- Palladium prices are forecasted to reach highs of $1,000/oz due to a supply deficit as demand has historically exceeded mine supply.
- Majority of palladium demand comes from the automobile sector where light vehicle production is expected to increase 4% annually through 2016.
- Constrained mine supply is unable to match growing demand, with over 80% of global mine supply coming from high-risk jurisdictions in Russia and South Africa.
- Only 6.3 million ounces of annual palladium production worldwide, and production from major producers Russia and South Africa has remained constrained.
The document presents an investment case for North American Palladium. It discusses the fundamentals of the palladium market including constrained mine supply and strong demand growth from the automotive sector. It highlights NAP's Lac des Iles mine as a world class asset, currently undergoing expansion. The presentation provides an overview of NAP's financial position and market valuation.
The document presents an investment case for North American Palladium. It discusses the fundamentals of the palladium market including constrained mine supply and strong demand growth from the automotive sector. It highlights NAP's Lac des Iles mine as a world class asset, currently undergoing expansion. The presentation provides an overview of NAP's financial position and market valuation.
This presentation provides an overview of North American Palladium and its Lac des Iles palladium mine. It highlights NAP's strong balance sheet, experienced management team, and the compelling investment case for palladium given constrained mine supply and growing demand. The presentation also details the expansion underway at LDI mine, including sinking a new shaft to increase production capacity and lower costs. Once mining rates reach 5,500 tpd in 2015, annual production is projected to exceed 250,000 ounces of palladium with cash costs of around $200 per ounce.
The presentation provides an overview of North American Palladium's Lac des Iles mine and expansion plans. Key points include:
1) The mine is undergoing a major expansion to increase production and reduce costs by transitioning from ramp access to shaft access and increasing underground mining rates.
2) A new shaft is being sunk to 795 meters and will allow for high-volume bulk mining of 7,000 tonnes per day.
3) The expansion targets underground mining rates of 3,500 tonnes per day by Q1 2013 and 5,500 tonnes per day by Q1 2015 to significantly grow palladium production.
This presentation provides an overview of North American Palladium's Lac des Iles mine and expansion plans. Key points include:
1) The Lac des Iles mine is a world-class palladium asset located in Ontario, Canada and is one of only two primary palladium mines globally.
2) The mine is undergoing a major expansion to increase production and lower costs through sinking a new shaft to allow for higher underground mining rates of up to 5,500 tonnes per day.
3) The expansion is on track and expected to significantly grow palladium production to 150,000-160,000 ounces in 2012 and beyond as underground mining rates ramp up over the next few years.
NAP is an intermediate palladium producer with its primary asset being the Lac des Iles mine in Ontario, Canada. The presentation discusses NAP's investment case which includes commodity fundamentals that are positive for palladium with constrained supply and growing demand from the automotive sector. NAP is undertaking an expansion at LDI to transition it into a long-life, low cost mine with steady production growth to over 250,000 ounces per year. The expansion is on track and low risk due to NAP's experienced team and existing infrastructure.
This presentation provides an investment case for North American Palladium. It notes that NAP is transitioning into a long-life, low-cost palladium producer with steady production growth. It highlights NAP's leverage to rising palladium prices and attractive jurisdiction compared to South African peers. The presentation also outlines NAP's development and exploration upside, experienced management team, and strong balance sheet to fund growth.
The document presents an investment case for investing in palladium mining company North American Palladium. It notes that palladium prices are forecast to rise significantly due to strong demand fundamentals and constrained mine supply. Demand is expected to continue growing from the automotive sector, while mine production is concentrated in risky jurisdictions like Russia and South Africa and unable to keep up with demand. North American Palladium offers palladium production growth through mine expansion and has an experienced management team and prudent financial position to support further development.
The document presents an investment case for North American Palladium. It discusses the fundamentals of the palladium market including constrained mine supply and strong demand growth from the automotive sector. It highlights NAP's Lac des Iles mine as a world class asset, currently undergoing expansion. The presentation provides an overview of NAP's financial position and market valuation.
The document presents an investment case for North American Palladium. It discusses the fundamentals of the palladium market including constrained mine supply and strong demand growth from the automotive sector. It highlights NAP's Lac des Iles mine as a world class asset, currently undergoing expansion. The presentation provides an overview of NAP's financial position and market valuation.
This presentation provides an overview of North American Palladium and its Lac des Iles palladium mine. It highlights NAP's strong balance sheet, experienced management team, and the compelling investment case for palladium given constrained mine supply and growing demand. The presentation also details the expansion underway at LDI mine, including sinking a new shaft to increase production capacity and lower costs. Once mining rates reach 5,500 tpd in 2015, annual production is projected to exceed 250,000 ounces of palladium with cash costs of around $200 per ounce.
The presentation provides an overview of North American Palladium's Lac des Iles mine and expansion plans. Key points include:
1) The mine is undergoing a major expansion to increase production and reduce costs by transitioning from ramp access to shaft access and increasing underground mining rates.
2) A new shaft is being sunk to 795 meters and will allow for high-volume bulk mining of 7,000 tonnes per day.
3) The expansion targets underground mining rates of 3,500 tonnes per day by Q1 2013 and 5,500 tonnes per day by Q1 2015 to significantly grow palladium production.
This presentation provides an overview of North American Palladium's Lac des Iles mine and expansion plans. Key points include:
1) The Lac des Iles mine is a world-class palladium asset located in Ontario, Canada and is one of only two primary palladium mines globally.
2) The mine is undergoing a major expansion to increase production and lower costs through sinking a new shaft to allow for higher underground mining rates of up to 5,500 tonnes per day.
3) The expansion is on track and expected to significantly grow palladium production to 150,000-160,000 ounces in 2012 and beyond as underground mining rates ramp up over the next few years.
NAP is an intermediate palladium producer with its primary asset being the Lac des Iles mine in Ontario, Canada. The presentation discusses NAP's investment case which includes commodity fundamentals that are positive for palladium with constrained supply and growing demand from the automotive sector. NAP is undertaking an expansion at LDI to transition it into a long-life, low cost mine with steady production growth to over 250,000 ounces per year. The expansion is on track and low risk due to NAP's experienced team and existing infrastructure.
This presentation provides an investment case for North American Palladium. It notes that NAP is transitioning into a long-life, low-cost palladium producer with steady production growth. It highlights NAP's leverage to rising palladium prices and attractive jurisdiction compared to South African peers. The presentation also outlines NAP's development and exploration upside, experienced management team, and strong balance sheet to fund growth.
The document presents an investment case for investing in palladium mining company North American Palladium. It notes that palladium prices are forecast to rise significantly due to strong demand fundamentals and constrained mine supply. Demand is expected to continue growing from the automotive sector, while mine production is concentrated in risky jurisdictions like Russia and South Africa and unable to keep up with demand. North American Palladium offers palladium production growth through mine expansion and has an experienced management team and prudent financial position to support further development.
This presentation provides an overview of North American Palladium's investment case. It discusses NAP's transition into a long-life, low-cost palladium producer through expansion of its Lac des Iles mine in Ontario, Canada. The expansion includes sinking a new shaft to increase underground mining rates and production to over 250,000 ounces of palladium annually by 2015 at cash costs of around $200 per ounce. Near-term catalysts include commissioning the new shaft by the end of 2012 and growing production to 150,000-160,000 ounces in 2012. The presentation also reviews positive fundamentals for palladium including constrained mine supply and increasing demand from auto catalysts.
This document discusses North American Palladium's investment case. It notes that NAP is a growth-oriented precious metals producer with operations in mining-friendly jurisdictions. It has the Lac des Iles palladium mine, one of only two primary palladium mines in the world, and a gold division. NAP has a pipeline of projects to increase palladium and gold production and significant exploration commitments. It also has an experienced management team and a strong balance sheet with no long-term debt.
NAP is an investment opportunity in the palladium market. It owns the Lac des Iles mine, one of only two primary palladium mines globally. The mine is undergoing an expansion to increase production and reduce costs per ounce. Palladium fundamentals are strong due to constrained supply and increasing demand from the automotive sector. NAP offers production growth through the mine expansion and exploration upside on its properties.
The document is an investor presentation for North American Palladium that provides an overview of the company and investment case. It discusses North American Palladium's Lac des Iles mine expansion which aims to increase production and lower costs. It also summarizes the palladium market fundamentals of constrained supply and rising demand driven by automotive sector growth.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect.
3) It disclaims any obligation to update the forward-looking statements except as required by law.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect, including assumptions about metal prices, exchange rates, production levels, costs, and timelines.
3) It disclaims any obligation to update forward-looking statements except as required by law, and warns readers not to put undue reliance on such statements due to their inherent uncertainty.
NAP's Lac des Iles mine in Ontario, Canada is one of only two primary palladium mines in the world. The presentation discusses expanding production at LDI through mine expansion projects which offer production growth and decreasing cash costs. It also notes significant development and exploration upside at LDI and other properties to complement existing mill capacity and infrastructure. Management is experienced and aims to reduce risks through projects at LDI, which has been producing palladium for 20 years.
NAP is an investment opportunity in the palladium market. It owns the Lac des Iles mine, one of only two primary palladium mines globally. The mine is undergoing an expansion to increase production and reduce costs per ounce. Palladium fundamentals are strong due to constrained supply and increasing demand from the automotive sector. NAP offers production growth through the mine expansion and exploration upside on its properties.
- Palladium prices are forecasted to reach historical highs of up to $1,000/oz due to a supply deficit. Demand has historically exceeded mine supply and is expected to continue growing.
- Mine supply is constrained and unable to match rising demand. Over 80% of global mine supply comes from Russia and South Africa, which are high-risk jurisdictions.
- Only 6.3 million ounces of palladium are produced annually worldwide from mines. Major producers in Russia and South Africa have shown constrained production.
North American Palladium operates the Lac des Iles mine in Ontario, Canada, one of only two primary palladium mines in the world. The presentation outlines NAP's investment proposition including existing infrastructure with excess capacity, increasing production and decreasing costs, and significant exploration potential. It provides guidance for 2015 including payable palladium production of 185,000 to 205,000 ounces at a cash cost of $440 to $466 per ounce.
March 2015 investor presentation revised coverFalcoCorporate
The document provides an overview of Falco Resources Ltd. and its exploration projects in the Rouyn-Noranda mining district of Quebec. Key points include:
- Falco has a land package of 74,000 hectares containing 13 former gold and base metal mines that were historically productive but remain underexplored.
- At the flagship Horne Project, a maiden resource estimate outlined 2.8 million ounces of gold equivalent in the inferred category at grades comparable to other Abitibi underground mines. Confirmation drilling is planned to upgrade the resource.
- Management has extensive experience with mine development, exploration, and operations in the Abitibi region.
- Initial focus is on the high-
North American Palladium provides an investor presentation covering their flagship Lac des Iles mine. Key points:
1) Lac des Iles is a world class palladium asset that offers production growth potential through increasing mining rates and decreasing costs.
2) As one of only two primary palladium producers globally, North American Palladium is well positioned to benefit from constrained mine supply and growing demand driven by automotive sector growth.
3) The presentation highlights the mine's expansion plans, exploration upside, and leveraging of existing infrastructure to provide future production growth opportunities at Lac des Iles.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with palladium and gold mining operations in mining-friendly jurisdictions. It notes that palladium supply is constrained, with NAP operating one of only two primary palladium mines globally. It also discusses increasing demand for palladium from the automotive sector and forecasts growing global light vehicle production in the coming years. Finally, it highlights NAP's strong financial position with over $95 million in working capital to fund development programs.
Golden Star Resources is a gold mining company operating mines in Ghana. In Q1 2014, production was 65,812 ounces in line with expectations. Costs are decreasing with lower mining contractor expenses. The company is focused on growing production from lower cost, non-refractory ore sources. This includes pursuing underground mining at the Wassa mine, which could increase production and grades while lowering costs per ounce. Drilling continues to show resource growth potential at Wassa.
PetroMagdalena Energy Corp. presented its investor presentation for January 2012. The presentation focused on staying the course with their strategy by increasing production and reserves through exploration success at Cubiro in 2011 and increased development activity in 2012 in the Llanos Basin. Their goals are to improve operating cash flow by enhancing netbacks, reducing costs, and increasing efficiency across their diversified portfolio. They achieved an 86% increase in reserves at Cubiro in 2011 and expect production to increase from 2,800 boed in 2011 to a range of 4,300-4,700 boed in 2012, which would generate an estimated $82 million in operating cash flow for the year.
Primero Corporate Presentation 2012 Canaccord Genuity Global Resources Confer...primero_mining
Primero Mining Corporation presented at the Canaccord Genuity Global Resource Conference on October 16-18, 2012. The presentation focused on Primero's production and growth profile, with its flagship San Dimas Gold-Silver Mine in Mexico as a solid platform for growth. Highlights included expected 2012 production of 110,000 to 120,000 gold equivalent ounces, increasing reserves and resources at San Dimas, and an estimated production growth profile to over 200,000 gold equivalent ounces by 2015 through optimization and expansion.
This investor presentation provides an overview of North American Palladium Ltd.'s Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to constrained global supply and growing demand from the automotive sector.
- Lac des Iles is a world-class asset with significant exploration potential. Production is increasing while costs are decreasing.
- In 2014, guidance includes producing 170,000-175,000 ounces of palladium at a cash cost of around $550/ounce, declining to $450/ounce by Q4.
- Exploration drilling continues to show promise in expanding the Offset Zone resource at depth and along strike.
This document summarizes Newmarket Gold's key highlights and opportunities for investors. Some of the key points include:
- Newmarket Gold has three producing gold mines in Australia with over 220,000 ounces of annual gold production.
- The flagship Fosterville Gold Mine in Australia had record production and grades in 2015, and an ongoing discovery called Eagle Fault Zone continues to show potential.
- Newmarket Gold has a strong financial position with $36.5 million in cash and low debt. Production is expected to be 205,000 to 220,000 ounces in 2016.
- The company represents an attractive investment opportunity given its experienced management team, solid production, ongoing discoveries, and significant valuation upside compared to peers
This document discusses North American Palladium as an investment opportunity. It highlights that NAP is a growth-oriented precious metals producer with operations in mining-friendly jurisdictions. It operates the Lac des Iles palladium mine, one of only two primary palladium mines in the world. It also has a gold division. The document notes NAP has a robust pipeline of projects, experienced management, and a strong balance sheet without long-term debt, positioning it for growth. It provides context on the palladium and gold markets, noting constrained palladium supply and increasing demand driven by automotive and electronics use that is expected to outpace mine production.
This document discusses Penn Virginia's (PVA's) presentation at the BMO Capital Markets 10th Annual Unconventional Resource Conference on January 8, 2012. It begins with forward-looking statements and definitions of proved, probable and possible oil and gas reserves. It then provides a high-level overview of PVA, including its transition to focus on oil and liquids-rich plays like the Eagle Ford Shale. The document summarizes PVA's key assets and highlights its multi-year drilling inventory in the Eagle Ford Shale play.
Es un trabajo basado en la calidad de la salud en Colombia en donde nos damos cuenta en el estado tan decaído que esta la salud en nuestro país. Como por no tener una carnet que nos identifique o por tener poco recursos económicos no somos atendidos en condiciones humanas o a veces si nos atienden y se mueren personas esperando ser atendidos. En Colombia como es posible que por economizar nos manden siempre los mismos medicamentos y no los que en realidad necesitamos. De verdad es una situación muy lamentable.
El documento define los conceptos básicos de una página web, sitio web, hipervínculo, editor, servidor, URL y banner. Una página web es un documento creado en HTML que forma parte de un sitio web, el cual incluye páginas, archivos y multimedia almacenados en un servidor. Un hipervínculo conecta una página a otro destino como otra página o sección. Un editor crea páginas web sin necesidad de conocer HTML. Un servidor alberga páginas web para hacerlas accesibles. Un
This presentation provides an overview of North American Palladium's investment case. It discusses NAP's transition into a long-life, low-cost palladium producer through expansion of its Lac des Iles mine in Ontario, Canada. The expansion includes sinking a new shaft to increase underground mining rates and production to over 250,000 ounces of palladium annually by 2015 at cash costs of around $200 per ounce. Near-term catalysts include commissioning the new shaft by the end of 2012 and growing production to 150,000-160,000 ounces in 2012. The presentation also reviews positive fundamentals for palladium including constrained mine supply and increasing demand from auto catalysts.
This document discusses North American Palladium's investment case. It notes that NAP is a growth-oriented precious metals producer with operations in mining-friendly jurisdictions. It has the Lac des Iles palladium mine, one of only two primary palladium mines in the world, and a gold division. NAP has a pipeline of projects to increase palladium and gold production and significant exploration commitments. It also has an experienced management team and a strong balance sheet with no long-term debt.
NAP is an investment opportunity in the palladium market. It owns the Lac des Iles mine, one of only two primary palladium mines globally. The mine is undergoing an expansion to increase production and reduce costs per ounce. Palladium fundamentals are strong due to constrained supply and increasing demand from the automotive sector. NAP offers production growth through the mine expansion and exploration upside on its properties.
The document is an investor presentation for North American Palladium that provides an overview of the company and investment case. It discusses North American Palladium's Lac des Iles mine expansion which aims to increase production and lower costs. It also summarizes the palladium market fundamentals of constrained supply and rising demand driven by automotive sector growth.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect.
3) It disclaims any obligation to update the forward-looking statements except as required by law.
This document discusses forward-looking statements and contains three key points:
1) It cautions readers that certain information in the presentation constitutes "forward-looking statements" which are inherently uncertain and subject to significant risks and uncertainties.
2) It notes that the forward-looking statements are based on a number of assumptions that may prove to be incorrect, including assumptions about metal prices, exchange rates, production levels, costs, and timelines.
3) It disclaims any obligation to update forward-looking statements except as required by law, and warns readers not to put undue reliance on such statements due to their inherent uncertainty.
NAP's Lac des Iles mine in Ontario, Canada is one of only two primary palladium mines in the world. The presentation discusses expanding production at LDI through mine expansion projects which offer production growth and decreasing cash costs. It also notes significant development and exploration upside at LDI and other properties to complement existing mill capacity and infrastructure. Management is experienced and aims to reduce risks through projects at LDI, which has been producing palladium for 20 years.
NAP is an investment opportunity in the palladium market. It owns the Lac des Iles mine, one of only two primary palladium mines globally. The mine is undergoing an expansion to increase production and reduce costs per ounce. Palladium fundamentals are strong due to constrained supply and increasing demand from the automotive sector. NAP offers production growth through the mine expansion and exploration upside on its properties.
- Palladium prices are forecasted to reach historical highs of up to $1,000/oz due to a supply deficit. Demand has historically exceeded mine supply and is expected to continue growing.
- Mine supply is constrained and unable to match rising demand. Over 80% of global mine supply comes from Russia and South Africa, which are high-risk jurisdictions.
- Only 6.3 million ounces of palladium are produced annually worldwide from mines. Major producers in Russia and South Africa have shown constrained production.
North American Palladium operates the Lac des Iles mine in Ontario, Canada, one of only two primary palladium mines in the world. The presentation outlines NAP's investment proposition including existing infrastructure with excess capacity, increasing production and decreasing costs, and significant exploration potential. It provides guidance for 2015 including payable palladium production of 185,000 to 205,000 ounces at a cash cost of $440 to $466 per ounce.
March 2015 investor presentation revised coverFalcoCorporate
The document provides an overview of Falco Resources Ltd. and its exploration projects in the Rouyn-Noranda mining district of Quebec. Key points include:
- Falco has a land package of 74,000 hectares containing 13 former gold and base metal mines that were historically productive but remain underexplored.
- At the flagship Horne Project, a maiden resource estimate outlined 2.8 million ounces of gold equivalent in the inferred category at grades comparable to other Abitibi underground mines. Confirmation drilling is planned to upgrade the resource.
- Management has extensive experience with mine development, exploration, and operations in the Abitibi region.
- Initial focus is on the high-
North American Palladium provides an investor presentation covering their flagship Lac des Iles mine. Key points:
1) Lac des Iles is a world class palladium asset that offers production growth potential through increasing mining rates and decreasing costs.
2) As one of only two primary palladium producers globally, North American Palladium is well positioned to benefit from constrained mine supply and growing demand driven by automotive sector growth.
3) The presentation highlights the mine's expansion plans, exploration upside, and leveraging of existing infrastructure to provide future production growth opportunities at Lac des Iles.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with palladium and gold mining operations in mining-friendly jurisdictions. It notes that palladium supply is constrained, with NAP operating one of only two primary palladium mines globally. It also discusses increasing demand for palladium from the automotive sector and forecasts growing global light vehicle production in the coming years. Finally, it highlights NAP's strong financial position with over $95 million in working capital to fund development programs.
Golden Star Resources is a gold mining company operating mines in Ghana. In Q1 2014, production was 65,812 ounces in line with expectations. Costs are decreasing with lower mining contractor expenses. The company is focused on growing production from lower cost, non-refractory ore sources. This includes pursuing underground mining at the Wassa mine, which could increase production and grades while lowering costs per ounce. Drilling continues to show resource growth potential at Wassa.
PetroMagdalena Energy Corp. presented its investor presentation for January 2012. The presentation focused on staying the course with their strategy by increasing production and reserves through exploration success at Cubiro in 2011 and increased development activity in 2012 in the Llanos Basin. Their goals are to improve operating cash flow by enhancing netbacks, reducing costs, and increasing efficiency across their diversified portfolio. They achieved an 86% increase in reserves at Cubiro in 2011 and expect production to increase from 2,800 boed in 2011 to a range of 4,300-4,700 boed in 2012, which would generate an estimated $82 million in operating cash flow for the year.
Primero Corporate Presentation 2012 Canaccord Genuity Global Resources Confer...primero_mining
Primero Mining Corporation presented at the Canaccord Genuity Global Resource Conference on October 16-18, 2012. The presentation focused on Primero's production and growth profile, with its flagship San Dimas Gold-Silver Mine in Mexico as a solid platform for growth. Highlights included expected 2012 production of 110,000 to 120,000 gold equivalent ounces, increasing reserves and resources at San Dimas, and an estimated production growth profile to over 200,000 gold equivalent ounces by 2015 through optimization and expansion.
This investor presentation provides an overview of North American Palladium Ltd.'s Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to constrained global supply and growing demand from the automotive sector.
- Lac des Iles is a world-class asset with significant exploration potential. Production is increasing while costs are decreasing.
- In 2014, guidance includes producing 170,000-175,000 ounces of palladium at a cash cost of around $550/ounce, declining to $450/ounce by Q4.
- Exploration drilling continues to show promise in expanding the Offset Zone resource at depth and along strike.
This document summarizes Newmarket Gold's key highlights and opportunities for investors. Some of the key points include:
- Newmarket Gold has three producing gold mines in Australia with over 220,000 ounces of annual gold production.
- The flagship Fosterville Gold Mine in Australia had record production and grades in 2015, and an ongoing discovery called Eagle Fault Zone continues to show potential.
- Newmarket Gold has a strong financial position with $36.5 million in cash and low debt. Production is expected to be 205,000 to 220,000 ounces in 2016.
- The company represents an attractive investment opportunity given its experienced management team, solid production, ongoing discoveries, and significant valuation upside compared to peers
This document discusses North American Palladium as an investment opportunity. It highlights that NAP is a growth-oriented precious metals producer with operations in mining-friendly jurisdictions. It operates the Lac des Iles palladium mine, one of only two primary palladium mines in the world. It also has a gold division. The document notes NAP has a robust pipeline of projects, experienced management, and a strong balance sheet without long-term debt, positioning it for growth. It provides context on the palladium and gold markets, noting constrained palladium supply and increasing demand driven by automotive and electronics use that is expected to outpace mine production.
This document discusses Penn Virginia's (PVA's) presentation at the BMO Capital Markets 10th Annual Unconventional Resource Conference on January 8, 2012. It begins with forward-looking statements and definitions of proved, probable and possible oil and gas reserves. It then provides a high-level overview of PVA, including its transition to focus on oil and liquids-rich plays like the Eagle Ford Shale. The document summarizes PVA's key assets and highlights its multi-year drilling inventory in the Eagle Ford Shale play.
Es un trabajo basado en la calidad de la salud en Colombia en donde nos damos cuenta en el estado tan decaído que esta la salud en nuestro país. Como por no tener una carnet que nos identifique o por tener poco recursos económicos no somos atendidos en condiciones humanas o a veces si nos atienden y se mueren personas esperando ser atendidos. En Colombia como es posible que por economizar nos manden siempre los mismos medicamentos y no los que en realidad necesitamos. De verdad es una situación muy lamentable.
El documento define los conceptos básicos de una página web, sitio web, hipervínculo, editor, servidor, URL y banner. Una página web es un documento creado en HTML que forma parte de un sitio web, el cual incluye páginas, archivos y multimedia almacenados en un servidor. Un hipervínculo conecta una página a otro destino como otra página o sección. Un editor crea páginas web sin necesidad de conocer HTML. Un servidor alberga páginas web para hacerlas accesibles. Un
The document discusses principles of inquiry-based learning (IBL). It emphasizes that teachers should facilitate the discovery process by asking questions rather than simply providing answers. When students work collaboratively, the teacher's role is to ensure all students' ideas are shared so the team can benefit. Conflicting ideas and hypotheses should be allowed to arise and be discussed within the team. The goal is for each student to find joy in learning according to their interests.
Este documento describe el proceso educativo en la etapa de educación infantil. Explora los tipos de familia, las características de los niños según el estilo parental, los indicadores que influyen en el desarrollo infantil como el clima familiar y los factores socioeconómicos, y cómo la familia puede potenciar o limitar el aprendizaje y desarrollo de los niños.
Este documento resume la historia de 72 años de trabajo de la Oficina del Historiador de la Ciudad de La Habana. Se divide en cuatro etapas principales: la primera de 1938 a 1964 bajo Emilio Roig de Leuchsenring; la segunda de 1964 a 1980 tras su muerte; la tercera de 1981 a 1993 con mayor financiamiento estatal; y la cuarta a partir de 1993 con un enfoque de autofinanciamiento. La Oficina ha llevado a cabo la restauración de monumentos y el Centro Histórico de La Habana, declarado Patri
El 2 de febrero de 2013, un incendio forestal comenzó en un cerro cerca de Cali cuando una hoja seca se prendió fuego debido al intenso calor. El fuego se propagó rápidamente de árbol en árbol hasta convertirse en un gran incendio. A pesar de los esfuerzos de los bomberos y un helicóptero militar, el incendio amenazaba con quemar varias casas. De repente, empezó a llover fuertemente, apagando el fuego y salvando a una recién nacida y muchas
This document discusses forward-looking statements and contains projections for a mining company's future performance. It notes that metal prices, exchange rates, costs, and other factors could differ from management's expectations and impact results. The document also provides an investment case for the company, highlighting its transition to being a long-life, low-cost palladium producer with growth potential. Tables show the company's market statistics and cash position. Additional sections analyze the palladium market, noting constrained supply and increasing fabrication demand driven by automotive production growth.
The document is an investor presentation for a mining company that discusses the investment case for palladium. It notes that global palladium supply is constrained, with over 80% coming from Russia and South Africa, which face operating challenges. Demand is growing, led by the automotive sector where palladium is used in catalytic converters. Stricter emissions regulations are driving increased palladium loadings in converters. The company is well positioned to benefit from these supply and demand fundamentals as a primary palladium producer.
The document is an investor presentation for North American Palladium. It discusses NAP's investment case including its clear growth strategy to increase palladium production and lower costs through expanding its LDI mine. As one of only two primary palladium producers, NAP is uniquely positioned to benefit from constrained mine supply and rising demand driven by global vehicle production growth. NAP operates in a low-risk jurisdiction with exploration upside and excess milling capacity to accelerate production from new discoveries.
The document discusses North American Palladium's investment case and provides an overview of the company. It summarizes that NAP operates the Lac des Iles mine, one of only two primary palladium mines in the world. NAP is undergoing an expansion to increase palladium production to over 250,000 ounces annually at reduced cash costs below $300 per ounce. The Lac des Iles mine has additional exploration upside and excess milling capacity to support future production growth.
- North American Palladium is a growth-oriented precious metals producer focused on palladium and gold.
- It operates the Lac des Iles palladium mine in Canada, one of only two primary palladium mines globally. Lac des Iles is transitioning to a long-life, low-cost mine.
- The company also operates the Sleeping Giant gold mine in Canada and has exploration projects that could expand palladium and gold production.
This document discusses North American Palladium as a diversified precious metals producer with its core asset being the Lac des Iles palladium mine in Canada. It notes that palladium supply is constrained by major producers in Russia and South Africa and that demand is growing, driven primarily by the automobile sector. The presentation outlines NAP's investment case as a growth-oriented palladium producer with a pipeline of projects and exploration upside, an experienced management team, and a strong balance sheet.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with its main operations being the Lac des Iles palladium mine in Canada, which is one of only two primary palladium mines in the world. It also has a gold division. The document notes NAP has a robust pipeline of projects, experienced management, and a strong balance sheet with no long-term debt to fund growth. It then discusses the investment case for palladium, noting constrained mine supply and increasing demand driven by automotive and electronics use.
This document discusses North American Palladium as an investment opportunity. It presents NAP as a growth-oriented precious metals producer with palladium and gold mining operations in mining-friendly jurisdictions. It notes that palladium supply is constrained, with global mine production of only 6.8 million ounces annually, while demand is increasing due to growth in the automotive sector. The document also highlights NAP's strong financial position with $95.7 million in working capital and $110 million in pro forma cash to fund development programs.
This corporate presentation summarizes SilverCrest Mines Inc., a growing Mexican silver and gold producer. Key points include:
- SilverCrest owns the Santa Elena Mine in Sonora, Mexico which has produced over 2.37 million ounces of silver equivalents in 2012.
- The company has an experienced management team with decades of mining experience.
- As of January 2013, SilverCrest has proven and probable reserves of over 21.7 million ounces of silver equivalents and indicated and inferred resources totaling over 125.9 million ounces.
- The company also owns the new La Joya silver-copper-gold discovery which is growing.
- North American Palladium is a growth-oriented precious metals producer focused on palladium and gold.
- It operates the Lac des Iles palladium mine in Ontario, one of only two primary palladium mines worldwide. Lac des Iles is transitioning to a long-life, low-cost mine.
- It also operates the Sleeping Giant gold mine in Quebec, which provides a foundation for growth and has potential to serve nearby projects.
- North American Palladium is a growth-oriented precious metals producer focused on palladium and gold.
- It operates the Lac des Iles palladium mine in Ontario, one of only two primary palladium mines globally. Lac des Iles is transitioning to a long-life, low-cost mine.
- The company also operates the Sleeping Giant gold mine in Quebec, which provides a foundation for growth, and has a pipeline of projects to increase production.
Teranga Gold Corporation is a gold mining and exploration company focused on growing reserves, production, and financial strength at its Sabodala gold operations in Senegal, West Africa. The company plans to increase annual gold production to 250,000-350,000 ounces in Phase 1 and 400,000-500,000 ounces in Phase 2 through regional exploration success and reserves growth. Teranga outlined a $40 million exploration program for 2012 focused on expanding reserves within the mine license and advancing regional targets like Gora and Toumboumba. The company aims to establish a 15-year mine life at Sabodala and become a preeminent gold producer in West Africa.
Teranga Gold Corporation is a gold mining and exploration company focused on growing reserves, production, and financial strength at its Sabodala gold operations in Senegal, West Africa. The company plans to increase annual gold production to 250,000-350,000 ounces in Phase 1 and 400,000-500,000 ounces in Phase 2 through regional exploration success and reserves growth. Teranga outlined a $40 million exploration program for 2012 focused on expanding reserves within the mine license and advancing regional targets like Gora and Toumboumba. The company aims to establish a 15-year mine life at Sabodala and become a preeminent gold producer in West Africa.
Producing and Exploring: November 2012Teranga Gold
Teranga Gold Corporation is a gold producer focused on growing reserves, production, and financial strength in Senegal, West Africa. In 2012, the company forecasts producing 210,000 to 225,000 ounces of gold at cash costs of $600 to $650 per ounce. Teranga plans to increase annual production to 250,000-350,000 ounces through exploration and 400,000-500,000 ounces with another mill expansion. The company is investing $40 million in exploration in 2012, including $25 million on its mine license and $15 million regionally, to expand reserves and resources.
SilverCrest Mines February Corporate PresentationSilvercrestmines
This corporate presentation provides an overview of SilverCrest Mines Inc., a growing Mexican silver and gold producer. Key points include:
- SilverCrest operates the Santa Elena Mine in Sonora, Mexico and has additional exploration properties including Cruz de Mayo and La Joya.
- For the nine months ended 2012, the company reported $52 million in revenue, $29 million in cash flow, and $18 million in earnings. Estimated cash on hand as of January 2013 was $50 million.
- The resource base as of January 2012 included over 21 million ounces of silver equivalents in proven and probable reserves and over 222 million ounces in inferred resources.
- Management and insiders own over
This document discusses North American Palladium's Lac des Iles palladium mine. It provides the following key points:
1) Lac des Iles is one of only two primary palladium mines in the world and is transitioning to a long-life, low-cost operation through a mine expansion project involving sinking a shaft.
2) Production is expected to increase to 145,000-155,000 ounces of palladium in 2011 and exceed 250,000 ounces annually once mining reaches 5,500 tonnes per day from the shaft in 2015.
3) Cash costs are forecast to decline significantly once shaft mining is established, improving the already strong investment case for North American Palladium as a growth-oriented
- North American Palladium is transitioning its Lac des Iles palladium mine in Ontario, Canada into a long-life, low-cost operation through a mine expansion plan.
- The plan involves developing the Offset Zone through a new shaft to increase production rates from 3,500 tonnes per day in 2012 to 5,500 tonnes per day by 2014.
- This is expected to significantly lower operating costs and increase palladium production, with over 1.6 million ounces of palladium forecast to be produced over the life of mine at an average cash cost of US$132 per ounce.
The document provides an overview of Aurico Gold's commitment to shareholder value creation. It summarizes Aurico's high quality, low cost asset base which includes the Young-Davidson and El Chanate mines. It also discusses Aurico's organic production growth profile, strong balance sheet, and shareholder friendly initiatives such as its dividend policy. The document contains forward-looking statements and notes that actual results may differ materially from projections. It also cautions US investors regarding the use of measured, indicated and inferred resource terminology.
Corporate presentation from March 2013 for a mining company. The presentation [1] provides an overview of the company's operations, including its Santa Elena mine in Mexico, [2] outlines expansion plans to increase production through underground mining and processing ore on-site, and [3] highlights strong financial results in 2012 with $52 million in revenue and $29 million in cash flow.
SilverCrest Mines Inc. is a growing Mexican silver and gold producer with its Santa Elena mine currently in production. The company also has additional exploration properties including Cruz de Mayo and its major discovery La Joya. In 2012, SilverCrest produced over 2 million ounces of silver equivalents at low cash costs and generated $52 million in revenue and $29 million in cash flow. The company has over $50 million in cash and a growing mineral resource base across its properties.
Similar to Nap investor presentation march 2013 (20)
The document provides an overview of North American Palladium's Lac des Iles palladium mine in Ontario, Canada. It discusses the constrained global palladium supply outlook and growing demand drivers. NAP's Lac des Iles mine is a world-class asset with significant exploration potential and excess processing capacity. The mine is forecast to increase production to over 200,000 ounces of palladium per year while lowering costs, leveraging existing infrastructure. Drilling programs aim to expand reserves and resources in high priority areas of the mine.
This investor presentation provides an overview of North American Palladium Ltd. (NAP) and its Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to growing demand from automotive sector and constrained supply from Russia and South Africa.
- NAP's LDI mine is a world-class asset with significant exploration upside potential to increase reserves and resources.
- In 2014, NAP aims to increase production to 170,000-175,000 ounces of palladium at a lower cash cost of $450/ounce by the fourth quarter through expanding mining rates and operational improvements.
- NAP has a strong balance
This document provides an overview of North American Palladium's Lac des Iles mine. It summarizes that the mine has increased proven and probable reserves to 1.3 million ounces of palladium through 2019. It also notes 57 million tonnes of measured and indicated resources beyond reserves, and 15.7 million tonnes of inferred resources. The presentation outlines plans to increase mining rates to 5,000 tonnes per day by the end of 2014 in order to lower costs and extend the mine life.
NAP operates the Lac des Iles mine in Ontario, Canada, one of only two primary palladium mines in the world. The presentation provides an overview of NAP's operations including:
1) Guidance for 2014 of producing 170-175k ounces of palladium at a cash cost of $550/ounce, declining to $450/ounce in Q4.
2) An updated life of mine plan extending the mine life to 2019 with proven and probable reserves of 1.3 million ounces of palladium.
3) Exploration and development upside from existing infrastructure with a $10 million exploration budget to expand resources at depth and along strike.
4) Q1 2014 results that exceeded guidance with
NAP's flagship LDI mine offers production growth potential through increasing mining rates and decreasing cash costs. The mine has excess mill and shaft capacity, and exploration upside remains. Palladium prices are expected to remain strong due to constrained mine supply and growing demand from automotive sector emissions regulations. NAP is well positioned to benefit from rising palladium prices as a primary producer.
NAP is a primary palladium producer with its LDI mine in Ontario, Canada. It has a clear strategy to increase production at LDI to 170,000-175,000 ounces in 2014 while lowering costs to $450/ounce. LDI provides leverage to rising palladium prices driven by constrained mine supply and growing demand for palladium from the automotive sector. NAP has additional upside from exploration and development at LDI to leverage its existing infrastructure. The presentation provides an overview of NAP's assets and investment opportunity.
NAP's Lac des Iles mine is a world-class palladium asset that is nearing completion of an expansion to increase production. The expansion targets reaching approximately 4,000 tonnes per day by 2014 through utilization of a new shaft and bulk mining methods. This is expected to lower costs and increase profitability. Additionally, there is significant exploration and development upside to leverage existing infrastructure including at depth, laterally, and through evaluation of a new mining method. The document outlines NAP's investment proposition including production growth, leverage to rising palladium prices, attractive jurisdiction, and development/exploration upside at Lac des Iles.
The document is an investor presentation that provides an overview of North American Palladium (NAP). It discusses NAP's growth strategy of expanding production at its Lac des Iles mine while lowering costs. It highlights NAP's leverage to rising palladium prices given constrained mine supply and increasing demand from the automotive industry. The presentation also provides market statistics on palladium and an investment case for NAP based on its world-class palladium asset at Lac des Iles.
- The presentation provides an investment case for Napier Ventures Inc. (NAP), a palladium mining company, highlighting NAP's commodity growth potential, strong balance sheet, and experienced management team.
- NAP's Lac des Iles mine expansion offers production and cost profile improvements while significant development and exploration upside is complemented by excess mill capacity and infrastructure.
- At a market capitalization of US$242 million and share price of US$1.39, the presentation argues NAP presents a compelling entry point for investment in the palladium mining sector.
- The document is an investor presentation for Napier Ventures Inc. discussing the investment case for palladium.
- Palladium prices are forecasted to return to historical highs around $1,000/oz due to constrained mine supply and growing demand from the automotive sector.
- Major palladium producers Russia and South Africa face challenges increasing supply. Demand is expected to grow with increasing vehicle production, particularly in emerging markets.
- Tightening emissions standards are increasing palladium loading in catalytic converters, supporting continued strong demand growth.
- Napier Ventures is an investor presentation for a mining company that produces palladium.
- The company's Lac des Iles mine in Ontario, Canada is a world class palladium asset that has been in production for 20 years and is undergoing an expansion.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce as it works towards its 2012 guidance of 150,000 to 160,000 ounces.
This investor presentation provides an overview of North American Palladium as an investment opportunity in the palladium market. It highlights North American Palladium's production growth outlook through expansion of its Lac des Iles mine, a strong balance sheet to fund development programs, and an experienced management team. The presentation also notes positive supply and demand fundamentals for palladium and identifies Canada as an attractive jurisdiction for platinum group metal investments compared to South Africa.
- The presentation provides an overview of North American Palladium's Lac des Iles mine, a primary palladium producer located in Ontario, Canada.
- In the first half of 2012, the mine produced over 81,000 ounces of palladium at a cash cost of $404 per ounce, in line with guidance for the year of 150,000 to 160,000 ounces at a cash cost of $375 to $400 per ounce.
- The mine is undergoing an expansion to increase production and reduce costs through higher mining rates and mill throughput while maintaining grade and recovery.
1. Investor
PRESENTATION
• PRESENTATION
March 2013
2. 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 press release, 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 and Vezza mines 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 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.
1
3. Investment Case
FOR NAP
COMMODITY GROWTH BALANCE SHEET MANAGEMENT
•Palladium is a top •LDI mine expansion •Prudent financial •Experienced senior
pick amongst offers production management management &
metal price growth with a supports balance operating team
forecasters decreasing cash sheet to support reduces risk
cost profile & development
•Positive supply & expanding margins programs •LDI has been
demand producing
fundamentals •Significant •$32.5 M in working palladium for 20
driven by development & capital as at Dec. years
constrained mine exploration upside 31, 2012, including
supply & rising complimented by $20.2 M in cash •Over 500
global vehicle excess mill employees and
production capacity, existing contractors driving
infrastructure & growth
•Canada is an permits
attractive PGM
investment
jurisdiction
compared to South
African peers
2
4. Market Statistics
COMPELLING ENTRY POINT
SECURITY SYMBOLS NYSE MKT: PAL $2.50
TSX: PDL
TSX: PDL.DB $2.00
MARKET CAPITALIZATION US$240 M $1.50
SHARE PRICE US$1.36
$1.00
SHARES OUTSTANDING 177 M
$0.50
52-WEEK HIGH/LOW US$3.06/$1.15
$0.00
3-MONTH AVERAGE NYSE MKT: 2.5 M
TRADING VOLUME TSX: 0.3 M
CIBC, Haywood, RBC,
Leon Esterhuizen Ben Asuncion Sam Crittenden
TOP INSTITUTIONAL SHAREHOLDERS
Cormark, Macquarie, Scotia,
Edward Otto Daniel Greenspan Leily Omoumi
1. Franklin Advisers (3.3%)
Credit Suisse, Merrill Lynch, Stifel Nicolaus, 2. Mackenzie Financial (2.7%)
Nathan Littlewood Michael Parkin George Topping
3. T. Rowe Price Associates (2.6%)
Euro Pacific, Octagon,
4. AllianceBernstein (1.3%)
Heiko Ihle Annie Zhang
5. AGF Investments (1.2%)
GMP, Raymond James,
6. RBC Global Asset Management (1.1%)
Andrew Mikitchook Alex Terentiew
Information as at February 22, 2013, Thomson One. 3
5. Financial
POSITION
• C$32.5 M in working capital as at Dec. 31
• C$20.2 M in cash as at Dec. 31
• C$43 M convertible debenture (6.15% interest,
C$2.90 conversion price)
• C$60 M operating line (US$27.5 M available)
• C$15 M capital leases
• C$72 M term debt (9.25% interest)
4
7. Palladium Market
FUNDAMENTALS
• Palladium prices forecasted to return to historical highs – up to $1,000/oz
– Palladium price forecasts projected to remain strong: most analysts forecast palladium will
reach US$700 – US$900 in 2013
– Supply deficit expected to persist in the future
• Strong demand fundamentals – demand has historically exceeded mine supply
– Majority of demand derived from automobile sector with light vehicle production expected
to increase at a 4% CAGR from 2012 and 2016 (autocatalyst demand for palladium to reach
a record high in 2012)
– Recent significant increase in palladium investment demand reflects positive supply/demand
fundamentals and automotive industry outlook
• Constrained mine supply – unable to match growth in demand
– Majority of mine production comes from challenging jurisdictions (Russia and South Africa –
less attractive regions for committing capital due to ongoing geopolitical risk
– Russian stockpiles, a historical overhang on the market, are now believed to be at or near
depletion
6
8. Palladium Market
MINE SUPPLY
RUSSIA
NORTH
AMERICA 41%
14%
ONLY 6.3 M oz. ANNUAL PRODUCTION WORLDWIDE
~80% OF GLOBAL MINE SUPPLY COMING FROM HIGH-RISK JURISDICTIONS
SOUTH AFRICA
38%
Notes:
1. Source: Johnson Matthey, November 2012 (forecasts for 2012 supply)
2. Other producing countries (~7%) include Zimbabwe, Australia, Botswana, China, Serbia and Montenegro. 7
3. Excludes secondary recycling supply of 2.2 M oz. and ~250,000 oz. From Russian stock sales.
9. Palladium Market
MINE SUPPLY
Constrained Mine Supply From Major Producers
(000’s ounces)
6,000 South Africa Russia
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2008 2009 2010 2011 2012p 2013p 2014p 2015p
Source: CPM Group, June 2012
• 2012 global palladium supply is expected to fall to the lowest level since 2003 (down11% YoY)
• South African production particularly challenged by deeper mines, power/water limitations,
higher operating costs, geopolitical risks, shortages of skilled labour and strengthening of
currencies
• Considering the recent supply disruption in South Africa and a contraction of underlying output
in Russia, the future production forecasts are expected to be significantly challenged
Notes:
1. Russian supply is entirely from Norilsk Nickel, which produces palladium as a by-product from nickel production.
2. South African supply includes the major platinum producers who produce palladium as a by-product from platinum 8
production.
10. Palladium Market
DEMAND
2012 Gross Demand: 9.7 M oz.
• Demand diversified by
Dental
Other
geography & end market
Investment 5%
Chemical 1% Jewellery
4% • Strongest demand growth in
5%
Automotive 5% regions outside of North
67% Electronics America, Europe and Japan –
12% BRIC economies
• 2012 forecasted to be record
year for autocatalyst demand
(driven by China, North America
& Japan)
Pd. Demand: 2011A 2012E
Autocatalyst 6,030,000 6,480,000
Industrial 2,480,000 2,410,000
Jewellery 505,000 450,000
Investment (565,000) 385,000
Gross demand 8,450,000 9,725,000
Source: Johnson Matthey, November 2012
9
11. Palladium Market
DEMAND FROM AUTO SECTOR
Global Light Vehicle Production Forecast
(000’s)
110,000 102M 104M
95M 99M
100,000 91M Other1
90,000 85M
77M 81M
80,000 Europe
70,000
60,000 North
50,000 America
40,000
30,000 BRIC
Economies2
20,000
10,000
0
2011 2012 2013 2014 2015 2016 2017 2018
Source: IHS Automotive, February 2012
1. Other includes: Japan, Korea, Middle East and Africa
2. BRIC Economies include: Greater China, South America and South Asia
• Global vehicle production biggest source of palladium demand
• Light vehicle production is forecasted to increase to over 100 M units by 2017
• Strong growth to +100 M units by 2017 driven by BRIC economies 10
12. Palladium Market
FABRICATION DEMAND
Adoption of Stricter Emission Control Standards
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Europe Euro IV Euro V Euro VI
Beijing Euro III Euro IV Euro V
China
Nationwide Euro II Euro III Euro IV Euro V
Select Cities Euro III Euro IV
India
Nationwide Euro II Euro III
Russia Euro I Euro II Euro III Euro IV Euro V
USA Tier 2 and LEV II
Brazil Prconve 3 Prconve 4 Prconve 5 Prconve 6
Source: CPM Group, June 2012
• Emerging economies have adopted emission control standards that mandate the
use of catalytic converters
• Advancing to a higher level of emission controls results in higher PGM loadings in
the catalytic converter
• Tightening emission control regulations for heavy-duty trucks
11
13. Use of Palladium in
CATALYTIC CONVERTERS
Vast majority of 2020 cars still projected to be gas and diesel
Gasoline Engines Hybrids & Other New Forms
• Use +90% palladium (of total required • Neutral impact on PGM use
PGM content) • Gasoline hybrids tend to use as much
palladium as normal gasoline engines
Diesel Engines • Currently account for only 1% of global
• Historically used platinum due to cars sales1
technical requirements • Forecasted to be 14% of overall market
• Currently use 30% palladium, with scope by 20202
to increase to 50% due to advent of low
sulphur diesel fuel Electric
• No requirement for catalytic converters
• Challenged by lack of infrastructure to
recharge, high costs, long charging
periods and short driving range
• Forecasted to account for only 2% of
global car sales by 20202
1. CPM Group, June 2010
2. Stefan Bratzel, director of the Centre of Automotive Management in Germany; as reported in Mitsui Global Precious
Metals “Pole Position” Report, June 2010 12
14. Palladium Market
INVESTMENT DEMAND
Exchange Traded Funds' Physical Palladium Holdings
M oz. Pd. M oz. Pd.
2.5 2.5
Mitsubishi
SPAL
2.0 SPDM 2.0
WITE
GLTR
1.5 Julius Baer 1.5
PALL
MSL ASX
1.0 Palladium ZKB 1.0
PHPD LSE
0.5 0.5
0.0 0.0
2007 2008 2009 2010 2011 2012
• Large increase in palladium investment demand
• Investment demand driven by supply/demand fundamentals for palladium --
constrained mine supply and growth in global vehicle production
Source: CPM Group, as at May 28, 2012 13
15. Palladium Market
PRICE PERFORMANCE
Historic Price Performance (US$/oz) Average 2013 Price Forecast (US$/oz)
PALLADIUM 2013
$900
BMO $725
$800
Canaccord $775
$700
CIBC $700
$600
Cormark $750
$500
Credit Suisse $700
$400 Deutsche Bank $750
$300 Dundee $700
$200 J.P.Morgan $700
$100 Macquarie $790
$0 Morgan Stanley $708
National Bank $750
Raymond James $775
RBC $750
Historic High: US$1,090 (2001) Scotiabank $725
2012 Average Price: US$640 Societe Generale $800
Recent Price: US$736 (Feb. 22, 2013) TD Securities $600
Average $731
Sources: Thomson One, Bloomberg and available equity research.
14
17. LDI Mine & Mill Complex
A WORLD CLASS ASSET
• Located north of Thunder Bay, Ontario, Canada
• One of only two primary palladium producers in the world
• Deposit is unique in the world: high palladium concentration,
broadly disseminated mineralization vs. narrow vein
• Established palladium producer since 1993
• Currently undergoing a major expansion to increase production
and reduce cash costs per ounce
• 15,000 tpd mill has excess capacity available for production growth (currently operating at
35% capacity)
• Significant exploration upside identified on the LDI property
• $105 M capital expenditure program in 2013 to establish operation for sustained growth
16
15
18. LDI
OPERATING METRICS
2012 Actual 2013 Guidance
Payable Pd. produced (oz) 163,980 150,000 -160,000
Cash cost per ounce1 (US$) $401 $375 - $425
2.1 M 1.8 M – 2.0 M
~0.9 M (5.19 g/t Pd) from Underground +/- 1.1 M (4.74 g/t Pd) from Underground
Tonnes of ore milled
~1.2 M (2.21 g/t Pd) from Surface +/- 0.8 M (1.80 g/t Pd) from Surface
Average Pd. head grade milled 3.4 g/t 3.4 g/t – 3.6 g/t
Pd. mill recovery 78% 79%
Achieved 2012 production guidance
1. Non-IFRS measure. Please refer to Non-IFRS Measures in the MD&A. LDI’s cash costs per ounce are presented net of by-product
revenue. Assumptions used to forecast cash costs for 2013 include US$675 per ounce palladium, US$1,770 per ounce gold, US$1,675 per
ounce platinum, US$8.00 per pound nickel, US$3.50 per pound copper and an exchange rate of C$1.00 to US$1.00.
17
19. LDI Mine Expansion
PLAN FOR GROWTH
• Approx. $296.5 M spent to date (2010 – 2012)
o $79 M budget in 2013 to complete Phase I (of total
$105 M 2013 capital expenditure program)
• Development in 2013 includes:
o Sinking a shaft to the 825-metre level to transition
underground operations from mining via ramp to
mining via shaft
o Setting up underground infrastructure to mine the
Offset Zone using a high volume bulk mining
method (long-hole stoping with primary &
secondary stoping blocks) - this includes
expanding the ramp, building new mine levels,
and setting up mining stopes
• Through the utilization of the shaft & bulk mining
method, operations are expected to benefit from
increased mining rates & decreased operating costs
• Targeting production via shaft by end of Q3, 2013
The underground design schematic of LDI, showing the
deposit and underground ramp infrastructure, looking east.
Offset Zone remains open to the west, south & at depth.
18
20. LDI Mine Expansion
RECENT UPDATE
Surface construction: Underground development:
Major construction components Shaft sinking is progressing on schedule:
completed & fully operational:
Currently at a an approximate depth
Headframe, main substation, hoist of 825 m below surface (67%
house, service hoist & auxiliary hoist completed of the total 825 m planned
are all fully operational for Phase I)
Production hoist has been installed & is Installation of the 740-m level loading
currently undergoing mechanical & pocket & underground crusher has
electrical testing commenced
Remaining work on surface includes the Ramp & stope development also
installation of the main skip dump & progressing on schedule (mining in Offset
surface ore bins Zone commenced in Q4, 2012)
19
21. LDI Exploration Upside
POTENTIAL GROWTH TARGETS
3D View of Pit, Sheriff & Offset Zone Sheriff Zone:
• Currently being assessed for open pit production potential
• Work commenced for initial resource estimate & to assess
production parameters, project economics, & permitting
requirements
Sheriff Zone South Offset Extension:
• Encouraging hits south of the shaft show potential for lateral growth
South Offset
• Extension drilling indicated potential for expanding the resource to
the south of and above the current limits of the deposit
• Following up infill drilling to the south of the shaft between 825 & 740
m levels)
3D View of Pit, Sheriff & Offset Zone
North VT Rim:
North VT Rim
• Surface drilling demonstrated lateral continuity with high-grade
intersects and broader zones of pit grade mineralization
• Extremely speculative but could potentially develop a higher grade
Sheriff Zone narrow zone that outcrops
Roby Zone Extension:
• North extension drilling encountered high-grade intersections
(among the highest ever reported from LDI)
20
22. LDI Property
EXPLORATION UPSIDE
Near-mine land package 62,000-acre regional land package
South Norite Zone
Mineralization Trend
• LDI represents a rare palladium-rich asset with excellent infrastructure
• LDI complex has only been drilled in a 1km x 1km area & remains largely underexplored
• Multiple targets identified for follow up exploration (surface & underground)
• Regional land package covers the most prospective mafic complexes in the area (all PGM
properties are less than 30 km from LDI mill) 21
23. Plan:
PRODUCE MORE, FOR LESS
Transition to shaft mining
Leverage existing infrastructure
Realize exploration upside
22
24. Compelling
INVESTMENT OPPORTUNITY
LEVERAGE TO RISING PALLADIUM PRICES
CLEAR STRATEGY TO INCREASE
PRODUCTION & LOWER CASH COSTS
ATTRACTIVE PGM INVESTMENT
JURSIDICTION
UPSIDE IN EXPLORATION & DEVELOPMENT
23
25. 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 flagship
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 undergoing a major expansion to increase production and reduce cash
costs per ounce. NAP also operates the Vezza gold mine located in the Abitibi region of Quebec, which is held
for sale. NAP’s experienced management and technical teams have a significant commitment to exploration
and are dedicated to building shareholder value.
Corporate Office: Royal Bank Plaza, South Tower
200 Bay St., Suite 2350
Toronto, ON M5J 2J2
Security Symbols: NYSE MKT– PAL
TSX – PDL, PDL.DB
Website: www.nap.com
Investor Relations: Camilla Bartosiewicz
Director, Investor Relations & Corporate Communications
camilla@nap.com
416-360-7374 24
27. Senior
MANAGEMENT
Andre Douchane – Chairman and Interim CEO
Mr. Douchane is a seasoned mining executive with over 40 years of experience in the mining industry with a solid track record of successfully
bringing development projects into production. He was appointed to the Company’s Board of Directors in April 2003, and served as the
President and CEO until January 2006. He has held senior positions with several precious and base metal international mining companies
including CEO of THEMAC Resources, President and CEO of Starfield Resources Inc., President and COO of Chief Consolidated Mining Co., and
Vice President, Operations of Franco and Euro-Nevada (Newmont Mining Corporation). He holds a Bachelor’s degree in Mining Engineering
from the New Mexico Institute of Mining and Technology and is a graduate of the Executive Business Program at the Kellogg School of Business
in Toronto.
Greg Struble – VP and COO
Mr. Struble is a mine engineer with over 30 years of experience in underground mining. Prior to joining NAP, he served as Executive Vice
President and Chief Operating Officer of Stillwater Mining Company, where he was responsible for two underground palladium mines as well as
smelter and refinery operations. Prior to this, he worked as underground project manager for Barrick Gold’s Cortez Hills Joint Venture. Mr. Struble
has also worked internationally at a number of large gold mines, including General Manager of the El Penon Mine in Chile and the Jerritt
Canyon Mines in Nevada. Previously, he worked for the Homestake Mining Company and held various positions including Mine Superintendent
at their Homestake Mine in South Dakota.
Dave Langille – CFO
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 – Head of 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 presentations and government and academic publications addressing his area of
specialization. 26
28. Cautionary Note to U.S. Investors Concerning
MINERAL RESERVES AND MINERAL RESOURCE
• 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.
27
29. LDI Palladium Mine
RESERVES & RESOURCES
March 31, 2012
LDI MINERAL RESERVES
Cut-off Tonnes Pd Pt Au Ni Cu Pd
CATEGORY (g/t) (000'S) (g/t) (g/t) (g/t) (%) (%) (000's oz)
PROVEN
Offset Zone 2.5 5,632 4.34 0.30 0.30 0.11 8.08 787
Roby Underground 5.8 420 6.38 0.42 0.34 0.08 0.07 86
Open Pit 1.8 722 1.99 0.21 0.22 0.11 0.10 46
PROBABLE
Offset Zone 2.5 2,109 4.17 0.30 0.29 0.10 0.08 283
TOTAL RESERVE - 8,883 4.21 0.30 0.29 0.11 0.08 1,202
LDI MINERAL RESOURCES
Cut-off Tonnes Pd Pt Au Ni Cu Pd
CATEGORY (g/t) (000'S) (g/t) (g/t) (g/t) (%) (%) (000's oz)
MEASURED
Offset Zone 2.5 4,943 4.56 0.33 0.31 0.12 0.10 724
Open Pit 1.8 1,971 2.00 0.24 0.15 0.05 0.07 127
Stockpile 83 1.63 0.17 0.14 0.08 0.06 4
TOTAL MEASURED - 6,997 3.80 0.31 0.27 0.12 0.10 855
INDICATED
Offset Zone 2.5 9,557 4.11 0.31 0.29 0.11 0.09 1,262
Roby Underground 5.8 1,269 7.16 0.41 0.33 0.08 0.06 292
Open Pit 1.8 2,565 2.20 0.24 0.18 0.07 0.08 181
Low Grade Stockpile 0.5 13,188 0.97 0.12 0.08 0.06 0.03 411
TOTAL INDICATED - 26,579 2.51 0.21 0.18 0.08 0.06 2,147
TOTAL MEASURED & INDICATED - 33,575 2.78 0.23 0.20 0.08 0.05 3,002
INFERRED
Offset Zone 2.5 13,669 3.59 0.30 0.23 0.09 0.08 1,576
TOTAL INFERRED 13,669 3.59 0.30 0.23 0.09 0.08 1,576
28
See accompanying Notes on the next page.
30. LDI Reserves & Resources
NOTES
Notes:
1. Prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and the CIM classification system.
2. 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, socio-political, marketing, or other relevant issues. Mineral
resources are exclusive of the mineral reserves.
3. The mineral resource for the Offset Zone was estimated as of June 30, 2012 by Todd McCracken, P.Geo, of Tetra Tech, an independent
QP under NI 43-101. The effective date of the resource is March 31, 2012. The mineral resource calculation uses a minimum 2.5 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). Assay grade capping was determined not to be necessary. The Offset Zone
resource models used the ordinary kriging (OK) grade interpolation method within a 3Dl block model with mineralized zones defined by
wireframed solids. The quality assurance (QA)/quality control (QC) protocols and corresponding sample preparation and shipment
procedures for the Offset Zone have been reviewed by Tetra Tech. The following metal price assumptions were used: US$675/oz
palladium, US$1,675/oz platinum, US$1,750/oz gold, US$8.00/lb nickel, and US$3.50/lb copper. A US$/CDN$ exchange rate of US$1.00 =
CDN$1.00 was also applied.
4. Mineral reserves for the Offset Zone were estimated by Todd McCracken, P. Geo.; William Richard McBride, P.Eng.; Todd Kanhai, P.Eng.;
and Philip Bridson, P.Eng. of Tetra Tech, independent QPs within the meaning of NI 43-101. The mineral reserves were estimated from
drilling completed to March 31, 2012. Reserves were estimated to the 990 Mine Level (4,490 m elevation), a maximum depth of 1,017.5
m. The following metal price assumptions were used for reserves estimation: US$675/oz palladium, US$1,675/oz platinum, US$1,750/oz
gold, US$8.00/lb nickel, and US$3.50/lb copper. A US$/CDN$ exchange rate of US$1.00 = CDN$1.00 was also applied. An average
production rate of 3,500 t/d was used to determine the reserves. The following recoveries were used in the assumptions to determine the
reserves: 80.45% palladium, 71.30% platinum, 83.97% gold, 43.13% nickel, and 88.55% copper.
5. The mineral resource estimate for the Roby Zone open pit and stockpiles were estimated as of June 30, 2010 by Scott Wilson RPA and
updated by David N. Penna, P.Geo., an employee of Lac des Iles Mining Ltd. (LDIM) and a qualified person (QP) under NI 43-101 to
reflect: (i) additions to mineral reserves in the Roby Zone as a result of a lower cut-off palladium grade; (ii) depletion from production up
to March 31, 2012, and (iii) mineral reserves from the crown pillar (supported by an internal engineering report). The following cut-off
grades were used: (i) 1.8 g/t palladium equivalent (PdEq) for the Roby open pit, within an optimized pit shell run below the current pit
survey; (ii) 1.9 g/t PdEq for the mine stockpiles; and (iii) 5.8 g/t PdEq for the underground Roby Zone. These cut-off grades were
determined under the assumption that production would take place at a rate of 14,000 t/d. Metal price assumptions of US$350/oz
palladium, US$1,400/oz platinum, US$850/oz gold, US$6.50/lb nickel, and US$2.00/lb copper were used in the estimation of cut-off grade.
A US$/CDN$ exchange rate of 1.11 was also applied.
29
6. Numbers may not add due to rounding.
31. $0
$200
$400
$600
$800
$1,000
$1,200
Impala Mine (IMP)
Bokoni (ATL)
Everest South (AQP)
Marikana (AQP/AMS)
Smokey Hills (PLA)
Modikwa (ARM/AMS)
Crocodile River (ELR)
Marikana (LMI)
Thembelani Mine (AMS)
Source: CIBC World Markets, based on H1 CY12
Kroondal (AQP/AMS)
Khuseleka Mine (AMS)
Zondereinde (NHM)
Khomanani Mine (AMS)
Pandora (LMI/AMS)
Rustenburg Section (AMS)
LDI is a Low Cost Producer
Unki (AMS)
Union Section (AMS)
Tumela Mine (AMS)
Amandelbult Section (AMS)
• NAP is one of the lowest cash cost producers
Siphumelele Mine (AMS)
Bathopele Mine (AMS)
Dishaba Mine (AMS)
Marula (IMP)
BRPM (RBP)
Mogalakwena (AMS)
Nye Mine (SWC)
PALLADIUM CASH COST CURVE
Mototolo (XTA/AMS)
Boulder (SWC)
Mimosa (IMP/AQP)
Platinum Mile (AQP)
W/L Tailings (AMS)
CTRP (AQP/SLP)
Two Rivers (ARM/IMP)
LDI Mine (PDL)
Cash Costs per PdEq Oz
Sylvania Dumps (SLP)
Average Pd Price Received
Zimplats (IMP)
30
32. Palladium Market
MARKET DYNAMICS
• The palladium market is expected to remain in a position of undersupply over
the 2012 to 2016 period – will allow prices to remain robust
World Palladium Supply and Demand Forecast
2009 2010 2011 2012E 2013E 2014E 2015E
(In koz, unless otherwise noted)
Supply
Mine Production 6,320 6,613 6,966 6,825 6,925 7,125 7,225
Scrap 1,184 1,454 1,620 1,770 1,980 2,130 2,250
Total Palladium Supply 7,504 8,067 8,586 8,595 8,905 9,255 9,475
Change (YoY %) (3.2%) 7.5% 6.4% 0.1% 3.6% 3.9% 2.4%
Total Palladium Consumption 7,591 8,642 8,740 8,920 9,475 9,790 10,000
Change (YoY %) (9.5%) 13.9% 1.1% 2.1% 6.2% 3.3% 2.1%
Implied Market Balance (87) (575) (154) (325) (570) (535) (525)
Stock Releases 1,100 800 800 150 150 -- --
ETF Investment 507 1,038 (514) -- -- -- --
Implied Residual Balance 507 (813) 1,160 (175) (420) (535) (525)
Source: Thomson Reuters GFMS, LPPM, RBS (Commodity Companion - Truly Precious, May 4th 2012) 31
33. Palladium
PRICE FORECASTS
PALLADIUM 2013 2014 2015 2016 LT
BMO $725 $750 $700 $650 $650
Canaccord Genuity $775 $850 $900
CIBC $700 $900 $1,000 $800 $700
Cormark $750 $750
Credit Suisse $700 $800 $850 $900
Deutsche Bank $750 $800 $900 $1,000 $1,000
Dundee $700 $775 $750 $700 $600
J.P.Morgan $700 $881 $1,000
Macquarie $790 $830 $850 $875 $900
Morgan Stanley $708 $780 $850 $1,092 $1,106
National Bank Financial $750 $750 $750 $750 $550
Raymond James $775 $950 $950
RBC $750 $850 $850 $750 $750
Scotiabank $725 $750 $750 $700 $650
Societe Generale $800
TD Securities $600 $550
Average $731 $820 $836 $813 $786
Source: Scotiabank – based on available equity research 32
34. Gold Division
OVERVIEW
• NAP is currently exploring divestiture opportunities of its non-
core portfolio of gold assets
• Portfolio consists of significantly de-risked gold assets in
Quebec with total mineral resource inventory of 1.5 MM oz Au:
• Vezza Mine – High-grade, underground, fully permitted
gold mine with near-term cash generation potential
(ready for commercial production)
• Sleeping Giant Mine & Mill Complex – Fully permitted,
900 tpd regional mill with potential to be expanded to
1,750 tpd
• Dormex, Flordin & Discovery Projects – Advanced and
early stage exploration properties with blue sky potential,
within trucking distance to regional mill
33
35. Gold Division
OVERVIEW
Divestiture strategy driven by:
• Gold assets are non-core to NAP
• Equity investor preference for pure play PGM exposure (gold diversification strategy
perceived to dilute the palladium brand)
• Newly identified exploration & development upside in palladium assets that will give the
Company growth in palladium (therefore not relying on growth through diversification)
• Lack of “mass scale” in gold production growth due to Sleeping Giant mine closure in early
2012
• Significant development milestones reached at Vezza have well positioned the asset for
sale (warrants more attractive valuation now that operations have commenced)
34