NORTH AMERICAN PALLADIUM THE WORLDS ONLY PURE PLAY PALLADIUM - PowerPoint PPT Presentation

NORTH AMERICAN PALLADIUM THE WORLD’S ONLY PURE PLAY PALLADIUM PRODUCER 2019 9 INVESTOR TOR DAY Y PRESENTATI TION ON March 26, , 2019 9 TSX:PDL PDL | OTC:P :PALDF DF

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DISCLAI SCLAIME MERS RS AND D FO FORWARD ARD-LOOKING OOKING INFORMA FORMATION TION ALL DOLLAR AMOUNTS SHOWN ARE IN CANADIAN DOLLARS UNLESS OTHERWISE STATED Certain information contained in this presentation constitutes 'forward-looking statements' or 'forward-looking information’, within the meaning Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The words ‘target’, management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and ‘plan’, ‘should’, ‘could’, ‘estimate’, ‘guidance’, and similar expressions identify forward-looking statements. Forward-looking statements in this assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to: that the Company will be able to presentation include, without limitation: information pertaining to North American Palladium Ltd. (the “Company”)’s strategy, plans or future continue normal business operations at its LDI mine, that metal prices and exchange rates between the Canadian and United States dollar will be financial or operating performance, such as statements with respect to, long term fundamentals for the business, operating performance consistent with the Company’s expectations, that there will be no significant disruptions affecting operations, and that prices for key mining and expectations, project timelines, tailings management plan, mining method change, production forecasts, operating and capital cost estimates, construction supplies, including labour, will remain consistent with the Company’s expectations. The forward-looking statements are not expected mining and milling rates, cash balances, projected grades, mill recoveries, metal price and foreign exchange rates and other guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result statements that express management’s expectations or estimates of future performance. Forward-looking statements involve known and of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward- unknown risk factors that may cause the actual results to be materially different from those expressed or implied by the forward-looking looking statements. statements. Such risks include, but are not limited to: the possibility that metal prices and foreign exchange rates may fluctuate, the risk that the Investing in the Company's common shares involves significant risks. Prospective investors should carefully read and consider the risk factors Lac des Iles (“LDI”) mine may not perform as planned, that the Company may not be able to meet production forecasts, the possibility that the described or referenced under the heading “Risk Factors” in the Company’s Annual Information Form, and in any applicable documents on file Company may not be able to generate sufficient cash to service its indebtedness and may be forced to take other actions, inherent risks with Canadian securities regulatory authorities on SEDAR at www.sedar.com, before purchasing common shares. associated with development, exploration, mining and processing including environmental risks and risks to tailings capacity, employment disruptions, including in connection with collective agreements between the Company and unions and the risks associated with obtaining The Company prepares and presents its financial statements in accordance with IFRS. Certain financial measures highlighted in this presentation necessary licenses and permits. For more details on these and other risk factors see the Company’s most recent Management’s Discussion and are financial measures that have not been prepared in accordance with IFRS. For a definition and reconciliation of these non-IFRS financial Analysis and Annual Information Form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading measures to the nearest IFRS financial measures, please refer to the appendix to this presentation. Such non-IFRS financial measures are used “Risk Factors” . from time to time herein but should not be viewed as a substitute for IFRS measures of performance and others in the industry may define these measures differently. This presentation also contains references to estimates of mineral resources and mineral reserves. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the LDI mine, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be 2019 INVESTOR BREAKFAST PRESENTATION inaccurate. Mineral resource or mineral reserve estimates may have to be re-estimated based on: (i) fluctuations in the price of platinum; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses or changes to existing mining licenses. 3 March 26, 2019

AGEND NDA A 1. North American Palladium Overview 2. Nikos Kavalis, Metals Focus 3. Peter Gordon, Brookfield Asset Management 4. Lac des Iles Mine 5. Tailings Management 6. Exploration 2019 INVESTOR BREAKFAST PRESENTATION 7. Environment 8. Indigenous Relations 9. Finance 10. The Future 4 March 26, 2019

COMPANY ANY OVERVIEW IEW CAPITAL STRUCTURE (As of December 31, 2018) • North American Palladium (“NAP”) wholly owns and operates the Lac des Iles Mine in Ontario, Canada. • Operational 25+ years; includes an underground mine, surface mining, mill, year-round access, and low-cost power from the provincial grid. • Unique ore body with solid exploration potential, run by an experienced management team composed of proven operators. • NAP is the only pure play palladium producer in the 2019 INVESTOR BREAKFAST PRESENTATION ONTARI RIO world. Lac des Iles 5 March 26, 2019

HI HISTORY Y AND D TUR URNAR AROUND OUND Project oject over er bud udge get Shut down wn after er and d behind hind sc schedule. edule. financi ancial al crisis. s. Brookf ookfield ield conver nverts s Gold ld divis vision ion sold. d. Commis mission ion new w mill, , Drilli ling ng on the debt ebt to equit ity, , Brookf ookfield ield loans s pit exp xpans ansion. on. offset t zone. e. becomes comes 92% owner er. . US$130M. 0M. 1993 93 200 002 200 006 200 008 2010 2013 2015 Mand ndat ate: e: Fix ix asset. t. Under ergr grou ound nd via Re-op Re open, en, start shaft 2019 INVESTOR BREAKFAST PRESENTATION Productio oduction n starts. s. ramp mp acces cess s to project oject and d Offset Zone e mine e Roby by Zone. e. expa xpansio nsion n project. oject. Purchas hased ed a gold d divi visio sion. n. 6 March 26, 2019

OP OPERA RATION TIONAL AL TUR URNAR AROUND OUND SU SUCCESSFU CESSFULL LLY Y EXE XECUTED CUTED UND NDER ERGR GROUN OUND D PAYAB ABLE LE UNDER ERGR GROUN OUND D TOTAL AL SITE E PRODUCTI ODUCTION PALLAD LADIUM IUM MINING ING COS OST COS OST Average tonnes per day Thousand ounces produced C$ per tonne mined C$ per tonne milled Q4 Q4 66 6,720 237 6,263 $67 $50 202 Q4 Q4 5,198 $43 $35 $57 $45 $37 150 $45 3,736 2019 INVESTOR BREAKFAST PRESENTATION 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 7 March 26, 2019

March 26, 2019 2019 INVESTOR BREAKFAST PRESENTATION 8

Ni Nikos K os Kavalis avalis Founding partner, Metals Focus 2019 INVESTOR BREAKFAST PRESENTATION 9 March 26, 2019

Pe Peter March 26, 2019 er Gor Gordo don 10 2019 INVESTOR BREAKFAST PRESENTATION

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SAFE FETY Y PERFORMA FORMANCE NCE ONTARIO IO MI MINING NING LAC C DES ILES MINE AVERA ERAGE GE 2018 TRIF 2018 TRIF 4.3 4.1 3.8 3.3 2.7 2.2 2019 INVESTOR BREAKFAST PRESENTATION 2016 2017 2018 2016 2017 2018 Systems ems Culture 2018 Ontario Mine Rescue Provincial Competition Team 12 March 26, 2019 TRIF = Total Recordable Injury Frequency = (Recorded incidents X 200,000) / Total number of hours worked