SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)

North American Palladium Ltd.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
656912102
(CUSIP Number)
January 31, 2014
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
x Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)

 

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
Frigate Ventures LP	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION
 
Texas	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
IA, PN	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
2

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
Admiralty Advisors LLC	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION
 
Texas	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
HC, OO	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
3

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
Bruce R. Winson	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States Citizen	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
HC, IN	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
4

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
M5V Advisors Inc.	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION
 
Ontario, Canada	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
CO	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
5

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
Adam Spears	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION\
 
Canadian Citizen	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
IN	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
6

					
CUSIP No. 656912102	 	13G	 		

  1 	 	NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
 
Moez Kassam	
  2	 	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 
(a)   ¨         (b)   ¨	
  3	 	SEC USE ONLY
 	
  4	 	CITIZENSHIP OR PLACE OF ORGANIZATION
 
Canadian Citizen	
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH	  	5 	  	SOLE VOTING POWER
 
0	
	  	6	  	SHARED VOTING POWER
 
13,234,000	
	  	7	  	SOLE DISPOSITIVE POWER
 
0	
	  	8	  	SHARED DISPOSITIVE POWER
 
13,234,000	
  9	 	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,234,000	
10	 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
 
¨	
11	 	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 
6.3%**	
12	 	TYPE OF REPORTING PERSON*
 
IN	
 
*	SEE INSTRUCTIONS BEFORE FILLING OUT	
**	SEE ITEM 4(b).	
 
7

SCHEDULE 13G
This Schedule 13G (this “Schedule 13G”) is being filed on behalf of Frigate Ventures LP, a Texas limited partnership (“Frigate”), Admiralty Advisors LLC, a Texas limited liability company (“Admiralty”), Mr. Bruce R. Winson, the principal of Frigate and Admiralty, M5V Advisors Inc., an Ontario, Canada corporation (“M5V”), Mr. Adam Spears, a director of M5V, and Mr. Moez Kassam, a director of M5V, relating to Common Shares (the “Common Shares”) of North American Palladium Ltd, an Ontario, Canada corporation (the “Issuer”).
This Schedule 13G relates to Common Shares issuable upon conversion of debentures of the Issuer purchased by a private fund to which Frigate and M5V serve as co-investment advisors (the “Fund”). Frigate and M5V serve as co-investment advisors to the Fund and may direct the vote and disposition of the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. As the general partner of Frigate, Admiralty may direct the vote and disposition of the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. As the principal of Frigate and Admiralty, Mr. Winson may direct the vote and disposition of the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. As directors of M5V, Mr. Kassam and Mr. Spears may each direct the vote and disposition of the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund.
 
Item 1(a)	Name of Issuer.	
North American Palladium Ltd.
Item 1(b) Address of Issuer’s Principal Executive Offices.
200 Bay Street
Royal Bank Plaza
South Tower, Suite 2350
Toronto, ON M5J 2J2
 
Item 2(a)	Name of Person Filing.	
Frigate Ventures LP (“Frigate”), Admiralty Advisors LLC (“Admiralty”), Mr. Bruce R. Winson, M5V Advisors Inc. (“M5V”), Mr. Adam Spears and Mr. Moez Kassam
 
Item 2(b)	Address of Principal Business Office, or, if none, Residence.	
For Frigate, Admiralty and Mr. Winson:
5950 Berkshire Lane, Suite 210
Dallas, Texas 75225
 
8

For M5V, Mr. Spears and Mr. Kassam:
111 Peter Street, Suite 904
Toronto, ON
M5V 2H1
 
Item 2(c)	Citizenship or Place of Organization.	
Frigate is a limited partnership organized under the laws of the State of Texas. Admiralty is a limited liability company organized under the laws of the State of Texas. Mr. Winson is a United States citizen. M5V is a corporation organized under the laws of Ontario, Canada. Mr. Spears and Mr. Kassam are each Canadian citizens.
 
Item 2(d)	Title of Class of Securities.	
Common Shares, no par value (the “Common Shares”).
 
Item 2(e)	CUSIP Number.	
656912102
 
Item 3	Reporting Person.	
If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a:

(a)	  	¨	  	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).	
			
(b)	  	¨	  	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).	
			
(c)	  	¨	  	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).	
			
(d)	  	¨	  	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).	
			
(e)	  	x	  	An investment advisor in accordance with §240.13d-1(b)(1)(ii)(E).	
			
(f)	  	¨	  	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).	
			
(g)	  	x	  	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).	
			
(h)	  	¨	  	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).	
			
(i)	  	¨	  	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).	
			
(j)	  	¨	  	Group, in accordance with §240.13d-1(b)(1)(ii)(J).	
 
9

Item 4	Ownership.	
 
 	(a)	Frigate, Admiralty, Mr. Winson, M5V, Mr. Spears and Mr. Kassam are the beneficial owners of 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund.	
 
 	(b)	Frigate, Admiralty, Mr. Winson, M5V, Mr. Spears and Mr. Kassam are the beneficial owners of 6.3% of the outstanding Common Shares issuable upon conversion of debentures. This percentage is determined by dividing 13,234,000 by the sum of (i) 197,584,334, the number of shares of Common Stock issued and outstanding as of January 29, 2014 as reported in the Issuer’s Amended and Restated Prospectus Supplement filed on January 30, 2014, plus (ii) 13,234,000, the maximum number of shares of Common Stock receivable by the Reporting Persons upon exercise of presently held debentures.	
 
 	(c)	Frigate and M5V, as the co-investment advisors to the Fund, may direct the vote and disposition the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. Admiralty, as the general partner of Frigate, may direct the vote and disposition the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. As the principal of Frigate and Admiralty, Mr. Winson may direct the vote and disposition of the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund. Mr. Spears and Mr. Kassam, each as a director of M5V, may direct the vote and disposition the 13,234,000 Common Shares issuable upon conversion of the Issuer’s debentures held by the Fund.	
 
Item 5	Ownership of Five Percent or Less of a Class.	
Inapplicable.
 
Item 6	Ownership of More Than Five Percent on Behalf of Another Person.	
Inapplicable.
 
Item 7	Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.	
Inapplicable.
 
Item 8	Identification and Classification of Members of the Group.	
Inapplicable.
 
10

Item 9	Notice of Dissolution of Group.	
Inapplicable.
 
Item 10	Certification.	
For Frigate, Admiralty and Mr. Winson:
By signing below each of the Reporting Persons certifies that, to the best of such person’s knowledge and belief, the securities referred to above were acquired and held in the ordinary course of business and were not acquired and were not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
For the M5V, Mr. Spears and Mr. Kassam:
By signing below each of the Reporting Persons certifies that, to the best of such person’s knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
Exhibits 	Exhibit 99.1	
Joint Filing Agreement dated February 11, 2014, by and among Frigate, Admiralty, Mr. Winson, M5V, Mr. Spears and Mr. Kassam.
 
11

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 11, 2014

FRIGATE VENTURES LP	
		
By:	 	Admiralty Advisors LLC, its general partner	
		
By:	 	/s/ Bruce R. Winson	
	 	Bruce R. Winson	
	 	Manager	
	
ADMIRALTY ADVISORS LLC	
		
By:	 	/s/ Bruce R. Winson	
	 	Bruce R. Winson	
	 	Manager	
	
/s/ Bruce R. Winson	
Bruce R. Winson	
	
M5V ADVISORS INC.	
		
By:	 	/s/ Adam Spears	
	 	Adam Spears	
	 	Director	
		
By:	 	/s/ Moez Kassam	
	 	Moez Kassam	
	 	Director	
	
/s/ Adam Spears	
Adam Spears	
	
/s/ Moez Kassam	
Moez Kassam	
 
12

EXHIBIT 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Shares of North American Palladium Ltd., an Ontario, Canada corporation, and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.
The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.
This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of February 11, 2014.

FRIGATE VENTURES LP	
		
By:	 	Admiralty Advisors LLC, its general partner	
		
By:	 	/s/ Bruce R. Winson	
	 	Bruce R. Winson	
	 	Manager	
	
ADMIRALTY ADVISORS LLC	
		
By:	 	/s/ Bruce R. Winson	
	 	Bruce R. Winson	
	 	Manager	
	
/s/ Bruce R. Winson	
Bruce R. Winson	
	
M5V ADVISORS INC.	
		
By:	 	/s/ Adam Spears	
	 	Adam Spears	
	 	Director	
 
13

			
By:	 	/s/ Moez Kassam	
	 	Moez Kassam	
	 	Director	
	
/s/ Adam Spears	
Adam Spears	
	
/s/ Moez Kassam	
Moez Kassam	
 
14