An anonymous director reports

NORTH AMERICAN PALLADIUM RECEIVES FINAL ORDER

North American Palladium Ltd. (NAP) has received all of the required regulatory approvals with respect to the proposed plan of arrangement, pursuant to which an affiliate of Impala Platinum Holdings Ltd. will acquire all of the issued and outstanding common shares of the company by way of a plan of arrangement. Under the terms of the arrangement, shareholders of NAP other than Brookfield (defined below) will receive $19.74 per share in cash and Brookfield Business Partners LP (together with its institutional partners, collectively Brookfield), as the majority shareholder of NAP, will receive $16.00 per share in cash.

The parties currently anticipate that the transaction will close on or about Dec. 13, 2019.

Shareholders who have questions or require assistance with submitting their shares to the arrangement may direct their questions to Computershare Trust Company of Canada, who is acting as depositary under the arrangement, toll free at 1-800-564-6253 or by e-mail. Further information regarding the arrangement is available in the management information circular of the company dated Nov. 1, 2019, which is available under NAP's profile on SEDAR.

About North American Palladium Ltd.

North American Palladium is a Canadian company with 25 years of production at the Lac des Iles mine in a low-risk jurisdiction northwest of Thunder Bay, Ont. North American Palladium is the world's only pure-play palladium producer.