Investor Presentation November 2014

1. 0
INVESTOR PRESENTATION
November 2014

2. 1
Forward Looking
STATEMENTS
Certain information included in this presentation constitutes ‘forward-looking statements’ within the meaning of the ‘safe
harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The
words ‘expect’, ‘believe’, ‘will’, ‘intend’, ‘estimate’, ‘forecast’, and similar expressions identify forward-looking statements.
Such statements include, without limitation, any information as to our future exploration, financial or operating
performance, including: the Company's forward looking production guidance, projected capital expenditures, operating
cost estimates, project timelines, mining and milling rates, the methods by which ore will be extracted, projected grades,
mill recoveries, and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and
contingencies. The factors and assumptions contained in this presentation, which may prove to be incorrect, include, but
are not limited to: metal prices assumptions, Canadian and U.S. dollar exchange rate assumptions, that there will be no
significant disruptions affecting operations, that prices for key mining and construction supplies, including labour and
transportation costs, will remain consistent with the Company's expectations, that the Company's current estimates of
mineral reserves and resources are accurate, and that there are no material delays in the timing of ongoing development
projects. The forward-looking statements are not guarantees of future performance. The Company cautions the reader
that such forward-looking statements involve known and unknown risks that may cause the actual results to be materially
different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: the
possibility that metal prices, foreign exchange rates or operating costs may differ from management's expectations,
uncertainty of mineral reserves and resources, inherent risks associated with mining and processing, the risk that the Lac des
Iles mine may not perform as planned and that the Offset Zone and other properties may not be successfully developed,
and uncertainty of the ability of the Company to obtain financing for future exploration and development. For more details
on the factors, assumptions and risks see the Company's most recent Form 40-F/Annual Information Form on file with the U.S.
Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims
any obligation to update or revise any forward-looking statements, whether as a result of new information, events or
otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking
statements.
All dollar amounts are in Canadian currency unless otherwise stated, all references to production refer to payable
production, and all reference to tonnes refer to metric tonnes.
U.S. investors are encouraged to refer to the “Cautionary Note to U.S. Investors Concerning Estimates of Measured,
Indicated and Inferred Resources” in the appendix.

3. 2
Growing
• Strong demand from automotive sector
• Growth in demand driven by vehicle sales & environmental legislation in developing markets:
o Light vehicle production forecasted to increase by 4% annually
o Strong growth in light vehicle production driven by China (forecast ~31 M vehicles per
year by 2018)
o More stringent emission control standards mandate the use of catalytic converters
DEMAND
Automotive
(catalytic converters)
67%
Electronics
12%
5%
Dental
1%
Other
5%
Jewellery
5%
Chemical 4%
Investment Global Light Vehicle Production Forecast:

4. 3
Constrained
Small Market:
• Only ~6.5 M oz in annual mine production
(unlikely to increase meaningfully)
Highly Concentrated:
• 80% of mine supply derived from risky jurisdictions:
Russia & South Africa (mined as a by-product
metal)
Challenged Global Supply:
• Anticipated closures of some South African mines,
where output is affected by political issues, labour
unrest, rising costs & technical challenges
• Decreased sales from Russian stockpiles, a
historical overhang (believed to be depleted)
• Recycling insufficient to offset demand
The palladium market is forecasted to remain in a
deficit position for the foreseeable future
SUPPLY
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008 2009 2010 2011 2012e 2013p 2014p 2015p
Other United States Canada South Africa Russia
NORTH AMERICA
RUSSIA
SOUTH AFRICA
36%
14%
44%
Sources: Johnson Matthey & CPM Group (excludes secondary supply)

5. 4
NAP’s Investment
Attractive PGM Investment Jurisdiction
NAP operates in a stable political landscape, with low geopolitical risk and moderate cost
inflation compared to peers in South Africa and Russia
Significant Development & Exploration Upside
Excess mill and production shaft capacity, existing infrastructure & permits, gives NAP the potential
to convert exploration success into production and cash flow on an accelerated timeline
• Growth Strategy to Increase Production & Lower Cash Costs
NAP’s mine offers production growth with a decreasing cash cost profile and expanding
operating margins
Strong Senior Management Team with Track Record of Operational Success
Operational improvements at LDI implemented in 2013, continuing in 2014 with goal of achieving
expanded productions and lower cost targets
PROPOSITION

6. 5
• Located north of Thunder Bay, Ontario, Canada
• One of only two primary palladium producers in the world
• Deposit is unique in the world:
- Strong palladium enrichment over significant widths vs.
more typical PGE reef-type deposits
- Offset Zone remains open at depth, to the west and
south
• Established infrastructure with excess capacity:
- 15,000 tpd mill & new 8,000 tpd shaft
• Increasing production & decreasing operating costs:
- Mining rate of ~3,000 tpd in H1/14, up to 5,000 tpd by YE
- Cash costs expected to decline to US$450 per ounce in
Q4
LDI Mine & Mill Complex
A WORLD CLASS ASSET
15,000 tpd mill capacity
8,000 tpd shaft capacity

7. 6
• Potential to leverage existing mine & mill infrastructure:
- Significant exploration upside identified on the LDI property
- Opportunity at depth & laterally
• Proven and Probable Reserves1
- 15,046k tonnes @ 2.8 g/t Pd, 1,341k Pd ounces
• Measured and Indicated Resources (exclusive of P&P) 1
- 57,732k tonnes @ 2.1 g/t Pd, 3,857k Pd ounces
• Inferred Resources1
- 15,720k tonnes @ 2.8 g/t Pd
Reserves and Resources
A WORLD CLASS ASSET
15,000 tpd mill capacity
8,000 tpd shaft capacity
1. Prices assumed: Pd US$700/oz; Pt US$1,453/oz; Au US$1320/oz; Cu US$3.26/lb; Ni US$6.47/lb;
exchange rate of C$1.05

8. 7
HANGINGWALL AND FOOTWALL ZONES
• A new resource and reserve
classification has been adopted
• Roby and Offset zones are now
subdivided into separate hangingwall
and footwall zones
• Previously the footwall and
hangingwall resources were
combined
• Adding 26 million tonnes of M&IND
resources grading ~2.2 g/t from the
two underground footwall zones
Cross Section, Looking North

9. 8
2014 RESERVE AND RESOURCE ESTIMATES 1
Source Tonnes (000’s) Pd (g/t)
Pd (k oz
contained)
Proven & Probable (2019 mine life):
Near Surface 5,885 1.03 195
Underground Hanging Wall 9,161 3.89 1,146
Total 15,046 2.77 1,341
Measured & Indicated (not in LOM):
Near Surface 25,759 1.44 1,189
Underground Hanging Wall 5,651 4.25 773
Underground Footwall 26,322 2.24 1,895
Total 57,732 2.08 3,857
Inferred – Underground (not in LOM) 15,720 2.77
1. Prices assumed: Pd US$700/oz; Pt US$1,453/oz; Au US$1320/oz; Cu US$3.26/lb; Ni US$6.47/lb; exchange rate of
C$1.05

10. 9
EXPLORATION
OFFSET ZONE DRILLING PROGRAM: TARGETS & PRIORITIES
• Current forecast is to complete ~37,000 m of
conversion and extension drilling in the Offset Zone
and on priority near-surface targets
• #1 Priority is confirming inferred resources in both
the hangingwall and footwall zones in the Lower-
Central Offset Zone (1065-1600m levels)
• #2 Priority is to add measured and indicated
resources in the Upper Offset Zone (north end of the
zone and southeast extension)
• Three underground rigs will be used in Q4 to
accelerate drilling
• Completed, in progress and planned holes shown
on the Longitudinal Projection (looking west)

11. 10
2014
• Using proven and probable reserves only
• Underground mine increases to 5,000 tpd and total payable Pd increases to
approx. 200,000 oz per year up from 140,000 in the 2013 report
• 1.1 million Payable ounces of Pd produced, an increase of 140,000 ounces
from 2013, despite mining depletion
• 2.6M tonnes annual mill throughput including low grade stockpile material
• Assumes a large open stope blast hole mining method with waste for fill,
successfully done at LDI for several years
• Total LOM site capital of $143M
43-101 HIGHLIGHTS

12. 11
Payable palladium produced 170,000 - 175,000 oz
Cash cost per ounce1 ~US$550/oz (expected to decline to
~$450/oz in Q4)
Tonnes of ore mined ~2.3 M
From Surface Stockpile ~1 M @ 1.0 g/t
From Underground ~1.3 M @ 4.2 g/t
Average milled head grade 3.0 g/t Pd
Palladium mill recovery ~82%
Total cost per tonne milled C$51 – C$55
Mining Rate
~3,000 tpd in 1H/14 & gradually
increase to ~5,000 tpd by YE/14
Capital expenditure forecast ~$30 M
Exploration budget ~$10 M
LDI Operations
2014 GUIDANCE
1. Non-IFRS measure. Please refer to Non-IFRS Measures in the MD&A.

13. 12
Q3 YTD
Palladium Production:
• 114,423 oz Pd. at a cash cost of US$527/oz
Financial Performance:
• Revenue: $145.8 M
• Adjusted EBITDA: $28.5 M
Operating Highlights:
• Underground production during the quarter averaged ~3,300 tonnes per day
• September/October underground production averaged ~3,800 tonnes per day, with
numerous days reaching 4,500 tonnes per day
• Underground ore mined at an average grade of 4.9 g/t palladium
• Mill recoveries were 83.1% year to date
Financial Position:
• $11.8 M cash and cash equivalents as of September 30, 2014
• US$36.1M of US$60.0M credit facility utilized
SUMMARY OF RESULTS

14. 13
By Metal TypeAPPROXIMATE REVENUES
70.0%
10%
10%
5%
5%
Pd
Palladium
Pt
Platinum
Au
Gold
Cu
Copper
Ni
Nickel

15. 14
LDI
YTD OPERATING HIGHLIGHTS
YTD 2014 Guidance
Payable Pd. produced 114,423 oz. 170-175k oz.
Cash cost per ounce1 US$527 US$550
Tonnes of ore mined
Average underground grade
1,612,748
4.6 g/t Pd
2,300,000
4.2 g/t Pd
Tonnes of ore milled
Average milled head grade
1,604,483
2.9 g/t Pd
2,300,000
3.0 g/t Pd
Pd. mill recovery 83.1% 82.0%
Total cost per tonne milled C$56 C$51-55
7
1. Non-IFRS measure. Please refer to Non-IFRS Measures in the MD&A.

16. 15
LDI Operations
IMPROVING PRODUCTION TRENDS
1. Non-IFRS measure. Please refer to Non-IFRS Measures in the MD&A.
For the three months ended
March 31
2014
June 30
2014
September 30
2014
2014
Year to date
2014
Guidance
Palladium production – payable oz 42,641 39,222 32,560 114,423 170,000
US$ cash cost per palladium oz sold US$492 US$510 US$589 US$527 US$550
Surface mining – tonnes 254,294 243,041 270,860 768,195 1,000,000
Underground mining – tonnes 275,845 263,904 304,804 844,553 1,300,000
Underground mining – tonnes per day 3,065 2,900 3,313 3,094 3,562
Milling – palladium head grade (g/t) 3.3 3.1 2.4 2.9 3.0
Milling – palladium recovery 84.5% 83.6% 80.7% 83.1% 82.0%
Adjusted EBITDA ($000s) $ 9,743 $ 10,444 $ 8,287 28,474 n.a.

17. 16
(as at September 30, 2014)
CAPITAL STRUCTURE
(1) excludes $15.4 million of letters of credit, primarily for closure cost obligations.
C$000s
Term loan, US$173.2 million, 15%, June 2017 194,148
2012 convertible debentures, 6.15%, Sept 2017 43,000
2014 convertible debentures, 7.50%, Jan/Apr 2019 1,804
Capital leases 11,615
Credit facility (1) 25,114
275,681
Shareholder equity 253,206

18. 17
Supporting Production Ramp Up
Full-time trial mill run in effect since start of October
Strategy to improve equipment fleet productivity and availability
Additional ore opportunities identified and contract miner hired
Improved safety performance
LDI OPTIMIZATION INITIATIVES

19. 18
EXPANDED 2014 EXPLORATION BUDGET
• Expanded $10M budget for 2014
• 43,000 m of conversion and extension
drilling in Offset Zone using both UG
and surface drills
• 300 metres of drifting provides platform
for resource compliant drilling
• Confirm indicated resources in lower
Offset and extend limit of Offset zone
high-grade mineralization to depth of
~1400m
18
Lower OZ Core
Zone Conversion
Lower OZ
Deep Extension
Upper OZ
North End
Conversion
Upper OZ
Southeast
Extension
655 expl’n drift
extension
Long Section
Looking West

20. 19
Appendices &
FURTHER INFORMATION

21. 20
Future Growth Potential
UPSIDE
Mill Complex
Nameplate capacity: 15,000 tpd mill
Shaft Infrastructure
Nameplate capacity: 8,000 tpd mill
Robust Ore Body
Offset Zone remains open at depth,
to the west and south
Opportunity to optimize the ore body & utilize existing infrastructure
Growth could potentially come from:
• Deeper Offset Zone (via shaft extension & new ore handling system)
• Lateral development (lateral targets near existing infrastructure)
• New bulk mining method (potential to significantly increase mining volumes)
• Surface exploration upside
1 g/t Pd Resource
Shell and Block Model
Legend:
Red – Measured
Green – Indicated
Blue - Inferred

22. 21
LDI Property
EXPLORATION UPSIDE
• LDI complex remains
largely
underexplored
• New lateral targets
are under review
(near existing
infrastructure)
• Regional land
package covers the
most prospective
mafic complexes in
the area

23. 22
Firm As of: 2014 2015 2016 2017
BMO Capital Markets 06-30-14 $750 $800 $800 $800
Scotia 01-09-14 $725 $725 $700 $650
CPM Group 01-08-14 $769 $830 $875 $908
Mitsui Precious Metals 04-10-14 $745 $853
CIBC World Markets 01-07-14 $800 $1,000 - -
Cormark 01-07-14 $750 $750 $750 $750
Macquarie 01-07-14 $785 $838 - -
Credit Suisse 03-31-14 $760 $840 $850 $850
Prestige Economics LLC 06-30-14 $745 $868 $900 -
Intesa Sanpaolo SpA 06-13-14 $800 $845 $875 $900
TD Bank 05-30-14 $819 $831 - -
Societe Generale SA 06-04-14 $790 $875 $900 $950
ABN AMRO Bank NV 11-21-13 $650 $725 - -
Citigroup 06-30-14 $800 $900 $935 -
LBBW 11-07-13 $775 - - -
Standard Chartered Bank 04-21-14 $850 $825 - -
UBS 10-15-13 $825 $850 $825 $825
Raymond James 10-08-13 $750 $850 - -
Bank of America Merrill Lynch 05-14-14 $800 $850 $900 $950
Deutsche Bank 09-25-13 $750 $850 $950 -
RBC Capital Markets 08-11-13 $830 $900 $900 $900
Capital Economics 03-04-14 $850 $875 - -
CIMB Group Holdings 08-09-13 $850 $1,000 $708 $708
Barclays 02-28-14 $795 $850 - -
China International Capital 04-15-13 $800 - - -
Annual Average (US$/oz.) $782 $849 $848 $835
PalladiumPriceForecasts
(US$perounce)

24. 23
CAPITAL REQUIREMENTS FOR 2014
• Budget of approximately $30M
• Underground level and ramp development
• Preliminary engineering for site optimization
• Mill enhancements and tailings work
• Considering surface and underground fleet replacement,
increased capex in 2014 and 2015 of ~$6 to $10M

25. 24
Palladium Demand/Car
AUTO PRODUCTION
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
15 20 25 30
PalladiumDemand(mmozp.a.)
Auto Production (mm cars)
2g Pd/Car
3g Pd/Car
4g Pd/Car
2012
2012
2017 E 2017 E
a move towards U.S. emission standards could increase
palladium demand over our estimates
Source: RBC Capital Markets Estimates

26. 25
PALLADIUM AUTOCAT DEMAND
Europe
Japan
North America
Rest of World
China
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2007 2008 2009 2010 2011 2012 2013 2014E 2015E
PalladiumAutocatDemand(000oz)
Europe Japan North America Rest of World China
Forecast
Source: Johnson Matthey, GFMS, RBC Capital Markets Estimates

27. 26
PALLADIUM RECYCLING VOLUMES
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2002 2004 2006 2008 2010 2012 2014E
'000oz
Pd Recycling Pd Px
Pd Recycling
Pd Prices
Source: Johnson Matthey, GFMS, RBC Capital Markets Estimates

28. 27
Market
STATISTICS
Information as November 13, 2014, Thomson One. Shareholder ID based only on public filings.
SECURITY SYMBOLS
NYSE MKT: PAL
TSX: PDL, PDL.DB, PDL.DB.A
MARKET CAPITALIZATION US$50 Million
RECENT SHARE PRICE US$0.13
SHARES OUTSTANDING 384,942,920 M
52-WEEK HIGH/LOW US$0.96 / US$0.13
3-MONTH TRADING VOLUME NYSE MKT: 2.3 M / TSX: 0.4 M
ANALYST COVERAGE
1. CIBC, Leon Esterhuizen
2. Raymond James, Alex Terentiew
3. Mackie, Barry Allan
4. Euro Pacific, Heiko Ihle
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30

29. 28
Senior
EXECUTIVES
Phil du Toit – President & CEO
Mr. du Toit is an accomplished mining executive with a proven track record for executing on his management mandates throughout his career.
He brings significant project management expertise to the CEO role, developed during his 37 years of global experience in the mining industry
which included senior roles for some of the world's leading mining companies, and the successful development of multiple large capital
projects. Recently, Mr. du Toit served as Executive Vice President and Head of Mining Projects and Exploration for ArcelorMittal, the world's
leading integrated steel and mining company, where he was responsible for mining strategy, exploration, project and business development.
His experience also includes serving as interim CEO of Baffinland Iron Mines Corp., as well as having held various senior management positions
for Vale, Diavik Diamond Mines (a subsidiary of Rio Tinto plc), Voest Alpine Inc., and Gencor Ltd. He holds a Bachelor of Science degree in Civil
Engineering from the University of Pretoria in South Africa.
Dave Langille – Chief Financial Officer
Mr. Langille is a seasoned finance executive with over 26 years of international public company experience. He brings a wealth of international
financial expertise to NAP, notably a solid track record of optimizing operations to improve operating margins, along with merger and
acquisition experience, and raising capital through a broad range of capital market products. Most recently, Mr. Langille served as the CFO
and Vice President, Finance of Breakwater Resources Ltd. Prior to this, he served in senior financial positions for various public companies,
including Lindsey Morden Group Inc., Capital Environmental Resource Inc., Cott Corporation, and TVX Gold Inc. Mr. Langille received an
Honours Bachelor of Business Administration from Wilfrid Laurier University in Waterloo, Ontario, Canada in 1985, and has been a member of the
Institute of Chartered Accounts of Ontario and the Society of Management Accountants of Ontario since 1987.
David Peck – Vice President, Exploration
Dr. Peck is a Professional Geoscientist with nearly 30 years of exploration and research experience specializing in magmatic Ni-Cu-PGE ore
deposits. Dr. Peck holds global recognition as an expert in PGE exploration after serving as a senior technical and strategic consultant to
several public and private companies and having worked on exploration and mining projects in more than a dozen countries. He was directly
involved in several significant magmatic Ni-Cu-PGE discoveries in Canada and overseas. Prior to joining NAP, Dr. Peck served as President and
Senior Technical and Strategic Consultant at Revelation Geoscience Ltd., and prior to this, he served as Global Nickel Commodity Leader at
Anglo American plc, a Senior Geologist for Falconbridge Ltd., a Senior Mineral Deposits Geologist with the Manitoba Geological Survey, held
various academic roles in Canadian universities, and was the technical lead on a multi-year mineral potential study funded by the Ontario
Geological Survey. He has authored numerous public publications addressing his area of specialization.
Jim Gallagher – Chief Operating Officer
Mr. Gallagher is a seasoned mining executive with over 30 years of experience in a series of roles spanning operations, projects, engineering,
technology and consulting. For the last seven years, Mr. Gallagher served as Global Director of Mining at Hatch Ltd., with a mandate to build
the firm’s global underground capability, where he led the firm’s global mining group involved in transitioning projects to normal operations.
Prior to Hatch, the foundational part of his experience came from his 24-year career at Falconbridge in a variety of operations and project
management roles, most of which were based in Northern Ontario. Mr. Gallagher also has a track record for identifying improvement
opportunities and building out technical capabilities. Mr. Gallagher holds a Bachelor of Mining Engineering degree from Laurentian University in
Canada.

30. 29
Cautionary Note to U.S. Investors Concerning
• Mineral reserves and mineral resources have been calculated in accordance with National Instrument
43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes,
Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the Securities
Exchange Commission (SEC), applies different standards in order to classify mineralization as a reserve. In
addition, while the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant
to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize such
terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource
information contained herein is not comparable to similar information regarding mineral reserves
disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission. U.S.
investors should understand that “inferred” mineral resources have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors
are cautioned not to assume that any part or all of NAP's mineral resources constitute or will be
converted into reserves. For a more detailed description of the key assumptions, parameters and
methods used in calculating NAP’s mineral reserves and mineral resources, see NAP’s most recent Annual
Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the SEC.
• Please refer to North American Palladium’s most current Annual Information Form and applicable
technical reports available on www.sedar.com, www.sec.gov and www.nap.com for further information.
MINERAL RESERVES AND MINERAL RESOURCE

31. 30
2014 RESERVE AND RESOURCE ESTIMATES
Summary of the 2014 Resource and Reserve Estimate for the Lac des Iles Mine Property
Source Zone Category Tonnes (000’s) Pd (g/t) Pd (k oz
contained)
Near Surface All 2P Reserves 5,885 1.03 195
Near Surface All Resources 25,759 1.44 1,189
Underground Hangingwall 2P Reserves 9,161 3.89 1,146
Underground Hangingwall Resources 5,651 4.25 773
Underground Footwall 2P Reserves nil - -
Underground Footwall Resources 26,322 2.24 1,895
Underground Roby & Offset Inferred 15,720 2.77
TOTALS All Sources Reserves & Resources 72,778 2.22 5,198

32. 31
LDI Reserves & Resources
Notes
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Palladium ounces are stated as contained ounces. Disclosure of contained ounces is permitted under Canadian regulations; however,
the US Securities and Exchange Commission (SEC) generally permits resources to be reported only as in place tonnage and grade.
3. Resources listed in Table 1.1 are exclusive of reserves. Resources and reserves reflect depletion from mining activities to December 31,
2013.
4. Tonnages are rounded to nearest '000 tonnes. Palladium, platinum and gold grades are rounded to nearest 0.01 g/t. Nickel and
copper grades are rounded to nearest 0.01%. Rounded numbers used to calculate contained palladium (oz) and average resource
and reserve tonnage and grades.
5. All reserve and resource estimates were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) classification system. US investors should refer
to the Annual Information Form for an overview on how Canadian Standards differ significantly from US requirements.
6. The mineral resource for the Offset hangingwall and footwall zones was estimated as of December 31, 2013 by Denis Decharte P.Eng,
an employee of North American Palladium Ltd. (NAP) and a qualified person (QP) under NI 43-101. The mineral resource calculation
uses a minimum 2.5 g/t palladium resource block cut-off for the hangingwall zone and a minimum 1.5 g/t palladium resource block cut-
off for the footwall zone. The mineral resource estimate is based on the combination of geological modeling, geostatistics, and
conventional block modelling (5 m by 5 m by 5 m blocks). 1 m composite intervals were used with a grade capping at 30 g/t for
palladium and 3 g/t for gold. Grade capping was determined not to be necessary for others metals. The Offset Zone resource models
used the ordinary kriging (OK) grade interpolation method within a 3DI block model with mineralized zones defined by wireframe solids.
The mineral resource is exclusive of mineral reserve and mined-out material as of December 31, 2013.
7. The mineral resource for the Roby footwall zone was estimated as of December 31, 2013 by Denis Decharte P.Eng, an employee of NAP
and a QP under NI 43-101. The mineral resource calculation uses a minimum 1.5 g/t palladium resource block cut-off. The mineral
resource estimate is based on the combination of geological modeling, geostatistics, and conventional block modelling (5 m by 5 m by
5 m blocks). Grade capping was determined not to be necessary, however influence of composite intervals with palladium grade
higher than 50 g/t were limited in space. The Roby Zone resource models used the OK grade interpolation method within a 3DI block
model with mineralized zones defined by wireframe solids. The mineral resource is exclusive of mineral reserve and mined-out material
as of December 31, 2013.
NOTES

33. 32
LDI Reserves & Resources
8. Mineral resource estimates for the near-surface portion of the western part of the North VT Rim Zone (west and east deep zones) at the
Lac des Iles Mine Property was prepared by Chris Roney, P.Geo., a QP and a private consultant to the Company. This resource estimate
was based on a 1.0 g/t palladium cut-off grade. The North VT Rim Zone mineral resources were estimated from drilling completed to
April 15, 2013. The mineral resource uses a minimum 1.0 g/t palladium resource block cut-off. The mineral resource estimate is based on
the combination of geological modeling, geostatistics, and conventional block modeling (5 m by 5 m by 5 m blocks). The North VT Rim
resource models used the inverse distance squared (ID2) grade interpolation method. North American Palladium Ltd. 1-4 1496780200-
REP-R0002-01 Technical Report for Lac des Iles Mine, Ontario Incorporating Prefeasibility Study for Life of Mine Plan.
9. Mineral resource estimates for the low-grade stockpile (RGO) was prepared by David N. Penna, P.Geo., an employee of Lac des Iles
Mines Ltd. and a QP within the meaning of NI 43-101.
10. As with mineral resources, the estimate of mineral reserves may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues. The mineral reserves were estimated from geological block models
provided by Denis Decharte P.Eng. and from RGO stockpile resource information provided by Dave Penna, P. Geo., employees of NAP
and QPs under NI 43-101. The geological block models reflect updates that are based upon diamond drilling completed after March
31, 2012 and before December 31, 2013.
11. Mineral resources for the Sheriff Zone are based on estimates originally provided in the Company’s September 5, 2013 press release.
12. The mineral reserves were estimated by William Richard McBride, P.Eng. of Tetra Tech and Wenchang Ni, P.Eng. of Tetra Tech; with input
by Dave Penna, P. Geo., an employee of NAP and QPs under NI 43-101 on allocation of indirect mining costs and John Cooney, P. Eng.,
an employee of NAP and QP under NI 43-101 on the use of the Lac Des Isle Mine 2014 budget for unit cost determinations; and with
additional input by Cam McKinnon, P.Eng. of Tetra Tech on recoveries; and Philip Bridson, P.Eng. of Tetra Tech on metal prices and
exchange rate, independent QPs within the meaning of NI 43-101.
13. Reserves were estimated to the 1065 Mine Level (4,435 m elevation), a maximum depth of 1,072.5 m.
14. The following metal price assumptions were used for reserves estimation: US$700/oz palladium, US$1,453/oz platinum, US$1,320/oz gold,
US$6.47/lb nickel, and US$3.26/lb copper. A Cdn$/US$ exchange rate of Cdn$1.00 = US$0.95 was also applied.
NOTES

34. 33
LDI Reserves & Resources
15. An average production rate of 5,272 t/d was used to determine the reserves. The following recoveries were used in the assumptions to
determine the reserves: 86.3% palladium, 80.3% platinum, 80.4% gold, 38.8% nickel, and 88.7% copper. The effective date of NAP’s Lac
des Iles Mine resource models for the Offset Zone and for the Roby Zone, as prepared by NAP’s Denis Decharte P.Eng., is December 31,
2013 and as a result of “mining depletion” the user of this reserve information should ensure that this is based upon the most recent
resource estimate for the Property.
16. It should also be noted that the mineral reserve estimate for the Offset Zone as provided in 2013 as part of the technical report labeled
“Technical Report Lac des Iles Mine, Ontario, Incorporating Prefeasibility Study Offset Zone Phase I, effective January 31, 2013” reflected
a different mining method with a different set of economic circumstances that thereby lead to that January 2013 reserve estimate in
that prior report to be non-applicable to the unconsolidated fill mining method demonstrated as being viable by this prefeasibility study
work. It should be further noted that “mining depletion” during 2013 is not accounted for in the reserves, as in place underground mining
developments were removed from the resource model prepared by NAP’s Denis Decharte P.Eng., and thereby from the reserve
numbers; and a 0% mining recovery was applied to known mined-out stopes. The projected top down, long-hole with unconsolidated fill
mining method, its potential production profile and the plans referred to in this prefeasibility study are preliminary in nature and
additional technical studies will need to be completed in order to prove out their viability. There is no certainty that this mining method
will be realized or that the production capabilities as represented will be realized. A mine production decision that is made without a
feasibility study carries additional potential risks which include but are not limited to the lack of details pertaining to geotechnical and
ventilation field study inputs for mine design, ore handling upgrades and their impact on mining schedules, metallurgical flow sheets
and process plant designs that in themselves may require additional economic analysis and internal studies to ensure satisfactory
operational conditions and decisions regarding future targeted production. Numbers may not add due to rounding.
NOTES

35. 34
Shareholder
INFORMATION
North American Palladium’s vision is to become a low cost, mid-tier precious metals company operating in
mining friendly jurisdictions. NAP is an established precious metals producer that has been operating its Lac des
Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in
the world, and is currently completing a major expansion to increase production and reduce cash costs per
ounce.
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