North American Palladium, Ltd. engages in exploring for and mining platinum group metals, as well as base and precious metals in Canada. The company owns and operates Lac des Iles Mine, its primary property, located in the Thunder Bay District in Ontario, Canada. Its mining and processing operation produces by flotation a palladium rich concentrate. The company’s Lac des Iles open pit mine also produces platinum, gold, copper, and nickel as by products. As of December 31, 2004, its open pit reserves contained an estimated 2.01 million ounces of palladium and platinum, and the underground reserves contained an estimated 754,000 ounces of palladium. North American Palladium sells its concentrates and refined palladium to automotive manufacturers under a sales contract. The company is headquartered in Toronto, Canada.