Investor Presentation January 2013

1. Investor
PRESENTATION
• PRESENTATION
January 2013

2. Forward Looking
STATEMENTS
Certain information included in this presentation constitutes ‘forward-looking statements’ within the meaning of the ‘safe
harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The
words ‘expect’, ‘believe’, ‘will’, ‘intend’, ‘estimate’, ‘forecast’, and similar expressions identify forward-looking statements.
Such statements include, without limitation, any information as to our future exploration, financial or operating
performance, including: the Company's forward looking production guidance, projected capital expenditures, operating
cost estimates, project timelines, mining and milling rates, the methods by which ore will be extracted, projected grades,
mill recoveries, and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and
contingencies. The factors and assumptions contained in this press release, which may prove to be incorrect, include, but
are not limited to: metal prices assumptions, Canadian and U.S. dollar exchange rate assumptions, that there will be no
significant disruptions affecting operations, that prices for key mining and construction supplies, including labour and
transportation costs, will remain consistent with the Company's expectations, that the Company's current estimates of
mineral reserves and resources are accurate, and that there are no material delays in the timing of ongoing development
projects. The forward-looking statements are not guarantees of future performance. The Company cautions the reader
that such forward-looking statements involve known and unknown risks that may cause the actual results to be materially
different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: the
possibility that metal prices, foreign exchange rates or operating costs may differ from management's expectations,
uncertainty of mineral reserves and resources, inherent risks associated with mining and processing, the risk that the Lac des
Iles and Vezza mines may not perform as planned and that the Offset Zone and other properties may not be successfully
developed, and uncertainty of the ability of the Company to obtain financing. For more details on the factors, assumptions
and risks see the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange
Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly
required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
All dollar amounts are in Canadian currency unless otherwise stated, all references to production refer to payable
production, and all reference to tonnes refer to metric tonnes.
U.S. investors are encouraged to refer to the “Cautionary Note to U.S. Investors Concerning Estimates of Measured,
Indicated and Inferred Resources” in the appendix.
1

3. Investment Case
FOR NAP
COMMODITY GROWTH BALANCE SHEET MANAGEMENT
•Palladium is a top •LDI mine expansion •Prudent financial •Experienced senior
pick amongst offers production management management &
metal price growth with a supports balance operating team
forecasters decreasing cash sheet to support reduces risk
cost profile & development
•Positive supply & expanding margins programs •LDI has been
demand producing
fundamentals •Significant •$61.1 M in working palladium for 20
driven by development & capital as at Sept. years
constrained mine exploration upside 30, 2012, including
supply & rising complimented by $23.5 M in cash •Over 600
global vehicle excess mill employees and
production capacity, existing contractors driving
infrastructure & growth
•Canada is an permits
attractive PGM
investment
jurisdiction
compared to South
African peers
2

4. Market Statistics
COMPELLING ENTRY POINT
SECURITY SYMBOLS NYSE MKT: PAL $3.50
TSX: PDL $3.00
TSX: PDL.DB $2.50
MARKET CAPITALIZATION US$285 M $2.00
$1.50
SHARE PRICE US$1.64
$1.00
SHARES OUTSTANDING 174 M $0.50
52-WEEK HIGH/LOW US$3.21/$1.15 $0.00
3-MONTH AVERAGE NYSE MKT: 1.9 M
TRADING VOLUME TSX: 0.4 M
CIBC, Haywood, RBC, TOP INSTITUTIONAL SHAREHOLDERS
Leon Esterhuizen Ben Asuncion Sam Crittenden
Cormark, Macquarie, Scotia, 1. RBC Global Asset Management (6.3%)
Edward Otto Daniel Greenspan Leily Omoumi 2. T. Rowe Price Associates (6.0%)
Credit Suisse, Merrill Lynch, Stifel Nicolaus, 3. Franklin Advisers (3.3%)
Nathan Littlewood Michael Parkin George Topping 4. Mackenzie Financial (3.0%)
Euro Pacific, Octagon, 5. AGF Investments (1.2%)
Heiko Ihle Annie Zhang 6. AllianceBernstein (1.0%)
GMP, Raymond James,
Andrew Mikitchook Alex Terentiew
Information as at January 11, 2013, Thomson One. 3

5. Financial
POSITION
• C$61.1 M in working capital as at Sept. 30
• C$23.5 M in cash as at Sept. 30
• C$43 M convertible debenture financing closed Jul. 31
(6.15% interest, C$2.90 conversion price)
• US$60 M operating line (US$28.2 M available)
• C$15 M capital leases
• C$72 M term debt (9.25% interest)
4

6. Investment Case for
PALLADIUM
5

7. Palladium Market
FUNDAMENTALS
• Palladium prices forecasted to return to historical highs – up to $1,000/oz
– Palladium price forecasts projected to remain strong: most analysts forecast palladium will
reach US$700 – US$1,000 in 2013
– Supply deficit expected to persist in the future
• Strong demand fundamentals – demand has historically exceeded mine supply
– Majority of demand derived from automobile sector with light vehicle production expected
to increase at a 4% CAGR from 2012 and 2016 (autocatalyst demand for palladium to reach
a record high in 2012)
– Recent significant increase in palladium investment demand reflects positive supply/demand
fundamentals and automotive industry outlook
• Constrained mine supply – unable to match growth in demand
– Majority of mine production comes from challenging jurisdictions (Russia and South Africa –
less attractive regions for committing capital due to ongoing geopolitical risk
– Russian stockpiles, a historical overhang on the market, are now believed to be at or near
depletion
6

8. Palladium Market
MINE SUPPLY
RUSSIA
NORTH
AMERICA 41%
14%
ONLY 6.3 M oz. ANNUAL PRODUCTION WORLDWIDE
~80% OF GLOBAL MINE SUPPLY COMING FROM HIGH-RISK JURISDICTIONS
SOUTH AFRICA
38%
Notes:
1. Source: Johnson Matthey, November 2012 (forecasts for 2012 supply)
2. Other producing countries (~7%) include Zimbabwe, Australia, Botswana, China, Serbia and Montenegro. 7
3. Excludes secondary recycling supply of 2.2 M oz. and ~250,000 oz. From Russian stock sales.

9. Palladium Market
MINE SUPPLY
Constrained Mine Supply From Major Producers
(000’s ounces)
6,000 South Africa Russia
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2008 2009 2010 2011 2012p 2013p 2014p 2015p
Source: CPM Group, June 2012
• 2012 global palladium supply is expected to fall to the lowest level since 2003 (down11% YoY)
• South African production particularly challenged by deeper mines, power/water limitations,
higher operating costs, geopolitical risks, shortages of skilled labour and strengthening of
currencies
• Considering the recent supply disruption in South Africa and a contraction of underlying output
in Russia, the future production forecasts are expected to be significantly challenged
Notes:
1. Russian supply is entirely from Norilsk Nickel, which produces palladium as a by-product from nickel production.
2. South African supply includes the major platinum producers who produce palladium as a by-product from platinum 8
production.

10. Palladium Market
DEMAND
2012 Gross Demand: 9.7 M oz.
• Demand diversified by
Dental
Other
geography & end market
Investment 5%
Chemical 1% Jewellery
4% • Strongest demand growth in
5%
Automotive 5% regions outside of North
67% Electronics America, Europe and Japan –
12% BRIC economies
• 2012 forecasted to be record
year for autocatalyst demand
(driven by China, North America
& Japan)
Pd. Demand: 2011A 2012E
Autocatalyst 6,030,000 6,480,000
Industrial 2,480,000 2,410,000
Jewellery 505,000 450,000
Investment (565,000) 385,000
Gross demand 8,450,000 9,725,000
Source: Johnson Matthey, November 2012
9

11. Palladium Market
DEMAND FROM AUTO SECTOR
Global Light Vehicle Production Forecast
(000’s)
110,000 102M 104M
95M 99M
100,000 91M Other1
90,000 85M
77M 81M
80,000 Europe
70,000
60,000 North
50,000 America
40,000
30,000 BRIC
Economies2
20,000
10,000
0
2011 2012 2013 2014 2015 2016 2017 2018
Source: IHS Automotive, February 2012
1. Other includes: Japan, Korea, Middle East and Africa
2. BRIC Economies include: Greater China, South America and South Asia
• Global vehicle production biggest source of palladium demand
• Light vehicle production is forecasted to increase to over 100 M units by 2017
• Strong growth to +100 M units by 2017 driven by BRIC economies 10

12. Palladium Market
FABRICATION DEMAND
Adoption of Stricter Emission Control Standards
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Europe Euro IV Euro V Euro VI
Beijing Euro III Euro IV Euro V
China
Nationwide Euro II Euro III Euro IV Euro V
Select Cities Euro III Euro IV
India
Nationwide Euro II Euro III
Russia Euro I Euro II Euro III Euro IV Euro V
USA Tier 2 and LEV II
Brazil Prconve 3 Prconve 4 Prconve 5 Prconve 6
Source: CPM Group, June 2012
• Emerging economies have adopted emission control standards that mandate the
use of catalytic converters
• Advancing to a higher level of emission controls results in higher PGM loadings in
the catalytic converter
• Tightening emission control regulations for heavy-duty trucks
11

13. Use of Palladium in
CATALYTIC CONVERTERS
Vast majority of 2020 cars still projected to be gas and diesel
Gasoline Engines Hybrids & Other New Forms
• Use +90% palladium (of total required • Neutral impact on PGM use
PGM content) • Gasoline hybrids tend to use as much
palladium as normal gasoline engines
Diesel Engines • Currently account for only 1% of global
• Historically used platinum due to cars sales1
technical requirements • Forecasted to be 14% of overall market
• Currently use 30% palladium, with scope by 20202
to increase to 50% due to advent of low
sulphur diesel fuel Electric
• No requirement for catalytic converters
• Challenged by lack of infrastructure to
recharge, high costs, long charging
periods and short driving range
• Forecasted to account for only 2% of
global car sales by 20202
1. CPM Group, June 2010
2. Stefan Bratzel, director of the Centre of Automotive Management in Germany; as reported in Mitsui Global Precious
Metals “Pole Position” Report, June 2010 12

14. Palladium Market
INVESTMENT DEMAND
Exchange Traded Funds' Physical Palladium Holdings
M oz. Pd. M oz. Pd.
2.5 2.5
Mitsubishi
SPAL
2.0 SPDM 2.0
WITE
GLTR
1.5 Julius Baer 1.5
PALL
MSL ASX
1.0 Palladium ZKB 1.0
PHPD LSE
0.5 0.5
0.0 0.0
2007 2008 2009 2010 2011 2012
• Large increase in palladium investment demand
• Investment demand driven by supply/demand fundamentals for palladium --
constrained mine supply and growth in global vehicle production
Source: CPM Group, as at May 28, 2012 13

15. Palladium Market
PRICE PERFORMANCE
Historic Price Performance (US$/oz) Average 2013 Price Forecast (US$/oz)
$900 PALLADIUM 2013
BMO $725
$800
Canaccord Genuity $775
$700
CIBC $700
$600
Cormark $750
$500
Credit Suisse $700
$400
Deutsche Bank $750
$300
$200 Dundee $700
$100 J.P.Morgan $700
$0 Macquarie $1,019
Mitsui Global Precious Metals $745
Morgan Stanley $708
National Bank Financial $750
Raymond James $856
Historic High: US$1,090 (2001) RBC $750
2012 Average Price: US$640 Scotiabank $725
Recent Price: US$683 (Jan. 9, 2012) Societe Generale $800
TD Securities $600
Average $750
Sources: Thomson One, Bloomberg and available equity research.
14

16. Investment Case For
NAP
15

17. LDI Mine & Mill Complex
A WORLD CLASS ASSET
• Located north of Thunder Bay, Ontario, Canada
• One of only two primary palladium producers in the world
• Deposit is unique in the world: high palladium concentration,
broadly disseminated mineralization vs. narrow vein
• Established palladium producer since 1993
• Currently undergoing a major expansion to increase production
and reduce cash costs per ounce
• 15,000 tpd mill has excess capacity available for production growth (currently operating at
35% capacity)
• Significant exploration upside identified on the LDI property
• Notable safety award received for lowest reportable injury rates in 2011
16
15

18. LDI Mine
OPERATING METRICS
Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012 Actual* 2012 Guidance
Payable Pd. Production1 41,760 oz. 40,017 oz. 37,908 oz. 44,394 oz. 163,980 oz. 150,000 - 160,000 oz.
Cash Cost (US$/oz)1 $380 $429 $423 TBD TBD $375 - $400
Total Tonnes Of Ore Milled
519,944 528,068 504,022 511,226 2,063,260 1.8 M – 2.0 M
(Underground & Surface)
Average Pd. Head Grade 3.5 g/t 3.4 g/t 3.3 g/t 3.6 g/t 3.4 g/t 3.7 g/t
Pd. Mill Recovery 77% 77% 77% 82% 78% 78%
*The preliminary production numbers are approximate figures and may differ from the final results included in the year-end 2012 financial results.
Achieved 2012 production guidance
1. Cash cost 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. The 2012 cash cost
guidance assumes: US$1,600 per ounce gold, US$1,600 per ounce platinum, US$8.50 per pound nickel, US$3.50 per pound copper 17
and an exchange rate of C$1.00 to US$1.00.

19. LDI Mine Expansion
PLAN FOR GROWTH
• Approx. $262 M spent to date (2010 – Q3, 2012)
Surface
• Key development includes: OPEN PIT
o Sinking a shaft to transition underground
operations from mining via ramp to mining via ROBY
shaft ZONE
SHAFT
o Setting up underground infrastructure to mine North (7,000 tpd name-
plate capacity)
the Offset Zone using a high volume bulk mining
method (long-hole stoping with primary and
secondary stoping blocks) - this includes
expanding the ramp, building new mine levels,
and setting up mining stopes
825 Metres
o Constructing surface infrastructure to service the OFFSET
expanded underground operations (i.e.
ZONE
Headframe, hoist house, etc.)
Offset Zone
• Through the utilization of the shaft & bulk mining remains open to
method, operations are expected to benefit from the west, south &
at depth
increased mining rates & decreased operating costs
1,345 Metres
• Currently sinking shaft to 825 metres from surface
• Targeting production via shaft in Q3, 2013 The underground design schematic of LDI, showing the deposit and
underground ramp infrastructure, looking east.
18

20. LDI Mine Expansion
RECENT UPDATE
Surface construction: Underground development:
• Major construction components are • Shaft sinking is progressing well, in line
now completed with the Company’s scheduled rates of
advancement.
• The headframe, main substation, hoist
house, service hoist & auxiliary hoist are • Currently at a an approximate
all fully operational and 100% depth of 475 m below surface (60%
completed completed of the total 825 m
planned for Phase I)
• The installation of the production hoist
has commenced & commissioning • Installation of the 740-m level loading
scheduled for Q1, 2013 pocket is scheduled for Q1, 2013
• The remaining work on surface • Ramp & stope development progressing
includes the installation of the main on schedule
skip dump & surface ore bins
2013 development work to focus on:
 Advancing underground development (including mine level development &
setting up mining stopes)
 Completing sinking the shaft to the 795-metre level
19

21. Potential
GROWTH TARGETS
3D View of Pit, Sheriff & Offset Zone Sheriff Zone:
• Currently under review for resource potential with trenching
and additional shallow drilling
• Outcrops to surface and continuing to infill drill towards the
pit
Sheriff Zone
• To be considered for mining via open pit & under ground
South Offset Extension:
• Encouraging hits south of the shaft show potential for
South Offset
growth
• Continuing to infill drill to the south of the shaft between 825
3D View of Pit, Sheriff & Offset Zone and 740 levels
North VT Rim • Potential to de-risk main Offset Zone and provide lateral
growth
North VT Rim:
Sheriff Zone • Potentially accessible from the north end of the Roby Pit
• Extremely speculative but could develop a higher grade
narrow zone that outcrops
• Beginning to infill drill below surface high grade channel
samples to test structure, dip and continuity 20

22. LDI Property
EXPLORATION UPSIDE
Near-mine land package 62,000-acre regional land package
South Norite Zone
Mineralization Trend
• LDI represents a rare palladium-rich asset with excellent infrastructure
• LDI complex has only been drilled in a 1km x 1km area & remains largely underexplored
• Multiple targets identified for follow up exploration (surface & underground)
• Regional land package covers the most prospective mafic complexes in the area (all PGM
properties are less than 30 km from LDI mill) 21

23. Plan:
PRODUCE MORE, FOR LESS
Transition to shaft mining
Leverage existing infrastructure
Realize exploration upside
22

24. Compelling
INVESTMENT OPPORTUNITY
LEVERAGE TO RISING PALLADIUM PRICES
CLEAR STRATEGY TO INCREASE
PRODUCTION & LOWER CASH COSTS
ATTRACTIVE PGM INVESTMENT
JURSIDICTION
UPSIDE IN EXPLORATION & DEVELOPMENT
23

25. Shareholder
INFORMATION
North American Palladium’s vision is to become a low cost, mid-tier precious metals company operating in
mining friendly jurisdictions. NAP is an established precious metals producer that has been operating its flagship
Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of
palladium in the world, and is currently undergoing a major expansion to increase production and reduce cash
costs per ounce. NAP also operates the Vezza gold mine located in the Abitibi region of Quebec. NAP’s
experienced management and technical teams have a significant commitment to exploration and are
dedicated to building shareholder value.
Corporate Office: Royal Bank Plaza, South Tower
200 Bay St., Suite 2350
Toronto, ON M5J 2J2
Security Symbols: NYSE MKT– PAL
TSX – PDL, PDL.DB
Website: www.nap.com
Investor Relations: Camilla Bartosiewicz
Director, Investor Relations & Corporate Communications
camilla@nap.com
416-360-7374 24

26. Appendices &
FURTHER INFORMATION
25

27. Senior
MANAGEMENT
Andre Douchane – Chairman and Interim CEO
Mr. Douchane is a seasoned mining executive with over 40 years of experience in the mining industry with a solid track record of successfully
bringing development projects into production. He was appointed to the Company’s Board of Directors in April 2003, and served as the
President and CEO until January 2006. Mr. Douchane is currently the Chief Executive Officer of THEMAC Resources Group Ltd., a Vancouver-
based resource company focused on exploring and developing natural resource properties. Previously, he held senior positions with several
precious and base metal international mining companies including President and CEO of Starfield Resources Inc., President and COO of Chief
Consolidated Mining Co., and Vice President, Operations of Franco and Euro-Nevada (Newmont Mining Corporation). He holds a Bachelor’s
degree in Mining Engineering from the New Mexico Institute of Mining and Technology and is a graduate of the Executive Business Program at
the Kellogg School of Business in Toronto.
Greg Struble – VP and COO
Mr. Struble is a mine engineer with over 30 years of experience in underground mining. Prior to joining NAP, he served as Executive Vice
President and Chief Operating Officer of Stillwater Mining Company, where he was responsible for two underground palladium mines as well as
smelter and refinery operations. Prior to this, he worked as underground project manager for Barrick Gold’s Cortez Hills Joint Venture. Mr. Struble
has also worked internationally at a number of large gold mines, including General Manager of the El Penon Mine in Chile and the Jerritt
Canyon Mines in Nevada. Previously, he worked for the Homestake Mining Company and held various positions including Mine Superintendent
at their Homestake Mine in South Dakota.
David C. Peck – Head of Exploration
Dr. Peck is a Professional Geoscientist with nearly 30 years of exploration and research experience specializing in magmatic Ni-Cu-PGE ore
deposits. Dr. Peck holds global recognition as an expert in PGE exploration after serving as a senior technical and strategic consultant to
several public and private companies and having worked on exploration and mining projects in more than a dozen countries. He was directly
involved in several significant magmatic Ni-Cu-PGE discoveries in Canada and overseas. Prior to joining NAP, Dr. Peck served as President and
Senior Technical and Strategic Consultant at Revelation Geoscience Ltd., and prior to this, he served as Global Nickel Commodity Leader at
Anglo American plc, a Senior Geologist for Falconbridge Ltd., a Senior Mineral Deposits Geologist with the Manitoba Geological Survey, held
various academic roles in Canadian universities, and was the technical lead on a multi-year mineral potential study funded by the Ontario
Geological Survey. He has authored numerous public presentations and government and academic publications addressing his area of
specialization.
26

28. Cautionary Note to U.S. Investors Concerning
MINERAL RESERVES AND MINERAL RESOURCE
• Mineral reserves and mineral resources have been calculated in accordance with National Instrument
43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes,
Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the Securities
Exchange Commission (SEC), applies different standards in order to classify mineralization as a reserve. In
addition, while the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant
to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize such
terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource
information contained herein is not comparable to similar information regarding mineral reserves
disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission. U.S.
investors should understand that “inferred” mineral resources have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors
are cautioned not to assume that any part or all of NAP's mineral resources constitute or will be
converted into reserves. For a more detailed description of the key assumptions, parameters and
methods used in calculating NAP’s mineral reserves and mineral resources, see NAP’s most recent Annual
Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the SEC.
• Please refer to North American Palladium’s most current Annual Information Form and applicable
technical reports available on www.sedar.com, www.sec.gov and www.nap.com for further information.
27

29. LDI Palladium Mine
RESERVES & RESOURCES
March 31, 2012
LDI MINERAL RESERVES
Tonnes Pd Pt Au Ni Cu Pd
CATEGORY (000'S) (g/t) (g/t) (g/t) (%) (%) (000's oz)
PROVEN
Roby Zone 420 6.38 0.42 0.34 0.08 0.07 86
Open Pit 722 1.99 0.21 0.22 0.11 0.10 46
PROBABLE
None Reported - - - - - - -
TOTAL PROVEN & PROBABLE 1,143 3.61 0.29 0.26 0.10 0.09 132
LDI MINERAL RESOURCES
Tonnes Pd Pt Au Ni Cu Pd
CATEGORY (000'S) (g/t) (g/t) (g/t) (%) (%) (000's oz)
MEASURED
Offset Zone 7,136 5.45 0.37 0.37 0.13 0.10 1,251
Open Pit 1,971 2.00 0.24 0.15 0.05 0.07 126
Stockpile 83 1.63 0.17 0.14 0.08 0.06 4
TOTAL MEASURED 9,189 4.68 0.34 0.32 0.11 0.09 1,382
INDICATED
Offset Zone 7,062 4.98 0.35 0.34 0.12 0.10 1,131
Roby Zone 1,269 7.16 0.41 0.33 0.08 0.06 292
Open Pit 2,565 2.20 0.24 0.18 0.07 0.08 181
Low Grade Stockpile 13,188 0.97 0.12 0.08 0.06 0.03 411
TOTAL INDICATED 24,084 2.60 0.22 0.18 0.08 0.06 2,016
TOTAL MEASURED & INDICATED 33,273 3.18 0.25 0.22 0.09 0.07 3,398
INFERRED
Offset Zone 6,292 4.40 0.37 0.30 0.10 0.09 889
28
See accompanying Notes on the next page.

30. LDI 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. U.S. investors should refer to the Annual Information Form for an
overview on how Canadian standards differ significantly from U.S. requirements.
2. 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.
3. Mineral Resources for the Offset Zone were estimated from drilling completed to March 31, 2012 by Todd McCracken, P.Geo., of Tetra
Tech, an independent Qualified Person within the meaning of NI 43-101. The mineral resource calculation uses a minimum 3.5 g/t Pd
resource block cut-off. The mineral resource estimate is based on the combination of geological modeling, geostatistics and
conventional block modeling (5 m x 5 m x 5 m blocks). Assay grade capping was determined not to be necessary. The Offset Zone
resource models used the ordinary kriging (OK) grade interpolation method within a three-dimensional block model with mineralized
zones defined by wireframed solids. The QA/QC protocols and corresponding sample preparation and shipment procedures for the
Offset Zone have been reviewed by Tetra Tech. 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$1,200/oz gold, US$9.00/lb
nickel, and US$3.25/lb copper. A US$/Cdn$ exchange rate of US$0.95 = CDN$1.00 was also applied.
4. The mineral reserve and resource estimate for the Roby Zone, open pit and stockpiles were estimated as of June 30, 2010 by Scott
Wilson RPA and updated by David Penna, P.Geo., an employee of the Company and a Qualified Person under 43-101 to reflect: (i)
additions to mineral reserves in the Roby Zone as a result of a lower cut-off palladium grade; (ii) depletion from production up to March
31, 2012, and (iii) mineral reserves from the crown pillar (supported by an internal engineering report). The following cut-off grades were
used: (i) 1.8 g/t 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.
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, sociopolitical, 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. Numbers may not add due to rounding.
29

31. $0
$200
$400
$600
$800
$1,000
$1,200
Impala Mine (IMP)
Bokoni (ATL)
Everest South (AQP)
Marikana (AQP/AMS)
Smokey Hills (PLA)
Modikwa (ARM/AMS)
Crocodile River (ELR)
Marikana (LMI)
Thembelani Mine (AMS)
Source: CIBC World Markets, based on H1 CY12
Kroondal (AQP/AMS)
Khuseleka Mine (AMS)
Zondereinde (NHM)
Khomanani Mine (AMS)
Pandora (LMI/AMS)
Rustenburg Section (AMS)
LDI is a Low Cost Producer
Unki (AMS)
Union Section (AMS)
Tumela Mine (AMS)
Amandelbult Section (AMS)
• NAP is one of the lowest cash cost producers
Siphumelele Mine (AMS)
Bathopele Mine (AMS)
Dishaba Mine (AMS)
Marula (IMP)
BRPM (RBP)
Mogalakwena (AMS)
Nye Mine (SWC)
PALLADIUM CASH COST CURVE
Mototolo (XTA/AMS)
Boulder (SWC)
Mimosa (IMP/AQP)
Platinum Mile (AQP)
W/L Tailings (AMS)
CTRP (AQP/SLP)
Two Rivers (ARM/IMP)
LDI Mine (PDL)
Cash Costs per PdEq Oz
Sylvania Dumps (SLP)
Average Pd Price Received
Zimplats (IMP)
30

32. Palladium Market
MARKET DYNAMICS
• The palladium market is expected to remain in a position of undersupply over
the 2012 to 2016 period – will allow prices to remain robust
World Palladium Supply and Demand Forecast
2009 2010 2011 2012E 2013E 2014E 2015E
(In koz, unless otherwise noted)
Supply
Mine Production 6,320 6,613 6,966 6,825 6,925 7,125 7,225
Scrap 1,184 1,454 1,620 1,770 1,980 2,130 2,250
Total Palladium Supply 7,504 8,067 8,586 8,595 8,905 9,255 9,475
Change (YoY %) (3.2%) 7.5% 6.4% 0.1% 3.6% 3.9% 2.4%
Total Palladium Consumption 7,591 8,642 8,740 8,920 9,475 9,790 10,000
Change (YoY %) (9.5%) 13.9% 1.1% 2.1% 6.2% 3.3% 2.1%
Implied Market Balance (87) (575) (154) (325) (570) (535) (525)
Stock Releases 1,100 800 800 150 150 -- --
ETF Investment 507 1,038 (514) -- -- -- --
Implied Residual Balance 507 (813) 1,160 (175) (420) (535) (525)
Source: Thomson Reuters GFMS, LPPM, RBS (Commodity Companion - Truly Precious, May 4th 2012) 31

33. Palladium
PRICE FORECASTS
PALLADIUM 2012 2013 2014 2015 2016 LT
BMO $643 $725 $750 $700 $650 $650
Canaccord Genuity $656 $775 $850 $900
CIBC $610 $700 $900 $1,000 $800 $700
Cormark $650 $750 $750
Credit Suisse $640 $700 $800 $850 $900
Deutsche Bank $679 $750 $800 $900 $1,000 $1,000
Dundee $678 $700 $775 $750 $700 $600
J.P.Morgan $635 $700 $881 $1,000
Macquarie $746 $1,019 $950 $800
Morgan Stanley $638 $708 $780 $850 $1,092 $1,106
National Bank Financial $672 $750 $750 $750 $750 $550
Paradigm $700 $560 $560 $560 $560 $560
Raymond James $648 $856 $1,000 $950 $850 $800
RBC $650 $750 $850 $850 $750 $750
Scotiabank $644 $725 $750 $750 $700 $650
Societe Generale $710 $800
TD Securities $653 $600 $550
Average $660 $740 $815 $810 $785 $765
Source: Scotiabank – based on available equity research 32

34. Gold Division
OVERVIEW
• NAP is currently exploring divestiture opportunities of its non-
core portfolio of gold assets
• Portfolio consists of significantly de-risked gold assets in
Quebec with total mineral resource inventory of 1.5 MM oz Au:
• Vezza Mine – High-grade, underground, fully permitted
gold mine with near-term cash generation potential
(ready for commercial production)
• Sleeping Giant Mine & Mill Complex – Fully permitted,
900 tpd regional mill with potential to be expanded to
1,750 tpd
• Dormex, Flordin & Discovery Projects – Advanced and
early stage exploration properties with blue sky potential,
within trucking distance to regional mill
33

35. Gold Division
OVERVIEW
Divestiture strategy driven by:
• Gold assets are non-core to NAP
• Equity investor preference for pure play PGM exposure (gold diversification strategy
perceived to dilute the palladium brand)
• Newly identified exploration & development upside in palladium assets that will give the
Company growth in palladium (therefore not relying on growth through diversification)
• Lack of “mass scale” in gold production growth due to Sleeping Giant mine closure in early
2012
• Significant development milestones reached at Vezza have well positioned the asset for
sale (warrants more attractive valuation now that operations have commenced)
34