Canadian Palladium Resources Inc. reported that assays on recently completed drill holes on the Company's East Bull Palladium Deposit have returned some of the highest grades intersected to date on the Project. These results are demonstrating the importance of sulphide-mineralized feeder conduits as an exploration target for high-grade palladium mineralization at the East Bull Deposit, located 90 km west of Sudbury, Ontario. Drill Results ­ Highlights from holes EB-21-73 to 80 include: Hole EB-21-80 had a 1.0 m intersection grading 18.76 g/t PdEq in the newly recognized GAP Target, a potential feeder structure to the Valhalla Zone.

This is the highest-grade interval assayed to date on the project; Hole EB-21-78 had a 38 m intersection grading 2.19 g/t PdEq in the Garden Zone. This intersection includes 7 m grading 4.09 g/t PdEq and is located immediately west of the EOH Zone feeder structure; Hole EB-21-77 intersected 39 m of 1.12 g/t PdEq including 6 m of 1.9 g/t PdEq in the EOH Zone and an additional 20 m of 1.17 g/t PdEq in the Garden Zone. The current results are part of a 20,000 m drill program and are mainly focussed on the west side of the Property.

Holes EB-21-73 and -74 successfully targeted a western extension of disseminated contact-type mineralization in the Valhalla Zone. Hole EB-21-75 did not intersect significant mineralization, possibly due to a fault offset of the zone. Holes EB-21-76 and -77 successfully targeted the EOH Zone and the overlying Garden Zone.

Hole EB-21-77 intersected both zones for a total of 59 m of mineralization. Hole EB-21-78 was intended to test both the Garden Zone and underlying EOH Zone, however, the hole trajectory missed the EOH zone and intersected a wide high-grade interval of disseminated sulphide mineralization in the Garden Zone immediately west of the interpreted position of the EOH Zone. EB-21-79 was a successful Garden Zone in-fill hole to test for continuity of disseminated sulphide mineralization.

Hole EB-21-80 was drilled to test a possible feeder conduit underlying the Valhalla Zone in close proximity to high-grade results intersected in the Valhalla Zone early in the 2020 drilling program. Hole EB-21-80 intersected high-grade semi-massive sulphides and associated disseminated sulphide mineralization and confirms the importance of the conduit model at East Bull. Reported widths are drilled widths.

Most diamond drill holes in the program to date were drilled at an azimuth of 180o with inclinations of -60o. Holes EB-21-77, -78, and -80 were drilled in a NW direction to test northeast trending feeder conduit structures. True widths estimated to be 90% of the intersections for the holes drilled at 180o.

In addition to assay results reported here, rhodium is being analyzed and will be reported at a later date. Drill Program QA/QC ­ This phase of the drilling program was carried out under the supervision of Garry Clark, P. Geo., of Clark Exploration Consulting, a Qualified Person as defined in NI 43-101. Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored in the Company's facility in Massey, Ontario.

The drill core samples were transported in sealed bags by courier to Activation Laboratories ("Actlabs") in Ancaster, Ontario. Actlabs is an independent ISO/IEC 17025 certified laboratory. PGE analysis was performed using a 30 grams fire assay with an ICP-MS or ICP-AES finish.

Multi-element analyses, including copper and nickel were analysed by four acid digestion using 0.25 grams with an ICP-AES finish. Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance at the time of import.

All standards associated with the results in this release were determined to be acceptable within the defined limits of the standard used.