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North American Palladium announces
second quarter 2009 results
Maintains strong financial position, completes Cadiscor acquisition,
LDI exploration success
TORONTO, August 11, 2009 — North American Palladium Ltd. ("the Company") today announced financial results for the
second quarter ended June 30, 2009.
"We have made tremendous strides during the second quarter, while at the same time maintaining a strong financial position
with $61 million in cash and no long-term debt," said William J. Biggar, the Company's president and chief executive officer.
"We completed the acquisition of Cadiscor, and now own the Sleeping Giant gold mine, which is on track to resume production
in the fourth quarter of this year at a production rate of approximately 50,000 ounces of gold per year. Further, we announced
the discovery of the new Cowboy deposit and continued drilling success on the Offset zone at LDI, which is developing into a
world class palladium mine. We are also encouraged by the recent rise in the palladium price as we refine a restart plan for LDI
aimed at streamlining processes and lowering operating costs. We expect to be able to resume mining within three months of
making a go decision."
Highlights from the quarter are as follows:
130 Adelaide Street West
Canada M5H 3P5
News Release 2009 — No. 10
TSX: PDL, PDL.WT
NYSE-AMEX: PAL, PDL.WT
The Company acquired the Sleeping Giant gold mine as a result of its acquisition of Cadiscor Resources Inc.
("Cadiscor"). The all-equity transaction whereby Cadiscor shareholders received 0.33 common shares of the Company
for each common share of Cadiscor was completed on May 26, 2009.
On June 25, 2009, the Company announced the discovery of a new underground platinum group minerals ("PGM") zone
at its Lac Des Iles ("LDI") PGM mine. The new zone, named the Cowboy Zone, was discovered duri