29 Caut i onary Not e t o U S Inv est ors Con cerni ng M inera l reserv es a nd m inera l reso urc es ha v e been c a l c u la t ed i n ac c o rd a nc e w it h Na t io na l I nst rum ent 43 1 0 1 a s required by Ca na d ia n sec urit ies reg ul a t o ry a ut ho ri t ies Fo r U nit ed St a t es repo rt ing purp o ses I nd us t ry Gu id e 7 und er t he Sec urit ies a nd E xc ha ng e Act o f 1 9 3 4 a s int erpr et ed by S t a f f o f t he Sec urit ies E xc ha ng e C o m m iss io n SE C a pp l ies d if f erent s t a nd a rd s in o rd er t o c l a ss if y m inera l iz a t io n a s a reserv e I n a d d it io n w hil e t he t erm s m easured indic a t ed a nd inf erred m inera l reso urc es a re required pursu a nt t o Na t io na l I nst rum ent 4 3 1 0 1 t he U S Sec urit ies a nd E xc ha ng e C o m m iss io n d o es no t reco gn iz e su c h t erm s C a na d ia n st a nd a rd s d if f er s ign if ic a nt l y f ro m t he requirem ent s o f t he SE C a nd m inera l reso urc e inf o rm a t io n co nt a ined her ein is no t co m p a ra b l e t o sim i l a r inf o rm a t io n reg a rding m iner a l reser v es d isc l o sed in a c c o rd a nc e w it h t he requirem ent s o f t he U S Sec urit ies a nd E xc ha ng e C o m m iss io n U S inv est o rs sho ul d und erst a nd t ha t inf erred m inera l reso urc es ha v e a grea t a m o unt o f unc ert a int y a s t o t heir exist ence a nd gr eat unc ert a int y a s t o t heir ec o no m ic a nd l ega l f easibil it y I n a d d it io n U S inv est o rs a re c a ut io ned no t t o a ss um e t ha t a ny pa rt o r a l l o f NAPs m inera l reso urc es c o nst it u t e o r w il l be co nv ert ed int o reser v es F o r a m o re d et a il ed d escrip t io n o f t he ke y assum p t io ns p a ra m et ers a nd m et ho d s us ed in c a l c u l a t ing NAP s m inera l reserv es a nd m inera l reso urc es s ee NAP s m o st recent Annual I nf o rm a t io n F o rm F o rm 4 0 F o n f il e w it h C a na d ia n pro v inc ia l sec urit ies reg ul a t o ry a ut ho ri t ies a nd t he SE C Pl ease ref er t o No rt h Am erican Pa l l a d iu ms m o st c urrent Annual I nf o rm a t io n F o rm a nd a pp l ic a b l e t ec hnic a l repo rt s a v a il a bl e o n w w w sed a r c o m w w w sec go v a nd w w w na p c o m f o r f urt her inf o rm a t io n MI NERAL RESERVES AND MI NERAL RESOURCE