1. Investor September 2011
William J. Biggar
PRESENTATION President & CEO

2. Forward Looking
STATEMENTS
Certain information included in this presentation, including any information as to our future production,
exploration, financial or operating performance and other statements that express management's
expectations or estimates of future performance, constitute „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‟ and similar expressions
identify forward-looking statements. Forward-looking statements, including future-oriented financial
information, are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive
uncertainties, risks and contingencies, including the possibility that operations at the Lac des Iles and Sleeping
Giant mines may not proceed as planned, that other properties may not be successfully developed, and that
metal prices, foreign exchange assumptions and operating costs may differ from management‟s
expectations. The Company cautions the reader that such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual financial results, performance or
achievements of North American Palladium to be materially different from the Company‟s estimated future
results, performance or achievements expressed or implied by those forward-looking statements and that the
forward-looking statements are not guarantees of future performance. For more details on these estimates,
risks, assumptions and factors, 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 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
• Growth-oriented precious metals producer in mining-friendly jurisdictions:
• LAC DES ILES, one of only two primary palladium mines in the world,
transitioning into a long-life, low-cost operation
• GOLD DIVISION provides foundation for growth
• Robust pipeline of projects to increase palladium and gold production
• Significant commitment to palladium and gold exploration
• Experienced senior management and operating teams
• Strong balance sheet, $142 M in working capital (including $71.2 M in cash) and no
long-term debt*
* As at June 30, 2011
2

4. Diversified Precious Metals
PRODUCER
LDI:
 One of only two primary
palladium mines in the world
 Producing palladium since 1993
 Transitioning into a long life, low
cost mine
 Significant exploration upside
QUEBEC Sleeping Giant:
ONTARIO
VEZZA  Producing gold for over 20 years
Gold Mine
LAC DES ILES
Palladium Mine SLEEPING GIANT  Growth potential at depth
Gold Mine
 Underutilized mill has potential to
Timmins
Val d‟Or serve NAP‟s nearby projects in
Thunder Abitibi
Bay
Sudbury
Montreal
Vezza:
Toronto
 Currently being advanced to be
“production ready” in Q1, 2012
3

5. Market Statistics:
A VERY LIQUID STOCK
STOCK SYMBOLS (NYSE Amex / TSX) PAL / PDL
MARKET CAPITALIZATION US $641 M
SHARE PRICE US $3.95
SHARES/WARRANTS OUTSTANDING 162.4 M / 8.8 M
3-MONTH AVERAGE TRADING VOLUME (NYSE Amex / TSX) 3,006,211 / 541,705
Information as at Aug. 30, 2011, Thomson One.
Series B warrants (TSX:PDL.WT.B) expire on Oct. 28, 2011, $6.50 exercise price.
ANALYST COVERAGE:
Bank of America Merrill Lynch Haywood Securities Scotia Capital
Michael Parkin Chris Thompson Leily Omoumi
Cormark Securities Macquarie Stifel Nicolaus
Rajiv Chail Daniel Greenspan George Topping
Credit Suisse Octagon Capital
Alex Terentiew Annie Zhang
GMP Securities RBC Capital Markets
Andrew Mikitchook Leon Esterhuizen
4

6. Financial
STRENGTH
• $71 M in cash as at June 30, 2011
• $60 M undrawn operating line (secured by accounts receivable)
• No long-term debt
• Unencumbered fixed assets give flexibility to raise long-term debt
5

7. Investment Case for
PALLADIUM
6

8. Palladium Market:
MINE SUPPLY
RUSSIA
NORTH
AMERICA 40%
9%
ONLY 6.8 M oz. ANNUAL PRODUCTION WORLDWIDE
SOUTH AFRICA
42%
Source: CPM Group, June 2011
Note: Other producing countries (9%) include Zimbabwe, Australia, Botswana, China, Serbia and
Montenegro; Excludes secondary supply of 1.7 M oz. 7

9. Palladium Market:
SUPPLY
Constrained Mine Supply From Major Producers
(000’s ounces)
3,500
Russia South Africa
3,000
2,500
2,000
1,500
1,000
500
0
2006 2007 2008 2009 2010
• Supply unable to match growth in demand
• Russian state stockpiles believed to be at or near depletion
Source: CPM Group, June 2011
8

10. Palladium Market:
DEMAND
2010 Fabrication Demand: 7.5 M oz.
Refining Dental
Automotive 6% 10% Other
58% 3%
Jewellery
7%
Electronics
16%
Source: CPM Group, June 2011
9

11. Palladium Market:
DEMAND
Global Light Vehicle Production – 5 Year Forecast
(000‟s)
97M 100M
100,000 92M
88M Other1
90,000 84M
80,000 72M 75M
Europe
70,000
60,000
North
50,000 America
40,000
30,000 BRIC
20,000 Economies2
10,000
0
2010 2011 2012 2013 2014 2015 2016
(Actual)
Source: IHS Global Insight Automotive, June 2011
1. Other includes: Japan, Korea, Middle East and Africa
2. BRIC Economies include: Greater China, South America and South Asia
• Majority of demand derived from automobile sector for autocatalysts
• Strongest growth in regions outside of North America, Europe and Japan
10

12. Palladium Market:
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
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
Japan Japan 05 Source: CPM Group, June 2011
• 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
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
cars sales1
• Historically used platinum due to
technical requirements • Forecasted to be 14% of overall market
by 20202
• Currently use 25% palladium, with scope
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:
DEMAND
Exchange Traded Funds' Physical Palladium Holdings
2,500
SPAL-LSE Source
SPDM-LSE iShares
WITE-NYSE ETF Securities
GLTR-NYSE ETF Securities
2,000 Julius Baer
PALL - NYSE ETF Securities
Ounces (000s)
MSL (Australia)
Palladium ZKB
1,500 PHPD LSE
1,000
500
0
Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11
• Increasing investment demand driven by perceived positive supply/demand
fundamentals for palladium and automotive industry outlook
Source: CPM Group, as at July 17, 2011 13

15. Palladium Market:
INCREASING PRICE
Recent performance of Palladium (US$/oz) Average Annual Price Forecast (US$/oz)
$900.00
2011 2012
$800.00 BNP Paribas $860 $990
$700.00 CPM Group $849 $908
$600.00 JP Morgan $838 $938
$500.00
Credit Suisse $803 $1,000
$400.00
Barclays $820 $850
$300.00
$200.00 UBS $800 $825
$100.00 RBC Capital Markets $780 $850
$0.00
1/2/2008 1/2/2009 1/2/2010 1/2/2011 Historic High: US $1,090 (2001)
Recent Price: US $760 (Sept. 5, 2011)
Best performing metal of 2010
Sources: Thomson One and available equity research: NP Paribas (Mar. 10, 2011); CPM Group (Mar. 4, 2011); JP
Morgan (May 10, 2011); Credit Suisse (Aug. 10, 2011); Barclays PLC (Mar. 24, 2011); UBS (Dec. 15, 2010); RBC
Capital Markets (Sept. 6, 2011).
14

16. Palladium Operations
LAC DES ILES MINE
15

17. LDI:
A WORLD CLASS MINE
• One of only two primary palladium mines in the world
• Open pit commenced operations in 1993 (now exhausted)
• Underground mining from the Roby Zone (via ramp) began in 2006
• Total production of ~2.5 M oz of palladium (+ Pt, Au, Ni, Cu) since 1993
• Mine expansion underway with production from the Offset Zone (via shaft)
targeted for Q4 2012
• 15,000 tpd underutilized mill
• 200 employees
16
16

18. LDI
DEPOSIT
Scale: 500-metre squared blocks
Open Pit
(Exhausted)
Roby Zone
Mined via
5,000 LEVEL ramp access
Offset Zone
Commercial
production via
shaft targeted for
Q4 2012
4,500 LEVEL
N
Offset Zone remains open at depth and along strike 17

19. LDI:
OPERATING METRICS
Q1 2011 Q2 2011 2011 Forecast
Payable Palladium Production (oz) 30,661 46,971 145,000 - 155,000
Tonnes of Ore Mined 332,523 428,692 1,460,000
Avg. Head Grade Milled 3.85 g/t 4.98 g/t 4.2 g/t
Palladium Mill Recovery 78.8% 83.15% 80%
Cash Costs1 ($US/oz) $519 $335 $450
1. Total cash costs per ounce is a non-IFRS measure. For reconciliation of historical total cash costs per ounce to production
costs, please refer to the Company‟s financial statements. Cash costs per ounce are presented net of byproduct credits
and can be materially affected by changes in byproduct metal prices, as well as the Canadian/US dollar exchange rate. 18

20. LDI:
MINE EXPANSION PLAN
• Transitioning from mining via ramp to via shaft
• High-volume, large scale bulk mining method
• 2011 Capex: $175 M
• Currently sinking a shaft to the 4,815 level (700 m
from surface)
SHAFT
• Shaft is being sized for 7,000 tpd
• Target shaft mining rate:
– 3,500 tpd (Q4 2012)
– 5,500 tpd (Q1 2015)
• Once mining at 5,500 tpd:
– Production is expected to exceed 250,000 oz/yr
– Cash costs are expected to significantly decline
19

21. LDI:
MINE EXPANSION IN PROGRESS
Head Frame Construction
Focus of 2011 Development Work:
• Constructing the head frame, hoist room
and electrical substation
• Installing the service cage and
production hoists (already purchased)
• Completing the shaft raise bore &
ventilation raise bore
• Installing adequate ventilation at surface Hoist House
& underground
• Advancing the ramp towards the 4570
mine level
• Developing the 4790 mine level in
preparation for production
20

22. LDI Mine Expansion
DEVELOPMENT MILESTONES
Activity Status
Surface engineering design work ~90% complete
Surface construction activities ~70% complete
Underground infrastructure design work ~75% complete
Production shaft design work ~75% complete
Production shaft pilot raise bore Completed
Production shaft sinking Recently commenced
21
Ramp development Currently below 4765 level 21

23. LDI Mine Expansion:
LOW EXECUTION RISK
• Over 17 years of mining experience at LDI with a solid track record of underground
development
• Experienced 20-person development team on site overseeing all aspects of the
expansion with the support of industry-leading contractors
• Brownfield expansion vs. greenfield project
• Utilizes existing Roby Zone development platform
• Underutilized mill and tailings facilities in place
• No long lead items
• No capex currency risk (all expenditures are in C$)
22

24. LDI:
NEW UNDERGROUND ZONES
Roby Zone
Offset Zone
Cowboy Zone Offset Zone
Cowboy Extension
Outlaw Zone Zone
Cross Section View
Mineralization
Trend
Other
Cowboy & Outlaw Zones discovered in 2009
Sheriff Zone
Mineralization
Plan View
Trend
Offset Zone
Sheriff Zone discovered in 2010
New zones have potential to increase production 23

25. LDI:
CONTINUING FOCUS ON EXPLORATION
Growing Through the Drill Bit
Significant 2011 Exploration Program*:
• Budget: $8.8M
• 32,000 m of drilling:
– 25,000 m at LDI
– 3,000 m at Legris Lake
– 4,000 m at NAP‟s other nearby properties
* Excludes 46,000 metres of expansion project drilling
24

26. LDI:
EXPLORATION UPSIDE NEAR MINE
+30,000-acre PGM land package
North VT
North Rim
VT Rim Mineralized
Trend
North Pit
LDI PROPERTY
Target
Legris Lake
LDI Mine & Mill
Legris Lake
Sheriff
LDI & Legris Lake cover the most
Zone
South Pit Target
N prospective mafic complexes in the area
• 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 25

27. LDI Exploration Potential
INDEPENDENT REVIEW
• Independent exploration review of LDI property conducted by Revelation
Geoscience, experts in PGE deposits
• Key findings:
– “Globally, there are few available advanced
WE HAVE ONLY
PGE exploration investment opportunities as SCRATCHED THE SURFACE
attractive as LDI (technical quality risk, PGE
focus).”
– “Exploration opportunities at LDI are highly
ranked in comparison to most advanced PGE
properties on a global basis. Low overall risk
given existing infrastructure and permitting.
Clear path to expanding production.”
– “Several areas on the Mine Block Intrusion
have immediate potential for expanding the
resource base. Offset Zone south extension,
Cowboy, Outlaw & Sheriff zones. Good
historical link between exploration spend and
resource quality and size. Encouraged to
continue with aggressive exploration.”
26

28. Gold
OPERATIONS
27

29. Regional Portfolio
80-KM LAND PACKAGE
Vezza Discovery
Cameron Shear JV
Flordin
Florence
Sleeping Giant
Dormex
Harricana North
Laflamme
Total Reserves & Contained
Tonnes Au (g/t)
Resources Ounces
Proven & Probable 191,000 8.4 52,000
Localisation.
Measured & Indicated 6,397,000 4.1 846,000 Simplified Geology Map.
Inferred 4,241,000 3.9 533,000
Potential to process +100,000 oz of Gold per Year
28

30. Gold
STRATEGY
OBJECTIVE: Achieve scale through organic growth
Anticipated
STEPS Target Completion
Result
Deepen the Sleeping Giant
Shaft completed in Q2 2011 Increased production &
mine shaft by 200 m to allow for
1. & development of new profitability commencing Q1
development of 3 new mining levels
levels commenced 2012
of higher grade ore
With a positive production
Complete the development decision, 39koz/yr of
2. Q4 2011
of the Vezza project production commencing Q1
2012
With a positive scoping study,
Complete exploration drilling
potential production
3. at Flordin and assess open pit Q4 2011
commencing in Q1 2014 at an
potential and operating metrics
annual rate to be determined
Confirm annual production
Advance permitting of Discovery potential of up to 40koz/yr and
4. Q4 2011
project and update scoping study related capital and operating
metrics
Capacity to increase to either
Expand the Sleeping Giant 900 tpd
1,250 tpd or 1,750 tpd
5. mill capacity to process ore from 2012
depending on project
other wholly-owned nearby projects
development timelines
29

31. Sleeping Giant
MINE
• 2011 transition year while development at depth is completed
• Operations and cost structure revised to focus on quality (grade) vs. quantity
(tonnage) to improve profitability
• 2011 gold production guidance: 15,000 – 20,000 oz.
• 110 employees currently at mine & mill site
30

32. Sleeping Giant:
ECONOMICS TO IMPROVE AT DEPTH
• 2011 mining focused on the areas
around the 975 m elevation & above
• Completed deepening the mine shaft
by 200 m to 1175 m to gain access to 3
new higher grade mining levels
• Development of new mining levels
commenced
• Expect to produce from the new mining
levels at the start of 2012 resulting in
higher production and lower cash costs
per ounce
200 m Deepening
Longitudinal Section
All depth references are in metres
31

33. Sleeping Giant:
UNDERUTILIZED CENTRAL MILL
Strategic Asset
• Ability to serve NAP‟s other gold projects in
Abitibi region
• 900 tpd mill currently operating at
½ capacity
• Mill capacity to be expanded to1,250 tpd or
1,750 tpd
• Completion deferred into 2012 to give
flexibility to do a one-step expansion to 1,750
tpd depending on other project
development timelines
• In 2011, the Company will spend ~$2 M on the
expansion, which includes:
– refurbishing rod mill & jaw crusher
– detailed engineering work
– geotechnical tests
– building & foundation designs
– receiving the required construction permits
– materials procurement
32

34. Vezza Gold Project
DEVELOPMENT
• 85 km by paved road to SG mill
• Advanced-stage project:
– Extensive historic drilling (82,000 m)
– Permitted & power at site
– Hoist & 3-compartment shaft
– 4 underground levels down to a depth of 741 m
– Surface & pollution control infrastructure in
Production Potential: 39,000 oz/yr
place
Mining Rate: 750 tpd
– Dewatering of the shaft (741 m from surface) Mine Life: 9 years
& the four existing underground drifts completed
• 2011 exploration & development expenditures
$32M
– To be reduced by estimated pre-production
revenue of $9M
• Being advanced to be “production ready” in Q1
2012
33

35. Vezza Gold Project
DEVELOPMENT
Recent Highlights:
 Secured key personnel and awarded
development contract to Promec
 Completed dewatering and
underground rehabilitation (incl.
refurbishing 5 levels)
 Completed +12,000 m of surface and
underground diamond drilling to date
 Significant progress in surface and
underground construction work
 Refined mining plan based on recently
completed studies of crown pillars,
rock mechanics, and metallurgical
tests
40,000-tonne bulk sample planned for Q4, 2011
34

36. Other Gold Properties:
GROWTH POTENTIAL
2011 Trucking
Au Production
Project Resources* Exploration Distance to
Potential
Program SG Mill
Measured & Indicated:
162,035 oz Au (1.80 g/t) TBD
FLORDIN 4,500 m 70 Km
Inferred: (potential open pit)
97,651 oz Au (1.59 g/t)
Measured & Indicated:
237,000 oz Au (5.74 g/t) 44,000 oz /yr
DISCOVERY 8,000 m 80 Km
Inferred: (over 4 yrs)
294,000 oz Au (5.93 g/t)
TBD
DORMEX TBD 2,400 m Adjacent (potential fold of
Sleeping Giant)
Potential to produce over 100,000 oz per year
from expanded Sleeping Giant mill
* See Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred
Resources. Report sources can be found in the appendix.
35

37. 2011 Gold
EXPLORATION
• 70-km land package surrounding Sleeping Giant mill
• Budget: $9.1 M for 49,000 m of drilling
• 26,500 m at Sleeping Giant
• 22,500 m at NAP‟s other gold properties
Vezza
Discovery
Cameron Shear JV
Florence
Flordin
Harricana
North
Dormex
Sleeping Giant
Mine & Mill
Laflamme
Abitibi region, Quebec, Canada
36

38. NAP 2011
PRIORITIES
Priority Status
Progressing the LDI mine expansion In Progress
Completing the LDI resource update (Q2) Done
Updating the LDI mine expansion plan (Q3) In Progress
Completing the shaft deepening at Sleeping Giant (Q2) Done
Advancing the Vezza gold project towards a production In Progress
decision (year-end)
Continuing exploration programs aimed at increasing In Progress
reserves and resources at LDI and in the gold division
37

39. Why
INVEST?
PIPELINE OF PROJECTS TO
STRONG INCREASE
MANAGEMENT TEAM PRODUCTION
INVESTING IN FUTURE FINANCIAL
GROWTH STRENGTH
38

40. Shareholder
INFORMATION
North American Palladium‟s vision is to build a mid-tier diversified precious metals company operating in mining
friendly jurisdictions. Highly leveraged to palladium, the Company is also building its exposure to gold, and is
focused on investing in its current operations to grow its production of palladium and gold. 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
Stock Symbols: NYSE Amex – PAL
TSX – PDL, PDL.WT.B
Website: www.nap.com
Investor Relations: Camilla Bartosiewicz
Manager, Investor Relations & Corporate Communications
camilla@nap.com
416-360-7590 ext. 7226
39

41. Appendices &
FURTHER INFORMATION
40

42. Senior
MANAGEMENT
William J. Biggar – President and CEO
An accomplished businessman with extensive experience in mining and in a broad range of industries. Mr. Biggar has held
senior positions with Barrick Gold Corporation, Horsham Corporation and Magna International. He also has over 12 years of
experience as an investment banker and private equity investor. A Chartered Accountant, he holds Master of Business
Administration and Bachelor of Commerce (with distinction) degrees from the University of Toronto.
Greg Struble – Vice President and COO
A mine engineer with over 30 years of experience in underground mining. Most recently, he served as Executive Vice
President and COO 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.
Michel Bouchard – Vice President, Exploration and Development
Mr. Bouchard has been involved in exploration, development, and operations in the mining industry for the past 25 years. He
is credited with contributing to the discovery of the Bouchard Hebert Mine in northwest Quebec. Previously Mr. Bouchard
held senior positions with Audrey Resources, Lyon Lake Mines and SOQUEM. Mr. Bouchard was formerly President and CEO of
Cadiscor Resources Inc.
Jeff Swinoga – Vice President, Finance and CFO
Eighteen years of experience in the resource, mining and finance industries. Mr. Swinoga has held CFO positions with HudBay
Minerals and MagIndustries, and was Director, Treasury Finance of Barrick Gold Corporation for seven years. A Chartered
Accountant, he also has an MBA from University of Toronto and an honours economics degree from University of Western
Ontario.
Trent Mell – Vice President, Corporate Development and General Counsel
Mr. Mell has previously worked at the corporate head offices of Barrick Gold Corporation and Sherritt International. Prior to
joining the mining industry, Mr. Mell worked with Stikeman Elliott LLP, where he practiced securities law. Mr. Mell has published
papers on NI 43-101, and holds a B.A., a B.C.L. (with distinction) and a LL.B. (with distinction), all from McGill University, as well
as a Masters degree in Securities Law from Osgoode Hall Law School.
41

43. 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.
• Michel Bouchard, P. Geo, Vice President, Exploration & Development, for North American Palladium Ltd.,
is the Qualified Person who supervised the preparation of the technical data in this presentation.
• Please refer to North American Palladium‟s Annual Information Form for the year ended December 31,
2010 and applicable technical reports available on www.sedar.com, www.sec.gov and www.nap.com
for further information.
42

44. LDI Mine
MINERAL RESERVES & RESOURCES
Roby Zone: May 31, 2010 & Offset Zone: December 31, 2010
Tonnes Pd Pt Au Ni Cu Pd
(000’s) (g/t) (g/t) (g/t) (%) (%) (000’s oz)
RESERVES
PROVEN - Roby Zone1,3 283 7.40 0.42 0.36 0.08 0.08 67
PROBABLE - Roby Zone1,3 637 5.10 0.39 0.33 0.09 0.08 105
Total Proven & Probable 920 5.81 0.40 0.34 0.08 0.08 172
RESOURCES
MEASURED
Offset Zone1,2 2,500 5.62 0.36 0.33 0.12 0.09 452
Open Pit1,3 3,722 1.99 0.23 0.17 0.07 0.08 238
Stockpile1,3 508 2.21 0.20 0.18 0.07 0.05 36
Total Measured 6,730 3.36 0.28 0.23 0.09 0.08 726
INDICATED
Offset Zone1,2 11,955 5.24 0.36 0.32 0.12 0.10 2,016
Roby Zone1,3 3,144 7.62 0.44 0.33 0.08 0.06 770
Open Pit1,3 2,565 2.20 0.24 0.18 0.07 0.08 181
Stockpile1,3 13,365 0.970 0.12 0.08 0.06 0.03 417
Total Indicated 31,029 3.40 0.26 0.21 0.09 0.06 3,384
Total Measured & Indicated 37,759 3.39 0.26 0.21 0.09 0.06 4,110
INFERRED
Offset Zone1,2 3,071 4.80 0.34 0.22 0.08 0.07 474
See Notes on the next page. 43

45. LDI Mine
MINERAL RESERVES & RESOURCES
NOTES:
1.Prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the
Canadian Institute of Mining, Metallurgy and Petroleum classification system.
2.The mineral resource estimate for the Offset Zone was prepared by Antoine Yassa, P.Geo. and Eugene Puritch, P.Eng. of P&E
Mining Consultants Inc. both Independent Qualified Persons within the meaning of NI 43-101. The mineral resource calculation uses
a minimum 3.5 g/t Pd resource block cut-off, Assays were capped at various levels depending on metal grade distributions.
Resources were estimated to the 4070 Mine Level (-930 m elevation), a maximum depth of 1,430 m. The following metal price
assumptions were used: US$475/oz palladium, US$1,500/oz platinum, US$1,100/oz gold, US$9.00/lb nickel, and US$3.00/lb copper. A
US$/Cdn$ exchange rate of US$0.95 = CDN$1.00 was also applied.
3.The mineral reserve and resource estimate for the Roby Zone, open pit and and stockpiles were estimated as of June 30, 2010 by
Scott Wilson RPA and updated by David Penna, P.Geo., an employee of the Company and a Qualified Person under 43-101 to: (i)
to reflect additions to mineral reserves in the Roby Zone as a result of a lower cut-off palladium grade and higher palladium price
in the Roby Zone; (ii) depletion from production up to May 31, 2011, 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 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
tpd. 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.
4.Palladium ounces are stated as contained ounces. Disclosure of contained ounces is permitted under Canadian regulations;
however, the SEC generally permits resources to be reported only as in place tonnage and grade. Since the closure of the open
pit operations, metallurgical recoveries at the LDI mine have been approximately 80.8% for palladium, 74.2% for platinum and
77.2% for gold.
5.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. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further
exploration will result in upgrading them to an Indicated or Measured mineral resource category.
6.The resource estimate was prepared by constructing 3D wireframes containing 37.9 million tonnes of mineralization with Gemcom
software and using inverse distance squared (1/d2) grade interpolation on capped composited assays.
44

46. Sleeping Giant Mine
MINERAL RESERVES & RESOURCES
December 31, 2010
Au Au
Type Tonnes (g/t) (Contained Oz.)
RESERVES
Proven 36,800 7.7 9,100
Probable 154,200 8.6 42,600
Proven & Probable 191,000 8.4 51,700
RESOURCES
Measured 15,400 5.9 2,900
Indicated 589,500 6.5 123,000
Measured & Indicated 604,900 6.5 125,800
Inferred 146,000 8.2 38,700
NOTES:
1. The mineral reserve and mineral resource estimate for the Sleeping Giant mine was prepared by Mr.
Vincent Jourdain, P.Eng., Ph.D, Donald Trudel, P.Geo. and Marc-André Lavergne P.Eng., qualified persons
under NI 43-101.
2. Mineral resources are exclusive of mineral reserves.
3. Mineral Resources are estimated at varying cut-off grades depending on the type of mining method
contemplated.
4. This updated mineral resource estimate assumes a long-term gold price of US $1,100.
5. CIM definitions were followed for Mineral Resources. See Cautionary Note to U.S. Investors Concerning
Estimates of Measured, Indicated and Inferred Resources. 45

47. Vezza Project
MINERAL RESOURCES
December 31, 2010
Au Au
Type Tonnes (g/t) (Contained Oz.)
RESOURCES
Measured 190,000 6.1 37,100
Indicated 1,524,000 5.8 283,800
Total Measured & Indicated 1,714,000 5.8 320,900
Inferred 633,000 5.0 102,100
NOTES :
1. This updated mineral resource estimate was prepared as of April 11, 2011 by M. Bernard Salmon, B.Sc., Eng., an
independent Qualified Person within the meaning of NI 43-101.
2. CIM definitions were followed for the estimation of Mineral Resources.
3. Mineral Resources are estimated at a cut-off grade of 3 g/t, using an average long-term gold price of US$1,200 per
ounce and a US$/C$ exchange rate of 1:1.
4. Minimum mining width of two metres was used.
5. Totals may not represent the sum of the parts due to rounding.
6. See Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources.
46

48. Flordin Property
MINERAL RESOURCES
March 14, 2011
Au Au
Type Tonnes (g/t) (Contained Oz.)
RESOURCES
Measured 116,200 3.25 12,133
Indicated 2,679,600 1.74 149,902
Total Measured & Indicated 2,795,800 1.80 162,035
Inferred 1,915,700 1.59 97,651
NOTES:
1. This updated mineral resource estimate for a potential open pit mining method was prepared as of March 14,
2011 by Mr. Pierre-Luc Richard, B.Sc., Geo. of InnovExplo Inc., an independent qualified person under NI 43-101,
using a cut-off grade of 0.5 g/t and 3 metre minimum width.
2. CIM definitions were followed for the estimation of mineral resources.
3. See Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources.
47

49. Discovery Project
MINERAL RESOURCES
August 1, 2008
Au
Au (Contained
Type Tonnes (g/t) ounces)
RESERVES
Measured 3,000 8.95 900
Indicated 1,279,000 5.74 236,000
Inferred 1,546,000 5.93 294,000
NOTES:
1. Source: NI 43-101 Technical Report, August 1, 2008
2. The mineral resource estimate for the Discovery Project was prepared by Mr, Carl Pelletier, B.Sc., P.Geo. of InnovExplo, an
independent qualified person under NI 43-101, assuming a gold price of U.S.$850 in the first 5 years, and U.S.$750
thereafter. Applied varying cut-off grades depending on the type of mining method contemplated.
3. The effective date of the estimate is June 17, 2008.
4. This estimate conforms with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). U.S. investors
should refer to the company‟s most recent 40F/Annual Information Form for an overview on how Canadian standards differ
significantly from U.S. requirements. Mineral Resources, having demonstrated economic viability, are not Mineral Reserves.
For further information, please refer to the report titled “Technical Report on the Scoping Study and Mineral Resource Estimate
for the Discovery Project (according to Regulation 43-101 and Form 43-101F1) dated August 1, 2008 and prepared by
InnovExplo Inc. It is filed on www.sedar.com under Cadiscor Resources Inc.
48