1) The document is an investor presentation for the Lac des Iles Mine that provides an overview of the mine's operations and financial projections. 2) It details improvements made to the mine including a transition to more efficient sub-level cave mining, increased mill utilization, and a new long-term tailings management plan. 3) The presentation includes a new life of mine plan projecting 9.5 years of production at an average of 214,000 ounces of palladium per year, with estimated average cash costs of $428 per ounce and average all-in sustaining costs of $527 per ounce.

1. January 2017
Lac des Iles Mine
Investor Presentation
June 19, 2017
A final base shelf prospectus containing important information relating to the securities described in this presentation has been filed with the securities regulatory authorities in each of the provinces and
territories of Canada, excluding Quebec. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is
required to be delivered with this presentation. This presentation does not provide full disclosure of all materials facts relating to the securities offered. Investors should read the final base shelf prospectus, any
amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.
The securities described in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state in the
United States and are being offered and sold within the United States exclusively to "qualified institutional buyers" under Rule 144A under the U.S. Securities Act and outside the United States in compliance
with Regulation S under the U.S. Securities Act.

2. 2Disclaimers
Certain information contained in this presentation constitutes 'forward-looking statements' or 'forward-looking information within the meaning of applicable Canadian securities laws.
All statements other than statements of historical fact are forward-looking statements. The words ‘target’, ‘plan’, ‘should’, ‘could’, ‘estimate’, ‘guidance’, and similar expressions
identify forward-looking statements. Forward-looking statements in this news release include, without limitation: information pertaining to the Company’s strategy, plans or future
financial or operating performance, such as statements with respect to, long term fundamentals for the business, operating performance expectations, project timelines, tailings
management plan, mining method change, production forecasts, operating and capital cost estimates, expected mining and milling rates, cash balances, projected grades, mill
recoveries, metal price and foreign exchange rates and other statements that express management ’s expectations or estimates of future performance. Forward-looking statements
involve known and unknown risk factors 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 and foreign exchange rates may fluctuate, the risk that the Lac des Iles (“LDI”) mine may not perform as planned, that
North American Palladium Ltd. (the “Company”) may not be able to meet production forecasts, the possibility that the Company may not be able to generate sufficient cash to service
its indebtedness and may be forced to take other actions, inherent risks associated with development, exploration, mining and processing including environmental risks and risks to
tailings capacity, employment disruptions, including in connection with collective agreements between the Company and unions and the risks associated with obtaining necessary
licenses and permits. For more details on these and other risk factors see the Company’s most recent Management’s Discussion and Analysis report and Annual Information Form
on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading “Risk Factors”.
This presentation also contains references to estimates of mineral resources and mineral reserves. The estimation of mineral resources is inherently uncertain and involves
subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates
is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future
production from the LDI mine, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and
depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource or mineral reserve estimates
may have to be re-estimated based on: (i) fluctuations in the price of platinum; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) mining operations, including
dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to
existing mining licences.
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 news release, which may prove to be incorrect,
include, but are not limited to: that the Company will be able to continue normal business operations at its LDI mine, that metal prices and exchange rates between the Canadian
and United States dollar will be consistent with the Company’s expectations, that there will be no significant disruptions affecting operations, and that prices for key mining and
construction supplies, including labour, will remain consistent with the Company’s expectations. The forward-looking statements are not guarantees of future performance. 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.
Investing in the Company's common shares involves significant risks. Prospective investors should carefully read and consider the risk factors described or referenced under the
heading “Risk Factors” in the final base shelf prospectus, contained in any of the documents incorporated by reference therein, and in any applicable prospectus supplement, before
purchasing common shares.
All dollar amounts shown are in Canadian dollars, unless otherwise stated.
The Company prepares and presents its financial statements in accordance with IFRS. Certain financial measures highlighted in this presentation are financial measures that have
not been prepared in accordance with IFRS. For a definition and reconciliation of these non-IFRS financial measures to the nearest IFRS financial measures, please refer to the
appendix to this presentation. Such non-IFRS financial measures are used from time to time herein but should not be viewed as a substitute for IFRS measures of performance and
others in the industry may define these measures differently.
Cautionary Statement on Forward-Looking Information

3. 3
Operational Turnaround
 New corporate and site leadership teams
• An engaged and motivated workforce with excellent safety and productivity
performance.
 A re-engineered asset
• Conversion to sub-level cave mining at higher production, lower cost.
• Increasing mill utilization from ~50% to 100% (Q4 2017).
• Lower power costs, new 5 year concentrate sales agreement
• New long-term tailings management plan.
• A return to open pit mining
 Increased ore reserve and new LOM plan released in Q2 2017
Promising exploration
program
 Multiple targets on mine site property with high probability of success
 Extensive regional property portfolio within 50km of the existing site
• 40,000 hectares assembled over last five years
 Strong PGM exploration expertise with a track record of adding
reserves
Exposure to palladium in
an established mining
camp and jurisdiction
 Favourable supply/demand fundamentals (structural deficit) and
increasing palladium prices
 Sustainability: palladium is used to reduce emissions in gasoline
automobiles
 Only pure play palladium producer.
1. Based on 2017 guidance published on February 22, 2017.
2. Based on C1 cash costs net of by-product credits.
1
2
3
Exploration
upside

Operational
Excellence

Leverage to
Palladium

Why Invest in North American Palladium?

4. 4Market Dynamics – Attractive Fundamentals
• Demand is expected to continue to exceed supply in the near future, driven by continued growth in automobile sales
• Analyst consensus forecasts higher prices over the 2017-2021 period (see Appendix A, page 24)
Palladium Demand/Supply and Price
Historical data based on Johnson Matthey and forecast data based on BMO Capital Markets Equity Research.
Supply Gap
Long-term Consensus
$700 - $835 - $1000
Currently: US$800/oz

5. 5Overview
• North American Palladium (“NAP”) is the only pure play
palladium producer in the world
• Located 90 km northwest of Thunder Bay, with all season
road access
• Existing producer operating with +20 year history and
+5,000 tpd underground mine and 15,000 tpd mill facility
• 550 employees; 50% Thunder Bay, 50% other areas of
Canada
• Recapitalized in 2015 by Brookfield (92% owned) to sponsor a
turnaround of the Company
• New management team
• Substantial operating improvements
• De-levered balance sheet
• Mill currently operates on a two week on/off batch process due to
tailings capacity but will return to full time operations this fall
• New LOM plan published June 6, 2017
• 38 Mt reserves at 2.25 g/t palladium
• 9.5 year mine life combining underground production with
recommencement of open pit operations
Capital Structure
(As at March 31, 2017)
Shares Outstanding (M) 58.1
Options Granted (M) 1.5
Share Price (C$) $5.39
Market Capitalization (C$M) $ 313
Cash (C$M) $ 18
Debt1 (C$M) $ 123
Enterprise Value (C$M) $ 418
1. Debt includes senior secured term loan (C$65.5 M), credit
facility (C$46.5 M) and capital leases (C$11.3M).

6. 6
Modern Mill Complex (2002)
Nameplate capacity: 15,000 tpd
Shaft Infrastructure (2015)
825 m deep, +8,000 tpd capacity
Permitted Tailings Facility
Lac des Iles
Unique World Class Ore Body with Modern Infrastructure
• Two primary sources of ore to fill a 15,000 tpd modern mill constructed in 2002
• Underground:
• Unusually thick, vertical orebody allows for low cost bulk mining - widths up to 80 metres and strike length of >600 metres
• Palladium deposits are typically found in narrow reef structures with high mining costs
• Open Pit:
• Lower grade stockpiles from prior open pit mining total nearly 5 million tonnes (total resources) and can be used to fill excess mill
capacity
• Future sources of surface ore will come from re-development of the existing Roby open pit and a new pit (Sheriff)
* Pd equivalent grade calculated using February, 2017 consensus metal prices (see Appendix A), metal recovery equations and
smelter terms
May 2017 Reserves and Resources

7. 7
Open pit production along with
existing low grade stockpiles (RGO)
will supplement the higher grade
underground feed to keep the mill at
optimum capacity.
Planned production:
Sherriff Pit
500,000 t @ 1.9 g/t
Roby Pit Pushback
11.7 mt @ 1.3 g/t
Life of Mine – Open Pit Development

8. 8
New mining
method
start
• New Sub Level Shrinkage (SLS)
method is increasing production,
improving reliability, increasing
ore recovery and lowering costs
• Replaces longhole, open
stoping method which left
ore in remnant pillars and
created ground control
issues
• LDI’s new cost profile is
favorable compared to a number
of prominent underground mining
operations in Canada
New Mining Method – Increasing Production at Low Cost
Historical and Forecasted Underground Production Rate since SLS inception (tpd)
6,0205,840
5,125
4,035
4,6814,4584,0934,2583,871
3,257
Q2 1731-Oct 30-Nov 31-Dec Q1 17 Q3 17 Q4 1731-Jul 31-Aug 30-Sep

9. 9Life of Mine Plan (43-101 Technical Report 06/07/17)
• Substantial conversion of mineral resources to reserve category
resulting in 9.5 year mine life
• Includes surface reserves around existing pit
• Incorporates underground ore to +1305 m depth
• New mining method increases total ore recovery, lowers
operating cost, raises production rate and improves geotechnical
ground conditions
• Re-examines cut-off grade with consensus price forecast and
cost assumptions
Goal is to maximize mill capacity with the highest grade
possible
SLS Conversion Zone at Depth
Strong exploration upside which could lead to further
mine life extensions , custom milling opportunities and
potentially another LDI-type deposit
Total Ore indicates proven & probable mineral reserves mined
in the LOM plan.

10. 10
New mining
method
start
Life of Mine – Economic Analysis (43-101 Technical Report 06/07/17)
Key Statistics
1. Net of by-product revenue and excluding taxation.
2. Metal price and currency exchange assumptions detailed in Appendix A.
3. Non-IFRS measure. Refer to Appendix A for reconciliation to the nearest IFRS financial measure.
Total Palladium Reserves (Contained) 2.7 M oz
Average Palladium Reserve Grade 2.21 g/t
Open Pit / Underground Tonnes 46% OP / 54% UG
Average Mill Throughput 10,900 tpd
Estimated Palladium Recovery 81%
Total Palladium Production (Payable) 2.04 M oz
Ave. Annual Palladium Production (Payable) 214,000 oz
Reserve Life 9.5 Years
Average Cash Costs (LOM)1,3 USD$428/oz sold
Average All-in Sustaining Costs (LOM)1,3 USD$527/oz sold
Cumulative EBITDA3 C$1,056M
Cumulative Post-tax Free Cash Flow C$678M
Post-Tax NPV(5%) C$536M
Post-Tax NPV(8%) C$470M

11. 11
New mining
method
start
Life of Mine – Economic Analysis (43-101 Technical Report 06/07/17)
Post-tax NPV 1,3 @ 8% (CAD)
USD/CAD
US$/oz Pd
1.20 1.25 1.28 1.30 1.35
$ 700 $ 164 M $ 224 M $ 265 M $ 282 M $ 339 M
$ 750 $ 242 M $ 302 M $ 344 M $ 362 M $ 421 M
$ 800 $ 315 M $ 379 M $ 423 M $ 441 M $ 495 M
$ 835 $ 364 M $ 429 M $ 470M $ 486 M $ 537 M
$ 850 $ 390 M $ 454 M $493 M $ 508 M $ 560 M
$ 900 $ 461 M $ 517 M $ 555 M $ 571 M $ 624 M
$1000 $ 579 M $ 636 M $ 677 M $ 693 M $ 750 M
1. Palladium price and forex rate adjusted 2018 forward.
2. Palladium price and discount rate adjusted 2018 forward.
3. Metal price and currency exchange assumptions detailed in Appendix A.
Post-tax NPV 2,3 @ 1.28 FX rate (CAD)
Discount
US$/oz Pd
0% 5% 7% 8% 10%
$ 700 $ 394 M $ 305 M $ 277 M $ 265 M $ 242 M
$ 750 $ 502 M $ 394 M $ 360 M $ 344 M $ 316 M
$ 800 $ 616 M $ 482 M $ 441 M $ 423 M $ 390 M
$ 835 $ 678 M $ 536 M $ 491 M $ 470M $ 433 M
$ 850 $ 704 M $560 M $ 514 M $493 M $456 M
$ 900 $ 783 M $ 627 M $ 578 M $ 555 M $ 514 M
$1000 $ 944 M $ 761 M $ 703 M $ 677 M $ 629 M

12. 12
Low-cost mining operation
• Low-cost underground mining method (SLS)
• Increased underground mining rate
• Increased throughput from low-cost sources (surface mining)
• Continued focus on cost control (maintenance, power & consumables)
Life of Mine – Operating Expenses
74.60
10.037.857.08
15.70
33.94
60.61
7.265.214.66
13.94
29.54
43.07
4.903.452.66
10.76
21.30
0
10
20
30
40
50
60
70
80
TotalSite G&AFreight, Smelting
& Refining
SurfaceMillingMining
2017 LOM12016
1. 2018-2026 average
Operating Expenses (C$/t)

13. 13Life of Mine – Capital Expenditures
Capital Expenditures (C$ M)
40
50
10
60
80
30
70
20
0
5
2024
17
2023
22
2022
25
2021
33
2020
52
2019
76
41
35
2018
73
38
2025
34
2017
50
32
18
2016
50
16
35
Sustaining
Project
Pre-LOM Total LOM = $303
Project Roby pre-stripping 18,785 19,806 - - - - - -
Roby infrastructure 15,505 15,060 - - - - - -
34,290 34,866 - - - - - -
Sustaining UG development 8,817 8,401 10,577 10,802 9,402 1,959 - -
UG infrastructure 5,907 2,169 11,154 2,271 2,351 1,008 - -
Mobile equipment 6,812 15,701 10,501 8,846 1,778 7,042 7,411 -
TMF 14,310 12,545 16,972 8,556 9,507 10,254 8,269 4,474
Other 2,375 2,375 2,375 2,375 2,375 2,075 1,500 800
38,221 41,190 51,579 32,850 25,413 22,338 17,180 5,274

14. 14Life of Mine – All-in Sustaining Costs
527
352376
494505514
558
634
580
524
650
728
0
200
400
600
800
-28%
LOM220262025202420232022201712016 2021202020192018
All-in Sustaining Cost 3 Net of By-product Revenue (US$/oz palladium sold)
Payable Palladium Production (000 oz)
0
300
250
200
150
100
50
2026202520242023
150
43%
LOM2201820171 2022
199
2021
254
2020
240
2019
238
2016
214
109
205205
219224229
1. 12-months
2. 2018-2026 average
3. Non-IFRS measure. Refer to Appendix A for reconciliation to the nearest IFRS financial measure.

15. 15
LOMP Post-tax Cash Flow
-$90,000
$10,000
$110,000
$210,000
$310,000
$410,000
$510,000
$610,000
$710,000
$(25,000)
$-
$25,000
$50,000
$75,000
$100,000
$125,000
$150,000
$175,000
$200,000
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Post Tax Free Cash Flow Cumm Post Tax Free Cash Flow
Post-tax Free Cash Flow (C$ 000)

16. 16
1. South Offset
• Best potential for a major near-term resource gain
that would be additive to the SLS mine plan
• Major gap in drilling below the shaft and extending
south to the Camp Lake fault
2. Camp Lake Block
• Best potential for a transformative discovery at LDI
• Modeled as the southern extension of the vertical
structure hosting the Offset deposit
• Initial, positive indications from deep drilling in
2015 where Offset-type mineralization was found
3. Mystery Zone
• Vertical, cylindrical-shaped target similar to B2
zone – represents a new mineralization style
• Determine vertical extent and tonnage potential of
currently defined higher-grade Pd-rich core
Exploration – Underground Targets
2017 Underground Exploration
Add to higher-grade Pd resources
and extend life of UG operations
1
2
3

17. 17
1. South LDI
• Historical Cu-Ni showings on
extension of the main LDI
feeder fault
• Very limited prior exploration
2. Shorty Lake Fault
• Potentially a 2nd major north-
south feeder structure
• Following up on positive drill
results from 2013
3. Creek Zone
• Testing a new model
involving a newly recognized
SW-trending feeder fault
4. NW Pit
• Potential near-surface
extension of west Roby Zone
• Easy test with short drill holes
2017 Mine Site Surface Exploration Program
Creek Zone
Shorty
Lake
2
3
4
NW
Pit
1
2nd major
feeder fault?
Main
Feeder
Fault
Add to surface mineral
inventory to fill the mill
Roby Open Pit
Exploration – Open Pit Targets

18. 18
North
LDI
Location of NAP Greenfields Properties in Northwestern Ontario
(LDI mine and mill complex shown by yellow star)
Greenfields
Exploration
Area of Interest
Exploration – Regional Greenfield Opportunities
2017 Greenfields Program
Finding the Next LDI
Recently assembled, extensive
portfolio
• Properties staked
opportunistically during last
downturn
• Most with historical surface
occurrences, locally in the 1-5
g/t Pd range
Find the Feeder Structures
• LDI is a structurally-controlled
vertical ore body that formed
within a major, regional fault
(new model)
• Historical greenfields
exploration has not tested this
model – a different approach
is being implemented
Geophysical and Geochemical
Surveying
• Leading edge geochemical
and geophysical survey
methods are being applied to
all properties
Exploration Drilling
• Target testing will begin later
this year (Legris, Shelby)
• $ 0.6 million spending
including minimum of 2,000
metres of drilling

19. 19
Three Keys to Exploration Success
1. Balanced, PGE exploration portfolio (in place)
• 40,000 hectares property portfolio within 50 km of LDI mill and covering all known regional LDI-type intrusions
• Recent acquisition of 75% interest in Sunday Lake property
2. Experienced team with proven track record (in place)
• Near-mine success in adding resources and converting reserves
3. Sustained investment
• Current plan envisages annual spend of $8M per year for next several years (2018 forward)
Three Pillars of NAP’s Exploration Strategy
1. Underground Exploration: Reserve Replacement
• In near-term, highest probability of success will come from extending the known orebodies at Lac des Iles
2. Mine site Surface Exploration
• Identify additional surface ore sources that can be developed and produced from open pit operations to feed mill
3. Resource Definition Drilling on Advanced Greenfields Projects
• Focus on developing greenfields projects on a 5-10 year timeline that are within trucking distance to mill
New Discoveries on Early-stage Greenfields Projects
• In longer-term, systematic testing of exploration targets will deliver the new discoveries needed to maintain a balanced portfolio
Strong Exploration Potential – Strategic Plan
Creating Value from Exploration

20. 20
Investment Thesis
 Operational turnaround near completion at Lac des Iles
 New LOM plan. Low risk, low cost, robust economics
 Excellent exploration potential
 Positive palladium supply and demand fundamentals
North American Palladium is the world’s only pure play palladium producer

21. 21
Questions
One University Avenue
Suite 402
Toronto, ON M5J 2P1
(TSX:PDL)
(OTC PINK:PALDF)
www.nap.com
Investor Relations & Corporate
Communications
IR@nap.com
+1-416-360-7374
Corporate Office:
Security Symbols:
Website:
Investor Relations:
Jim Gallagher, President & Chief Executive Officer
+1-416-360-7492
Tim Hill, Vice President, Finance & Chief Financial Officer
+1-416-360-1952
Dave Peck, Vice President, Exploration
+1-204-721-1797

22. 22
Appendix A – Additional information

23. 23Sub-level Shrinkage Mining Method
Primary Advantages of Sub-
Level Shrinkage Mining
1. Increased Mineable Reserve
2. Lower Operating Costs
3. Increased Production Rate
4. Reduced Seismicity
Waste

24. 24
LOM Metal Prices and Foreign Exchange Assumptions1
2017 H2 2018 2019 2020 2021 fwd
US$/oz Palladium $ 770 $ 800 $ 830 $ 850 $ 840
US$/oz Platinum $ 1,002.50 $ 1,069.00 $ 1,200.00 $ 1,250.00 $ 1,225.00
US$/oz Gold $ 1,242.13 $ 1,270.63 $ 1,300.00 $ 1,350.74 $ 1,325.37
US$/lb Copper $ 2.60 $ 2.61 $ 2.75 $ 2.97 $ 2.86
USD/CAD 1.355 1.310 1.300 1.260 1.280
Analyst Consensus Prices
1. Source: Bloomberg. Annual median of analysts’ forecasts at May 9, 2017
Metal Prices1 used for Mineral Reserve Estimation
US$/oz Palladium $ 793.00
US$/oz Platinum $ 1,175.00
US$/oz Gold $ 1,298.00
US$/lb Copper $ 2.66
USD/CAD 1.305
1. Source: Bloomberg. Annual median of analysts’ forecasts at February 9, 2017

25. 25
LOMP Production Plan

26. 26
Annual Operating Expense per tonne mined
33.94
29.54
21.01 22.14 23.31 22.25 20.73 20.08 24.54
18.26 16.57
15.70
13.94
10.37 10.41 10.30 10.32 10.41 10.84
11.64
11.73 11.60
12.93
9.50
5.83 5.79 5.74 5.74 5.76 6.09
6.57
6.04 6.84
5.21
7.85
2.942.83
2.96
2.702.532.532.532.532.62
4.66
7.08
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
62.85
2016
77.50
3.52
2024
49.16
3.44
2023
43.06
2026
41.52
3.58
2025
42.39
2017
3.36
2022
42.71
3.29
2021
44.30
3.44
2018
43.69
3.85
44.18
3.34
2020
45.23
3.35
2019
Operating Expense (C$/t)
Surface S&R & Freight MiningSite G&A1 Milling
2017 Cost Structure
9.6%
Power
4.4%
Propane
Contractors
Fuel
3.7%
5.7%
Parts & Supplies
Consumables
38.4%
Compensation
22.2%
16.0%
Activity Unit cost (C$)1 Ore Blend
Underground mining
Surface mining
Weighted average
31.98 / t
8.98 / t
21.30 / t
54%
46%
Mining 21.30 / t
Milling 10.76 / t
Surface 2.66 / t
G&A 4.90 / t
Total Site 39.62 / t
S&R & Freight 3.45 / t
Corporate 1.08 / t
Closure2 0.67 / t
Total 44.82 / t
1. 2018-2026 average
2. Total costs (2027-2031) / Total tonnes (2018-2026)
1. Includes corporate costs`

27. 27Non-IFRS Measures – EBITDA
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 fwd
Gross Revenue C$ 000 151,806 340,729 333,218 334,951 328,983 325,441 311,335 292,651 293,691 156,573
Production Costs C$ 000 (73,648) (173,491) (178,083) (183,148) (177,988) (171,670) (161,791) (170,077) (140,388) (71,477)
Smelt, Refine & Freight C$ 000 (7,061) (16,090) (15,370) (15,007) (14,915) (14,691) (14,069) (13,150) (13,143) (6,956)
Royalty C$ 000 (7,237) (16,232) (15,892) (15,997) (15,703) (15,537) (14,863) (13,975) (14,027) (7,481)
Corporate Costs C$ 000 (3,176) (4,575) (4,575) (4,575) (4,575) (4,575) (4,575) (4,575) (4,575) (2,287) (1,716)
EBITDA C$ 000 60,683 130,342 119,298 116,224 115,802 118,968 116,037 90,874 121,558 68,372 (1,716)
EBITDA

28. 28Non-IFRS Measures – Cash cost per palladium ounce sold
2018 2019 2020 2021 2022 2023 2024 2025 2026
Direct Operating C$ 000 53,140 57,435 62,969 57,830 50,744 42,556 53,404 33,977 13,790
Indirect Operating C$ 000 120,350 120,648 120,179 120,158 120,926 119,235 116,673 106,411 57,688
Total Production Costs C$ 000 173,491 178,083 183,148 177,988 171,670 161,791 170,077 140,388 71,477
Corporate Expenses C$ 000 4,575 4,575 4,575 4,575 4,575 4,575 4,575 4,575 2,287
Smelt, Refine & Freight C$ 000 16,090 15,370 15,007 14,915 14,691 14,069 13,150 13,143 6,956
Royalty C$ 000 16,232 15,892 15,997 15,703 15,537 14,863 13,975 14,027 7,481
Total Other C$ 000 36,897 35,837 35,579 35,193 34,803 33,507 31,700 31,745 16,724
Total Cash Costs C$ 000 210,387 213,920 218,728 213,181 206,473 195,298 201,777 172,133 88,201
Less: By-product Revenue C$ 000 (74,192) (74,269) (80,257) (82,280) (84,611) (76,309) (71,809) (73,738) (38,859)
Cash Costs net of by-products C$ 000 136,195 139,651 138,471 130,901 121,862 118,989 129,968 98,395 49,342
Payable Palladium Sold oz 254,329 239,990 237,810 229,448 223,986 218,588 205,396 204,570 109,481
Cash Cost per Pd oz Sold C$ 536 582 582 571 544 544 633 481 451
USD/CAD Exchange Rate USD/CAD 1.31 1.30 1.26 1.28 1.28 1.28 1.28 1.28 1.28
Cash Cost per Pd oz Sold US$ 409 448 462 446 425 425 494 376 352
Cash Cost

29. 29Non-IFRS Measures – All-in sustaining cost (AISC)
2018 2019 2020 2021 2022 2023 2024 2025 2026
Total Cash Costs C$ 000 210,387 213,920 218,728 213,181 206,473 195,298 201,777 172,133 88,201
Sustaining Capital Investment C$ 000 38,221 41,190 51,579 32,850 25,413 22,338 - - -
Less: By-product Revenue C$ 000 (74,192) (74,269) (80,257) (82,280) (84,611) (76,309) (71,809) (73,738) (38,859)
AISC net of by-products C$ 000 174,416 180,842 190,050 163,751 147,275 141,328 129,968 98,395 49,342
Payable Palladium Sold oz 254,329 239,990 237,810 229,448 223,986 218,588 205,396 204,570 109,481
AISC per Pd oz Sold C$ 686 754 799 714 658 647 633 481 451
USD/CAD Exchange Rate USD/CAD 1.31 1.30 1.26 1.28 1.28 1.28 1.28 1.28 1.28
AISC per Pd oz Sold US$ 524 580 634 558 514 505 494 376 352
AISC

30. 30Reserves and Resources (43-101 Technical Report 06/07/17)
Notes: M&I resources are exclusive of reserves
PdEq calculation based on price assumptions of: Palladium – US$793/oz, Platinum – US$1175/oz, Gold – US$1298/oz, Copper – US$2.66/lb
Current Reserve and Resource Statement
Grade Contained Metal
Tonnes Pd Pt Au Cu PdEq Pd Pt Au Cu PdEq
(millons) (g/t) (g/t) (g/t) (%) (g/t) (K oz) (K oz) (K oz) (M lbs) (K oz)
Underground
Proven 4.0 2.93 0.23 0.20 0.05 3.63 379 29 25 4.4 470
Probable 17.2 3.13 0.26 0.28 0.09 4.13 1,631 138 143 32.8 2,288
2P Reserves 21.3 3.09 0.26 0.26 0.08 4.03 2,113 176 180 37.2 2,754
Measured 3.7 2.97 0.26 0.21 0.07 3.79 353 31 25 5.7 450
Indicated 5.0 2.97 0.28 0.22 0.08 3.88 482 45 36 8.9 629
M&I Resources 8.7 2.97 0.27 0.22 0.08 3.84 835 76 61 14.6 1,079
Inferred 3.2 3.11 0.27 0.20 0.08 3.95 318 27 20 5.3 403
Surface
Proven 1.9 1.55 0.18 0.12 0.05 2.05 95 11 7 2.1 126
Probable 15.4 1.17 0.17 0.09 0.04 1.59 577 83 44 13.5 785
2P Reserves 17.3 1.21 0.17 0.09 0.04 1.64 673 95 52 15.7 911
Measured 10.1 1.47 0.15 0.10 0.05 1.90 478 49 33 11.2 618
Indicated 9.5 1.35 0.18 0.10 0.05 1.83 411 55 30 10.4 558
M&I Resources 19.6 1.41 0.16 0.10 0.05 1.86 890 104 63 21.6 1,172
Inferred 1.3 1.38 0.16 0.09 0.04 1.79 56 7 4 1.2 73
Combined
2P Reserves 38.5 2.25 0.22 0.19 0.06 2.95 2,787 272 235 51.0 3,654
M&I Resources 28.3 1.89 0.20 0.14 0.06 2.48 1,722 182 128 37.5 2,260
Inferred 4.4 2.62 0.24 0.17 0.07 3.32 374 34 24 6.5 474

31. 31Unit Costs
Historical Unit Production Costs1 (C$ / t milled)
66.26
59.14
88.59
78.32
76.27
37.50
58.2157.57
37.09
44.24
52.63
58.10 58.39
68.02
0
10
20
30
40
50
60
70
80
90
900
800
400
600
700
300
1,100
1,000
500
0
200
100
Q1
2014
Q4
2013
Q3
2013
Q2
2013
Q1
2013
Q1
2016
Q4
2015
Q3
2015
Q2
2015
Q1
2015
55.31
Q4
2014
1,080
Q3
2014
53.16
Q2
2014
Q3
2016
Q2
2016
Q4
2016
C$/tmilled
ktmilled
1. Includes mining, milling, surface, & G&A costs

32. 32
Project Work
Component
Permit Responsible Ministry
Date
Submitted
Date
Approval
Received
Permit
Approval
Timeline
1. 2015 Closure Plan
Amendment
Acceptance by
MNDM Director
Ministry of Northern
Development & Mines
September 2015 December 2015 3 Months
2. 2015/2016 WMF1
Grubbing & Clearing
Land Use Permit
Land Use
Permit
Ministry of Natural Resources
& Forestry
November 2015 December 2015 2 Months
3. 2015 East TMF
Centerline Raise Stage 1
Lakes Rivers
Improvement
Act (LRIA)
Ministry of Natural Resources
& Forestry
January 2015 March 11, 2015 3 Months
4. 2016 East TMF
Centerline Raise Stage 2
Lakes Rivers
Improvement
Act (LRIA)
Ministry of Natural Resources
& Forestry
October 5, 2015
December 1,
2015
2 Months
5. 2016 Water Management
Facility #1
Lakes Rivers
Improvement
Act (LRIA)
Ministry of Natural Resources
& Forestry
August 2015
December 23,
2015
5 Months
6. Environmental
Compliance Approval
Water Management
Facility #1
Environmental
Compliance
Approval (ECA)
Ministry of Environment &
Climate Change
October 2015 February 2016 5 Months
7. 2017 East & South TMF
Grubbing & Clearing
Land Use Permit
Land Use
Permit
Ministry of Natural Resources
& Forestry
January 2017 February 2017 2 Months
Environmental Permitting History

33. 33
Appendix B – The Market for Palladium

34. 34What is Palladium?
• One of the “Platinum Group Metals” (PGMs)
• Used as a thin coating on ceramic filters inside of catalytic converters in
automobile engines
• Acts as a catalyst to convert carbon monoxide to carbon dioxide and also
converts hydrocarbons and oxides of nitrogen into pure oxygen, nitrogen
and water
• Predominant in gasoline engines
• Platinum has been predominant in diesel engines due to its ability
to better resist the more oxidizing environment in diesel exhaust
• Approximately 3 to 4 grams of palladium per automobile (US$75 to
US$100 per car @ US$800/oz Pd)
Primary Use – Manufacture of Catalytic Converters
Automotive
(catalytic converters)
78%
Electronics
9%
5%
Dental
1%
Other
2%
Jewellery5%
Chemical
Source: Johnson Matthey, 2016

35. 35
• Global automobile sales expected to increase to over 100 million vehicles by 2023
• Largely driven by increase in automobile sales in China and India
Global Automobile Sales
+2% CAGR
Vehicles Per Capita (Automobiles per 1,000 people)
18
128
572
591
797
India
China
Germany
Japan
North America
Demand – Growing Global Auto Sales
Source: IHS Automotive

36. 36Improving Global Emissions Standards
• Rising emission standards are driving higher PGM loadings
• Chinese palladium loadings are ultimately expected to match or exceed Western levels
• Palladium loadings expected to increase as diesel market share decreases (2.6% drop in 2016)
Palladium Loadings (grams/vehicle)
Based on palladium demand divided by automobiles
produced. Europe has a higher diesel market share.
Source: Johnson Matthey, IHS Automotive.
2.3
2.6
2.9
3.7
China
Europe
North America
Japan
Growth in Palladium Autocatalyst Demand in China (millions ounces)
1.2
1.3
1.5
1.6 1.7
1.9
0.0
0.5
1.0
1.5
2.0
2.5
2011 2012 2013 2014 2015 2016
Source: Johnson Matthey.

37. 37
Alternate Fuel Vehicle Threats
Hybrids - neutral
• Hybrids use palladium in their gasoline engines.
• Hybrid sales have declined recently with lower gasoline
prices.
Battery Electric
• No Palladium in current technology.
• Not expected to have a material impact on the auto
sector in the foreseeable future
• Gas is cheap again.
• Range issues
• High cost
• Charging times
• Lack of charging infrastructure
• Limitations on electric grids in many jurisdictions.
Fuel Cell
• Platinum is used in fuel cell technology, up to an ounce
per vehicle
• Growth expected in this market particularly in
replacement of diesel generators in typical backup power
supply, home off grid applications.
• Toyota and others have a big push to FCV.
• Supply and logistics of hydrogen are a problem.
Battery Electric Vehicles are less than 1% of sales in 2016 and
only expected to account for ~2m units by 2023 out of >100m
2,000,000
100,000,000
Electric Vehicles
Gasoline/Deisel
Estimated Electric Vehicle Sales
By 2023

38. 38
• NAP and Stillwater in Montana, USA are
the only two primary palladium producers
in the world
• All other palladium is produced as
a by-product
• Russia’s Noril’sk remains the largest
single producer of palladium
• Future production expected to
remain flat
• South Africa’s future production is at risk
due to a lack of capital spending and
rising labour costs
• Very few advanced palladium projects
exist – no relief to supply gap
• Ivanhoe Mines – Platreef
• Platinum Group Metals –
Waterberg
• With the acquisition of Stillwater by
Sibanye, North American Palladium is the
only pure-play palladium producer for
investors in the mining industry
NORTH AMERICA
RUSSIA
SOUTH AFRICA
40%
14%
38%
Source: Johnson Matthey, 2016
Supply is Constrained
Majority of Supply in Higher Risk Jurisdictions

39. 39
Appendix C – Management/Executive Teams

40. 40Operational Turnaround – New Management Team
Jim Gallagher
President and Chief Executive
Officer
Jim Gallagher is a Professional Mining Engineer with over 34 years of experience in the
mining industry which includes progressive roles in operations management, technical
services, consulting and projects. During a 24 year career at Falconbridge and 8 years as
Global Director of Mining for Hatch, Mr. Gallagher has had the opportunity to work for or
benchmark some of the largest and most complex mines and mining projects around the
world. He is a visionary leader who believes in cultural evolution as the means to achieving
excellence in safety and operations. Mr. Gallagher joined NAP in October of 2013 as Chief
Operating Officer and was instrumental in an operational turnaround at the Lac des Iles site.
He was appointed President and Chief Executive Officer in August of 2015. Mr. Gallagher
holds a Bachelor of Engineering degree from Laurentian University in Sudbury, Canada. Mr.
Gallagher is currently a Director of Continental Gold Inc.
Timothy Hill
Vice President, Finance & Chief
Financial Officer
Timothy Hill joined North American Palladium in 2015 as Director of Business Improvement
and was appointed to the position of Vice President, Finance and Chief Financial Officer on
August 4, 2016. Mr. Hill plays a leading role in securing funding for North American
Palladium’s growth and is responsible for the Company’s financial reporting and disclosure
practices, corporate treasury, financial planning and information technology. Mr. Hill is a
finance professional with 18 years of experience in the mining industry. Prior to joining North
American Palladium, Mr. Hill held a series of progressively senior positions at Vale Canada
Ltd. in operations, finance and business planning for the North Atlantic base metals
business. Mr. Hill is a Chartered Public Accountant and a Certified Management Accountant
and holds a MSc. (Finance) from Queen’s University Belfast and a BSc. (Economics) from
the University of Victoria.
David Peck
Vice President, Exploration
Dr. Peck is a Professional Geoscientist with over 30 years of exploration and applied
research experience specializing in magmatic Ni-Cu-PGE ore deposits. Prior to joining NAP,
Dr. Peck operated an independent geoscience consulting business, was President and co-
founder of Revelation Geoscience Ltd., spent several years as Global Nickel Commodity
Leader at Anglo American plc and worked as a mineral deposits geologist in both the
government and academic sectors. He received a Ph.D. degree in Geology from Melbourne
University and holds a M.Sc. degree in Geology from the University of Windsor.

41. 41Board of Directors
J. Peter Gordon,
Chairman
Mr. Gordon is a Managing Partner at
Brookfield Asset Management Inc. and has
responsibility for the portfolio management
team within Brookfield Asset Management’s
private equity group. Mr. Gordon has 35
years of industry experience in operations
and finance with Brookfield companies. He
currently serves on the Board of Directors
for Norbord Inc. He holds an engineering
degree from Queen’s University and an
MBA from the University of British Columbia.
David Nowak
Director
Mr. Nowak is a Managing Partner at
Brookfield Asset Management and has
responsibility for transaction origination and
execution for Brookfield Asset
Management’s private equity group. Prior to
joining Brookfield Asset Management in
2011, he was a principal at a Toronto-based
private equity firm. He holds a Bachelor of
Laws from the University of Western Ontario
and an MBA from Duke University where he
graduated as a Fuqua Scholar.
John W. Jentz,
CA, CPA
Director
Mr. Jentz is a financial and mining
professional with 20 years experience in
corporate finance and mergers and
acquisitions in both public and private
markets. Mr. Jentz has worked in global
investment banking firms such as Bear,
Stearns & Co. Inc. and independent
Canadian firms such as Westwind Partners
and Clarus Securities. Mr. Jentz is a CA and
CPA in good standing with the Canadian
Institute of Chartered Accountants. Mr. Jentz
earned an MBA from McMaster University
with a focus on Finance and Marketing.
Dean Chambers
Director
Mr. Chambers is a financial executive and
professional engineer with over 35 years of
business, technical, and financial
experience. Mr. Chambers recently retired
as Executive Vice President and Chief
Financial Officer at Sherritt International
Corporation, a major international resource
company involved in the production of
nickel, cobalt, oil and electricity. Mr.
Chambers previously worked at mining and
chemical firms including Dynatec
Corporation, Falconbridge Limited and The
Dow Chemical Company. Mr. Chambers
holds a Bachelor of Engineering and
Management from McMaster University.
Greg Fauquier
Director
Mr. Fauquier is a mining engineer with a
broad range of management skills covering
both mine and process operations, as well
as development, together with experience in
both open pit and underground operations.
Mr. Fauquier recently retired as the Global
Managing Director for Hatch Ltd., a
consulting engineering and project
implementation company, where he was
responsible for mining and mineral
processing, as well as the operational
services. Prior to his employment at Hatch
Ltd., Mr. Fauquier was the Senior Vice
President of Barrick Gold Corporation where
he was responsible for the U.S. and
Peruvian operations. Mr. Fauquier holds a
B.Sc. Mining from Queen's University.