LDI Property: Reserves & Resources

Property Resources Tonnes (000s) Pd (g/t) Pt (g/t) Au (g/t) Cu (%) Ni (%) Pd (000 oz) Pt (000 oz) Lac des Iles Measured                      Roby Zone Open Pit 3,722 1.99 0.23 0.17 0.08 0.07 238 28      Roby Zone Stockpiles 763 2.09 0.19 0.18 0.06 0.08 51 5    Indicated Resources      Roby Zone Open Pit 2,565 2.20 0.24 0.18 0.08 0.07 181 20      Roby Zone RGO Stockpile 13,365 0.97 0.12 0.08 0.03 0.06 417 52      Roby Zone Underground 3,292 7.61 0.44 0.33 0.06 0.08 805 47      Offset Underground 12,331 5.02 0.38 0.37 0.11 0.13 1,990 151    Measured & Indicated 36,038 3.18 0.26 0.22 0.07 0.09 3,682 303    Inferred      Offset Underground 4,637 4.9 0.4 0.3 0.12 0.13 730 60 Shebandowan Measured 368 1.19 0.37 0.22 0.66 0.89 14 4    Indicated 924 1.05 0.33 0.23 0.60 0.92 31 10    Measured & Indicated 1,292 1.09 0.34 0.23 0.62 0.91 45 14    Inferred 171 0.97 0.27 0.18 0.61 1.11 5 2

Notes:

1. CIM definitions were followed for the estimation of Mineral Resources.
2. Mineral Resources for the Lac des Iles mine were estimated by Scott Wilson Roscoe Postle Associates, Inc.
3. Mineral Resources for the Roby open pit were estimated at a cut-off grade of 1.8 g/t PdEq, within an optimized pit shell run below the current pit survey (October 2008).
4. Mineral Resources in Lac des Iles mine stockpiles were estimated at a cut-off grade of 1.9 g/t PdEq.
5. Mineral Resources for the Roby and Offset Zones underground were estimated at a cut-off grade of 5.8 g/t PdEq.
6. Lac des Iles mine cut-off grades were determined under the assumption that a production rate of 14,000 tpd would be resumed in the event of restarting operations.
7. For Lac des Iles mine, metal price assumptions of US$350/oz palladium, US$1,400/oz platinum, US$850/oz gold,US$6.50/lb nickel, and US$2.00/lb copper were used in the estimation of PdEq and cut-off grade. A US$/C$ exchange rate of C$1.11 was used.
8. The mineral resource estimates for the Shebandowan West Project were prepared by F.H. Brown, CPG, Pr. Sci. Nat. (a “qualified person” under NI 43 101) using a cut-off grade of US$60.00 NSR and 18-month trailing average metal prices of US$300/oz palladium, US$750/oz platinum, US$400/oz gold, US$7/lb nickel and US$1.50/lb copper.
9. Assumes a net inventory to North American Palladium of 50% for the Shebandowan West Project. The Company’s interest is currently 50%, which could be reduced to 40% upon the exercise by Vale Inco of a claw-back right.
10. Palladium and platinum 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.