1. Investor June, 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
• SLEEPING GIANT gold mine 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, $163.3 M in working capital (including $100.1 M in cash) and
no long-term debt*
* As at Mar. 31, 2011
2

4. Diversified Precious Metals
PRODUCER
LDI (ONTARIO):
• 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
ONTARIO Sleeping Giant (QUEBEC):
SLEEPING GIANT • Producing gold for over 20 years
Gold Mine
LAC DES ILES
Palladium Mine
• Growth potential at depth
• Underutilized mill has potential to
Val d‟Or serve NAP‟s nearby projects in
Timmins
Thunder Abitibi
Bay
Sudbury
Montreal
Toronto
3

5. Market Statistics:
A VERY LIQUID STOCK
STOCK SYMBOLS (NYSE Amex / TSX) PAL / PDL
MARKET CAPITALIZATION US $606 M
SHARE PRICE US $3.73
SHARES/WARRANTS OUTSTANDING 162.4 M / 8.8 M
3-MONTH AVERAGE TRADING VOLUME (NYSE Amex / TSX) 3,184,038 / 966,804
Information as at June 10, 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 Ted Yew
GMP Securities RBC Capital Markets
Andrew Mikitchook Leon Esterhuizen
4

6. Investment Case for
PALLADIUM
5

7. Palladium Market:
MINE SUPPLY
RUSSIA
NORTH
AMERICA 43%
11%
ONLY 6.3 M oz. ANNUAL PRODUCTION WORLDWIDE
SOUTH AFRICA
41%
Source: CPM Group, June 2010
Note: Excludes secondary supply of 1.34 M oz. 6

8. Palladium Market:
SUPPLY
Constrained Mine Supply
(000‟s ounces)
3500
Russia South Africa
3000
2500
2000
1500
1000
500
0
2006 2007 2008 2009 2010
Source: CPM Group, Jan. 2011
7

9. Palladium Market:
DEMAND
2009 Fabrication Demand
Dental
Automotive 11%
53%
Other
11%
Chinese
Jewellery
10%
Electronics
15%
Source: CPM Group, June 2010
Notes: Other includes chemical and petroleum catalysts, jewellery (excluding China), and other
minor uses of palladium
8

10. Palladium Market:
DEMAND
Global Light Vehicle Production
(000‟s)
95M 97M
100,000 91M
81M 87M
Other1
90,000
76M
80,000 72M
70,000 Europe
60,000 57M
50,000 North
America
40,000
30,000
20,000 BRIC
Economies2
10,000
0
2009 2010 2011 2012 2013 2014 2015 2016
Source: CSM Worldwide Inc. (IHS Global Insight Automotive), February 2011
1. Other includes: Japan, Korea, Middle East and Africa
2. BRIC Economies include: Greater China, South America and South Asia
9

11. Palladium Market:
DEMAND
Exchange Traded Funds' Physical Palladium Holdings
Exchange Traded Funds' Physical Palladium Holdings
Thousand Ounces Thousand Ounces
2,500 2,500
SPAL-LSE SPDM-LSE
2,000 2,000
WITE GLTR
Julius Baer MSL (Australia)
1,500 1,500
PALL-NYSE Palladium ZKB
1,000 1,000
PHPD -LSE
500 500
0 0
20-Apr-07 20-Jan-08 20-Oct-08 20-Jul-09 20-Apr-10 20-Jan-11
Not for reproduction without written CPM Group consent CPM Group
Source: CPM Group, as of May 25, 2011
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
• 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
• Each time China increases to higher standard, it adds approximately 10% to the
loadings of palladium to autocatalysts
• 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 • Neutral impact on PGM use
• 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
• Now 25% palladium, with scope to
increase to 50% due to advent of Electric
low sulphur diesel fuel
• 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:
INCREASING PRICE
Recent performance of Palladium (US$/oz) Average Annual Price Forecast (US$/oz)
$900.00 2011 2012
$800.00 RBC Capital Markets $900 $1,000
$700.00 BNP Paribas $860 $990
$600.00 CPM Group $849 $908
$500.00
JP Morgan $838 $773
$400.00
$300.00 Credit Suisse $830 $950
$200.00 Barclays $820 $850
$100.00 UBS $800 $825
$0.00
02/01/2008 02/01/2009 02/01/2010 02/01/2011 Historic High: US $1,090 (2001)
Recent Price: US $713 (May 5, 2011)
Best performing metal of 2010
Sources: Thomson One; RBC Capital Market (Dec. 9, 2010); JP Morgan (Jan. 24, 2011); UBS (Dec. 15, 2010);
Barclays PLC (Mar. 24, 2011); Credit Suisse (Mar. 18, 2011); CPM Group (Mar. 4, 2011).
13

15. Palladium Operations
LAC DES ILES MINE
14

16. LDI:
A WORLD CLASS MINE
• One of only two primary palladium mines in the world
• Open pit commenced operations in 1993
• Underground mining from the Roby Zone (via ramp) began in 2006
• Mine expansion underway with production from the Offset Zone (via shaft)
targeted for Q4 2012
• 15,000 tpd underutilized mill
15

17. 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 16

18. LDI:
OPERATING METRICS
2010 2011 Forecast
Payable Palladium Production (oz) 95,057 145,000 - 155,000
Total Ore Milled (000’s tonnes) 649 @ 6.1 g/t 1,460 @ 4.2 g/t
Underground Mining Rate 2,600 tpd 2,700 tpd
Palladium Mill Recovery 81% 80%
Cash Costs1 ($US/oz) $283 $450
Note: 2010 production consisted entirely of underground ore. Reduced 2011 head grade is due to
blending of lower grade surface stockpiles with higher grade underground ore. Surface stockpiles will
be exhausted at the end of 2011.
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.
17

19. 2012
MINING OPERATIONS
• Will consist entirely of underground production from three sources:
– Remaining Roby Zone ore (including potential extensions)
– Upper Offset Zone ore
– Development Offset Zone ore
• Head grades expected to average 5.5 - 6.0 g/t
• Detailed guidance for production and cash costs will be released in January
2012
18

20. LDI:
MINE EXPANSION PLAN
• Transitioning from mining via ramp
to mining via shaft
• Currently raiseboring a shaft to surface
from the 4,815 level (700 m from surface)
• Subsequently sink the shaft to below to
4180 level (1,300 m from surface)
• Large scale bulk mining method
• 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 2011 CAPEX
Capital Expenditures 2011
Definition drilling $2.3 M
Ramp, infrastructure & service development $22.4 M
Surface, shaft and service facilities $64.9 M
Mining & surface equipment $14.3 M
Engineering, services & project management $25.4 M
Subtotal $129.3 M
Contingency (13.7%) $17.7 M
Total $147.0 M
Strong balance sheet provides liquidity for mine expansion
20

22. LDI:
MINE EXPANSION – IN PROGRESS
Collar House (Head Frame)
2011 Development work to focus on:
• 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 (Structural Steel)
& underground
• Advancing the ramp towards the 4570
mine level
• Developing the 4790 mine level in
preparation for production
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
• Brownfield expansion vs. greenfield project
• 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
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
• Program objectives:
– Infill drilling in the bottom portion of the Offset
Zone
– Defining the upper extension of the Offset Zone
– Underground exploration targeting the Offset,
Cowboy, Outlaw & Sheriff zones
24

26. LDI:
EXPLORATION UPSIDE NEAR MINE
North VT North VT Rim
Rim Mineralized
Trend
North Pit
Target
+30,000-acre PGM land package
LDI PROPERTY
Legris Lake
Sheriff Zone LDI Mine & Mill
Legris Lake
South Pit Target
N
25

27. Gold
OPERATIONS
26

28. Gold
STRATEGY
OBJECTIVE:
Achieve scale in the gold division through organic growth
Anticipated
STEPS Target Completion
Result
Deepen the Sleeping Giant
Q2, 2011 (shaft) Increased production and
mine shaft by 200 m to allow for
1. Q4, 2011 profitability commencing
development of 3 new mining
(development) Q1, 2012
levels of higher grade ore
Expand the 900 tpd mill Capacity to increase to
capacity at Sleeping Giant to either 1,250 tpd or 1,750
2. Q3, 2012
process ore from other wholly- tpd depending on project
owned nearby projects development timelines
27

29. Gold
STRATEGY (CONTINUED)
Target Anticipated
STEPS
Completion Result
With a positive production
Complete the development decision, 39,000 oz of annual
3. Q4, 2011
of the Vezza project production commencing Q1,
2012
With a positive scoping study,
Complete exploration drilling
potential production
4. at Flordin and assess open pit Q3, 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 44,000 oz/yr and
5. project and update scoping Q4, 2011
related capital and operating
study
metrics
28

30. Sleeping Giant
MINE
• 2011 transition year while shaft deepening and development 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.
29

31. Sleeping Giant:
ECONOMICS TO IMPROVE AT DEPTH
• 2011 mining focused on the areas
around the 975 m elevation & above
• Currently deepening the Sleeping Giant
mine shaft by 200 metres to 1175 metres
to gain access to 3 new higher grade
mining levels – target completion in Q2,
2011
• Development of new mining levels
to commence in Q3 2011 – target
completion in Q4, 2011
• 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
30

32. Sleeping Giant:
UNDERUTILIZED 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 1,250 tpd or
1,750 tpd
• Completion deferred to Q3, 2012 to give
flexibility to do a one-step expansion to
1,750 tpd depending on timing of Flordin
development
31

33. 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 place
Production Potential: 39,000 oz/yr
• 2011 exploration & development expenditures Mining Rate: 750 tpd
$26M Mine Life: 9 years
Target Cash Costs: ~US$700/oz
– Will be reduced by estimated pre-production
revenue of $8M
• Being advanced towards a production
decision in Q4 2011
– Production could begin in Q1 2012
32

34. Other Gold Properties:
GROWTH POTENTIAL
2011 Trucking
Au Production
Project Resources** Exploration Distance to
Potential
Program SG Mill
Measured & Indicated:
92,000 oz Au (4.25 g/t) TBD
FLORDIN* 4,500 m 70 Km
Inferred: (potential open pit)
169,000 oz Au (3.6 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
* Resources to be updated Q2, 2011 to include 2010 drilling
** See Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred
Resources. Report sources can be found in the appendix.
33

35. 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
34

36. 2011
PRIORITIES
Priority Status
Progressing the LDI mine expansion In Progress
Completing the LDI resource update (Q2) Completed
Updating the LDI mine expansion plan (Q3) In Progress
Completing the shaft deepening at Sleeping Giant (Q2) In Progress
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
35

37. Why
INVEST?
PIPELINE OF PROJECTS TO
STRONG INCREASE
MANAGEMENT TEAM PRODUCTION
INVESTING IN FUTURE FINANCIAL
GROWTH STRENGTH
36

38. 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
37

39. Appendices &
FURTHER INFORMATION
38

40. 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.
39

41. 2012
TRANSITION
• Continue infill drilling on the upper
Roby Zone parameter to extend both
north & south on known geologic
trends
• Defer lower Roby Zone production into
Q1 2012
• Integrate all upper Offset Zone from
4765 level above the 4765 mine level
• Utilize new extensions in Offset Zone
adjacent to the Roby Zone decline
• Prioritize the development effort for the
shaft mining and manage production
at lower levels to reduce congestion of
activities in the Offset Zone decline
40

42. 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.
41

43. 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. Updated reserves (to include Offset Zone) are expected in Q3, 2011. 42

44. 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.
Updated mineral reserves (to include Offset Zone) are expected in Q3, 2011. 43

45. 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. 44

46. 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.
Next update expected in Q2, 2011
45

47. Flordin Property
MINERAL RESOURCES
February 12, 2010
Au Au
Type Tonnes (g/t) (Contained Oz.)
RESOURCES
Measured 30,000 4.60 4,000
Indicated 649,000 4.24 88,000
Inferred 1,451,000 3.63 169,000
NOTES:
1. Source: NI 43-101 Technical Report, March 31, 2010
2. The mineral resource estimate for the Flordin property was prepared by Mr, Carl Pelletier, B.Sc., P.Geo.
and Mr. Bruno Turcotte, M.Sc., P.Geo. of InnovExplo, both of whom are independent qualified persons
under NI 43-101, using a cut-off grade of 2 g/t.
3. The effective date of the estimate is February 23, 2010.
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
Next update expected in Q2, 2011
46

48. 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 M&I 1,714,000 5.8 320,900
Inferred 633,000 5.0 102,100
NOTES FOR UPDATED RESOURCE ESTIMATE:
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.
47