METAL FOR TODAY AND TOMORROW - CSE:BULL OTCQB:DCNNF FRANKFURT:DCR1 - Canadian Palladium
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METAL FOR TODAY AND
TOMORROW
April 2021
CSE:BULL
OTCQB:DCNNF
FRANKFURT:DCR1
D isclaimer
This presentation includes certain statements that may be deemed forward looking statements. All statements in this
discussion, other than statements of historical facts, which address future production, reserve potential, exploration
activities and events or developments that the Company expects, are forward looking statements. Such forward looking
statements include, without limitation: (i) estimates of future prices, supply, demand and/or production; (ii) estimates of
future cash costs; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development,
construction, production or closure activities; (v) statements regarding future exploration results; (vi) statements regarding
cost structure, project economics, or competitive position, and; (vii) statements comparing the Company’s properties to
other mines, projects or metals. Although the Company believes the expectations expressed in such forward looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward looking statements. Factors that could cause actual
results to differ materially from those in forward looking statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and general economic, market or business conditions. Investors
are cautioned that any such statements are not guarantees of future performance, that the Company expressly disclaims
any responsibility for revising or expanding the forward looking statements to reflect actual results or developments, and
that actual results or developments may differ materially from those projected, in the forward looking statements, except as
required by law. Mr. Garry Clark, P. Geo., Independent Director of Canadian Palladium, is the qualified person as defined in NI
43-101, who has reviewed and approved the scientific and technical content in this presentation.
CSE:BULL
CSE:BULLTCQB:DCNNF
TCQB:DCNNF FRANKFURT:DCR1
FRANKFURT:DCR1 2
Palladium
– A vital metal for the 21st Century
PALLADIUM
Key component in Normally mined as a by Used for petrol, diesel
catalytic converters on product of a nickel/copper and hybrid vehicles
cars deposit
Also used in electronics, Catalytic converter Currently trading in
dentistry, medicine, demand over 75% of excess of $2000 USD/oz
chemical applications worldwide demand of
and jewellery (white Palladium
gold)
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 3
Cobalt
– A vital metal for the 21st Century
Cobalt
• Key component in Lithium-ion batteries
• Particular demand from the Electric/Hybrid Vehicle
market
• Also used in “super-alloys”/hard metals in
manufacturing, ceramics and pigments and other
chemicals
• Battery demand just over 50% of worldwide demand for
cobalt
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1
Positive Fundamentals Driving PGM Outlook
1
PGM supply and demand are expected to rebound back in a V- East Bull Property
shaped recovery in 2021 Polymetallic Metal Exposure
Supply Drivers
2 COVID-related supply disruptions/constraints
Cobalt 2%
Autocatalyst recoveries should rebound as vehicle markets and Gold 4%
Palladium
3 recycling networks return to normal 52%
Nickel 4%
Autocatalyst demand expected to recover strongly, on higher Rhodium
4 car output and stricter emissions limits for trucks in China 12%
Demand Drivers
Platinum
5 New policies/legislation focused on decarbonization 12% Copper 14%
Robust industrial consumption, with PGM use in chemical
6 applications expected to materially increase
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1
Platinum Group Metals (Pd, Pt & Rh)
• PGMs remain in a moderate deficit, underpinned by sharply Platinum Supply/Demand vs. Performance1
lower supply and strong investment demand 20,000 $2,000
Market balance will depend on Total Supply (000
17,500
Autocatalyst demand expected to recover on increased automotive output jewelry consumption and
15,000 oz)
and more strict emission limits in China investor sentiment
12,500
Primary suppliers were affected by mine closures and processing outages 10,000 $1,000
7,500
Delays in advancing greenfield palladium mining projects 5,000
2,500
Rhodium rallied to record highs, surging above US$25,000/oz, driven by
0 $0
tightening emissions regulations and strong demand
2015A 2016A 2017A 2018A 2019A 2020A
Palladium Supply/Demand vs. Performance1 Share of Autocatalyst PGM Demand by Metal1
20,000 $4,000
Total Supply (000 Demand continues to
17,500
oz) outstrip supply
15,000
12,500
10,000 $2,000
7,500
5,000 Pt
2,500 Pd
0 $0 Rh
2015A 2016A 2017A 2018A 2019A 2020A Excludes movements in automaker stocks
1) Source: Johnson Matthey plc
* Source: S&P Capital IQ. Figures are as of December 31st for each respective year
6
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1
Cobalt (Co)
• Battery metals including cobalt continue to Cobalt Global Supply/Demand Forecast1,2
30
rally Refined cobalt balance (000 t)
Ongoing cobalt logistical disruptions in South Africa and the DRC have $20
tightened supply and pushed up raw material costs -20
EV boom has accelerated demand (global plug-in EV sales expected to reach
nearly 10M units in 2025)
European Commission outlines policy to lower CO2 emissions; requires cell -70 $10
makers to use 12% recycled cobalt by 2030
2019A 2020A 2021E 2022E 2023E 2024E 2025E
Outlook strengthened by rumors that China’s State Reserve Bureau is to
Cobalt Demand
undertake an from
additional round of Plug-in EVs (000
cobalt purchasing in 2021tonnes)
1 Global Reserves3 Global Production3
100,000 China 86,865
EU27 Madagas… Papua New…
Norway 67,618 Cana… South…
55,222 Morocc…
UK Russi… Congo… Madagasc…
Canada
50,000 44,201
Japan 34,241 2%
Congo
Phillip… 71%
19,876 24,996 Cuba Cuba 3%
9,704 14,841 7% Phillippine…
Other Other
- 12% Austra 4%
Australi…
Russia
lia
2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 4%
17%
1) Source: S&P Global Market Intelligence 3) Source: USGS 2019 estimates
2) Source: London Metal Exchange’s cobalt cash prices
7
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1
Copper (Cu)
• Outlook for the copper market remains Global Copper Market Balance1
1,000 10,000
encouraging 750
Balance (000 t)
500
Shutdowns of primary copper-producing mines coupled with a thin 250
pipeline of new projects coming into production has weakened global 5,000
0
mine supply -250
-500 Entering a period of
Substantial rebound in China’s economic activity, driven by the auto and large annual deficits
-750 0
construction sector
2009A
2010A
2011A
2012A
2013A
2014A
2015A
2016A
2017A
2018A
2019A
2020A
2021E
2022E
2023E
2024E
2025E
Growing investments in clean energy infrastructure (solar/wind)
Wood Mackenzie forecasts +20 million EV charging points will be deployed
Annual Copper Consumption in EVs and ICEs (Mt)2 Global Refined Copper Consumption (000 tonnes)1
globally by 2030
4.0 Battery EVs require 3x more copper than 28,000 Ex-China China
ICE vehicles
3.0 21,000 54% 53% 53%
57% 55% 54%
Passenger EVs 49% 50% 50% 51% 52%
2.0 14,000
1.0 7,000 46% 46% 47% 47%
51% 50% 50% 49% 48% 43% 45%
0.0 0
2015 2020 2025 2030 2035 2040 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1) Source: S&P Global Market Intelligence
2) Wood Mackenzie
canadianpalladium.com 8 CNSX:BULL / OTCPK:DCNNF / FRANKFURT:DCR1
East Bull PGM Property
– Pa l l a d i u m e m p h a s i s
• 90km West of Sudbury Ontario,
480km West of Ottawa
• Accessed by all-weather route
552/810 extending north from Trans-
Canada Highway 17 at Massey
• Food, fuel and lodging is available
4km from the property
• Power line is located 4km from the
property
• Rail line is 24km to the South
• Fully permitted for drilling
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 9
East Bull PGM Property
– M o r e t h a n Pa l l a d i u m
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 10Canadian Palladium Property
EAST BULL,
ONTARIO, CANADA
Canadian Palladium has
leveraged the historic drilling,
February, 2019, Canadian
surface trenching and
Palladium acquired 992 hectare
geophysics to successfully
East Bull property in Gerow
target resource expansion at
Township, Ontario, Canada
low cost
Analysis and testing of the
historical exploration has
resulted in a 43-101 compliant Canadian Palladium’s 15,000 m
resources estimate of 11.1m drilling program has extended
tonnes of ore at a grade of mineralization to over 2.9 km
1.46g/t Pd Eq for a total of strike length, filled in
523,000 ounces PD Eq mineralization gaps, extended
mineralization down dip and
discovered new zones
Tonnes Au Pt Pd Rh Cu Ni Co 3PGM+Au PdEq PdEq
Inferred M g/t g/t g/t g/t % % % g/t g/t Oz k
11.1 0.05 0.05 0.58 0.04 0.14 0.05 0.01 0.93 1.46 523
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 11East Bull PGM Property
15,000
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 12East Bull PGM Property
– Resource Expansion Potential at East Bull PGM Deposit
• Existing Inferred Resource of 523,000 oz Pd-eq
• Drilled over 1,800 m strike length to maximum depth of 120 m
EAST BULL PGM DEPOSIT
• Mineralized zone has 3,600 m strike length and open at depth
• Potential target of 4x current resource to 240 m depth for 2 MM oz
Current Inferred Resource of Resource Expansion Potential
523,000 oz Pd-eq
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 13Wide intersections dipping 45 o north
5,141,200 N
5,141,250 N
5,141,300 N
5,141,350 N
5,141,400 N
5,141,450 N
5,141,500 N
5,141,550 N
5,141,600 N
5,141,650 N
400 EL
SURFACE
OVERBURDEN
350 EL
PIT OUTLINE
300 EL
250 EL
200 EL
150 EL
PdEq g/t
0 25 50 75 100
+ 2.0 METRES
1.5 - 2.0
MINERALIZED DOMAINS 1.0 - 1.5
P&E Mining Consultants Inc.
PROJECTED TO SECTION 0.8 - 1.0
GARDEN 0.4 - 0.8
EAST BULL PLATINUM GROUP
VALHALLA METALS PROPERTY
HW 0.01 - 0.4 PdEq BLOCK MODEL SECTION 4,700 E
Scale 1:2,000 April 2019
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 14C ur re nt D r i l l Progra m E x te nds the D e posi t ove r 2.9 k m
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 15US ING MT S URVE Y TO D E F INE POTE NTIA L F E E DE R ZONES
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1East Bull PGM Property
“The East Bull Project is a unique bulk tonnage PGM-Cu
deposit that benefits from close proximity to Sudbury,
Canada’s premier Ni-Cu-PGM district. The sulphide
mineralization has a high PGM tenor and Canadian
Palladium’s 15,000 m drilling program is resulting in a
significant expansion of the resource”
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 17Tisova Copper-Cobalt-Gold Project
Erzgebirge Mining District, Western Czech Republic & Germany
An historical mining region in the Industrial Heart of Europe
TI S O V Á M I N E S U R F A C E – LO O K IN G S O U T H W E S T
HR A N I Č Á Ř P O R TA L – TI S O V Á L EV EL 2
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 18Canadian Palladium – AT THE CENTRE OF EUROPEAN EV BATTERY AND CAR PRODUCTION
KEY
Battery/Cathode Factory
EV Factory
21C Metals Inc.
Tisova Project
250 Miles
• Tisova Property straddles border between Czech Republic and Germany;
• Located 140 km west of Prague, 270 km east of Frankfurt;
• Erzgebirge (Ore Mountains) span south-eastern Germany and northwestern Czechia
• 800 years of mining from the 12th century and important source of European silver, tin
and copper
19Tisova Copper-Cobalt-Gold Project
Erzgebirge Mining District, Western Czech Republic & Germany
• Property position on in both Czech
Republic and Germany
• Historical production on Czech
Republic side of Property;
• Property position covers over 159
km2
• Includes area of past-producing
mines and prospective stratigraphy
Tisova Deposit
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 20Tisova Copper-Cobalt-Gold Project
Erzgebirge Mining District, Western Czech Republic
• Besshi-type
volcanogenic massive
sulphide (VMS)
deposit;
• Hosted in Paleozoic
sediments and
volcanics of Kraslice
Tisova Mineralized Formation and
Horizon deformed during late
Paleozoic Hercynian
orogen
View from the south. Green solid is the mafic volcanics and red solid is the mineralized package of rocks.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 21Tisova Copper-Cobalt-Gold Project
• Deposit consists of stratiform
mineralization with pyllitic
metasediments and metabasite
of the Brunndöbra subformation
(Kraslice formation, Raun group),
dipping 20 °-30 ° to the west
• Sulphide lenses average one to
two meters thick, but can also
reach 10 to 30 meters
• Mineralization consists of pyrite,
pyrrhotite and chalcopyrite with
arsenopyrite, magnetite,
sphalerite, bismuthenite,
jamesonite, ullmannite, cobaltite
and electrum
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 22Tisova, Historic Drilling and
Development
HISTORIC DRILLING
• 72 surface diamond holes (25,985m) and
142 holes of underground drilling
(14,299m)
• 2017 - 4 Diamond drill holes (1340 m)
completed after minimal compilation of
existing historical data
• More than 30 Km of underground
development including the 400m
Helena Shaft down to 9 level (400m
below surface)
• Sulphide zones more than 100m true
thickness
• High-grade copper horizons form
lenses up to 5m wide within thick
sulphide blanket
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 23Tisova Copper-Cobalt-Gold Project
Historical mineral resource
Soviet C1B “Preliminary Reserve” 1972
Tisova Copper Deposit
Tonnes Cu % Co % Ag g/t Au g/t
3,553,000 1.04 0.019 13.5 0.232
Tisova Mineralization lenses up to
800 m long by 150 m wide
Plan view based on drill intersections and
underg round development.
The reader is cautioned that these resources are based on historic data and are not NI43-101 complaint. A qualified
person has not done sufficient work to verify the results and investors should not rely on these results.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 24Significant Co and Au potential
Auroch Minerals Ltd. 2017 Drilling
Defined significant Co, Au potential
Tisova Mineralization lenses
TIDD003
8.0 m @ 0.97 g/t Au, 0.05% Co, 0.2% Cu (from 380.3 m)
Including
1.0 m @ 2.84 g/t Au, 0.14% Co, 0.8% Cu (from 380.3 m)
And
0.5 m @ 4.07 g/t Au, 0.35% Co, 0.7% Cu (from 421.9 m)
Cobaltite mineralization can be present without
significant copper
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 253D IP by Canadian Palladium
shows drill ready targets for deposit expansion
Untested 3D IP resistivity low
extending >2 km north from
Tisova Deposit
Tisova Deposit coincides with
resistivity low
Level plan at 325m ASL through resistivity inversion
showing the NS trending low resistivity zone.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 26Significant exploration potential
on prospective Kraslice
Formation on German licences
Stream sediment Cobalt anomalies
on German properties
Surface outcrop of prospective
Kraslice Formation
Tisova Deposit
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 27Tisova Copper-Cobalt-Gold Project
“The Tisova Project has the potential to define wide
intersections of copper, cobalt and gold mineralization in
the heart of the European Union. The Tisova Mine has a
long history of production from high-grade sulphide ores
with historical exploration and development focusing
solely on copper. Recent results have highlighted Tisova’s
significant potential for cobalt, gold and silver, in
addition to copper”
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 28Capital Structure
TRADINGSYMBOLS:
OUTSTANDING SHARES CSE: BULL
136,624,897 common shares issued and outstanding FRANKFURT: DCR1
WARRANTS TCQB: DCNNF
15,672,572 warrants exercisable at $0.30 until May 3, 2021
147,000 warrants exercisable at $0.30 until June 3, 2021
12,647,000 warrants exercisable at $0.18 until October 6, 2023
1,396,400 compensation warrants exercisable at $0.12 until October 6, 2023
2,624,999 warrants exercisable at $0.30 until December 21, 2021
STOCK OPTIONS
August 9, 2023 2.55m @ .39
October 2, 2023 300k @ .30
October 16, 2023 500k @ .31
October 24, 2023 100k @ .30
June 24, 2024 2.56m @ .30
Aug 8, 2024 250k @ .18
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 29C ontact
CORPORATE ADDRESS: FOR FURTHER INFORMATION PLEASE CONTACT:
155 West Hastings Street Kelsey Chin, Corporate Secretary
Vancouver, BC V6G 3J4 Canada Phone: (604) 639.4457
www.canadianpalladium.com Email: kchin@intrepidfinancial.ca
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 30Management
WAYNE TISDALE
President, CEO & Director
Mr. Tisdale has 40 years of experience in investing, financing and consulting to private and public companies in the areas of mining, oil and gas,
and agriculture. He runs his own merchant bank and sits on the board of a number of private and public companies. Over his career, Mr Tisdale
has raised over $2bn of both equity and debt financing and has been instrumental in founding several highly successful companies, including
Rainy River Resources (purchased by Newgold) and Ryland Oil Corporation (purchased by Crescent Point). Most recently, Mr. Tisdale was integral
to the successful sale of US Cobalt to First Cobalt Corporation, creating a post-transaction cobalt company valued at almost $400 million.
GARRY CLARK
Director
Mr. Clark is a geologist (P Geo) with over 30 years of mineral exploration experience and has held various geological positions with a number of
public mining companies. Mr. Clark has extensive experience in managing large scale exploration and development programs internationally
including Asia and North America, and has worked extensively in the Hemlo and Wawa districts. He is the Executive Director of the Ontario
Prospectors Association (OPA) and currently serves on the Minister of Mines Mining Act Advisory Committee. Most recently, Mr. Clark was
integral to the successful sale of US Cobalt to First Cobalt Corporation, creating a post-transaction cobalt company valued at almost $400
million.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 31Management
MICHELLE GAHAGAN
Chair & Director
Ms. Gahagan has been a director of Canadian Palladium Resources Inc. since January, 2011. Ms. Gahagan is currently a director of Moovly Media
Inc (TSXV: MVY) and Versus Systems Inc. (CSE: VS). Prior to her involvement in merchant banking, Ms. Gahagan graduated from Queens
University Law School and practiced corporate law for 20 years. Ms. Gahagan has extensive experience advising companies with respect to
international tax-driven structures, mergers and acquisitions. Ms. Gahagan has successfully completed the Investment Management Certificate
course offered by the Financial Conduct Authority (UK). Most recently, Ms. Gahagan was integral to the successful sale of US Cobalt to First
Cobalt Corporation, creating a post-transaction cobalt company valued at almost $400 million.
KELSEY CHIN
Chief Financial Officer & Corporate Secretary
Ms. Chin, a Chartered Professional Accountant, has over 15 years of experience in audit, finance and accounting within the mining, exploration
and technology industries. She has served as director and executive officer for several publicly traded companies where she was responsible for
all aspects of financial services, financial reporting, corporate governance, and has led numerous financings, mergers and acquisitions to
successful completion.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 32Directors
JAMIE NEWALL
Director
Mr. Newall is an experienced senior executive director, having served as a director or executive officer of numerous publicly listed natural
resources companies. He was Investment Director of Intrepid Financial, an incubator of natural resource companies for eight years. More
recently he has been interim CEO of Conversis, one of the UK’s leading language service providers and Voluntary CEO of Oracle Cancer
Trust, the UK’s largest head and neck cancer research charity. Mr. Newall is a graduate of Cambridge University and holds a Masters
Degree in Law.
BRYCE TISDALE
Director
Mr. Tisdale has several years of finance and capital markets experience. He formerly worked as an investment advisor at Jordan
Capital Markets and Leede Financial Markets Inc., specializing in financing venture capital companies.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 33Advisors
RICHARD SUTCLIFFE
Advisor
Professional geologist with over 35 years of experience in geological surveys, mineral exploration and mining projects, including executive
management and director positions with publically traded mineral exploration and mining companies. Management and directorship roles in
advancing several precious and base metal mines into production including Lac des Iles Palladium Mine (North American Palladium Ltd.),
Island Gold Mine (Patricia Mining Corp.), Shakespeare Nickel Mine (URSA Major Minerals Inc.) and Sugar Zone Mine (Harte Gold Corp.).
Significant involvement in mineral deposit discoveries, numerous resource and reserve estimates for gold, PGM and base metal projects, as
well as preliminary economic analyses, prefeasibility and feasibility studies, permitting, and off-take contracts. Experience spans a wide range
of geological environments from precious metals and base metals to energy, with particular expertise in gold deposits and nickel-copper-PGM
deposits. Experience in financing, asset acquisitions, public company listing and reporting requirements, mergers, and asset sales.
CSE:BULL TCQB:DCNNF FRANKFURT:DCR1 34You can also read
