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Investor Presentation - North American Palladium

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LDI Mine & Mill Complex<br />

A WORLD CLASS ASSET<br />

• Located north of Thunder Bay, Ontario, Canada<br />

• One of only two primary palladium producers in the world<br />

• Deposit is unique in the world: high palladium concentration,<br />

broadly disseminated mineralization vs. narrow vein<br />

• Established palladium producer since 1993<br />

• Currently undergoing an expansion to increase production<br />

and reduce cash costs per ounce<br />

• Goal to increase annual palladium production to +250,000 ounces at significantly reduced<br />

cash costs under US$300 per ounce<br />

• 15,000 tpd mill has excess capacity available for production growth (currently operating at<br />

35% capacity)<br />

• Significant exploration upside identified on the LDI property<br />

• Strong safety record<br />

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