Investor

PRESENTATIONWilliam J. Biggar

President & CEO

July 2011

1

Forward Looking

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.

STATEMENTS

2

Investment Case

• 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, $163.3 M in working capital (including $100.1 M in cash) and

no long-term debt*

FOR NAP

* As at Mar. 31, 2011

3

QUEBECONTARIO

SLEEPING GIANTGold MineLAC DES ILES

Palladium Mine

Val d‟OrTimmins

Sudbury

ThunderBay

Montreal

Toronto

Diversified Precious Metals

PRODUCER

Sleeping Giant:

• Producing gold for over 20 years

• Growth potential at depth

• Underutilized mill has potential to serve NAP‟s nearby projects in Abitibi

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

4

Information as at July 8, 2011, Thomson One.

Series B warrants (TSX:PDL.WT.B) expire on Oct. 28, 2011, $6.50 exercise price.

Market Statistics:

A VERY LIQUID STOCK

STOCK SYMBOLS (NYSE Amex / TSX) PAL / PDL

MARKET CAPITALIZATION US $679 M

SHARE PRICE US $4.18

SHARES/WARRANTS OUTSTANDING 162.4 M / 8.8 M

3-MONTH AVERAGE TRADING VOLUME (NYSE Amex / TSX) 3,029.488 / 679,111

ANALYST COVERAGE:

Bank of America Merrill Lynch Michael Parkin

Cormark SecuritiesRajiv Chail

Credit SuisseAlex Terentiew

GMP SecuritiesAndrew Mikitchook

Haywood SecuritiesChris Thompson

MacquarieDaniel Greenspan

Octagon CapitalTed Yew

RBC Capital MarketsLeon Esterhuizen

Scotia CapitalLeily Omoumi

Stifel NicolausGeorge Topping

5

Investment Case forPALLADIUM

6

Source: CPM Group, June 2011Note: Other producing countries (9%) include Zimbabwe, Australia, Botswana, China, Serbia and Montenegro; Excludes secondary supply of 1.7 M oz.

NORTH AMERICA

RUSSIA

SOUTH AFRICA

42%

9%40%

ONLY 6.8 M oz. ANNUAL PRODUCTION WORLDWIDE

Palladium Market:

MINE SUPPLY

7

Constrained Mine Supply From Major Producers

Source: CPM Group, June 2011

Palladium Market:

SUPPLY

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2006 2007 2008 2009 2010

Russia South Africa

(000’s ounces)

8

Automotive

58%

Electronics

16%

10%

Dental

3%

Other

Source: CPM Group, June 2011

2010 Fabrication Demand: 7.5 M oz.

Palladium Market:

DEMAND

7%

Jewelry

6%

Refining

9

Global Light Vehicle Production

(000‟s)

Source: CSM Worldwide Inc. (IHS Global Insight Automotive), February 2011

1. Other includes: Japan, Korea, Middle East and Africa2. BRIC Economies include: Greater China, South America and South Asia

North America

BRIC Economies2

Other1

Europe

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2009 2010 2011 2012 2013 2014 2015 2016

57M

72M76M

81M 87M91M

95M 97M

Palladium Market:

DEMAND

10Source: CPM Group, as of May 25, 2011

Palladium Market:

DEMAND

0

500

1,000

1,500

2,000

2,500

0

500

1,000

1,500

2,000

2,500

20-Apr-07 20-Jan-08 20-Oct-08 20-Jul-09 20-Apr-10 20-Jan-11

SPAL-LSE SPDM-LSE

WITE GLTR

Julius Baer MSL (Australia)

PALL-NYSE Palladium ZKB

PHPD -LSE

Thousand Ounces Thousand Ounces

CPM GroupNot for reproduction without written CPM Group consent

Exchange Traded Funds' Physical Palladium HoldingsExchange Traded Funds' Physical Palladium Holdings

11

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Europe Euro IV Euro V Euro VI

ChinaBeijing Euro III Euro IV Euro V

Nationwide Euro II Euro III Euro IV

India

Select Cities Euro III Euro IV

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

• 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

Adoption of Stricter Emission Control Standards

Source: CPM Group, June 2011

Palladium Market:

DEMAND

12

Gasoline Engines

• Use +90% palladium

Diesel Engines

• Historically used platinum due to technical requirements

• Currently use 25% palladium, with scope to increase to 50% due to advent of low sulphur diesel fuel

Hybrids & Other New Forms

• Neutral impact on PGM use

• Gasoline hybrids tend to use as much palladium as normal gasoline engines

• Currently account for only 1% of global cars sales1

• Forecasted to be 14% of overall market by 20202

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

Use of Palladium in

CATALYTIC CONVERTERS

13

2011 2012

RBC Capital Markets $900 $1,000

BNP Paribas $860 $990

CPM Group $849 $908

JP Morgan $838 $773

Credit Suisse $830 $1,000

Barclays $820 $850

UBS $800 $825

Recent performance of Palladium (US$/oz) Average Annual Price Forecast (US$/oz)

Historic High: US $1,090 (2001)

Recent Price: US $775 (Jul. 8, 2011)

Sources: Thomson One; RBC Capital Markets (Dec. 9, 2010); BNP Paribas (Mar. 10, 2011); CPM Group (Mar. 4, 2011); JP Morgan (Jan. 24, 2011); Credit Suisse (Jun. 14, 2011); Barclays PLC (Mar. 24, 2011); UBS (Dec. 15, 2010).

Best performing metal of 2010

Palladium Market:

INCREASING PRICE

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

02/01/2008 02/01/2009 02/01/2010 02/01/2011

14

Palladium Operations

LAC DES ILES MINE

15

• 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

LDI:

A WORLD CLASS MINE

16

LDI

DEPOSIT

Roby Zone

Offset Zone

Open Pit

Mined via

ramp access

N

Offset Zone remains open at depth and along strike

(Exhausted)

5,000 LEVEL

4,500 LEVEL

Commercial

production via

shaft targeted for

Q4 2012

Scale: 500-metre squared blocks

17

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.

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.

LDI:

OPERATING METRICS

18

2012

• Will consist 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

MINING OPERATIONS

19

LDI:

• 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

MINE EXPANSION PLAN

20

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

21

LDI:

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

& underground

• Advancing the ramp towards the 4570

mine level

• Developing the 4790 mine level in

preparation for production

MINE EXPANSION – IN PROGRESSCollar House (Head Frame)

Hoist House (Structural Steel)

22

LDI:

• 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$)

MINE EXPANSION – LOW EXECUTION RISK

23

Cowboy

Zone

Offset Zone

Extension

Roby Zone

Other

Offset Zone

Cowboy Zone

Offset Zone

Outlaw Zone Mineralization

Trend

Cowboy & Outlaw Zones discovered in 2009

Cro

ss S

ec

tio

n V

iew

Sheriff Zone discovered in 2010

Sheriff Zone

Mineralization

Trend

Pla

n V

iew

New zones have potential to increase production

LDI:

NEW UNDERGROUND ZONES

24

• 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

LDI:CONTINUING FOCUS ON EXPLORATION

Significant 2011 Exploration Program

25

N

North Pit Target

North VT Rim

North VT RimMineralized

Trend

South Pit Target

Sheriff Zone

LDI:

EXPLORATION UPSIDE NEAR MINE

LDI PROPERTY

LDI Mine & Mill

Legris Lake

Legris Lake

+30,000-acre PGM land package

26

Gold

OPERATIONS

27

STEPS Target CompletionAnticipated

Result

1.

Deepen the Sleeping Giant mine shaft by 200 m to allow for

development of 3 new mining levels of higher grade ore

Q2, 2011 (shaft)Q4, 2011

(development)

Increased production and profitability commencing

Q1, 2012

2.

Expand the 900 tpd mill capacity at Sleeping Giant to process ore from other wholly-owned nearby projects

Q3, 2012

Capacity to increase to either 1,250 tpd or 1,750 tpd depending on project development timelines

Gold

OBJECTIVE:

Achieve scale in the gold division through organic growth

STRATEGY

28

STEPSTarget

CompletionAnticipated

Result

3.Complete the development of the Vezza project

Q4, 2011

With a positive production

decision, 39,000 oz of annual production commencing Q1, 2012

4.Complete exploration drilling

at Flordin and assess open pit potential and operating metrics

Q3, 2011

With a positive scoping study, potential production

commencing in Q1, 2014 at an annual rate to be determined

5.Advance permitting of Discovery project and update scoping

studyQ4, 2011

Confirm annual production potential of 44,000 oz/yr and related capital and operating

metrics

Gold

STRATEGY (CONTINUED)

29

Sleeping Giant

• 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.

MINE

30

Longitudinal Section

All depth references are in metres

200 m Deepening

Sleeping Giant:

• 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

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

ECONOMICS TO IMPROVE AT DEPTH

31

Strategic Asset

Sleeping Giant:

• 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

UNDERUTILIZED MILL

32

Vezza Gold Project

• 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

• 2011 exploration & development expenditures

$26M

– 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

DEVELOPMENT

Production Potential: 39,000 oz/yr Mining Rate: 750 tpdMine Life: 9 yearsTarget Cash Costs: ~US$700/oz

33

Project Resources**2011

Exploration Program

Trucking Distance to

SG Mill

Au Production Potential

FLORDIN

Measured & Indicated:

162,035 oz Au (1.80 g/t)

Inferred:

97,651 oz Au (1.59 g/t)

4,500 m 70 KmTBD

(potential open pit)

DISCOVERY*

Measured & Indicated:

237,000 oz Au (5.74 g/t)

Inferred:

294,000 oz Au (5.93 g/t)

8,000 m 80 Km44,000 oz /yr

(over 4 yrs)

DORMEX TBD 2,400 m Adjacent

TBD

(potential fold of

Sleeping Giant)

Potential to produce over 100,000 oz per year from expanded Sleeping Giant mill

* Resources to be updated Q3, 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.

Other Gold Properties:

GROWTH POTENTIAL

34

2011 Gold

• 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

EXPLORATION

Laflamme

Harricana

NorthDormex

Vezza

Abitibi region, Quebec, Canada

DiscoveryCameron Shear JV

FlorenceFlordin

Sleeping Giant Mine & Mill

35

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) Completed

Advancing the Vezza gold project towards a production decision (year-end)

In Progress

Continuing exploration programs aimed at increasing reserves and resources at LDI and in the gold division

In Progress

36

Why

INVEST?

FINANCIAL

STRENGTH

STRONGMANAGEMENT TEAM

PIPELINE OF PROJECTS TO

INCREASEPRODUCTION

INVESTING IN FUTURE

GROWTH

37

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.

Royal Bank Plaza, South Tower200 Bay St., Suite 2350

Toronto, ON M5J 2J2

NYSE Amex – PALTSX – PDL, PDL.WT.B

www.nap.com

Camilla BartosiewiczManager, Investor Relations & Corporate Communications

camilla@nap.com

416-360-7590 ext. 7226

Corporate Office:

Stock Symbols:

Website:

Investor Relations:

38

Appendices &

FURTHER INFORMATION

39

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.

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.

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.

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.

40

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 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

4765 level

41

Cautionary Note to U.S. Investors Concerning

• 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.

MINERAL RESERVES AND MINERAL RESOURCE

42

LDI Mine

MINERAL RESERVES & RESOURCES

See Notes on the next page. Updated reserves (to include Offset Zone) are expected in Q3, 2011.

Tonnes(000’s)

Pd(g/t)

Pt(g/t)

Au(g/t)

Ni(%)

Cu(%)

Pd(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

Roby Zone: May 31, 2010 & Offset Zone: December 31, 2010

43

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.

44

Type TonnesAu

(g/t)Au

(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.

Sleeping Giant Mine

MINERAL RESERVES & RESOURCESDecember 31, 2010

45

Type TonnesAu

(g/t)Au

(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 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.

Vezza Project

MINERAL RESOURCESDecember 31, 2010

46

Type TonnesAu

(g/t)Au

(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.

Flordin Property

MINERAL RESOURCESMarch 14, 2011

47

Type TonnesAu

(g/t)

Au(Contained

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 Q3, 2011

Discovery Project

MINERAL RESOURCESAugust 1, 2008