2 62.7 3.52 2.62 1.84 0.64 0.14 0.18 0.15

Inc. 23.5 66.0 42.5 4.15 3.14 2.21 0.77 0.16 0.21 0.17

Inc. 47.5 66.0 18.5 4.58 3.55 2.51 0.86 0.18 0.22 0.17

Inc. 60.5 64.5 4.0 5.12 4.02 2.86 1.00 0.16 0.23 0.19

Kaukua South LK20-019 17.3 52.3 35.0 2.76 2.00 1.41 0.48 0.12 0.16 0.12

Inc. 26.5 37.0 10.5 3.29 2.48 1.77 0.56 0.15 0.18 0.13

Kaukua South LK20-027 103.4 155.0 51.6 1.98 1.07 0.72 0.27 0.08 0.17 0.15

Inc. 105.6 113.0 7.4 2.58 1.34 0.90 0.31 0.13 0.26 0.18

And 149.5 155.0 5.5 3.12 1.96 1.34 0.52 0.10 0.27 0.17

Inc. 153.5 155.0 1.5 6.14 4.09 2.79 1.15 0.15 0.56 0.28

Kaukua South LK20-028 42.6 95.5 52.9 2.06 1.44 1.00 0.36 0.08 0.11 0.11

Inc. 46.9 72.0 25.1 2.92 2.08 1.44 0.52 0.12 0.17 0.14

Inc. 50.5 60.0 9.5 3.56 2.52 1.75 0.61 0.16 0.23 0.16Kaukua South LK20-029 37.5 62.9 25.4 2.57 1.87 1.30 0.46 0.11 0.15 0.11

Inc. 47.0 62.0 15.0 3.16 2.36 1.65 0.58 0.13 0.17 0.13

Inc. 56.5 62.0 5.5 4.34 3.36 2.36 0.82 0.18 0.20 0.16

Inc 56.5 57.7 1.2 6.15 4.97 3.54 1.26 0.17 0.25 0.21Kaukua South LK20-030 26.4 86.5 60.1 1.88 1.00 0.68 0.24 0.07 0.17 0.14

Inc. 47.0 68.0 21.0 2.44 1.43 0.98 0.35 0.10 0.21 0.16

Inc. 53.0 54.5 1.5 3.94 2.69 1.78 0.78 0.12 0.28 0.20Kaukua South LK20-031 17.9 61.5 43.6 1.94 1.12 0.76 0.27 0.09 0.16 0.13

Inc. 17.9 55.5 37.6 2.17 1.25 0.85 0.30 0.10 0.19 0.14

Inc. 24.5 35.0 10.5 2.81 1.60 1.09 0.39 0.11 0.27 0.18Kaukua South LK20-032 60.3 108.3 48.0 1.81 0.84 0.57 0.21 0.06 0.16 0.16

Inc. 61.4 75.0 13.7 2.12 0.90 0.58 0.23 0.09 0.22 0.20Kaukua South LK20-033 41.3 85.0 43.7 1.76 0.87 0.58 0.21 0.07 0.18 0.14

Inc. 42.7 56.3 13.7 2.33 1.21 0.83 0.28 0.10 0.21 0.18

* Reported widths are “drilled widths” not true widths.** Orange shaded values are previously released (see press release October 22, 2020)

CONTACT: DERRICK WEYRAUCHPRESIDENT & CEODERRICK@PALLADIUMONEINC.COM

TSX-V: PDM OTC: NKORF FRA: 7N11 28