North American Palladium Ltd. (fka PALDF)

[Dobie Lama]

PAL- Do the math.

The chart may be bearish but this isn't:

Toronto, Ontario, February 25, 2015 – North American Palladium Ltd. (“NAP” or the “Company”) (TSX: PDL) (NYSE MKT: PAL) is pleased to provide an update on its mineral reserve and resource estimates for its Lac des Iles mine property (the “Property”) in northwestern Ontario.

Highlights:

• Total reserves of 20.4 million tonnes at a grade of 2.1 grams per tonne (“g/t”) and total resources of 71.5 million tonnes at a grade of 2.0 g/t, representing a combined 5.9 million ounces of contained palladium.

• Significant increase in underground measured and indicated resource of 3.9 million tonnes at a grade of 2.67 g/t palladium (413,000 ounces of contained palladium). An increase of 16%.

• Increase in near surface reserve of 6.3 million tonnes at a grade of 1.0 g/t palladium (197,000 ounces of contained palladium). An increase of 101%.

• Increase in near surface resource of 9.8 million tonnes at a grade of 1.28 g/t palladium (274,000 ounces of contained palladium). An increase of 23%.