**Exhibit 4.27**

**ACQUISITIONAND FRAMEWORK AGREEMENT**

between

**GOLDFIELDS EXPLORATION B V**

and

**GOLDFIELDS FINLAND OY**

and

**NORTHAMERICAN PALLADIUM LIMITED**

and

**NORTHAMERICAN PALLADIUM FINLAND OY**

Dated

24 March 2006

----

**TABLE OFCONTENTS**
|            | **Page**                                     |
|------------|----------------------------------------------|
| ** ** | ** **                                   | ** ** |
| **1.**     | **DEFINITIONS AND INTERPRETATION**           | **1** |
| ** ** | **1.1**                                      | **Definitions** | **1** |
| ** ** | **1.2**                                      | **Interpretation** | **11** |
| **2.**     | **EFFECTIVENESS, TERM AND TERMINATION**      | **12** |
| ** ** | **2.1**                                      | **Effectiveness** | **12** |
| ** ** | **2.2**                                      | **Long Stop Date** | **12** |
| ** ** | **2.3**                                      | **Termination** | **13** |
| ** ** | **2.4**                                      | **Effect upon Termination** | **13** |
| **3.**     | **TRANSACTIONS ON AND AFTER EFFECTIVE DATE** | **13** |
| ** ** | **3.1**                                      | **Organisation of GFAP** | **13** |
| ** ** | **3.2**                                      | **Approval of South African Reserve Bank** | **14** |
| ** ** | **3.3**                                      | **No Partnership** | **14** |
| ** ** | **3.4**                                      | **NAPL and GFBV May Not Bind** | **14** |
| **4.**     | **REPRESENTATIONS AND WARRANTIES**           | **14** |
| ** ** | **4.1**                                      | **Representations and Warranties** | **14** |
| ** ** | **4.2**                                      | **Survival and Acknowledgement** | **14** |
| **5.**     | **GRANT AND EXERCISE OF OPTION**             | **14** |
| ** ** | **5.1**                                      | **Grant of Option** | **14** |
| ** ** | **5.2**                                      | **Reduction of Interest** | **15** |
| ** ** | **5.3**                                      | **Option Conditions** | **15** |
| ** ** | **5.4**                                      | **Exercise of Option** | **16** |
| ** ** | **5.5**                                      | **Shareholders’ Agreement** | **16** |
| **6.**     | **CONSIDERATION**                            | **16** |
| **7.**     | **MANAGEMENT AND FUNDING**                   | **17** |
| ** ** | **7.1**                                      | **Management and Managing Director** | **17** |
| ** ** | **7.2**                                      | **Funding of Approved Earn-in Expenditures** | **18** |
| ** ** | **7.3**                                      | **Withdrawal by the NAPL Group** | **18** |
| **8.**     | **PROGRAMMES AND BUDGETS**                   | **19** |
| ** ** | **8.1**                                      | **Work in Accordance with approved Programmes and  Budgets** | **19** |
| ** ** | **8.2**                                      | **Programmes and Budgets** | **19** |
| ** ** | **8.3**                                      | **Conduct of Work** | **19** |
| **9.**     | **RESTRICTED MATTERS AND CORPORATE MATTERS** | **20** |
| ** ** | **9.1**                                      | **Approval of GFAP Restricted Matters** | **20** |
| ** ** | **9.2**                                      | **Corporate Matters** | **20** |
| ** ** | **9.3**                                      | **Approval of GFF Restricted Matters** | **20** |
| **10.**    | **COVENANTS**                                | **20** |
| ** ** | **10.1**                                     | **Maintenance of Interest in NAPL** | **20** |
| ** ** | **10.2**                                     | **Changes to Capital Structure** | **21** |
| ** ** | **10.3**                                     | **Change of Names** | **21** |
| ** ** | **10.4**                                     | **Area of Interest** | **22** |

 

i

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|                                                     | **10.5**          | **Other Activities and Interest**              | **22** |
|-----------------------------------------------------|-------------------|------------------------------------------------|--------|
| ** **                                          | **10.6**          | **Indemnification**                            | **22** |
| ** **                                          | **10.7**          | **Registration Rights**                        | **23** |
| **11.**                                             | **MISCELLANEOUS** | **24**                                         |
| ** **                                          | **11.1**          | **Unavoidable Delays**                         | **24** |
| ** **                                          | **11.2**          | **Notices**                                    | **24** |
| ** **                                          | **11.3**          | **Further Assurances, Registration, Security** | **26** |
| ** **                                          | **11.4**          | **Payment of Costs and Expenses**              | **26** |
| ** **                                          | **11.5**          | **Severance**                                  | **26** |
| ** **                                          | **11.6**          | **Entire Agreement; Amendment and Waiver**     | **26** |
| ** **                                          | **11.7**          | **Change of Control**                          | **27** |
| ** **                                          | **11.8**          | **Successors and Assigns**                     | **27** |
| ** **                                          | **11.9**          | **Third Party Rights**                         | **28** |
| ** **                                          | **11.10**         | **Confidentiality**                            | **28** |
| ** **                                          | **11.11**         | **Counterparts**                               | **28** |
| ** **                                          | **11.12**         | **Governing Law**                              | **28** |
| ** **                                          | **11.13**         | **Dispute Resolution**                         | **28** |
| ** **                                          | **11.14**         | **Time of the Essence**                        | **29** |
| **SCHEDULE 1 REPRESENTATIONS AND WARRANTIES**       | **31**            |
| **SCHEDULE 2 FORM OF SHAREHOLDERS’ AGREEMENT** | **40**            |
| **SCHEDULE 3 TRANSFER AND SUBSCRIPTION TERMS**      | **41**            |
| **SCHEDULE 4 FORM OF MD AGREEMENT**                 | **42**            |
| **SCHEDULE 5 LICENSES AND MINERAL RIGHTS**          | **43**            |
| **SCHEDULE 6 EFFECT OF TERMINATION**                | **51**            |
| **SCHEDULE 7 TRANSFER OF PURCHASED INTEREST**       | **52**            |
| **SCHEDULE 8 ENCUMBRANCES**                         | **53**            |
| **SCHEDULE 9 PROPERTY AGREEMENTS**                  | **54**            |
| **SCHEDULE 10 FORM OF SERVICES AGREEMENT**          | **55**            |

 

ii

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**THIS AGREEMENT**dated24 March 2006 between:

(1)           **GOLD FIELDS EXPLORATION B V**(“**GFBV**”), a limited liability company,registration no. 27123830, organised and existing under the laws of TheNetherlands;

(2)           **GOLD FIELDS FINLAND OY**(**“GFF”**), a limited liability company,registration no. 1606318-8, organised and existing under the laws of Finland;

(3)           **NORTH AMERICAN PALLADIUM LTD.**(“**NAPL**”), a corporation, registration no.275053-8, organised and existing under the laws of Canada;

(4)           **NORTH AMERICAN PALLADIUM FINLAND OY** (**“NAPF”**), a limited liability company,registration no. 2005591-4, organised and existing under the laws of Finland.

**WHEREAS:**

(A)          NAPF is a wholly ownedsubsidiary of NAPL.

(B)           99.983% of the entireissued share capital of GFF is held by GFBV and the remaining 0.017% by itsAffiliate, Orogen (as hereinafter defined).

(C)           GFAP (as hereinafterdefined) is a wholly owned subsidiary of GFF.

(D)          GFBV owns Interests inthe APP Project Licenses through GFF and GFAP and is developing the APPProject.

(E)           GFBV, GFF, NAPL andNAPF wish to co-operate in the further development of the APP Project.

(F)           GFBV intends to grantto NAPL an option to acquire an Interest in the APP Project through theacquisition of and subscription for ordinary shares in the share capital ofGFF, subject to and in accordance with the terms of this Agreement.

NOW THIS AGREEMENT WITNESSES as follows:

# 1.**            ****DEFINITIONS AND INTERPRETATION**

## 1.1**              ****Definitions**

In this Agreement the following words and expressionshave the following meanings:
| **“Acquiror”**                      | has the meaning set out in Clause 10.4.1;                                                                   |
|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------|
| ** **                                    |                                                                                                             |
| **“Additional  Mineral Interests”** | means any Interest acquired pursuant to Clause 10.4;                                                        |
| ** **                                    |                                                                                                             |
| **“Advance”**                       | means any advance granted by NAPF to GFAP, without  duplication, in accordance with the terms of this Agreement; |

 

1

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| **“Affiliate”**                     | means with respect to any person, any party which  controls, is controlled by or under common control with such person, whether  directly or indirectly;                                                                                                                                                                                |
|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“Agreement”**                     | means this Acquisition and Framework Agreement;                                                                                                                                                                                                                                                                                         |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“AMEX”**                          | means the American Stock Exchange;                                                                                                                                                                                                                                                                                                      |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“APP  Project”**                  | means the exploration and development project in  respect of the APP Property;                                                                                                                                                                                                                                                          |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“APP  Project Licenses”**         | means the claims and mining leases as more  specifically set out in Schedule 5;                                                                                                                                                                                                                                                         |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“APP  Property”**                 | means the APP Project Licenses and any Additional  Mineral Interests, together with any renewals thereof and any other form of  substitute or successor title thereto, including any Mineral Rights derived  from or into which any such licenses or interests may have been or may  hereafter be converted;                            |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“Applicable  Law”**               | means any and all laws, statutes, regulations,  ordinances, rules, guidelines, policies, notices, orders and directions or  other requirements of any Government Agency applicable to the Parties hereto,  the transactions contemplated hereby or the properties and interests subject  to the terms of this Agreement or any of them; |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“Approved  Earn-in Expenditure”** | means, in relation to the Option Period, Earn-in  Expenditures incurred pursuant to Programmes and Budgets implemented during such  period;                                                                                                                                                                                             |
|                                          |                                                                                                                                                                                                                                                                                                                                    |
| **“Area  of Interest”**             | means the area within 25km of the perimeter of any  of the Mineral Rights comprising the APP Property;                                                                                                                                                                                                                                  |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“Business  Day”**                 | means a day (other than a Saturday or Sunday) when  clearing banks are open for business in Toronto, Ontario, Helsinki, Finland  and Denver, Colorado;                                                                                                                                                                                  |
| ** **                                    |                                                                                                                                                                                                                                                                                                                                    |
| **“Change  of Control”**            | means one of the following (i) NAPF ceases to be a  wholly-owned subsidiary of NAPL, or (ii) NAPL ceases to be a public listed  company, or (iii) any of the shareholders of NAPL (save for Kaiser Francis  Oil Company) or a third party                                                                                               |

 

2

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|                                           | acting individually or in concert with others  acquire control over more than 35% of the voting share capital of NAPL and  such acquisition has a Material Adverse Effect;                                                                                                                                                  |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                |                                                                                                                                                                                                                                                                                                                        |
| **“Claims”**                    | means all losses, damages expenses, liabilities  (whether accrued, actual, contingent, latent or otherwise), claims and  demands of whatsoever nature or kind, including legal and other professional  fees and costs;                                                                                                      |
| ** **                                |                                                                                                                                                                                                                                                                                                                        |
| **“Confidential  Information”** | means any information or data of whatsoever kind and  in whatever form, all copies thereto and all information derived therefrom  relating to the APP Property and the activities of the Parties thereon,  except to the extent that any portion of such information:                                                       |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
|                                      | (a)                                                                                                                                                                                                                                                                                                                         | is in or hereafter comes into the public domain  otherwise than by reason of breach of an obligation of confidentiality under  this Agreement; |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
|                                      | (b)                                                                                                                                                                                                                                                                                                                         | is lawfully and in good faith obtained by a Party  hereto from a third party without breach of an obligation or confidentiality  under or pursuant to this Agreement; or |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
|                                      | (c)                                                                                                                                                                                                                                                                                                                         | the disclosing Party believes in good faith is  required to be disclosed by Applicable Law; |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
| **“Consideration  Shares”**     | means:                                                                                                                                                                                                                                                                                                                      |
| ** **                                |                                                                                                                                                                                                                                                                                                                        |   |
|                                      | (a)                                                                                                                                                                                                                                                                                                                         | in the event GFBV does not exercise the back-in  right set out in Clause 5.2, 9,227,033 NAPL Shares; or |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
|                                      | (b)                                                                                                                                                                                                                                                                                                                         | in the event GFBV exercises the back-in right set  out in Clause 5.2, 7,381,636 NAPL Shares; |
|                                      |                                                                                                                                                                                                                                                                                                                        |   |
| **“Corporate  Matters”**        | means any matter of a corporate nature, required to  be undertaken by the GFAP Board, pursuant to Applicable Law, including,  without limitation, the preparation and approval of financial statements and  tax returns and matters not otherwise addressed in this Agreement, the  Services Agreement or the MD Agreement; |

 

3

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| **“Earn-in Expenditures”** | in respect of the APP Property means from the Effective  Date, the sum of all costs of acquisition and maintenance and all exploration  and development expenditures and all other costs and expenses of whatsoever  kind or nature including, without limitation, any and all expenses incurred and/or  the value of all technical and professional consulting services provided by  members of the NAPL Group in the completion of the Feasibility Study, the Re  Scoping Study and Exploration Programme and expenses of a capital nature, incurred  or chargeable by GFAP; |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **“Effective  Date”**      | means the fifth Business Day following the first  date on which each of the conditions set out in Clause 2.1 have been  satisfied or waived, as applicable;                                                                                                                                                                                                                                                                                                                                                                                                                    |
| ** **                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **“Encumbrances”**         | means any (other than by virtue of this Agreement)  interest or equity of any person (including any right to acquire, option or  right of pre-emption or first offer or first refusal) or any mortgage,  charge, pledge, lien, assignment, hypothecation, security interest, title  retention or other security agreement or arrangement or any restriction on  use, voting, transfer, receipt of income or exercise of any other attribute  of ownership with the exception of liens arising by operation of law in the  ordinary and usual course of business;               |
| ** **                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **“Exercise  Date”**       | means the date of the exercise of the Option in  accordance with Clause 5.4;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| ** **                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **“Exercise  Notice”**     | has the meaning set out in Clause 5.4.1;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| ** **                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **“Feasibility  Study”**   | means a report evaluating the commercial feasibility  of placing the APP Property, or any part thereof, into commercial mining  production at costs then current or then reasonably estimated to be in effect  over the life of the mine, and which must:                                                                                                                                                                                                                                                                                                                      |
| ** **                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                 | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | be prepared in accordance with mining industry  practices and standards in North America in particular National Instrument  43-101 of the Canadian securities administrators; |
|                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|                                 | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | include reviews of all relevant issues, a statement  of the reserves, a description of |

 

4

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|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | the nature and scale of any proposed operation, an estimate  of the construction and other costs necessary to achieve commercial  production and of the operating costs, sustaining capital and closure costs  after the commencement thereof; and      |
|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                    |
|                                     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | equal or exceed the criteria for a bankable  document, that is to say, a document in form and substance appropriate for  presentation to a reputable bank or other financial institution from which  financing might be sought for comparable projects; |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                    |
| **“First  Development Proposal**    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                    |
| **and  Budget”**                    | shall have the meaning assigned thereto in Clause 5.3.4;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                    |
| **“GAAP”**                     | means, as applicable, generally accepted accounting  principles of Canada or the International Financial Reporting Standards, in  each case consistently applied;                                                                                                                                                                                                                                                                                                                                                                                 |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **“GFAP”**                     | means Gold Fields Artic Platinum Oy, a limited  liability company, registration no. 1606745-3, organised and existing under  the laws of Finland;                                                                                                                                                                                                                                                                                                                                                                                                 |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **“GFAP  Board”**              | means the board of directors of GFAP;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **“GFAP  Business”**           | means (i) the investment by GFAP directly in the APP  Project, (ii) the implementation of the Re-Scoping Study and Exploration  Programme and approved Programmes and Budgets, (iii) the preparation of the  Feasibility Study and the First Development Proposal and Budget, (iv) all  actions undertaken by GFAP which are necessary and incidental to the  foregoing, and (v) the performance by GFAP of its obligations, and the  enforcement by GFAP of its rights, under this Agreement, the Services  Agreement and the MD Agreement; |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **“GFAP  Restricted Matters”** | means, in relation to GFAP, any of the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ** **                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | a variation of its memorandum and articles of  association (other than as contemplated by this Agreement) or the rights  attaching to any shares in the share capital;                                                                                  |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                    |
|                                     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | any increase, decrease or change in the amount of  the authorised or issued share                                                                                                                                                                       |

 

5

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|        |   | capital (whether by way of capitalisation issue,  rights issue, sub-division, consolidation, reduction of capital, share  repurchase or otherwise) except as required to enable the transactions  contemplated by this Agreement;                                                                                                                                                                                                  |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (c)    | any amendment or alteration in the rights,  privileges, restrictions or conditions attaching to any issued or unissued  shares in the share capital;                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (d)    | the granting of any option or other interest (in the  form of convertible securities or in any other form) over or in its share  capital, any redemption or purchase of any of its own shares or any other  reorganisation of its share capital (save as provided in this Agreement);                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (e)    | the engaging in any business other than the GFAP  Business or the expenditure of any monies other than in good faith for the  purposes of or in connection with the carrying on of the GFAP Business;                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (f)    | the incurring of any indebtedness other than for the  purposes of or in connection with the carrying on of the GFAP Business;                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (g)    | the declaration or payment of any dividend or the  making of any other distribution (by way of capitalisation, repayment or in  any other manner) other than as may be required to give effect to the  agreement between the parties that members of the GFBV Group are entitled to  cash and cash equivalents in the accounts of the company in excess of amounts  contemplated as required under paragraph 1.3.16 of Schedule 1; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (h)    | the entering into of any transaction or arrangement  with any member of the NAPL Group or the GFBV Group which is not on  commercial arm’s length terms;                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (i)    | the entering into of any transaction or arrangement  of any nature whatsoever (other than any borrowing, transaction or  arrangement contemplated by this                                                                                                                                                                                                                                                                          |

 

6

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|                                         |                                                                                                                                                                                                                                                                                                                                  | Agreement), in each case other than in the ordinary  course of the GFAP Business;                                                                                                                                                          |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
|                                    | (j)                                                                                                                                                                                                                                                                                                                                   | any disposal, abandonment or encumbrance of any of  the APP Properties; and                                                                                                                                                                |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
|                                    | (k)                                                                                                                                                                                                                                                                                                                                   | any amendments to the Services Agreement and the MD  Agreement;                                                                                                                                                                            |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
| **“GFBV  Group”**             | means, collectively, GFBV and all Affiliates  thereof;                                                                                                                                                                                                                                                                                |
| ** **                              |                                                                                                                                                                                                                                                                                                                                  |
| **“GFF  Business”**           | means (i) the investment by GFF directly or  indirectly in the development of the APP Project, (ii) the investment in  GFAP, (iii) all actions taken by GFF which are necessary and incidental to  the foregoing and (iv) the performance by GFF of its obligations, and the  enforcement by GFF of its rights, under this Agreement; |
| ** **                              |                                                                                                                                                                                                                                                                                                                                  |
| **“GFF  Restricted Matters”** | means, in relation to GFF, any of the following:                                                                                                                                                                                                                                                                                      |
| ** **                              |                                                                                                                                                                                                                                                                                                                                  |
|                                    | (a)                                                                                                                                                                                                                                                                                                                                   | any of the matters set out in paragraphs  (a) - (d), (g) and (h), of the definition of GFAP Restricted  Matters;                                                                                                                 |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
|                                    | (b)                                                                                                                                                                                                                                                                                                                                   | the engaging in any business other than the GFF  Business or the expenditure of any monies other than in good faith for the  purposes of or in connection with the carrying on of the GFF Business;                                        |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
|                                    | (c)                                                                                                                                                                                                                                                                                                                                   | the incurring of any indebtedness other than for the  purposes of or in connection with the carrying on of the GFF Business; and                                                                                                           |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
|                                    | (d)                                                                                                                                                                                                                                                                                                                                   | the entering into of any transaction or arrangement  of any nature whatsoever (other than any borrowing, transaction or  arrangement contemplated by this Agreement), in each case other than in the  ordinary course of the GFF Business; |
|                                    |                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                       |
| **“GFF  Shares”**             | means the ordinary shares each with a par value of  €1000 in the share capital of GFF;                                                                                                                                                                                                                                           |
| ** **                              |                                                                                                                                                                                                                                                                                                                                  |
| **“Government  Agency”**      | means any legitimate and internationally recognised  present or future government or governmental, administrative, fiscal, or  judicial body, department, commission, authority, tribunal, agency or entity;                                                                                                                          |

 

7

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| **“Interest”**                                      | means without limitation, a legal, beneficial or  equitable interest, whether direct or indirect;                                                                           |
|---------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                                    |                                                                                                                                                                        |
| **“Loan  Notes”**                                   | means the loan notes denominated in Euros issued by  GFAP to NAPF from time to time in connection with Advances, which shall be in  agreed form and shall bear no interest; |
| ** **                                                    |                                                                                                                                                                        |
| **“Long  Stop Date”**                               | means 31 March 2006;                                                                                                                                                        |
| ** **                                                    |                                                                                                                                                                        |
| **“Managing  Director”**                            | means the person appointed to the position of managing  director of GFAP;                                                                                                   |
| ** **                                                    |                                                                                                                                                                        |
| **“Material  Adverse Effect”**                      | means that the relevant event or circumstance (or  any effect or consequence thereof):                                                                                      |
| ** **                                                    |                                                                                                                                                                        |
|                                                          | (i)                                                                                                                                                                         | would or would be reasonably likely to affect  materially and adversely the ability of NAPL or NAPF to comply with any of  its obligations under this Agreement, the Shareholders’ Agreement or the  Services Agreement; |
|                                                          |                                                                                                                                                                        |   |
|                                                          | (ii)                                                                                                                                                                        | would or would be reasonably likely to affect  materially and adversely the validity or enforceability of any of this Agreement,  the Shareholders’ Agreement or the Services Agreement; |
|                                                          |                                                                                                                                                                        |   |
|                                                          | (iii)                                                                                                                                                                       | would or would be reasonably likely to affect  materially and adversely the APP Project or the business, condition  (financial or otherwise), operation or prospects of NAPL or NAPF; or |
|                                                          |                                                                                                                                                                        |   |
|                                                          | (iv)                                                                                                                                                                        | would or would be reasonably likely to affect  materially and adversely the business, condition (financial or otherwise),  operation or prospects of GFBV; |
|                                                          |                                                                                                                                                                        |   |
| **“MD  Agreement”**                                 | means an agreement to be entered into between GFAP  and the Managing Director in accordance with Clause 7.1.8 and substantially  in the form of Schedule 4 attached hereto; |
| ** **                                                    |                                                                                                                                                                        |
| **“Memorandum  and Articles of Association (new)”** | means the memorandum and articles of association of  GFAP, amended to provide for the management arrangements contemplated under  this Agreement;                           |

 

8

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| **“Mineral Rights”**        | means prospecting licenses, mining licenses, mineral  concessions, mining leases, surface rights, water rights and other rights  relating to, minerals or to access to minerals and other forms of mineral  title under Applicable Law, whether contractual, statutory or otherwise; |
|---------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“NAPFS”**                 | means North American Palladium Arctic Services Oy, a  limited liability company, registration no. 2003981-8, organised and existing  under the laws of Finland;                                                                                                                      |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“NAPL  Shares”**          | means the common shares in the share capital of  NAPL;                                                                                                                                                                                                                               |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“NAPL  Group”**           | means, collectively, NAPL and all Affiliates  thereof;                                                                                                                                                                                                                               |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Offer  Notice”**         | has the meaning set out Clause 10.4.1;                                                                                                                                                                                                                                               |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Offeree”**               | has the meaning set out in Clause 10.4.1;                                                                                                                                                                                                                                            |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Option”**                | means the sole and exclusive right to acquire the  Purchased Interests, as set out in Clause 5.1;                                                                                                                                                                                    |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Option  Conditions”**    | means the conditions set out in Clause 5.3;                                                                                                                                                                                                                                     |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Option  Period”**        | means the period from the Effective Date to  August 31, 2008;                                                                                                                                                                                                                   |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Orogen”**                | means Orogen Holding BVI Limited, a limited  liability company, registration no. 184982 organised and existing under the  laws of the British Virgin Islands, an Affiliate of GFBV;                                                                                                  |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Parties”**               | means each of GFBV, GFF, NAPL and NAPF;                                                                                                                                                                                                                                              |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Programme  and Budget”** | means any work programme and associated budget in  relation to Earn-in Expenditures undertaken during the Option Period, on and  in respect of the APP Project;                                                                                                                      |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Property  Agreements”**  | means the agreements described in Schedule 9.                                                                                                                                                                                                                                        |
| ** **                            |                                                                                                                                                                                                                                                                                 |
| **“Purchased  Interests”**  | means:                                                                                                                                                                                                                                                                               |
| ** **                            |                                                                                                                                                                                                                                                                                 |
|                                  | (a)                                                                                                                                                                                                                                                                                  | in the event GFBV does not exercise the back-in  right set out in Clause 5.2, such number of GFF Shares as would give NAPL a  shareholding of 60% (sixty percent) of all issued and outstanding ordinary  shares of GFF thereby providing |

 

9

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|                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | for a 60% (sixty percent) Interest in the APP  Project; or                                                                                                                                                                                                                                                                                                                                    |
|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                        | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | in the event GFBV exercises the back-in right set  out in Clause 5.2, such number of GFF Shares as would give NAPL a  shareholding of 50% (fifty percent) less one ordinary share of all issued and  outstanding ordinary shares of GFF, or 50% of all issued and outstanding  ordinary shares of GFF, if approved by SARB, thereby providing for corresponding  Interest in the APP Project; |
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                          |
| **“Re-Scoping  Study and Exploration Programme”** | means a re-scoping study and exploration programme  to be undertaken in respect of the APP Property including: (a) definition of  a combined mineable resource of at least 5.0 million ounces of two platinum  group elements and gold combined at grades greater than 3.0 grams per tonne  (the **“Target  Grade”);**(b) exploration on the properties known as the SK Reef  and the SJ Reef mining properties and claims, and which are included in the  APP Property, to: (i) drill and examine mining claims that have the potential  to satisfy the Target Grade; (ii) obtain sufficient data to create a new geological  model that supports a combined mine plan for all of the APP Property; and (iii) identify  other high potential geological zones along the Archaean-Proterozoic contact  of the APP Property; (c) examine various mine design options to efficiently  exploit all identified mineral resources of the APP Property and produce a marketable  product in a cost-effective manner; (d) evaluate the metallurgy of  various ore types contained within the APP Property and categorize as to  possible processing options; and (e) maintain the APP Property in good  standing; |
| ** **                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **“Rules  of Arbitration”**                       | has the meaning set out in Clause 11.13;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ** **                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **“SARB”**                                        | means the South African Reserve Bank;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| ** **                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **“SARB  Approval”**                              | means the conditional approval of SARB, dated 06  January 2006, granted to GFBV, as amended by the letter from SARB dated 12  January 2006 in connection with the transactions contemplated in this  Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

 

10

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| **“Satisfaction Date”**                | means the date on which GFBV has delivered written  acknowledgement to NAPL of the satisfaction by NAPL of each of the Option  Conditions;                                                                      |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                       |                                                                                                                                                                                                            |
| **“Services  Agreement”**              | means the services agreement to be entered into  between GFAP, NAPL and NAPFS, in respect of the services to be provided by  each of NAPL and NAPFS, substantially in the form of Schedule 10 attached  hereto; |
| ** **                                       |                                                                                                                                                                                                            |
| **“Shareholders’  Agreement”**    | means the shareholders’ agreement to be concluded by  NAPL and GFBV in accordance with Clause 5.5, in the form attached hereto as  Schedule 2;                                                             |
|                                             |                                                                                                                                                                                                            |
| **“Transfer  and Subscription Terms”** | means the terms and conditions attached hereto as Schedule  3; and                                                                                                                                              |
| ** **                                       |                                                                                                                                                                                                            |
| **“TSX”**                              | means the Toronto Stock Exchange.                                                                                                                                                                               |

 

## 1.2**          ****Interpretation**

In this Agreement:

***1.2.1***                   anyreference to “writing” or “written” willmean any method of reproducing words in a legible and non-transitory form(including e-mail);

***1.2.2***                   referencesto the word “include” or “including” are tobe construed without limitation;

***1.2.3***                   thetable of contents and headings are inserted for convenience only and will notaffect its construction;

***1.2.4***                   unlessthe context otherwise requires, words denoting the singular will include theplural and vice versa, references to any gender will include all other gendersand references to a person will include any individual, firm, body corporate,government, state or agency of a state of any joint venture, association orpartnership in each case whether or not having a separate legal personality;

***1.2.5***                   referencesto Schedules and Clauses are to Schedules and Clauses of this Agreement unlessotherwise specified and references within a Schedule to paragraphs are toparagraphs of that Schedule unless otherwise specified.  The Schedules are deemed to be incorporatedin this Agreement in their entirety;

***1.2.6***                   referencesto any statute, statutory provision, directive or treaty include a reference tothat statute, statutory provision, directive or treaty as amended, extended,consolidated or replaced from time to time (whether before or after the date ofthis Agreement) and include any order, regulation, instrument or othersubordinate legislation made under the relevant statute, statutory provision, directiveor treaty;

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***1.2.7***                   referencesto any English legal term for any action, remedy, method or judicialproceeding, legal document, legal status, court, official or any legal concept,state of affairs or thing will in respect of any jurisdiction other thanEngland be deemed to include that which most approximates in that jurisdictionto the English legal term;

***1.2.8***                   referencesto times of the day are to Toronto time and references to a day are to a periodof 24 hours running from midnight on the previous day;

***1.2.9***                   referencesto “control”(including with correlative meanings, the terms “controlled by”, “undercommon control with” and “controlling”), asused with respect to any person, means the possession, directly or indirectly,of the power to direct or cause the direction of the management and policies ofsuch person, whether through the ownership of voting shares, by contract orotherwise;

***1.2.10***                 a “person” willbe construed as a reference to any person, firm, company, corporation,government, state or agency of a state or any association or partnership(whether or not having separate legal personality) of two or more of theforegoing;

***1.2.11***                 references“tothe best of the knowledge, information and belief” ofGFBV or GFF shall mean theactualknowledge, information and belief of theexecutive directors of GFBV or GFF, as the case may be;

***1.2.12***                 “$” and “Dollars” denotethe lawful currency of the United States of America for the time being; and

***1.2.13***                 “€” and “Euros” denotethe lawful currency of the European Union for the time being.

# 2.**            ****EFFECTIVENESS, TERM AND TERMINATION**

## 2.1**          ****Effectiveness**

This Agreement, save for the provisions of Clauses2.1, 2.2, 4, 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.10, 11.12 and 11.13, whichshall be of immediate force and effect upon execution hereof, shall becomeeffective upon the fifth Business Day following the date on which the followingcondition has either been satisfied or waived by GFBV:

***2.1.1***                   thedelivery by NAPL to GFBV of an opinion of legal counsel to NAPL in a form andsubstance satisfactory to GFBV that all required consents, approvals andauthorizations, including unconditional approvals from the TSX (subject only tonotice of the issuance of the Consideration Shares being filed with the TSX)and AMEX to the extent required, for the issuance of the Consideration Shareson the terms set out in this Agreement have been obtained by NAPL;

# 2.2**          ****Long Stop Date**

If the condition set out in Clause 2.1 has not beensatisfied (or waived, as applicable) prior to the Long Stop Date, NAPL or GFBVmay by notice to each of the other

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Parties terminate this Agreement, provided that suchtermination shall be without prejudice to the accrued rights and obligations ofthe Parties on and prior to such termination. The Parties shall use their reasonable commercial endeavours to procurethat the conditions in Clause 2.1 are satisfied as soon as practicable afterthe date hereof and in any event prior to the Long Stop Date.

# 2.3**          ****Termination**

This Agreement shall terminate:

***2.3.1***                   inaccordance with Clause 2.2;

***2.3.2***                   automaticallyin accordance with Clause 5.3;

***2.3.3***                   automaticallyif NAPL fails to deliver the Exercise Notice in accordance with the terms ofClause 5.4.1;

***2.3.4***                   on thedate of any material breach by NAPL and/or NAPF of the terms of this Agreementor by the Managing Director of the terms of the MD Agreement or by NAPL and/orNAPFS of the terms of the Services Agreement, where such breach has not beenremedied or waived within 20 Business Days of receipt of notice of such breachfrom the relevant aggrieved Party;

***2.3.5***                   on thedate on which NAPL shall be deemed to have withdrawn in accordance with Clause7.3;

***2.3.6***                   inaccordance with Clause 11.1; or

***2.3.7***                   bymutual written agreement between the Parties,

provided that any such termination shall be withoutprejudice to the accrued rights and obligations of the Parties on and prior tosuch termination, including without limitation those obligations set out inClause 2.4 below. Notwithstanding the foregoing, the provisions of Clause 10.6(indemnification), Clause 11.10 (confidentiality), Clause 11.12 (governing law)and Clause 11.13 (dispute resolution) shall survive termination of thisAgreement and remain in full force and effect for a period of three years fromthe date of termination hereof.

# 2.4**          ****Effect upon Termination**

In the event of termination under Clause 2.3 pursuantto any of Clause 2.3.2, Clause 2.3.3, Clause 2.3.4, Clause 2.3.5, or,during the Option Period, pursuant to Clause 2.3.6 or Clause 2.3.7, the Partieshereto agree that the provisions of Schedule 6 shall apply.

# 3.**            ****TRANSACTIONS ON AND AFTER EFFECTIVE DATE**

# 3.1**          ****Organisation of GFAP**

Within 30 days of the Effective Date:

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***3.1.1***                   GFFshall procure that the Memorandum and Articles of Association (new) are dulyadopted by GFAP in accordance with Applicable Law;

***3.1.2***                   theParties shall procure that the directors of GFAP, including the ManagingDirector, be appointed (in accordance with Clause 7.1);

***3.1.3***                   GFAPshall open and maintain an account in its name with an account bank approved byGFF into which all Advances funded by NAPL, through its subsidiary NAPF,pursuant to Clause 7.2 shall be deposited.

## 3.2**          ****Approval of South African Reserve Bank**

If, at any time duringthe Option Period, GFBV, in its reasonable opinion, is of the view that SARB islikely to amend the conditions of the SARB Approval, GFBV will, if it deemsnecessary, at the time, approach SARB in order to obtain an amended approvalfrom SARB, or to modify the conditions of the SARB Approval so that it isconsistent with the terms of this Agreement.

## 3.3**          ****No Partnership**

Therelationship between the Parties pursuant to this Agreement is strictly that ofindependent contractors and will not constitute a partnership or agency for anypurpose.

## 3.4**          ****NAPL and GFBV May Not Bind**

NeitherGFBV nor NAPL (nor any of their respective Affiliates) shall be entitled toincur any obligations on behalf of any of, or to act on behalf of or bind, theother Parties hereto or GFAP.

## 4.**        ****REPRESENTATIONS AND WARRANTIES**

## 4.1**          ****Representations and Warranties**

EachParty represents and warrants to the others that the statements made by it inSchedule 1 are true, accurate and not misleading as of the respective datesthereof.

## 4.2**          ****Survival and Acknowledgement**

Therepresentations and warranties set forth in Clause 4.1 and Schedule 1 willsurvive the relevant dates set out in Schedule 1 and continue in full force andeffect until the expiry of the relevant limitation periods under ApplicableLaw.

## 5.**        ****GRANT and exercise OF OPTION**

## 5.1**          ****Grant of Option**

GFBVhereby grants to NAPL the sole and exclusive right and option to acquire thePurchased Interests upon and subject to the terms of this Agreement.

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## 5.2**          ****Reduction of Interest**

GFBVmay, in its sole discretion, on written notice to NAPL provided at any timeafter the Effective Date but no later than the Satisfaction Date, elect todecrease the Interest to be acquired by NAPL in the APP Project from 60% (sixtypercent) to (i) 50% (fifty percent) less one ordinary share; or (ii) 50% (fiftypercent), if approved by SARB, in which case the number of GFF Sharesconstituting the Purchased Interest shall decrease as contemplated under thisAgreement.

## 5.3**          ****Option Conditions**

The rightof NAPL to exercise the Option is subject to fulfillment by the NAPL Group ofthe following conditions (the “**OptionConditions**”) and the delivery of the notice of satisfaction by NAPLreferred to in this Clause 5.3 prior to the expiry of the Option Period:

***5.3.1***                   thecompletion of the Re-Scoping Study and Exploration Programme and the deliveryby the NAPL Group to GFBV of a written report in respect of the completedRe-Scoping Study and Exploration Programme;

***5.3.2***                   thecompletion and delivery by the NAPL Group to GFBV of the Feasibility Study;

***5.3.3***                   theincurring by NAPL of Approved Earn-in Expenditures (through Advances made underthe terms of this Agreement) in an aggregate amount of at least $12.5million.  For the avoidance of doubt, ifthe Approved Earn-in Expenditure exceeds in aggregate the sum of $12.5 million,NAPL shall be obliged to make Advances in order to fund such excess as well;and

***5.3.4***                   NAPLshall have made a determination to develop a mine in respect of the APP Projectof at least a 3mtpa throughput and shall have delivered to GFBV (i) a formaldevelopment proposal and associated budget in respect thereof based on theFeasibility Study delivered in accordance with Clause 5.3.2 and approved byNAPL (the “First Development Proposal and Budget”),together with such supporting documentation and information as GFBV shallreasonably require, and (ii) a written undertaking from NAPL providing that itshall, subject to Applicable Law, (x) vote any shareholding of NAPL in GFF(acquired pursuant to the terms of this Agreement) in favour of and (y) use itsbest efforts to procure that any director of GFF appointed by NAPL under theterms of the Shareholders’ Agreement votes in favour of, the First DevelopmentProposal and Budget as and when it is considered by the board of directors ofGFF under the terms of the Shareholders’ Agreement.

Upon completion of all of the Option Conditions, NAPLshall promptly provide written notice to GFBV of the satisfaction of the OptionConditions together with a certificate signed by the chief financial officer ofNAPL certifying the amount of Approved Earn-in Expenditure that has beenincurred.  Within 20 Business Days ofreceipt of such notice, GFBV shall confirm its acceptance in writing to NAPLthat the conditions have been satisfied in accordance with their terms.  If no such notice is given by GFBV, NAPLshall be deemed to have satisfied the conditions on the last day of such 20Business Day period.  If GFBV elects toexercise its back-in right in 

15

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accordance with Clause 5.2, it shall simultaneouslywith the written acceptance contemplated in this Clause, deliver written noticeof the exercise of such election as contemplated in Clause 5.2 to NAPL, to theextent that it has not already delivered such written notice to NAPL.  In the event that any of the OptionConditions referred to in this Clause 5.3 are not fulfilled prior to the expiry of the Option Period, the Optionshall expire and the provisions of Clauses 2.3 and 2.4 shall apply.

## 5.4**      ****Exercise of Option**

***5.4.1***                   NAPLmay, within 10 Business Days of the Satisfaction Date, exercise the Option bynotice in writing delivered to GFBV (the “Exercise Notice”).

***5.4.2***                   TheExercise Notice shall specify the Purchased Interest to which such noticerelates and, upon the delivery of such notice and subject to the issuance byNAPL of the relevant number of Consideration Shares to GFBV, NAPL shall havethereby acquired the relevant Interest in GFF and the provisions of Clause 5.5shall apply.

***5.4.3***                   Followingthe delivery of the Exercise Notice, GFBV and GFF shall, against the issuanceof the Consideration Shares by NAPL to GFBV in accordance with the terms ofthis Agreement and the Transfer and Subscription Terms, and subject toApplicable Laws, enter into appropriate documentation formalizing the transferof the Purchased Interests in accordance with the Transfer and SubscriptionTerms and the transaction steps set out in Schedule 7.

## 5.5**      ****Shareholders’ Agreement**

***5.5.1***                   Uponthe delivery of the Exercise Notice and the completion of the related transfersof Consideration Shares and Purchased Interests contemplated under thisAgreement, NAPL and GFBV shall enter into the Shareholders’ Agreement within 10Business Days of the Exercise Date.

***5.5.2***                   Priorto the Exercise Date, GFBV may at its election acquire the 0.017% GFF Sharesheld by Orogen.

***5.5.3***                   If GFBVelects not to acquire the GFF Shares held by Orogen in accordance with Clause5.5.2, it shall no later than 10 Business Days after the Satisfaction Datenotify NAPL in writing hereof.  In suchevent, the Parties undertake to amend the form of Shareholders’ Agreement inorder to provide that Orogen becomes a party to the Shareholders’ Agreement,and GFBV shall cause Orogen to duly execute and deliver the Shareholders’Agreement.

## 6.**        ****CONSIDERATION**

Theconsideration for the purchase and sale of the Purchased Interests inaccordance with the terms of this Agreement shall be the aggregate of theissuance and allotment of the Consideration Shares to GFBV and the undertakingby NAPL of the funding obligations set out in Clause 7.2.

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# 7.**               ****MANAGEMENT AND FUNDING**

## 7.1**                ****Management and Managing Director**

***7.1.1***                   Duringthe Option Period, NAPL shall nominate all the directors of GFAP, including theManaging Director.  GFF shall appoint thedirectors and Managing Director so nominated by NAPL and approved by GFF.

***7.1.2***                   Duringthe Option Period, the Managing Director shall perform his or her duties inaccordance with the terms of the Memorandum and Articles of Association (new)and the MD Agreement.

***7.1.3***                   Duringthe Option Period, GFF shall be entitled to nominate up to 3 persons to bepresent at all GFAP Board meetings (“the GFBV Observers”).  Such persons shall not be voting members atsuch board meetings.  The GFAP Boardshall ensure that reasonable prior written notice of any proposed GFAP BoardMeeting shall be given to each GFBV Observer together with a reasonablydetailed agenda of the matters to be discussed at such meeting accompanied byany relevant papers and information.

***7.1.4***                   NAPLshall, subject to Clause 7.1.5, be entitled, from time to time during theOption Period, and with the prior written consent of GFBV, to remove anydirector of GFAP (including the Managing Director) and to nominate a newdirector to replace any person so removed and GFF shall appoint the director sonominated by NAPL and approved by GFF.

***7.1.5***                   In theevent this Agreement terminates in accordance with the provisions ofClause 2.3 and 2.4, all the directors of GFAP, including the ManagingDirector, shall immediately resign and GFF shall be entitled to remove suchdirectors (and the Managing Director) and to appoint replacement directors(including the Managing Director) of GFAP.

***7.1.6***                   Duringthe Option Period, the implementation of all Programmes and Budgets by GFAPshall be managed by GFAP and the Managing Director in accordance with theapplicable terms of this Agreement and the terms of the MD Agreement and theServices Agreement.

***7.1.7***                   Duringthe Option Period, in the event of (i) any claim pursuant to Clause 10.6.1hereof, or (ii) the negligence, willful default or material breach by NAPL ofits obligations hereunder, (iii) the negligence, willful default or materialbreach by the Managing Director of its obligations under this Agreement and/orthe MD Agreement or (iv) the negligence, willful default or materialbreach of NAPFS or NAPL under the Services Agreement, where such negligent actor omission, default or material breach has not been remedied or waived within20 Business Days of receipt of notice of such negligent act or omission,default or material breach, GFF shall be entitled to remove any and alldirectors of GFAP (including the Managing Director) and replace any person soremoved.

***7.1.8***                   Duringthe Option Period, NAPL shall procure that (i) the Managing Director entersinto the MD Agreement, (ii) the Managing Director complies with all

17

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***provisions of this Agreementapplicable to the Managing Director and with the MD Agreement; (iii) NAPFSenters into the Services Agreement together with NAPL; and (iv) NAPFS complies withall provisions of the Services Agreement.***

***7.1.9***                   GFAPshall maintain and keep full, complete and accurate books of account, recordsand information with respect to the APP Project, the implementation of theProgrammes and Budgets and the operations of GFAP generally, at the registeredoffice of GFAP.  During the OptionPeriod, GFBV and/or GFF and their representatives shall have the right toreceive, within a reasonable time after its written request therefore, any suchinformation relating to the APP Project, the implementation of the Programmesand Budgets and the operations of GFAP generally as it may reasonably requestand shall be entitled, at all reasonable times, to have access to theregistered office of GFAP, the APP Property and all books of account, recordsand information in connection with the APP Project, the implementation of theProgrammes and Budgets and the operations of GFAP generally.

***7.1.10***                 TheGFAP Board shall submit regularly (and in any event no later than quarterly)written reports to GFF of all matters considered by the GFAP Board.

## 7.2**          ****Funding of Approved Earn-in Expenditures**

***7.2.1***                   Duringthe Option Period, NAPL shall, through its subsidiary NAPF, make all Advances(at times and in the manner determined by the Managing Director) in accordancewith Clause 7.2.3, in order to fund all Approved Earn-in Expenditures inconnection with the APP Project.

***7.2.2***                   AllAdvances shall, unless otherwise agreed between GFBV and NAPL, be in the formof cash (denominated in Euros) by way of loans to GFAP upon and subject to theterms of, and evidenced by, Loan Notes issued by GFAP.

***7.2.3***                   TheManaging Director shall, not less than 14 Business Days prior to thecommencement of each quarter in respect of which Approved Earn-in Expendituresshall be incurred, by notice in writing to NAPL (each, a “CashCall”) demand that NAPL, through its subsidiary NAPF, make the Advances itis required to make in accordance with Clause 7.2.1.  Advances validly demanded pursuant to eachCash Call shall be made by NAPL, through its subsidiary NAPF, not later than 5(five) Business Days before the commencement of such quarter.

***7.2.4***                   Duringthe Option Period, NAPL undertakes to capitalise NAPF with nominal shares andthe remainder of the subscription in NAPF shall be made by share premium.

## 7.3**          ****Withdrawal by the NAPL Group**

The NAPL Group shall be deemed to have withdrawn fromthis Agreement if either of the following have occurred:

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***7.3.1***                   theNAPL Group shall have given notice to GFBV clearly indicating its intention towithdraw from this Agreement in accordance with this Clause 7.3; or

***7.3.2***                   NAPLand members of the NAPL Group shall not have conducted any material activitiesin respect of the Re-Scoping Study and Exploration Programme and theFeasibility Study for a period of six consecutive months for any reason otherthan the occurrence of unavoidable delays in accordance with Clause 11.1;

and upon the occurrence of such a withdrawal, theterms of Clause 2.4 shall apply.

## 8.**        ****PROGRAMMES AND BUDGETS**

## 8.1**          ****Work in Accordance with approved Programmes andBudgets**

Nowork shall be conducted or undertaken nor shall any Earn-in Expenditure beincurred by GFAP or funded by NAPL (either directly or indirectly through itsAffiliates, employees, directors, officers or agents) unless such work orEarn-in Expenditure is contemplated by a Programme and Budget and otherwisecomplies with the provisions of this Agreement. 

## 8.2**          ****Programmes and Budgets**

Unlessotherwise approved by GFBV and NAPL, all proposed Programmes and Budgetsrelating to the APP Project, to the extent that such Programmes and Budgetsrelate to work to be conducted prior to the expiry of the Option Period, shallbe prepared by the Managing Director and copies thereof submitted to the GFAPBoard and the GFBV Observers on an annual basis.  During the Option Period and provided NAPLand NAPF are in compliance with their obligations under this Agreement(including its funding obligations under Clause 7.2) and the ServicesAgreement and the Managaing Director is in compliance with his or herobligations under the MD Agreement, the GFAP Board shall have the authority toapprove any proposed Programme and Budget and the making of any Earn-inExpenditures relating thereto unless such approval or the making of suchEarn-in Expenditures would:

***8.2.1***                   causeGFF or GFAP to be in breach of its obligations under any APP Projectagreements, licenses or permits (including the APP Project License) or cause abreach by GFF or GFAP of Applicable Law; or

***8.2.2***                   bematerially prejudicial to GFF or GFAP.

## 8.3**          ****Conduct of Work**

Unlessotherwise approved by GFBV and NAPL, all work relating to the APP Project underProgrammes and Budgets prepared and submitted pursuant to Clause 8.2 shallbe implemented by GFAP under the management authority granted to the ManagingDirector pursuant to the MD Agreement. GFAP shall enter into the Services Agreement with NAPFS and NAPLsubstantially in the form of the draft Services Agreement attached hereto asSchedule 10.

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## 9.**        ****RESTRICTED MATTERS AND CORPORATE MATTERS**

## 9.1**          ****Approval of GFAP Restricted Matters**

Duringthe Option Period, no decision of the GFAP Board shall be of any force oreffect in respect of any of the GFAP Restricted Matters, unless and until GFFshall have consented in writing thereto.

## 9.2**          ****Corporate Matters**

GFF shall provide direction to the GFAP Board inrelation to any Corporate Matters and the GFAP Board shall deal with any suchCorporate Matters in the manner so directed by GFF.

## 9.3**          ****Approval of GFF Restricted Matters**

Duringthe Option Period, no decision of the GFF Board shall be of any force or effectin respect of any of the GFF Restricted Matters, unless and until NAPL shallhave consented in writing thereto.

## 10.**      ****COVENANTS**

## 10.1**        ****Maintenance of Interest in NAPL**

***10.1.1***                 Followingthe exercise of the Option, if NAPL proposes to issue for cash any equitysecurities, including securities convertible or exchangeable for equitysecurities (the “Securities”)pursuant to a private placement or any public offer to finance, directly orindirectly, the development and construction of a mine (the “Mine”) tobring the APP Project into production, GFBV or an Affiliate designated by GFBVshall have the right to acquire from NAPL on terms set out in Clause 10.1.2 and10.1.3 such number of Securities that when combined with the ConsiderationShares and any NAPL Shares acquired pursuant to Clause 10.1.4, if any, wouldresult in the GFBV Group holding GFBV’s Outstanding Interest (as hereinafterdefined) of the issued and outstanding shares of NAPL.

***10.1.2***                 NAPLshall as soon as practicably possible give to GFBV written notice of eachproposed issuance of Securities pursuant to a private placement, or any publicoffer referred to in Clause 10.1.1, setting forth the date and other terms ofthe issuance in reasonable detail (“Notice”), suchNotice to be provided prior to the proposed issuance when reasonably possible.

***10.1.3***                 Within5 (five) Business Days after receipt of the Notice, GFBV shall, if it elects toacquire the Securities pursuant hereto, give notice to NAPL of its commitmentto purchase or cause an Affiliate of GFBV to purchase such Securities from NAPLat a price and on other terms and conditions equal to the price paid and theother bonafidaterms and conditionsagreed to by the other purchasers of such Securities.

***10.1.4***                 If onthe date that GFBV receives the Consideration Shares, the number ofConsideration Shares would result in the GFBV Group holding less than theOutstanding Interest, GFBV or an Affiliate designated by it, shall have the

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***right on the Exercise Date tosubscribe, on the terms set out in this Clause 10.1.4, for such number ofadditional NAPL Shares so that when combined with the Consideration Shares,would result in the GFBV Group holding the Outstanding Interest of the issuedand outstanding shares of NAPL.  GFBVshall subscribe for these additional NAPL Shares at a subscription price equalto the then current publicly quoted and traded NAPL Share market price.***

***10.1.5***                 Theobligations of NAPL under Clause 10.1.4 shall be subject to compliance withApplicable Law and conditional upon NAPL obtaining all consents, approvals andauthorisations, including regulatory approvals from the TSX and AMEX to theextent required,  provided that NAPLshall use its best efforts to obtain such required consents, approvals and authorizations.

***10.1.6***                 As usedherein, the term “Outstanding Interest” shall be calculated as follows:

10.1.6.1              inthe event that GFBV exercises the back-in right set out in Clause 5.2, thepercentage of the outstanding Securities of NAPL represented by the relevantnumber of Consideration Shares on the date of announcement of the transactionscontemplated by this Agreement in the press. For greater certainty, NAPL and GFBV hereby agree and acknowledge thatin this event, on the date of announcement of the transactions contemplated bythis Agreement in the press, the Outstanding Interest is 14.15 percent (thenumber of Consideration Shares being equal to 7 381 636); and

10.1.6.2              inthe event that GFBV does not exercise the back-in right set out inClause 5.2, the percentage of the outstanding Securities of NAPLrepresented by the relevant number of Consideration Shares on the date ofannouncement of the transactions contemplated by this Agreement in thepress.  For greater certainty, NAPL andGFBV hereby agree and acknowledge that in this event, on the date ofannouncement of the transactions contemplated by this Agreement in the press,the Outstanding Interest is 17.68 percent (the number of Consideration Sharesbeing equal to 9 227 033).

## 10.2**        ****Changes to Capital Structure**

Ifduring the Option Period there is any share consolidation, split,reclassification or any other changes to the capital structure of NAPL, thenumber of Consideration Shares to be issued by NAPL under the terms of thisAgreement shall be adjusted, with any adjustment calculation done on the basisthat GFBV holds the relevant number of Consideration Shares as at the date ofthe relevant capital restructuring and such shares are subject to any suchrestructuring.

## 10.3**        ****Change of Names**

Assoon as practicable after the Exercise Date, GFF undertakes to change its nameand shall procure that GFAP changes its name to remove reference to ‘GoldFields’ therein.

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## 10.4**        ****Area of Interest**

***10.4.1***                 Duringthe Option Period, if GFBV or NAPL or any Affiliate of either Party acquiresany Mineral Rights within the Area of Interest during the term of thisAgreement (the “Acquiror”), theAcquiror will immediately notify the other party (the “Offeree”)offering the Mineral Rights for inclusion in the APP Property (the “OfferNotice”).

***10.4.2***                 Unlessthe Offeree gives counter notice to the Acquiror rejecting the Mineral Rightsfor inclusion in the APP Project (the “Rejection Notice”)within 30 days after receipt of Offer Notice, then the Mineral Rights willpromptly thereafter be contributed by the Acquiror to GFAP at cost and willform part of the APP Property and be subject to this Agreement.

***10.4.3***                 If theOfferee gives the Rejection Notice then the Acquiror shall be entitled toretain the Mineral Rights which will thereafter be excluded from the Area ofInterest.

## 10.5**        ****Other Activities and Interest**

ThisAgreement and the rights and obligations of the Parties, are strictly limitedto the APP Property.  Except asspecifically provided herein, each Party shall have the free and unrestrictedright to enter into, conduct and benefit from activities and venues of any kindwhatsoever, including those involving Mineral Rights adjoining the Area ofInterest, whether or not competitive with the activities undertaken pursuanthereto, without disclosing such activities to the other party or inviting orallowing the others to participate and will be under no fiduciary or otherobligation to the other Parties with respect thereto.

## 10.6**        ****Indemnification**

***10.6.1***                 NAPLand NAPF agree to indemnify and hold harmless each of the members of the GFBVGroup and their respective officers, directors, employees, agents and attorneys(each an “GFBVIndemnifiedParty”) fromand against any Claims of any kind which may be imposed upon, incurred by, orasserted by third parties against such GFBV Indemnified Party relating to orarising out of (i) the negligence, willful misconduct or breach by NAPL or NAPFof any of their respective obligations contained in this Agreement, (ii) thenegligence, willful misconduct or breach by the Managing Director of any of itsobligations under this Agreement and/or the MD Agreement or (iii) thenegligence, willful misconduct or breach by NAPL or NAPFS of any of itsobligations under the Services Agreement; provided that where NAPL or NAPFS orthe MD engages the services of a third party subcontractor, any claim underthis indemnity arising out of the actions of such third party subcontractor,shall be subject to a maximum amount equal to the value of any insurance, thatin terms of prevailing North America industry practice, ought to have beenprocured by such third party subcontractor.

***10.6.2***                 GFBVand GFF agree to indemnify and hold harmless each of the members of the NAPLGroup and their respective officers, directors, employees, agents, attorneys(each an “NAPLIndemnifiedParty”) fromand against any Claims

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***of any kind which may be imposed upon, incurred by, or asserted bythird parties against such NAPL Indemnified Party relating to or arising out of(i) a breach by GFBV or GFF of any representation or warranty made by either ofthem in this Agreement or any material breach by either of them of theirrespective obligations contained in this Agreement, (ii) any of the CorporateMatters, or (iii) negligent or willful misconduct in the exercise by GFBV orGFF of the APP Property access rights granted pursuant to Clause 7.1.9.***

***10.6.3***                 NAPLand NAPF agree to indemnify and hold harmless each GFBV Indemnified Party fromand against 50% of all Claims of any kind which may be imposed upon, incurredby, or asserted by third parties against such GFBV Indemnified Party relatingto or arising out of any occurrence or event relating in any manner to theoperations of GFAP during the Option Period where such occurrence or event isnot otherwise provided for under the indemnity in Clause 10.6.1 or Clause10.6.2.

***10.6.4***                 Notwithstandingthe foregoing, no Party will have any liability whatsoever to the others forindirect or consequential damages in connection with this Agreement whetherpursuant to this Clause 10.6 for indemnification or otherwise and whether incontract or in tort.

## 10.7**           ****Registration Rights**

***10.7.1***                 NAPLand GFBV shall negotiate in good faith and use their commerciallyreasonable efforts to enter into an agreement (the “****RegistrationRights Agreement****”) providing for the registration under theU.S. Securities Act of 1933 (the “1933 Act”) ofthe Consideration Shares from time to time by GFBV (or any of itsAffiliates).  The Registration Rights Agreement shall be enteredinto as soon as practicable and in any event on or before30 June 2006, provided that GFBV shall be entitled at any time andfrom time to time unilaterally to extend such date to a date not later than31 December 2006, and provided further that NAPL and GFBVmay further extend such date by mutual agreement.  Unless otherwise agreedbetween NAPL and GFBV, the Registration Rights Agreement shall provide asfollows:

#### 10.7.1.1                       NAPL shall be obliged, upon eachrequest of GFBV following the issuance of the Consideration Shares, to use itsbest efforts promptly to prepare, file and have declared effective under the1933 Act one or more registration statements (collectively, the “****Registration Statement****”)covering the resale of the Consideration Shares, and to maintain the effectivenessof the Registration Statement until the later of (i) three years from the dateof the issuance of the Consideration Shares covered by the RegistrationStatement or (ii) such time as all the Consideration Shares held by GFBV (orany of its Affiliates) may be immediately resold under Rule 144 under the 1933Act during any 90 day period;

#### 10.7.1.2                       Notwithstanding the generalityof Clause 10.7.1.1, NAPL shall not be required to file a Registration Statementif at the time of such filing NAPL is not then eligible to file a registrationstatement on Form F-10 (or any successor form) pursuant to the U.S./CanadaMulti-Jurisdictional Disclosure System (or any successor system);

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#### 10.7.1.3                       the management of NAPL shallprovide such assistance to GFBV in connection with any sale of ConsiderationShares in accordance with this Clause 10.7 as GFBV may reasonably request,including participating and cooperating with any underwriters’ or brokers’ duediligence investigations;

#### 10.7.1.4                       NAPL shall enter into customarydocumentation in connection with any sale of Consideration Shares in accordancewith this Clause 10.7;

#### 10.7.1.5                       NAPL will provide to GFBVcustomary and reasonable indemnities in connection with any sale ofConsideration Shares in accordance with this Clause 10.7 (including the relatedRegistration Statement); and

#### 10.7.1.6                       GFBV shall reimburse NAPLin respect of all reasonable costs and expenses incurred by NAPL, including thereasonable fees and disbursements of NAPL’s counsel, in connectionthe performance by NAPL of its obligations under the Registration RightsAgreement,

and shall contain suchother terms and conditions as are customarily included inregistration rights agreements.

***10.7.2***                 Forpurposes of Clause 10.7.1 only, “Consideration Shares” shallmean the Consideration Shares, together with any NAPL Shares acquired by GFBVpursuant to Clause 10.1.4.

## 11.**      ****MISCELLANEOUS**

## 11.1**        ****Unavoidable Delays**

If anyParty is prevented or delayed in exercising or complying with any of its rightsor obligations under this Agreement by reason of events, whether foreseeable orunforseeable, beyond its reasonable control, other than a lack of funds, suchParty may give notice to the other Parties of the event and upon giving of suchnotice all relevant times herein provided for will be extended by the periodnecessary to allow such circumstances to cease to exist or be overcome and inany such event the Party so affected will use all reasonable commercial effortsto do so promptly.  In the event thatsuch circumstances continue for 180 days or more, GFBV shall have the right toterminate this Agreement and the provisions of Clause 2.4 shall apply; providedthat GFBV undertakes not to exercise its right to terminate for a furtherperiod not exceeding 90 days in the event that NAPL may reasonably request so,provided further that NAPL may only make one such request.

## 11.2**        ****Notices**

***11.2.1***                 Anydemand, notice or other communication to be given in connection with thematters contemplated by this Agreement will only be effective if given in writingin English and:

11.2.1.1              personallydelivered, in which case it will be deemed to have been given upon delivery atthe address set forth below; or

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11.2.1.2              ifsent by pre-paid reputable courier, in which case it will be deemed to havebeen given upon delivery at the address set forth below on the day of suchdelivery, as confirmed by such courier; or

11.2.1.3              sentby facsimile to the number set forth below in which case it will be deemed tohave been given when dispatched, but will only be effective if itsuninterrupted transmission can be confirmed by a transmission report of sender.

Anynotice given or deemed to have been given after 5.00 p.m. on any Business Dayor at any time on a day which is not a Business Day in the place of receiptwill be deemed to have been given at 9.00 a.m. on the next Business Day in theplace of receipt.

***11.2.2***                 Theaddresses and other details for notice of the Parties are:
| To:             | North American  Palladium Ltd.        |
|-----------------|---------------------------------------|
|            | Suite 2116, 130  Adelaide St. W.      |
|            | Toronto, Ontario  Canada M5H 3P5      |
| Facsimile:      | 416-360-7709                          |
| Attention:      | President                             |
|            |                                  |
| To:             | North American  Palladium Finland, Oy |
|            | c/o Gold Fields Arctic  Platinum Oy   |
|            | Ahjotie, 96320,  Rovaniemi            |
| Facsimile:      | +358 207 511 201                      |
| Attention:      | Managing Director                     |
|            |                                  |
| To:             | Gold Fields Exploration  B.V.         |
|            | MeesPierson Intertrust                |
|            | Rokin 55                              |
|            | 1012KK                                |
|            | Amsterdam                             |
| Facsimile:      | +31 20521 4825                        |
| Attention:      |                                  |
|            |                                  |
| With a copy to: | Gold Fields Limited                   |
|            | 24 St Andrews Road                    |
|            | Parktown, 2193                        |
|            | Postnet Suite 252                     |
|            | Private Bag X30500                    |
|            | Houghton, 2041                        |
| Facsimile:      | +27 11 484 0627                       |
| Attention:      | Mari Heydenrych                       |
|            | Legal Administrator                   |

 

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| To:        | Gold Fields Finland, Oy                  |
|------------|------------------------------------------|
|       | Procopé & Hornborg  Law Offices |
|       | Keskuskatu 8                             |
|       | 6 krs                                    |
|       | Helsinki                                 |
|       | Finland                                  |
| Facsimile: | 09358 103090333                          |
| Attention: | Lotta Uusitalo                           |

 

orsuch other address, individual or facsimile number as may be designated bynotice given by the Parties to the others.

## 11.3**        ****Further Assurances, Registration, Security**

EachParty will, from time to time on being requested to do so by another Party, nowor at any time in the future do or procure the doing of all such acts and/orexecute or procure the execution of all such documents necessary or desirableto give effect to the transactions effected or to be effected pursuant to thisAgreement.

## 11.4**        ****Payment of Costs and Expenses**

Saveas otherwise stated in this Agreement, each Party will pay its own costs andexpenses incurred in connection with the preparation, execution and carryinginto effect of this Agreement and the other documents and instruments executedpursuant hereto or in connection herewith.

## 11.5**        ****Severance**

***11.5.1***                 Each ofthe provisions of this Agreement is severable. Ifany such provision is or becomes illegal, invalid or unenforceable inany respect under the law of any jurisdiction, the legality, validity orenforceability in that jurisdiction of the remaining provisions of thisAgreement will not in any way be affected or impaired thereby.

***11.5.2***                 TheParties agree that if any provision of this Agreement should for any reason beheld to be invalid or unenforceable in any respect under the law of anyjurisdiction the Parties will use reasonable endeavours to negotiate in goodfaith to seek to agree for the purposes of the operation of this Agreement inthat jurisdiction a valid or enforceable provision in substitution for theinvalid or unenforceable provision which achieves materially the same effect aswould have been achieved by the invalid or unenforceable provision.

## 11.6**        ****Entire Agreement; Amendment and Waiver**

***11.6.1***                 Subjectas provided in Clause 11.6.2 below, this Agreement (together with any documentsreferred to in this Agreement) constitutes the entire agreement andunderstanding between the Parties in respect of the subject matter hereof, andsupersedes and extinguishes any prior drafts, agreements, undertakings,representations, statements, warranties and arrangements of any naturewhatsoever, whether or not in writing, between the Parties in connection withthe subject matter of this Agreement except to the extent that the same is in

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***terms repeated or otherwisereflected in the warranties or otherwise in this Agreement or any documentreferred to in this Agreement.***

***11.6.2***                 Nothingin this Agreement or in any document referred to herein will be read orconstrued as excluding any liability or remedy as a result of fraud or wilfulnon-disclosure.

***11.6.3***                 Novariation of this Agreement will be of any effect unless it is agreed inwriting and signed by or on behalf of each of the Parties.

***11.6.4***                 Anywaiver of any right, power or remedy under this Agreement must be in writingand may be given subject to any conditions thought fit by the grantor and willbe effective only in the instance and only for the purpose for which it isgiven.

***11.6.5***                 Failureof a Party to insist upon strict performance of a provision of this Agreementor an obligation, or delay in the exercise of a right or remedy, will not actas a waiver or release.

## 11.7**        ****Change of Control**

***11.7.1***                 If atany time:

11.7.1.1              NAPLand/or NAPF is placed under judicial management, in liquidation, or underwinding up, whether voluntary, compulsory, final or provisional, or compoundsor enters into a general arrangement of compromise with its creditors, or,

11.7.1.2              aChange of Control occurs,

GFBVshall, notwithstanding the provisions of Clause 11.8 or any other provision tothe contrary contained herein, have the right to sell, transfer, assign orotherwise dispose of its Interest in and the benefit of its rights andobligations under this Agreement and shall on the date of such sale, transfer,assignment or disposal have no further rights or obligations under thisAgreement provided that any such sale, transfer, assignment or disposal is inconjunction with the sale by GFBV of all of the GFF Shares held by it as at thedate of any such sale, transfer, assignment or disposal and provided furtherthat any such assignee agrees in writing to be bound by the terms of thisAgreement.

## 11.8**        ****Successors and Assigns**

***11.8.1***                 Subjectas provided below, no Party nor any other person with enforceable rights underthis Agreement may, save with the prior written consent of the other Parties tothis Agreement, sell, transfer, assign or otherwise dispose of or grant orsuffer to exist any Encumbrance or other interest in any Interest in or thebenefit of its rights under this Agreement whether absolutely or by way ofsecurity or deal in any way with any Interest it has under this Agreementprovided that NAPL or NAPF may, without the consent of GFBV or GFF; and GFBVmay, without the consent of NAPL or NAPF, assign their rights and the benefitsof all or any of any its obligations under this Agreement to an

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***Affiliate, provided that anysuch assignment will not result in any material adverse tax consequence for thenon-assigning Parties.***

***11.8.2***                 Successorsin title and permitted assigns of each of the Parties will be able to enforcethe provisions of this Agreement as if they were parties to it.

## 11.9**        ****Third Party Rights**

Except as provided in this Agreement, a person who isnot a party to this Agreement may not enforce any of its terms.  Notwithstanding any term of this Agreement,the consent of any third party is not required for any variation (including anyrelease or compromise of any liability under) or termination of this Agreement.

## 11.10**      ****Confidentiality**

AllConfidential Information coming into the possession of a Party by virtue ofthis Agreement with respect to the business or operations of the other Partiesor in any way relating to the APP Project and/or the APP Property will be keptconfidential and will not be disclosed to any person other than the officers,directors, employees, agents and representatives of such Party who need to knowsuch Confidential Information for purposes related to this Agreement and theperformance and exercise by such Party of its rights and obligations hereunder.This Clause 11.10 shall survive termination of this Agreement for a period ofthree years after termination of this Agreement.

## 11.11**      ****Counterparts**

ThisAgreement may be executed in any number of counterparts, each of which whenexecuted, will be an original, and all the counterparts together willconstitute one and the same agreement.

## 11.12**      ****Governing Law**

ThisAgreement will be governed by and construed in accordance with English law.

## 11.13**      ****Dispute Resolution**

***11.13.1***               Anydisputes concerning the subject matter of this Agreement will, in the firstinstance, be forthwith referred for resolution between the Chairman of GFBV andthe President of NAPL, and if such dispute cannot be resolved within thirty(30) days of such referral, will be referred for arbitration in accordance withthe provisions of Clause 11.13.2.

***11.13.2***               Alldisputes referred to arbitration pursuant to Clause 11.13.1 will be finallysettled by arbitration in accordance with the Rules of Arbitration of theInternational Chamber of Commerce (the “Rules of Arbitration”).  In connection with any such arbitration, eachof GFBV and NAPL will appoint one arbitrator and such arbitrators will agree onand appoint a third arbitrator.  Thearbitration will be conducted in the English language, and the arbitration willtake place in London, England.  Any awardmade pursuant to this Clause 11.13.1 will be final and binding on all Partieshereto and may be enforced in any court of competent jurisdiction.  Any report prepared by any arbitration

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***panel constituted hereunderwill be delivered to each of the Parties hereto.  Costs of the arbitration will be borne by theParties in accordance with the Rules of Arbitration.***

***11.13.3***               Notwithstandingany provisions of the Rules of Arbitration to the contrary, the Parties herebyagree pursuant to section 48 of the Arbitration Act 1996 (United Kingdom) thatthe arbitration panel will be entitled, if it so deems appropriate, to providefor the remedy of specific performance in the manner in which such remedy isprovided by the courts of England.

## 11.14**      ****Time of the Essence**

Any times, dates or periods specified in this Agreementmay be extended or altered by agreement in writing between the Parties. Timeshall however be of the essence of this Agreement, both as regards times, datesand periods specified in this Agreement and as to any times, dates or periodsthat may by agreement between the Parties be substituted for any of them.

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**IN WITNESS WHEREOF** the Parties haveexecuted this Agreement with the intention that it be delivered on the day andyear written above.
| **EXECUTED** on behalf of                |
|------------------------------------------|
| **NORTH AMERICAN PALLADIUM LTD.,**       |
| by                                       |
|                                     |
|                                     |   |
|                                     |
| **EXECUTED** on behalf of                |
| **NORTH AMERICAN PALLADIUM FINLAND OY,** |
| by                                       |
|                                     |
| ** **                               | ** ** |
| ** **                               |
| **EXECUTED** on behalf of                |
| **GOLD FIELDS EXPLORATION B.V.**         |
| ** **                               |
| by                                       |
|                                     |
|                                     |   |
| ** **                               |
| **EXECUTED** on  behalf of               |
| **GOLD FIELDS FINLAND OY**               |
| ** **                               |
| by                                       |
|                                     |
|                                     |   |

 

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**SCHEDULE 1REPRESENTATIONS AND WARRANTIES**

1.1                           **Mutual Representations and Warranties**

Each Party represents and warrants to the others thatas of the date of this Agreement the representations and warranties set forthin this Clause 1.1 are true and correct (and such representations andwarranties shall survive the execution and delivery of this Agreement andcontinue in full force and effect thereafter):

1.1.1                                        itis a company duly incorporated, validly subsisting and in good standing underthe laws of the jurisdiction of its incorporation or formation, as applicable;

1.1.2                                        ithas all requisite capacity, power and authority to carry on its business and toenter into this Agreement and any agreement or instrument referred to orcontemplated by this Agreement and to carry out and perform all of itsobligations and duties hereunder and thereunder;

1.1.3                                        ithas duly obtained all requisite authorisations for the execution, delivery andperformance of this Agreement and this Agreement constitutes a legal, valid andbinding agreement enforceable against it in accordance with its terms;

1.1.4                                        compliancewith the terms of this Agreement and any agreement or instrument referred to orcontemplated by this Agreement shall not breach or constitute a default under(i) any provision of its memorandum and articles of association or equivalentconstitutional documents, (ii) any agreement or instrument to which it is aparty or by which it is bound, or (iii) any order, judgment, decree or otherrestriction applicable to it; and

1.1.5                                        itwill not be required to give any notice to or make any filing with or obtainany permit, consent, waiver or other authorisation from any Government Agencyor other person in connection with the execution, delivery and performance ofthis Agreement, other than as have been obtained as at the date of thisAgreement or as contemplated in Clause 2.1 of this Agreement.

1.2                           **NAPL and NAPF Representations and Warranties**

Each of NAPL and NAPF represents and warrants to GFBVand GFF that as of the date of this Agreement and as at the Exercise Date, therepresentations and warranties set forth in this Clause 1.2 are true andcorrect (and such representations and warranties shall survive the executionand delivery of this Agreement and the Exercise Date and continue in full forceand effect thereafter):

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1.2.1                                        eachof them has, at all times, conducted their business in compliance with allApplicable Laws, regulations and applicable policies of securities regulatoryauthorities;

1.2.2                                        NAPLhas given notice to each of the TSX and the AMEX of the issuance of theConsideration Shares as contemplated under the terms of this Agreement inaccordance with the rules of each such exchange, each of the TSX and the AMEXhas accepted such notice, and such acceptance is not subject to any conditions(other than customary conditions relating to the filing of documentation inconnection with the completion of the transaction contemplated by thisAgreement);

1.2.3                                        theshares constituting the Consideration Shares shall be validly allotted andissued to GFBV as fully paid up shares free of any Encumbrance and subject tono commitment by NAPL to issue such shares (except pursuant to this Agreement)or create an Encumbrance affecting such shares;

1.2.4                                        asat 27 February 2006, the authorised share capital of NAPL consists of anunlimited number of NAPL Shares, of which 52,216,770 have been issued and areoutstanding and an unlimited number of special shares, issuable in series, ofwhich none are issued and outstanding;

1.2.5                                        NAPL’spublic documents have been filed in accordance with Applicable Laws and containno untrue statement of a material fact and do not omit to state any materialfact necessary to make the statements contained therein, in light of thecircumstances under which made, not misleading;

1.2.6                                        thestatutory books of NAPL have been properly kept, are up-to-date and containcomplete and accurate details of all matters required by Applicable Laws to beentered in them.  No notice or indicationthat any of them is incorrect or should be rectified has been received;

1.2.7                                        NAPLowns 100% of the shares in NAPF and no third party owns or has any option orother right to acquire shares in NAPF and all shares in NAPF are free and clearof any Encumbrance;

1.2.8                                        NAPFis a single purpose company with the sole objective and business of undertakingits obligations under this Agreement and NAPF does not have any obligationsother than in connection therewith;

1.2.9                                        neitherNAPL, nor any of its affiliates (as defined in Regulation D under theSecurities Act (“**Regulation D**”)),nor any persons acting on its or their behalf, (i) has made or will make anyoffers or sales of any security, or has solicited or will solicit offers tobuy, or otherwise has taken or will take any other action negotiated in respectof, any security, under circumstances that would require the registration ofthe Consideration Shares under the 1933 Act; or (ii) has engaged or will engagein any form of “general solicitation” or “general advertising”

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(as defined in RegulationD) in connection with the sale of the Consideration Shares in the UnitedStates;

1.2.10                                      neitherNAPL, nor any of its affiliates (as defined in Rule 405 under the SecuritiesAct) (“Affiliates”), nor any persons acting on its or their behalf has engagedor will engage in any “directed selling efforts” (as defined in Regulation S)with respect to the Consideration Shares;

1.2.11                                      NAPLhas not distributed and none of its Affiliates have distributed and, prior tothe later to occur of (i) the closing and (ii) completion of the distributionof the Consideration Shares, neither NAPL nor any of its Affiliates shalldistribute any offering material in connection with the offering and sale ofthe Consideration Shares; and

1.2.12                                      thereare no legal or governmental proceedings pending or, to the knowledge of NAPL,threatened that may prevent the sale of the Consideration Shares ascontemplated hereby or permit the unwinding of such sales and the clawback ofthe Consideration Shares.

1.3                           **GFF and GFBV Representations and Warranties**

Each of GFBV and GFFrepresents and warrants to NAPL and NAPF that as of the date of this Agreementthe representations and warranties set forth in this Clause 1.3 are true andcorrect (and such representations and warranties shall survive the executionand delivery of this Agreement and continue in full force and effect thereafter):

1.3.1                                        GFAPhas, at all times, conducted its business in compliance with all ApplicableLaws;

1.3.2                                        Eachof GFF and GFAP has good and valid title to all of its material properties andassets, including without limitation in respect of the APP Property, free andclear from any material claims and Encumbrances other than as set out inSchedule 8;

1.3.3                                        GFBVhas all necessary corporate power to grant the Option and to perform itsobligations relating thereto;

1.3.4                                        TheOption constitutes the legal, valid and binding obligation of GFBV enforceableagainst GFBV in accordance with its terms;

1.3.5                                        Theshares constituting the Purchased Interest and covered by the Option subject to(i) purchase and sale, have been validly allotted and issued, are fully paid upand are legally and beneficially owned by GFBV free of any Encumbrances, and nocommitment has been given by GFBV to sell, transfer or assign any ownershipinterest in such shares (except pursuant to the Option) or create anEncumbrance affecting such shares and no person has claimed any right inconnection with any of those things, and (ii) subject to subscription, shall bevalidly allotted and issued as fully paid up shares free of any Encumbrance,and subject to no commitment by GFF to issue such

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shares (except pursuantto the Option) or create an Encumbrance affecting such shares;

1.3.6                                        GFBVhas made available to NAPL all relevant information in its possession andcontrol concerning GFF and GFAP and title to the APP Project Licenses and thetechnical information, data, records, engineering, trade secrets, maps, plansand drawings relating to the APP Project Licenses;

1.3.7                                        GFAPholds the APP Project Licenses and Mineral Rights and such APP Project Licensesand Mineral Rights are, to the extent described in Schedule 5, sufficient,current and in full force and effect; Schedule 5 sets forth a true, complete and accurate listing of theAPP Project Licenses and Mineral Rights and the status thereof and NAPL hasbeen provided with a true and correct copies thereof;

1.3.8                                        tothe best of GFBV’s and GFF’s knowledge, the APP Project Licenses and MineralRights attaching thereto (as described in Schedule 5) have been properlystaked or otherwise properly constituted, as applicable, and are valid and ingood standing to the date hereof, in accordance with Applicable Law;

1.3.9                                        Schedule9 sets forth a true, complete and accurate listing of the Property Agreements;NAPL has been provided with a true and correct copy of each of the PropertyAgreements;

1.3.10                                      eachof GFBV, GFF and GFAP has not entered into any material agreements and has notmade any material commitment in respect of the APP Project Licenses other thanthe Property Agreements, or other than those otherwise disclosed in writing toNAPL;

1.3.11                                      tothe best of GFBV’s and GFF’s knowledge, and except as otherwise providedherein, there is no judgment, decree, injunction, ruling or order of any court,Governmental Authority, instrumentality or arbitrator and no claim, suit,action, litigation, arbitration or governmental proceeding in progress, pendingor threatened against or relating to, and affecting any part of the landcovered by the APP Project Licenses which prevents or which seeks to prevent itfrom entering into and performing its obligations hereunder and the transactioncontemplated hereby;

1.3.12                                      tothe best of GFBV’s and GFF’s knowledge, the APP Project Licenses and theactivities and operations that have been carried out thereon have been incompliance in all material respects with all Applicable Laws and directives ofall Governmental Authorities and it has not received notice of non-compliancefrom any such Government Authorities;

1.3.13                                      eachof GFF and GFAP has not entered into any labour contracts, collectivebargaining agreements, or any other labour-related obligations and liabilitieswhich may affect the APP Project Licenses

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or any operationsconducted thereon other than as disclosed to NAPL in writing;

1.3.14                                      tothe best of GFBV’s and GFF’s knowledge, all the lands covered by the APPProject Licenses are free and clear of any hazardous substance, as such term isdefined under Applicable Law, and there is no judicial or administrativeproceeding pending and no environmental order has been issued or, to the bestof its knowledge, threatened, concerning the possible violation of anyApplicable Law or environmental orders in respect of the APP Project Licenses;

1.3.15                                      tothe best of GFBV’s and GFF’s knowledge, all environmental approvals requiredwith respect to current activities carried out by it on any part of the landcovered by the APP Project Licenses, have been obtained, are valid and in fullforce and effect, have been complied with and there have been and are noproceedings commenced or threatened to revoke or amend any such environmental approvals;and

1.3.16                                      theindebtedness of each of GFF and GFAP, other than the indebtedness owed toOrogen, do not exceed the cash and cash equivalents of each of GFF and GFAP,respectively.

1.4                           **GFBV Representations and Warranties**

GFBV represents andwarrants to NAPL that as of the date of issuance of the Consideration Sharesthe representations and warranties set forth in this Clause 1.4 are true andcorrect.

1.4.1                                        GFBVunderstands that the Consideration Shares have not been registered under theUnited States Securities Act of 1933, as amended (the “1933 Act”) or anyapplicable state securities laws and that the contemplated issuance would bemade in reliance on a private placement exemption;

1.4.2                                        GFBVhas had access to such additional information, if any, concerning NAPL as ithas considered necessary in connection with its investment decision to acquirethe Consideration Shares pursuant to the terms of the Agreement;

1.4.3                                        GFBVhas such knowledge and experience in financial and business matters as to becapable of evaluating the merits and risks of its investment in theConsideration Shares pursuant to the terms of the Agreement, and is able tobear the economic risks of such investment;

1.4.4                                        GFBVis an “institutional” accredited investor within the meaning of Rule 501(a)(3)of Regulation D under the 1933 Act and if it acquires the Consideration Sharespursuant to the terms of the Agreement, it does so for its own account, and notwith a view to any resale, distribution or other disposition of the ConsiderationShares in violation of United States securities laws or applicable statesecurities laws;

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1.4.5                                        GFBVacknowledges that it has not agreed to acquire the Consideration Sharespursuant to the terms of the Agreement as a result of any general solicitationor general advertising (as those terms are used in Regulation D under the 1933Act) including, but not limited to, any advertisements, articles, notices orother communications published in any newspaper, magazine or similar media orbroadcast over radio or television or the Internet or any seminar or meetingwhose attendees have been invited by general solicitation or generaladvertising;

1.4.6                                        GFBVagrees that if it decides to offer, sell or otherwise transfer any of theConsideration Shares issued to it pursuant to the terms of the Agreement, suchConsideration Shares may be offered, sold or otherwise transferred only (i) toNAPL, (ii) in an offshore transaction complying with Rule 903 or 904 ofRegulation S under the 1933 Act (iii) within the United States in accordancewith an exemption from registration under the 1933 Act provided by Rule 144 or144A thereunder, if available, (iv) in accordance with any other exemption fromregistration under the 1933 Act or pursuant to an effective registration statementthat covers resales of securities and in compliance with any applicable statesecurities laws;

1.4.7                                        GFBVunderstands and acknowledges that upon the original issuance thereof, and untilsuch time as the same is no longer required under applicable requirements ofthe 1933 Act or applicable state securities laws, certificates representingConsideration Shares, and all certificates issued in exchange therefor or insubstitution thereof, shall bear the following legend:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEENREGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933ACT”).  THE HOLDER HEREOF, BY PURCHASINGSUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAYBE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) IN ANOFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR 904 OF REGULATION S UNDER THE1933 ACT (C) IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTSUNDER THE 1933 ACT PROVIDED BY RULE 144 OR 144A THEREUNDER, IF AVAILABLE, ANDIN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS (D) IN A TRANSACTIONTHAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATESECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THECOMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASEREASONABLY SATISFACTORY TO THE COMPANY, OR (E) PURSUANT TO AN EFFECTIVEREGISTRATION STATEMENT THAT COVERS RESALES OF SECURITIES.

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DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOODDELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.  AT ANY TIME THAT THE COMPANY IS A “FOREIGNISSUER” WITHIN THE MEANING OF REGULATION S AT THE TIME OF SALE, A NEWCERTIFICATE BEARING NO LEGEND, THE DELIVERY OF WHICH WILL CONSTITUTE “GOOD DELIVERY”MAYBE OBTAINED FROM THE COMPANY’S TRANSFER AGENT, UPON DELIVERY OF THISCERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THECOMPANY’S TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT SUCH SALE IS BEINGMADE IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE 1933ACT.  THE COMPANY OR ITS TRANSFER AGENTMAY ALSO REQUIRE AN OPINION OF COUNSEL FROM THE SELLER IN CONNECTION WITH ANYOFFER, SALE OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY OR THE REMOVAL OFTHIS LEGEND IN CONNECTION THEREWITH”;

provided, that if Consideration Shares are being soldpursuant to Rule 903 or Rule 904 of Regulation S under the 1933 Act, andprovided that the NAPL is a “foreign issuer” within the meaning of Regulation Sat the time of sale, any such legend may be removed by providing a declarationto NAPL’s transfer agent, to the effect set forth in Annex A hereto (or as NAPLmay prescribe from time to time and, if required by the transfer agent, anopinion of counsel of recognized standing reasonably satisfactory to thetransfer agent, that such legend is no longer required under applicablerequirements of the 1933 Act); and provided, further, that, if any suchConsideration Shares are being sold pursuant to Rule 144 under the 1933 Act, thelegend may be removed by delivery to NAPL’s transfer agent and NAPL an opinionof counsel, of recognized standing reasonably satisfactory to NAPL, that suchlegend is no longer required under applicable requirements of the 1933 Act orstate securities laws;

1.4.8                                        GFBVconsents to NAPL making a notation on its records or giving instructions to anyregistrar or transfer agent of the Consideration Shares in order to implementthe restrictions on transfer set forth and described herein; and

1.4.9                                        ifrequired by applicable securities legislation, regulatory policy or order or byany securities commission, stock exchange or other regulatory authority, GFBVwill execute, deliver and file and otherwise assist NAPL in filing reports,questionnaires, undertakings and other documents with respect to the issue ofthe Consideration Shares.

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**ANNEXA TO SCHEDULE 1**

**FORMOF DECLARATION FOR REMOVAL OF LEGEND**

TO:         Computershare InvestorServices Inc.,

as registrar and transferagent for the Common Shares of

NorthAmerican Palladium Ltd.

The undersigned:

·    acknowledgesthat the sale of the securities of North American Palladium Ltd. to which thisdeclaration relates is being made in reliance on Rule [903][904] of RegulationS under the United States Securities Act of 1933, as amended (the ‘‘U.S.Securities Act’’), and

·    certifiesthat:

1.             [***If the transfer is to be made underRule 904, insert*** — it is not an affiliate of North AmericanPalladium Ltd. (as defined in Rule 405 under the U.S. Securities Act),]

2.             [***If the transfer is to be made underRule 904, insert*** — the offer of the securities was not made to aperson in the United States and either (A) at the time the buy order wasoriginated, the buyer was outside the United States, or the seller and anyperson acting on its behalf reasonably believes that the buyer was outside theUnited States, or (B) the transaction was executed on or through the facilitiesof the Toronto Stock Exchange, and neither the seller nor any person acting onits behalf knows that the transaction has been prearranged with a buyer in theUnited States,]

3.             [***If the transfer is to be made underRule 903, insert*** — the offer of the securities was not made to aperson in the United States and at the time the buy order was originated, thebuyer was outside the United States, or the seller and any person acting on itsbehalf reasonably believes that the buyer was outside the United States.]

4.             neither the seller norany affiliate of the seller nor any person acting on any of their behalf hasengaged or will engage in any directed selling efforts in the United States inconnection with the offer and sale of the securities,

5.             the sale is bona fide and not for thepurpose of ‘‘washing off’’ the resale restrictions imposed because thesecurities are ‘‘restricted securities’’ (as that term is defined in Rule144(a)(3) under the U.S. Securities Act),

6.the seller does not intend to replace the securities sold in reliance on Rule **[903][904]** of Regulation S with fungibleunrestricted securities, and

7.the contemplated sale is not a transaction, or part of a series of transactionswhich, although in technical compliance with Regulation S, is part of a plan orscheme to evade the registration provisions of the U.S. Securities Act.

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Termsused in this declaration have the meanings given to them in Regulation S underthe Securities Act.
|        | **[NAME]** |
|--------|------------|
|   | ** ** |
|   | ** ** |
|   | By:        |   |   |
|   |       | Name: |   |
| Dated: | Title:     |
|        |            |  |  |  |

 

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**SCHEDULE2FORM OF SHAREHOLDERS’ AGREEMENT**

Please see attached

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**SCHEDULE3TRANSFER AND SUBSCRIPTION TERMS**

Thefollowing terms and conditions are the Transfer and Subscription Terms whichshall apply to issuances, sales and/or subscriptions of Consideration Shares,Purchased Interests and other Interests, as applicable (in this Schedule, the “**Interests**”) as provided in the Agreement:

1.             Timing- The completion of the issuance of, purchase and sale of, or subscription for,the Interests shall occur as soon as practicable but in any event shall notoccur later than seven (7) Business Days after the obligation of issuance,purchase and sale or subscription, as applicable, arises under the Agreement.

2.             Placeof Completion - The completion shall occur at the registered office for thetime being of GFAP (or such other place as may be agreed between the Parties).

3.             DeliveryFree of Encumbrances - The Interests shall be delivered by NAPL to GFBV,GFF to NAPL or by GFF to any subscriber, as applicable, free and clear of anyEncumbrances.

4.             Documentation- At completion, (i) in the case of a purchase and sale, the seller shalldeliver share certificates or other instruments representing the Intereststogether with, in the case of shares, share transfer forms duly executed inblank for transfer and such other documents as may, in the reasonable opinionof purchaser, be necessary or desirable or required under Applicable Law inorder for the purchaser (or such Affiliate of the purchaser as may be nominatedby the purchaser by notice in writing delivered not less than two (2) BusinessDays prior to completion) to become the registered and beneficial owner of thepurchased Interests free and clear of any Encumbrances; and (ii) in the case ofan allotment and issuance and/or subscription for Shares, NAPL or GFF, asapplicable,  shall deliver sharecertificates representing the shares being issued and such other documents asmay, in the reasonable opinion the subscriber, be necessary or desirable orrequired under Applicable Law in order for the subscriber (or such Affiliate ofthe subscriber as may be nominated by the subscriber by notice in writingdelivered not less than two (2) Business Days prior to completion) to becomethe registered and beneficial owner of the shares free and clear of anyEncumbrances.

5.             Recordingin Shareholders Register – In the case of Interests comprising shares, atcompletion the Parties shall procure that the purchaser or subscriber (or suchAffiliate of the purchaser or subscriber as may be nominated by the purchaseror subscriber by notice in writing delivered not less than two (2) BusinessDays prior to completion) is recorded on the applicable shareholders registeras the registered owner of such shares and that new certificates in the name ofthe purchaser or subscriber or such Affiliate of the purchaser or subscriber,as the case may be, representing such shares is issued and delivered to thepurchaser, subscriber or such Affiliate.

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**SCHEDULE 4FORM OF MD AGREEMENT**

Please see attached

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**SCHEDULE5LICENSES AND MINERAL RIGHTS**

LIST OF TENEMENTS AS AT 1MARCH 2006

1.             Mining licences and mining licence applications
| **Licence name** | ** ** | **Licence No.**                  | ** ** | **Project** | ** ** | **Date applied** | ** ** | **Valid until** | ** ** | **Status**  | ** ** | **Area (ha)** | ** ** | **Remarks**                  |
|------------------|------------|----------------------------------|------------|-------------|------------|------------------|------------|-----------------|------------|-------------|------------|---------------|------------|------------------------------|
| Konttijärvi |       | 4691/1a                          |       | Suhanko     |       | 24.9.1996        |       | 8.10.2006       |       | Valid       |       | 56.40         |       |                         |
| Kilvenjärvi |       | 3556/1a                          |       | Narkaus     |       | 28.11.1991       |       | 28.11.2006      |       | Valid       |       | 20.21         |       | Extension granted 15.01.2002 |
| Sompuoja         |       | 4689/1a                          |       | Penikat     |       | 8.10.1996        |       | 8.10.2006       |       | Valid       |       | 34.22         |       |                         |
| Suhanko          |       |                             |       | Suhanko     |       | 23.4.2001        |       |            |       | Application |       | 4145.40       |       |                         |
| **Totals:**      | ** ** | **3 valid mining licences**      | ** ** | ** **  | ** ** | ** **       | ** ** | **110.83**      | **ha**     | ** **  |
| ** **       | ** ** | **1 mining licence application** | ** ** | ** **  | ** ** | ** **       | ** ** | **4145.40**     | **ha**     | ** **  |

 

2.             Claims
| **Claim name** | ** ** | **Claim No.** | ** ** | **Project** | ** ** | **Date granted** | ** ** | **Date of  expiry** | ** ** | **Status**   | ** ** | **Area (ha)** | ** ** | **Remarks**                        |
|----------------|------------|---------------|------------|-------------|------------|------------------|------------|---------------------|------------|--------------|------------|---------------|------------|------------------------------------|
| Saukkosuo      |       | 5426/1        |       | Suhanko     |       | 23.8.1994        |       | 31.12.2001          |       | Valid/frozen |       | 98.00         |       | Entirely covered by ML application |
| Kilkka 1       |       | 6998/1        |       | Penikat     |       | 27.3.2000        |       | 27.3.2008           |       | Valid/ext    |       | 94.90         |       | Extension granted 30.03.2005       |
| Kilkka 2       |       | 6998/2        |       | Penikat     |       | 27.3.2000        |       | 27.3.2008           |       | Valid/ext    |       | 92.20         |       | Extension granted 30.03.2005       |
| Penikat 1      |       | 7019/1        |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 92.50         |       | Extension granted 30.03.2005       |
| Penikat 10     |       | 7019/10       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 89.10         |       | Extension granted 30.03.2005       |
| Penikat 11     |       | 7019/11       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 94.20         |       | Extension granted 30.03.2005       |
| Penikat 12     |       | 7019/12       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 52.00         |       | Extension granted 30.03.2005       |
| Penikat 13     |       | 7019/13       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 18.30         |       | Extension granted 30.03.2005       |
| Penikat 14     |       | 7019/14       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 78.70         |       | Extension granted 30.03.2005       |
| Penikat 15     |       | 7019/15       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 29.10         |       | Extension granted 30.03.2005       |
| Penikat 16     |       | 7019/16       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 98.60         |       | Extension granted 30.03.2005       |
| Penikat 17     |       | 7019/17       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 100.00        |       | Extension granted 30.03.2005       |
| Penikat 18     |       | 7019/18       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 92.80         |       | Extension granted 30.03.2005       |
| Penikat 19     |       | 7019/19       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 99.70         |       | Extension granted 30.03.2005       |
| Penikat 2      |       | 7019/2        |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 98.80         |       | Extension granted 30.03.2005       |
| Penikat 20     |       | 7019/20       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 82.20         |       | Extension granted 30.03.2005       |
| Penikat 21     |       | 7019/21       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 93.10         |       | Extension granted 30.03.2005       |
| Penikat 22     |       | 7019/22       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 58.00         |       | Extension granted 30.03.2005       |
| Penikat 23     |       | 7019/23       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 100.00        |       | Extension granted 30.03.2005       |
| Penikat 24     |       | 7019/24       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 93.20         |       | Extension granted 30.03.2005       |
| Penikat 25     |       | 7019/25       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 96.40         |       | Extension granted 30.03.2005       |
| Penikat 26     |       | 7019/26       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 97.90         |       | Extension granted 30.03.2005       |
| Penikat 27     |       | 7019/27       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 93.40         |       | Extension granted 30.03.2005       |
| Penikat 28     |       | 7019/28       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 98.00         |       | Extension granted 30.03.2005       |
| Penikat 29     |       | 7019/29       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 100.00        |       | Extension granted 30.03.2005       |
| Penikat 3      |       | 7019/3        |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 97.20         |       | Extension granted 30.03.2005       |
| Penikat 30     |       | 7019/30       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 93.50         |       | Extension granted 30.03.2005       |
| Penikat 31     |       | 7019/31       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 100.00        |       | Extension granted 30.03.2005       |
| Penikat 32     |       | 7019/32       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 100.00        |       | Extension granted 30.03.2005       |
| Penikat 33     |       | 7019/33       |       | Penikat     |       | 11.5.2000        |       | 11.5.2008           |       | Valid/ext    |       | 91.70         |       | Extension granted 30.03.2005       |

 

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| Penikat 34       |   | 7019/34 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 30.03.2005       |
|------------------|--------|---------|--------|---------|--------|-----------|--------|-----------|--------|--------------|--------|--------|--------|------------------------------------|
| Penikat 35       |   | 7019/35 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 94.20  |   | Extension granted 30.03.2005       |
| Penikat 36       |   | 7019/36 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 30.03.2005       |
| Penikat 37       |   | 7019/37 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 30.03.2005       |
| Penikat 38       |   | 7019/38 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 97.30  |   | Extension granted 30.03.2005       |
| Penikat 39       |   | 7019/39 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 30.03.2005       |
| Penikat 4        |   | 7019/4  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 72.80  |   | Extension granted 30.03.2005       |
| Penikat 40       |   | 7019/40 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 91.50  |   | Extension granted 30.03.2005       |
| Penikat 41       |   | 7019/41 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 97.50  |   | Extension granted 30.03.2005       |
| Penikat 42       |   | 7019/42 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 92.10  |   | Extension granted 30.03.2005       |
| Penikat 43       |   | 7019/43 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 96.40  |   | Extension granted 30.03.2005       |
| Penikat 44       |   | 7019/44 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 80.60  |   | Extension granted 30.03.2005       |
| Penikat 45       |   | 7019/45 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 85.80  |   | Extension granted 30.03.2005       |
| Penikat 46       |   | 7019/46 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 30.03.2005       |
| Penikat 47       |   | 7019/47 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 95.00  |   | Extension granted 30.03.2005       |
| Penikat 48       |   | 7019/48 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 96.50  |   | Extension granted 30.03.2005       |
| Penikat 49       |   | 7019/49 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 99.10  |   | Extension granted 30.03.2005       |
| Penikat 5        |   | 7019/5  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 64.00  |   | Extension granted 30.03.2005       |
| Penikat 50       |   | 7019/50 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 92.90  |   | Extension granted 30.03.2005       |
| Penikat 51       |   | 7019/51 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 93.30  |   | Extension granted 30.03.2005       |
| Penikat 52       |   | 7019/52 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 99.60  |   | Extension granted 30.03.2005       |
| Penikat 53       |   | 7019/53 |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 77.50  |   | Extension granted 30.03.2005       |
| Penikat 6        |   | 7019/6  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 72.60  |   | Extension granted 30.03.2005       |
| Penikat 7        |   | 7019/7  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 91.60  |   | Extension granted 30.03.2005       |
| Penikat 8        |   | 7019/8  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 57.10  |   | Extension granted 30.03.2005       |
| Penikat 9        |   | 7019/9  |   | Penikat |   | 11.5.2000 |   | 11.5.2008 |   | Valid/ext    |   | 56.60  |   | Extension granted 30.03.2005       |
| Ahma 1           |   | 7022/1  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 83.10  |   | Entirely covered by ML application |
| Ahma 2           |   | 7022/2  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 95.40  |   | Entirely covered by ML application |
| Ahma 3           |   | 7022/3  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 74.30  |   | Entirely covered by ML application |
| Ahma 4           |   | 7022/4  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 99.60  |   | Entirely covered by ML application |
| Ahma 5           |   | 7022/5  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 94.80  |   | Partly covered by ML application   |
| Ahma 6           |   | 7022/6  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 54.10  |   | Partly covered by ML application   |
| Ahma 7           |   | 7022/7  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 95.10  |   | Entirely covered by ML application |
| Ahma 8           |   | 7022/8  |   | Suhanko |   | 18.4.2000 |   | 18.4.2005 |   | Valid/frozen |   | 89.50  |   | Partly covered by ML application   |
| Kämä 1 |   | 7044/1  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 99.10  |   | Extension granted 09.08.2005       |
| Kämä 2 |   | 7044/2  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 74.30  |   | Extension granted 09.08.2005       |
| Kämä 3 |   | 7044/3  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 37.30  |   | Extension granted 09.08.2005       |
| Kämä 4 |   | 7044/4  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 66.20  |   | Extension granted 09.08.2005       |
| Kämä 5 |   | 7044/5  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 90.84  |   | Extension granted 09.08.2005       |
| Kämä 6 |   | 7044/6  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 97.01  |   | Extension granted 09.08.2005       |
| Narkaus 1        |   | 7045/1  |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 99.23  |   | Extension granted 09.08.2005       |
| Narkaus 10       |   | 7045/10 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 99.70  |   | Extension granted 09.08.2005       |
| Narkaus 11       |   | 7045/11 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 98.70  |   | Extension granted 09.08.2005       |
| Narkaus 12       |   | 7045/12 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 85.00  |   | Extension granted 09.08.2005       |
| Narkaus 13       |   | 7045/13 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 99.60  |   | Extension granted 09.08.2005       |
| Narkaus 14       |   | 7045/14 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 99.40  |   | Extension granted 09.08.2005       |
| Narkaus 15       |   | 7045/15 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 98.30  |   | Extension granted 09.08.2005       |
| Narkaus 16       |   | 7045/16 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 94.70  |   | Extension granted 09.08.2005       |
| Narkaus 17       |   | 7045/17 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 95.40  |   | Extension granted 09.08.2005       |
| Narkaus 18       |   | 7045/18 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 98.40  |   | Extension granted 09.08.2005       |
| Narkaus 19       |   | 7045/19 |   | Narkaus |   | 4.7.2000  |   | 4.7.2008  |   | Valid/ext    |   | 43.20  |   | Extension granted 09.08.2005       |

 

44

----

 
| Narkaus 2      |   | 7045/2  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 99.30  |   | Extension granted 09.08.2005     |
|----------------|--------|---------|--------|---------|--------|------------|--------|------------|--------|--------------|--------|--------|--------|----------------------------------|
| Narkaus 3      |   | 7045/3  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 97.90  |   | Extension granted 09.08.2005     |
| Narkaus 4      |   | 7045/4  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 93.80  |   | Extension granted 09.08.2005     |
| Narkaus 5      |   | 7045/5  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 96.50  |   | Extension granted 09.08.2005     |
| Narkaus 6      |   | 7045/6  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 95.10  |   | Extension granted 09.08.2005     |
| Narkaus 7      |   | 7045/7  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 100.00 |   | Extension granted 09.08.2005     |
| Narkaus 8      |   | 7045/8  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 99.90  |   | Extension granted 09.08.2005     |
| Narkaus 9      |   | 7045/9  |   | Narkaus |   | 4.7.2000   |   | 4.7.2008   |   | Valid/ext    |   | 99.90  |   | Extension granted 09.08.2005     |
| Kuohunki 1     |   | 7060/1  |   | Narkaus |   | 22.8.2000  |   | 22.8.2008  |   | Valid/ext    |   | 77.10  |   | Extension granted 09.08.2005     |
| Kuohunki 2     |   | 7060/2  |   | Narkaus |   | 22.8.2000  |   | 22.8.2008  |   | Valid/ext    |   | 84.00  |   | Extension granted 09.08.2005     |
| Kuohunki 3     |   | 7060/3  |   | Narkaus |   | 22.8.2000  |   | 22.8.2008  |   | Valid/ext    |   | 95.40  |   | Extension granted 09.08.2005     |
| Kuohunki 4     |   | 7060/4  |   | Narkaus |   | 22.8.2000  |   | 22.8.2008  |   | Valid/ext    |   | 57.90  |   | Extension granted 09.08.2005     |
| Yliportimo 1   |   | 7103/1  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 94.20  |   | Extension granted 11.11.2005     |
| Yliportimo 10  |   | 7103/10 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Yliportimo 11  |   | 7103/11 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 98.20  |   | Extension granted 11.11.2005     |
| Yliportimo 12  |   | 7103/12 |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 100.00 |   | Partly covered by ML application |
| Yliportimo 13  |   | 7103/13 |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 100.00 |   | Partly covered by ML application |
| Yliportimo 14  |   | 7103/14 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 93.30  |   | Extension granted 11.11.2005     |
| Yliportimo 15  |   | 7103/15 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 94.20  |   | Extension granted 11.11.2005     |
| Yliportimo 16  |   | 7103/16 |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 100.00 |   | Partly covered by ML application |
| Yliportimo 17  |   | 7103/17 |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 100.00 |   | Partly covered by ML application |
| Yliportimo 18  |   | 7103/18 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Yliportimo 19  |   | 7103/19 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Yliportimo 2   |   | 7103/2  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 87.10  |   | Extension granted 11.11.2005     |
| Yliportimo 20  |   | 7103/20 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 91.80  |   | Extension granted 11.11.2005     |
| Yliportimo 21  |   | 7103/21 |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 93.10  |   | Partly covered by ML application |
| Yliportimo 22  |   | 7103/22 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 92.80  |   | Extension granted 11.11.2005     |
| Yliportimo 23  |   | 7103/23 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Yliportimo 24  |   | 7103/24 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 69.60  |   | Extension granted 11.11.2005     |
| Yliportimo 25  |   | 7103/25 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 82.00  |   | Extension granted 11.11.2005     |
| Yliportimo 26  |   | 7103/26 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 83.00  |   | Extension granted 11.11.2005     |
| Yliportimo 27  |   | 7103/27 |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 40.50  |   | Extension granted 11.11.2005     |
| Yliportimo 3   |   | 7103/3  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 92.00  |   | Extension granted 11.11.2005     |
| Yliportimo 4   |   | 7103/4  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 88.70  |   | Extension granted 11.11.2005     |
| Yliportimo 5   |   | 7103/5  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 95.60  |   | Extension granted 11.11.2005     |
| Yliportimo 6   |   | 7103/6  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 95.80  |   | Extension granted 11.11.2005     |
| Yliportimo 7   |   | 7103/7  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 95.80  |   | Extension granted 11.11.2005     |
| Yliportimo 8   |   | 7103/8  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 96.00  |   | Extension granted 11.11.2005     |
| Yliportimo 9   |   | 7103/9  |   | Suhanko |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 93.40  |   | Extension granted 11.11.2005     |
| Saunakivalo 1  |   | 7104/1  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Saunakivalo 10 |   | 7104/10 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Saunakivalo 11 |   | 7104/11 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.40  |   | Extension granted 11.11.2005     |
| Saunakivalo 12 |   | 7104/12 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.90  |   | Extension granted 11.11.2005     |
| Saunakivalo 13 |   | 7104/13 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 92.70  |   | Extension granted 11.11.2005     |
| Saunakivalo 14 |   | 7104/14 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 85.40  |   | Extension granted 11.11.2005     |
| Saunakivalo 15 |   | 7104/15 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.50  |   | Extension granted 11.11.2005     |
| Saunakivalo 16 |   | 7104/16 |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 31.00  |   | Extension granted 11.11.2005     |
| Saunakivalo 2  |   | 7104/2  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Saunakivalo 3  |   | 7104/3  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |
| Saunakivalo 4  |   | 7104/4  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.80  |   | Extension granted 11.11.2005     |
| Saunakivalo 5  |   | 7104/5  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005     |

 

45

----

 
| Saunakivalo 6         |   | 7104/6  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.40  |   | Extension granted 11.11.2005       |
|-----------------------|--------|---------|--------|---------|--------|------------|--------|------------|--------|--------------|--------|--------|--------|------------------------------------|
| Saunakivalo 7         |   | 7104/7  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005       |
| Saunakivalo 8         |   | 7104/8  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005       |
| Peräjärvi 1 |   | 7105/1  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 43.40  |   | Extension granted 11.11.2005       |
| Peräjärvi 2 |   | 7105/2  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 92.60  |   | Extension granted 11.11.2005       |
| Peräjärvi 3 |   | 7105/3  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 92.60  |   | Extension granted 11.11.2005       |
| Peräjärvi 4 |   | 7105/4  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005       |
| Peräjärvi 5 |   | 7105/5  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 99.30  |   | Extension granted 11.11.2005       |
| Peräjärvi 6 |   | 7105/6  |   | Narkaus |   | 3.11.2000  |   | 3.11.2008  |   | Valid/ext    |   | 91.20  |   | Extension granted 11.11.2005       |
| Kämä 7      |   | 7106/1  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 76.70  |   | Extension granted 11.11.2005       |
| Kämä 16     |   | 7106/10 |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 99.10  |   | Extension granted 11.11.2005       |
| Kämä 17     |   | 7106/11 |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 87.00  |   | Extension granted 11.11.2005       |
| Kämä 18     |   | 7106/12 |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 55.90  |   | Extension granted 11.11.2005       |
| Kämä 19     |   | 7106/13 |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 95.10  |   | Extension granted 11.11.2005       |
| Kämä 8      |   | 7106/2  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 54.80  |   | Extension granted 11.11.2005       |
| Kämä 9      |   | 7106/3  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 93.80  |   | Extension granted 11.11.2005       |
| Kämä 10     |   | 7106/4  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005       |
| Kämä 11     |   | 7106/5  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 62.00  |   | Extension granted 11.11.2005       |
| Kämä 12     |   | 7106/6  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 98.10  |   | Extension granted 11.11.2005       |
| Kämä 13     |   | 7106/7  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 94.80  |   | Extension granted 11.11.2005       |
| Kämä 14     |   | 7106/8  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 100.00 |   | Extension granted 11.11.2005       |
| Kämä 15     |   | 7106/9  |   | Narkaus |   | 15.11.2000 |   | 15.11.2008 |   | Valid/ext    |   | 95.20  |   | Extension granted 11.11.2005       |
| Kontti 1              |   | 7107/1  |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 82.70  |   | Entirely covered by ML application |
| Kontti 2              |   | 7107/2  |   | Suhanko |   | 15.11.2000 |   | 15.11.2005 |   | Valid/frozen |   | 86.00  |   | Entirely covered by ML application |
| Portimo 80            |   | 7119/1  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 80.20  |   |                               |
| Portimo 107           |   | 7119/10 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 58.30  |   |                               |
| Portimo 108           |   | 7119/11 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.40  |   |                               |
| Portimo 115           |   | 7119/12 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 116           |   | 7119/13 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.00  |   |                               |
| Portimo 117           |   | 7119/14 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.10  |   |                               |
| Portimo 121           |   | 7119/15 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.40  |   |                               |
| Portimo 122           |   | 7119/16 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.30  |   |                               |
| Portimo 123           |   | 7119/17 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.20  |   |                               |
| Portimo 124           |   | 7119/18 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 128           |   | 7119/19 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 81            |   | 7119/2  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 97.20  |   |                               |
| Portimo 129           |   | 7119/20 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.70  |   |                               |
| Portimo 130           |   | 7119/21 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 135           |   | 7119/23 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 96.60  |   |                               |
| Portimo 141           |   | 7119/24 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 34.60  |   |                               |
| Portimo 145           |   | 7119/25 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 98.70  |   |                               |
| Portimo 146           |   | 7119/26 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 148           |   | 7119/27 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
| Portimo 162           |   | 7119/29 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 46.60  |   |                               |
| Portimo 82            |   | 7119/3  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.40  |   |                               |
| Portimo 163           |   | 7119/30 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 9.00   |   |                               |
| Kuohunki - 1          |   | 7119/31 |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 35.60  |   |                               |
| Portimo 89            |   | 7119/4  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.80  |   |                               |
| Portimo 90            |   | 7119/5  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 98.80  |   |                               |
| Portimo 101           |   | 7119/6  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 99.00  |   |                               |
| Portimo 102           |   | 7119/7  |   | Narkaus |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 98.80  |   |                               |

 

46

----

 
| Portimo 105  |   | 7119/8  |   | Narkaus            |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 100.00 |   |                               |
|--------------|--------|---------|--------|--------------------|--------|------------|--------|------------|--------|--------------|--------|--------|--------|------------------------------------|
| Portimo 106  |   | 7119/9  |   | Narkaus            |   | 3.10.2001  |   | 3.10.2006  |   | Valid        |   | 98.70  |   |                               |
| KPP 38       |   | 7197/1  |   | Suhanko N          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 90.5   |   |                               |
| KPP 39       |   | 7197/2  |   | Suhanko N          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 97.8   |   |                               |
| KPP 40       |   | 7197/3  |   | Suhanko N          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 98.3   |   |                               |
| KPP 60       |   | 7198/3  |   | Suhanko N          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 72.2   |   |                               |
| KPP 61       |   | 7198/4  |   | Suhanko N          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 79.5   |   |                               |
| KPP 75       |   | 7199/10 |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 86.9   |   | Entirely covered by ML application |
| KPP 71       |   | 7199/6  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 86.9   |   | Partly covered by ML application   |
| KPP 72       |   | 7199/7  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 95.6   |   | Partly covered by ML application   |
| KPP 73       |   | 7199/8  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 82.7   |   | Entirely covered by ML application |
| KPP 74       |   | 7199/9  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 95.0   |   | Entirely covered by ML application |
| KPP 76       |   | 7200/1  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 97.6   |   |                               |
| KPP 85       |   | 7200/10 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 93.6   |   |                               |
| KPP 86       |   | 7200/11 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 98.6   |   |                               |
| KPP 87       |   | 7200/12 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.9   |   |                               |
| KPP 90       |   | 7200/15 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.8   |   |                               |
| KPP 91       |   | 7200/16 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.8   |   |                               |
| KPP 92       |   | 7200/17 |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 87.0   |   |                               |
| KPP 77       |   | 7200/2  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.0   |   |                               |
| KPP 78       |   | 7200/3  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.2   |   |                               |
| KPP 79       |   | 7200/4  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.0   |   |                               |
| KPP 80       |   | 7200/5  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 64.3   |   |                               |
| KPP 81       |   | 7200/6  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 98.0   |   |                               |
| KPP 82       |   | 7200/7  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.8   |   |                               |
| KPP 83       |   | 7200/8  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.7   |   |                               |
| KPP 84       |   | 7200/9  |   | Narkaus E          |   | 28.8.2001  |   | 28.8.2006  |   | Valid        |   | 99.6   |   |                               |
| KPP 104      |   | 7201/12 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.0   |   |                               |
| KPP 107      |   | 7201/15 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 87.4   |   |                               |
| KPP 110      |   | 7201/18 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.9   |   |                               |
| KPP 94       |   | 7201/2  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.9   |   |                               |
| KPP 95       |   | 7201/3  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 84.8   |   |                               |
| KPP 97       |   | 7201/5  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.8   |   |                               |
| KPP 98       |   | 7201/6  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 90.3   |   |                               |
| KPP 100      |   | 7201/8  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.7   |   |                               |
| KPP 101      |   | 7201/9  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 98.9   |   |                               |
| KPP 120      |   | 7202/10 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 82.7   |   |                               |
| KPP 122      |   | 7202/12 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 100.0  |   |                               |
| KPP 123      |   | 7202/13 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 60.3   |   |                               |
| KPP 125      |   | 7202/15 |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.8   |   |                               |
| KPP 114      |   | 7202/4  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 100.0  |   |                               |
| KPP 116      |   | 7202/6  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.4   |   |                               |
| KPP 117      |   | 7202/7  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 99.9   |   |                               |
| KPP 119      |   | 7202/9  |   | Narkaus E          |   | 4.9.2001   |   | 4.9.2006   |   | Valid        |   | 98.8   |   |                               |
| Portimo - 1  |   | 7206/1  |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 45.90  |   | Partly covered by ML application   |
| Portimo - 10 |   | 7206/10 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 12.20  |   | Entirely covered by ML application |
| Portimo - 11 |   | 7206/11 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 99.90  |   | Entirely covered by ML application |
| Portimo - 12 |   | 7206/12 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 98.70  |   | Entirely covered by ML application |
| Portimo - 14 |   | 7206/13 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 99.90  |   | Entirely covered by ML application |
| Portimo - 15 |   | 7206/14 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 97.60  |   | Entirely covered by ML application |
| Portimo - 16 |   | 7206/15 |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 97.20  |   | Entirely covered by ML application |

 

47

----

 
| Portimo - 17  |   | 7206/16 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 86.60  |   | Entirely covered by ML application |
|---------------|--------|---------|--------|---------|--------|------------|--------|------------|--------|-------|--------|--------|--------|------------------------------------|
| Portimo - 18  |   | 7206/17 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 60.30  |   |                               |
| Portimo - 19  |   | 7206/18 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 77.60  |   | Partly covered by ML application   |
| Portimo - 20  |   | 7206/19 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 90.60  |   | Partly covered by ML application   |
| Portimo - 2   |   | 7206/2  |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.10  |   | Entirely covered by ML application |
| Portimo - 21  |   | 7206/20 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 82.50  |   | Partly covered by ML application   |
| Portimo - 22  |   | 7206/21 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.40  |   | Entirely covered by ML application |
| Portimo - 23  |   | 7206/22 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 97.70  |   | Entirely covered by ML application |
| Portimo - 24  |   | 7206/23 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 79.60  |   | Partly covered by ML application   |
| Portimo - 25  |   | 7206/24 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.00  |   | Partly covered by ML application   |
| Portimo - 26  |   | 7206/25 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.90  |   | Partly covered by ML application   |
| Portimo - 27  |   | 7206/26 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.90  |   | Partly covered by ML application   |
| Portimo - 28  |   | 7206/27 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 100.00 |   | Partly covered by ML application   |
| Portimo - 29  |   | 7206/28 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.40  |   |                               |
| Portimo - 30  |   | 7206/29 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.70  |   |                               |
| Portimo - 3   |   | 7206/3  |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.00  |   | Entirely covered by ML application |
| Portimo - 31  |   | 7206/30 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 94.70  |   |                               |
| Portimo - 32  |   | 7206/31 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 36.20  |   |                               |
| Portimo - 33  |   | 7206/32 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 100.00 |   |                               |
| Portimo - 38  |   | 7206/33 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 93.60  |   | Partly covered by ML application   |
| Portimo - 40  |   | 7206/34 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 48.50  |   |                               |
| Portimo - 41  |   | 7206/35 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 94.60  |   |                               |
| Portimo - 42  |   | 7206/36 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 93.30  |   |                               |
| Portimo - 43  |   | 7206/37 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 92.90  |   |                               |
| Portimo - 44  |   | 7206/38 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 61.40  |   |                               |
| Portimo - 45  |   | 7206/39 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 81.80  |   |                               |
| Portimo - 4   |   | 7206/4  |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 76.00  |   | Partly covered by ML application   |
| Portimo - 47  |   | 7206/40 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 96.20  |   |                               |
| Portimo - 48  |   | 7206/41 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 91.60  |   |                               |
| Portimo - 49  |   | 7206/42 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 96.20  |   |                               |
| Portimo - 50  |   | 7206/43 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 89.90  |   |                               |
| Portimo - 51  |   | 7206/44 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 95.70  |   |                               |
| Portimo - 53  |   | 7206/45 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 95.10  |   |                               |
| Portimo - 54  |   | 7206/46 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 98.20  |   |                               |
| Portimo - 55  |   | 7206/47 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 91.70  |   |                               |
| Portimo - 56  |   | 7206/48 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 95.70  |   |                               |
| Portimo - 57  |   | 7206/49 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 98.10  |   |                               |
| Portimo - 5   |   | 7206/5  |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 100.00 |   | Entirely covered by ML application |
| Portimo - 58  |   | 7206/50 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 91.40  |   |                               |
| Portimo - 59  |   | 7206/51 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 91.10  |   |                               |
| Portimo - 60  |   | 7206/52 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 100.00 |   |                               |
| Portimo - 61  |   | 7206/53 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 90.50  |   |                               |
| Portimo - 62  |   | 7206/54 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 64.70  |   |                               |
| Portimo - 63  |   | 7206/55 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 37.70  |   |                               |
| Portimo - 65  |   | 7206/56 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 97.70  |   |                               |
| Portimo - 67  |   | 7206/57 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 96.90  |   |                               |
| Portimo - 69  |   | 7206/58 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 100.00 |   |                               |
| Portimo - 70  |   | 7206/59 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 95.60  |   |                               |
| Portimo - 6   |   | 7206/6  |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 99.50  |   | Entirely covered by ML application |
| Portimo - 160 |   | 7206/60 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 38.20  |   |                               |
| Portimo - 161 |   | 7206/61 |   | Suhanko |   | 22.10.2001 |   | 22.10.2006 |   | Valid |   | 35.00  |   |                               |

 

48

----

 
| Portimo - 7 |   | 7206/7  |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 98.70  |   | Entirely covered by ML application |
|-------------|--------|---------|--------|--------------------|--------|------------|--------|------------|--------|--------------|--------|--------|--------|------------------------------------|
| Portimo - 8 |   | 7206/8  |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 100.00 |   | Entirely covered by ML application |
| Portimo - 9 |   | 7206/9  |   | Suhanko            |   | 22.10.2001 |   | 22.10.2006 |   | Valid        |   | 100.00 |   | Entirely covered by ML application |
| Penikat 57  |   | 7208/1  |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 98.00  |   |                               |
| Penikat 94  |   | 7208/10 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 99.80  |   |                               |
| Penikat 99  |   | 7208/11 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 95.90  |   |                               |
| Penikat 100 |   | 7208/12 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 79.70  |   |                               |
| Penikat 105 |   | 7208/13 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 94.30  |   |                               |
| Penikat 106 |   | 7208/14 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 97.00  |   |                               |
| Penikat 110 |   | 7208/15 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 100.00 |   |                               |
| Penikat 111 |   | 7208/16 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 97.70  |   |                               |
| Penikat 116 |   | 7208/17 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 70.30  |   |                               |
| Penikat 117 |   | 7208/18 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 69.70  |   |                               |
| Penikat 123 |   | 7208/19 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 98.80  |   |                               |
| Penikat 65  |   | 7208/2  |   | Penikat            |   | 30.1.2002  |   | 31.12.2006 |   | Valid        |   | 91.60  |   |                               |
| Penikat 165 |   | 7208/20 |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 42.60  |   |                               |
| Penikat 66  |   | 7208/3  |   | Penikat            |   | 30.1.2002  |   | 31.12.2006 |   | Valid        |   | 85.90  |   |                               |
| Penikat 67  |   | 7208/4  |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 100.00 |   |                               |
| Penikat 72  |   | 7208/5  |   | Penikat            |   | 30.1.2002  |   | 31.12.2006 |   | Valid        |   | 83.10  |   |                               |
| Penikat 80  |   | 7208/6  |   | Penikat            |   | 30.1.2002  |   | 31.12.2006 |   | Valid        |   | 92.90  |   |                               |
| Penikat 81  |   | 7208/7  |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 99.80  |   |                               |
| Penikat 82  |   | 7208/8  |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 99.60  |   |                               |
| Penikat 93  |   | 7208/9  |   | Penikat            |   | 21.9.2001  |   | 21.9.2006  |   | Valid        |   | 98.10  |   |                               |
| KPP 176     |   | 7213/11 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 98.6   |   |                               |
| KPP 177     |   | 7213/12 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 97.2   |   |                               |
| KPP 178     |   | 7213/13 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 96.2   |   |                               |
| KPP 179     |   | 7213/14 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 98.5   |   |                               |
| KPP 180     |   | 7213/15 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 97.5   |   |                               |
| KPP 168     |   | 7213/3  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 97.1   |   |                               |
| KPP 169     |   | 7213/4  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 100.0  |   |                               |
| KPP 170     |   | 7213/5  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 99.5   |   |                               |
| KPP 171     |   | 7213/6  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 96.9   |   |                               |
| KPP 172     |   | 7213/7  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 99.6   |   |                               |
| KPP 173     |   | 7213/8  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 98.7   |   |                               |
| KPP 181     |   | 7214/1  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 99.5   |   |                               |
| KPP 190     |   | 7214/10 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 97.4   |   |                               |
| KPP 191     |   | 7214/11 |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 97.0   |   |                               |
| KPP 182     |   | 7214/2  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 99.4   |   |                               |
| KPP 187     |   | 7214/7  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 100.0  |   |                               |
| KPP 188     |   | 7214/8  |   | Konttijärvi W |   | 10.8.2001  |   | 10.6.2006  |   | Valid        |   | 99.3   |   |                               |
| KPP 189     |   | 7214/9  |   | Konttijärvi W |   | 10.8.2001  |   | 10.8.2006  |   | Valid        |   | 100.0  |   |                               |
| KPP 195     |   | 7215/2  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 99.4   |   | Partly covered by ML application   |
| KPP 196     |   | 7215/3  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 92.3   |   | Partly covered by ML application   |
| KPP 197     |   | 7215/4  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 68.3   |   | Partly covered by ML application   |
| KPP 198     |   | 7215/5  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 94.4   |   | Partly covered by ML application   |
| KPP 199     |   | 7215/6  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 33.5   |   | Partly covered by ML application   |
| KPP 200     |   | 7215/7  |   | Konttijärvi W |   | 10.8.2001  |   | 30.11.2002 |   | Valid/frozen |   | 95.6   |   | Partly covered by ML application   |
| Portimo 164 |   | 7409/1  |   | Narkaus            |   | 7.5.2002   |   | 7.5.2007   |   | Valid        |   | 100.00 |   |                               |
| Portimo 165 |   | 7409/2  |   | Narkaus            |   | 7.5.2002   |   | 7.5.2007   |   | Valid        |   | 99.90  |   |                               |
| Saariaapa 1 |   | 7518/1  |   | Narkaus            |   | 20.1.2003  |   | 31.12.2007 |   | Valid        |   | 96.70  |   |                               |
| Saariaapa 2 |   | 7518/2  |   | Narkaus            |   | 20.1.2003  |   | 31.12.2007 |   | Valid        |   | 98.20  |   |                               |

 

 

49

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| Saariaapa 3                   |         | 7518/3       |                                                       | Narkaus      |           | 20.1.2003  |         | 31.12.2007 |         | Valid      |       | 97.80 |   |          |
|-------------------------------|--------------|--------------|------------------------------------------------------------|--------------|----------------|------------|--------------|------------|--------------|------------|------------|-------|--------|---------------|
| Ristiaapa 1                   |         | 7545/1       |                                                       | Narkaus      |           | 20.1.2003  |         | 31.12.2007 |         | Valid      |       | 99.00 |   |          |
| Ristiaapa 2                   |         | 7545/2       |                                                       | Narkaus      |           | 20.1.2003  |         | 31.12.2007 |         | Valid      |       | 98.50 |   |          |
| Takakangas 2                  |         | 7631/1       |                                                       | Penikat      |           | 20.8.2003  |         | 20.8.2008  |         | Valid      |       | 44.40 |   | Renewed claim |
| Vihvilöjänkä 2 |         | 7631/2       |                                                       | Penikat      |           | 20.8.2003  |         | 20.8.2008  |         | Valid      |       | 42.70 |   | Renewed claim |
| **A total  of**               | ** **   | ** **   | **341 valid claims**                                       |         |           | ** ** | ** **   | ** ** | **30 446.4** | **ha**     | ** ** |
| ** **                    | ** **   | ** **   | ** **                                                 |         |           | ** ** | ** **   | ** ** | ** **   | ** ** | ** ** |
| ***This  includes:***         | *** *** | *** *** | ***66 GFAP - South Atlantic  Resources JV claims (KPP-)*** | *** *** | ***6  176.8*** | ***ha***   | *** *** |

 

50

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**SCHEDULE6EFFECT OF TERMINATION**

Inthe event of termination of the Agreement in accordance with Clause 2.4 of theAgreement, GFBV shall purchase and NAPL shall sell all of the issued andoutstanding shares of NAPF for the nominal consideration of one Euro upon andin accordance with the Transfer and Subscription Terms and NAPL shall give therepresentations and warranties set out in paragraphs 1.2.7 and 1.2.8 ofSchedule 1, as well as a representation and warranty that NAPF has noliabilities, actual or contingent (such representations and warranties to betrue and correct as at the date of transfer of the NAPF shares to GFBV and tosurvive the date of such transfer and to remain in full force and effectthereafter) .

Forgreater certainty, any amount of Approved Earn-in Expenditures funded byAdvances prior to such date of termination in accordance with Clause 7.2 of theAgreement shall not be reimbursed to any member of the NAPL Group.

51

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**SCHEDULE7TRANSFER OF PURCHASED INTEREST**

Inthe event that NAPL has exercised the Option to acquire the Purchased Interest,the acquisition thereof shall be implemented in accordance with the followingsteps, it being recognized that the Transfer and Subscription Terms apply tothe subscriptions and transfers set out in Steps 1 and 2 below:

1.                                       NAPLwill subscribe for newly issued ordinary shares of GFF for a cash considerationequal to the full amount of all Advances made by NAPL (through its subsidiaryNAPF) pursuant to the terms of Clause 7.2 (in this Schedule, the **“Advanced Amount”**).

2.                                       NAPLwill acquire such number of GFF Shares from GFBV as would result in NAPLowning, in combination with the shares of GFF subscribed for in step 1 of thisSchedule 7, such number of GFF Shares as would equal 50% or 60%, as applicable,of the issued and outstanding GFF Shares.

3.                                       GFFwill use the Advanced Amount of cash received from the share subscription instep 1 to subscribe for additional ordinary shares of GFAP.

4.                                       GFAPwill use the Advanced Amount of cash received from the share subscription instep 3 to repay the full amount of the Advances made by NAPF pursuant to theterms of Clause 7.2.

5.                                       NAPFwill distribute the proceeds received on the repayment of its loan in step 4 toNAPL as a reduction of its share capital.

52

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**SCHEDULE8ENCUMBRANCES**

1.             Certain of the APP Project Licensesare subject to the terms and conditions of the Purchase Agreement dated 9 April2002 by and between South Atlantic Resources Limited, North Atlantic ResourcesAb and the Arctic Platinum Partnership (now GFAP).

53

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**SCHEDULE9PROPERTY AGREEMENTS**

**LIST OFESTATES PURCHASED FROM THE LANDOWNERS**
| **Estate  registration No.** | ** ** | **Seller**                           | ** ** | **Buyer** | ** ** | **Area bought (Ha)** | ** ** | **Date of Sale** |
|------------------------------|------------|--------------------------------------|------------|-----------|------------|----------------------|------------|------------------|
| 683-874-1-0                  |       | The Heinisuo Forest Collective       |       | GF AP     |       | 2415                 |       | 17.2.2005        |
| 699-401-11-4                 |       | Mäenalainen Heikki Juhani       |       | GF AP     |       | 1.2                  |       | 22.12.2005       |
| 683-404-24-7                 |       | Ilola Mitja Anton                    |       | GF AP     |       | 1.6                  |       | 21.6.2005        |
| 683-404-24-5                 |       | Kuisma Markku Tapio                  |       | GF AP     |       | 4.91                 |       | 9.6.2005         |
| 683-404-24-6                 |       | Kuisma Markku Tapio                  |       | GF AP     |       | 4.3                  |       | 9.6.2005         |
| 683-404-4-4                  |       | Impiö Antti aned Anna-Liisa     |       | GF AP     |       | 13.4                 |       | 20.5.2005        |
| 683-404-68-1                 |       | Juntara etc:parties to an estate     |       | GF AP     |       | 29.7                 |       | 10.5.2005        |
| 683-404-24-4                 |       | Palovaara Saimi and Erkki            |       | GF AP     |       | 4.3                  |       | 28.4.2005        |
| 683-404-24-8                 |       | Palovaara Johan Henrik               |       | GF AP     |       | 5.1                  |       | 28.4.2005        |
| 683-404-23-7                 |       | Palovaara Kalevi Antero              |       | GF AP     |       | 20.7                 |       | 28.4.2005        |
| 683-893-10-1                 |       | State of Finland; Metsähallitus |       | GF AP     |       | 888                  |       | 27.5.2005        |
| 845-893-12-1                 |       | State of Finland; Metsähallitus |       | GF AP     |       | 260                  |       | 27.5.2005        |

 

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**SCHEDULE10FORM OF SERVICES AGREEMENT**

Please see attached

55

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[W&C Draft:(Johannesburg) 22 May, 2006]

**DEED OFAMENDMENT NO. 1 TO THE**

**ACQUISITIONAND FRAMEWORK AGREEMENT**

between

**GOLDFIELDS EXPLORATION B V**

and

**GOLDFIELDS FINLAND OY**

and

**NORTHAMERICAN PALLADIUM LIMITED**

and

**NORTHAMERICAN PALLADIUM FINLAND OY**

Dated

12 May 2006

----

**THIS DEEDOF AMENDMENT NO. 1 to The Acquisition and Framework Agreement (this**“**Amendment**”) dated 12 May 2006 among:

(1)           **GOLD FIELDS EXPLORATION B V**(“**GFBV**”), a limited liability company,registration no. 27123830, organised and existing under the laws of TheNetherlands;

(2)           **GOLD FIELDS FINLAND OY**(**“GFF”**), a limited liability company,registration no. 1606318-8, organised and existing under the laws of Finland;

(3)           **NORTH AMERICAN PALLADIUM LTD.**(“**NAPL**”), a corporation, registration no.275053-8, organised and existing under the laws of Canada;

(4)           **NORTH AMERICAN PALLADIUM FINLAND OY** (**“NAPF”**), a limited liability company,registration no. 2005591-4, organised and existing under the laws of Finland.

each a “**Party**” and together the “**Parties**”.

**WHEREAS**

(A)          On 24 March 2006, theParties entered into a Acquisition and Framework Agreement (the “**Acquisition and Framework Agreement**”), in terms of which,inter alia, the parties agreed to co-operate in the further development of theAPP Project and GFBV granted to NAPL an option to acquire an Interest in theAPP Project subject to and according to the terms of the Acquisition andFramework Agreement.

(B)           The Acquisition andFramework Agreement provided for certain terms and time frames for theappointment of directors to the board of directors of GFAP.  As a result of unexpected circumstances,there have been certain changes in the nominees of NAP to such board ofdirectors and as a consequence, the Parties have not been able to appointdirectors of GFAP within 30 days of the Effective Date as contemplated byClause 3.1.  The Parties therefore wishto extend the period for the organisation of GFAP for a further 20 days.

(C)           The Parties herebyagree that the Acquisition and Framework Agreement shall be amended pursuant tothe following terms and conditions and wish to record their agreement inwriting.

# **1.****                IT IS THEREFOREAGREED AS FOLLOWS:**

1.1                           All capitalised words andphrases not specifically defined herein shall be interpreted, unless thecontext otherwise requires, in accordance with clause 1 of the Acquisition andFramework Agreement.

# **2.****                AMENDMENT OF THEACQUISITION AND FRAMEWORK AGREEMENT**

2.1                           The Acquisition andFramework Agreement is amended as follows:

----

**Clause 3.1(Organisation of GFAP):**

Clause 3.1 of the Acquisition and Framework Agreement is hereby amendedby the deletion of “30 days” and the insertion of “50 days” so that the amendedClause 3.1 shall read:

**3.1****          Organisationof GFAP:**

Within 50 days of the Effective Date:

3.1.1     GFF shall procure that theMemorandum and Articles of Association (new) are duly adopted by GFAP inaccordance with Applicable Law;

3.1.2     the Parties shall procurethat the directors of GFAP, including the Managing Director, be appointed (inaccordance with Clause 7.1); and

3.1.3     GFAP shall open and maintainan account in its name with an account bank approved by GFF into which allAdvances funded by NAPL, through its subsidiary NAPF, pursuant to Clause 7.2shall be deposited.

# **3.****                GOVERNING LAW ANDDISPUTE RESOLUTION**

3.1                           This Amendment shall begoverned and construed in accordance with English law.

3.2                           The provisions of clause11.13 (*Dispute Resolution*) of theAcquisition and Framework Agreement shall be deemed to be incorporated intothis Amendment as if such clause was set out in full save that references inthe Acquisition and Framework Agreement to “this Agreement” shall be construedas references to this Amendment and references to “Parties” shall be construedas references to the Parties to this Amendment.

# **4.****                GENERAL**

4.1                           Except as specifically amendedby the terms of this Amendment, the Acquisition and Framework Agreement shallcontinue in full force and effect in accordance with its terms and theAcquisition and Framework Agreement and this Amendment shall be read andconstrued as one instrument.

4.2                           This Amendment may beexecuted in one or more counterparts, each of which shall be deemed anoriginal, and all of which together shall constitute one and the same agreementas at the date of signature of the Party last signing one of the counterparts.  The Parties undertake to take whatever stepsmay be necessary to ensure that each counterpart is duly signed by each of themwithout delay.

3

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**INWITNESS WHEREOF** the Parties, acting through their dulyauthorised representatives, have entered into this Deed with the intention thatit be delivered on the day and year written above
| **EXECUTED as a Deed**on behalf of        |
|-------------------------------------------|
| **NORTH  AMERICAN PALLADIUM LTD.,**       |
| acting by                                 |
|                                      |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| and                                       |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| **EXECUTED  as a Deed**on behalf of       |
| **NORTH  AMERICAN PALLADIUM FINLAND OY,** |
| acting by                                 |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| and                                       |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| **EXECUTED  as a Deed**on behalf of       |
| **GOLD  FIELDS EXPLORATION B.V.**         |
| acting by                                 |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| and                                       |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised Signatory                      |
| **EXECUTED  as a Deed**on behalf of       |
| **GOLD  FIELDS FINLAND OY**               |
| acting by                                 |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |
| and                                       |
| ** **                                |
| ** **                                | ** ** |
| ** **                                |
| Authorised  Signatory                     |

 

4

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