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Author Topic: PAL North Am .Palladium $2.50
invester
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$4.98
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invester
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$5.02...now above $5...thus can be bought by funds. Palladium at $670 oz. Earnings on the 10th.
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Happy Valley
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Damn...Had my finger on the trigger to grab the Nov. $5.00's earlier in the week...Already a bagger from then...Coulda, shoulda, woulda lol...Nice alert Investor [Wink]
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invester
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quote:
Originally posted by Happy Valley:
Damn...Had my finger on the trigger to grab the Nov. $5.00's earlier in the week...Already a bagger from then...Coulda, shoulda, woulda lol...Nice alert Investor [Wink]

Yep...$5.10
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Ripler
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Hey hey,

Im already up 100%. holding this one past 10th.

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invester
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$5.33.....At the 52 week high.
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invester
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$5.58
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invester
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$5.67
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invester
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$5.84
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invester
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I'm pleased with the results.


North American Palladium Reports Return to Profitability in Third Quarter
Lac des Iles Palladium Mine Operating Smoothly with Lower Cash Costs


ShareretweetEmailPrintCompanies:North American Palladium Ltd.N A PALLADIUM Related Quotes
Symbol Price Change
PAL 5.4000 +0.2200


{"s" : "pal,pdl.to","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: North American Palladium Ltd. On Wednesday November 10, 2010, 6:18 pm EST
TORONTO, ONTARIO--(Marketwire - 11/10/10) - All figures are in Canadian dollars except where noted.

North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL - News)(AMEX:PAL - News) today announced financial results and operational updates for the third quarter ended September 30, 2010.

"We are pleased to report that NAP has returned to profitability in the third quarter," said William J. Biggar. "I think this milestone is indicative of the Company's transformation over the last two years as we pursue our vision to become a mid tier precious metals producer. The execution of our strategic plan to optimize operations and reduce costs at LDI has driven improved financial performance. LDI is operating efficiently and the mine expansion is progressing on schedule."

Highlights


-- Produced 34,420 ounces of payable palladium at a cash cost of US$218 per ounce;-- Since restart of mine production in May 2010, produced 62,258 ounces of payable palladium at a cash cost of US$253 per ounce;-- Net income in Q3 of $3.2 million or $0.02 per share;-- Announced Lac des Iles ("LDI") mine expansion plans, expected to nearly double palladium production while significantly reducing cash costs and extend mine life;-- Mine expansion commenced and progressing on schedule, targeting production from the shaft by third quarter 2012;-- Achieved a significant safety milestone at LDI of a two-year track record without a single injury that resulted in lost time; and-- Management further strengthened through appointment of Greg Struble as Vice President and Chief Operating Officer.
Financial Results

During the third quarter of 2010, NAP returned to profitability with increased earnings and cash flow. Net income for the quarter ended September 30, 2010 was $3.2 million or $0.02 per share compared to a net loss of $6.2 million or $0.06 per share in the same quarter last year.

EBITDA was $5.6 million for the third quarter, compared to a negative $6.2 million in the same quarter last year.

Revenue, after pricing adjustments, increased to $38.5 million in the third quarter, compared to a nominal amount in the same quarter last year. Revenue was $33.4 million from LDI, and $5.1 million from Sleeping Giant.

In the third quarter, NAP provided cash from operating activities of $6.0 million, before changes in non-cash working capital, or $0.04 per share,(i) as compared to cash used in operations of $5.8 million, before changes in non-cash working capital, or $0.06 per share,(i) for the quarter ended September 30, 2009. This increase is due primarily to the increased net income of $12.5 million (of which amortization represents $3.1 million), partially offset by the future income and mining tax recoveries ($1.0 million).

For the third quarter, cash used in operations was $20.1 million compared to $8.9 million in the corresponding period last year.

As at September 30, 2010, the Company has approximately $161 million in working capital (including $114 million cash on hand) and no long-term debt.

During the third quarter in July, the Company also entered into a $30 million operating line of credit with the Bank of Nova Scotia. The credit facility has a term of one year and is secured by the Company's accounts receivables, intended to be used for working capital liquidity and general corporate purposes.

"NAP showed improved financial performance in the third quarter with the achievement of our return to profitability," said Jeffrey A. Swinoga, Vice President, Finance and CFO. "The increased cash flow from LDI supports our funding strategy as we begin to invest over $200 million over the next couple of years to grow our palladium production, reduce our cash costs per ounce, and expand our operating margin."

NAP's consolidated financial statements for the third quarter ended September 30, 2010 are available in the Appendix of this news release. Certain prior period amounts have been reclassified to conform to the presentation adopted in 2009. These financial statements should be read in conjunction with the notes and management's discussion and analysis available at www.nap.com, www.sedar.com, and www.sec.gov.

(i)Non-GAAP measure. Please refer to Non-GAAP Measures in the MD&A.

Operational Updates

Lac des Iles Palladium Mine

The LDI mine continues to perform very well with improved head grades at the mill. During the third quarter, NAP produced 34,420 ounces of payable palladium, at total cash costs of US$218 per ounce. LDI's cash costs were less than the Company's forecast due to better than expected head grades and higher revenue from the mine's byproduct credit metals (platinum, gold, nickel and copper). Since the restart of mine production in May, LDI has produced 62,259 ounces of palladium to September 30, 2010 at a cash cost of US$253 per ounce.

Of the 225,960 tonnes of ore that was extracted from the LDI mine during the quarter, 220,694 tonnes came from the Roby Zone with an average palladium grade of 6.95 grams per tonne, and 5,266 tonnes of silling ore came from the top of Offset Zone at an average palladium grade of 9.37 grams per tonne. The average palladium head grade at the mill was 7.05 grams per tonne with a palladium recovery of 82.1%.

During the quarter, NAP announced its LDI mine expansion plans with the objective of achieving a seamless changeover from mining in the Roby Zone (via ramp access) to the Offset Zone (via shaft access). A third party Scoping Study forecasts that the mine expansion will result in palladium production in excess of 250,000 ounces per year at significantly reduced cash costs averaging around US$132 per ounce. The Company is targeting to achieve commercial production from the Offset Zone by the third quarter of 2012 and initial development is underway, progressing on NAP's projected timeline.

Detailed engineering of the surface hoisting plant and production shaft was initiated in May 2010 and is on schedule to be completed by the end of the year. Timing risk has been substantially diminished as the Company has already purchased the production, sinking and service cage hoists that are critical to the project. During the quarter, the Company awarded the raiseboring contract to Redpath Mining for the shaft construction, and a contract to Cementation Inc. for raiseboring the ventilation raise. All senior positions of the Offset Zone project team have been hired and the team is onsite at LDI overseeing all aspects of the Offset Zone development.

NAP's $15-million, 68,000-metre drilling and exploration program for LDI is ongoing, and an exploration update on the 2010 program is expected later in November. The exploration update will also include an updated reserve classification on the Roby Zone.

Sleeping Giant Gold Mine

During the third quarter, 3,879 ounces of gold were produced at a cash cost of US$1,660 per ounce. The average gold grade was 5.8 grams per tonne, below the average resource grade of 9.3 grams per tonne at the mine, with gold recovery of 95.5%. For the nine months ended September 30, 2010, Sleeping Giant produced 12,979 ounces of gold.

Since commencing operations, mining activities have been confined to zones mined by the previous owner. The ramp up to steady-state production in these zones has proceeded at a slower pace as the tonnes and grade were not in line with initial expectations. The Company's original mine plan was based on a technical report with wider drill spacing, which considering the mine's geology, caused some of the challenges in accessing the higher grades.

Development work at Sleeping Giant continued in the third quarter, focused on implementing a number of measures to manage the mine's ramp-up issues. Tighter infill drilling is now being conducted to better manage grade control issues and shrinkage and long-hole stopes are being favoured over room and pillar stopes due to the higher certainty over grade and tonnage recovered. The Company will continue to adjust its mine plan and methods in order to optimize operations.

New higher grade zones are currently under development in preparation for 2011 production. A long-term solution is expected in the second quarter of 2011, once the Company's development team has completed a 200-metre shaft deepening. This will allow the Company to access new stopes in zones that have historically provided good tonnage and higher grade feed for the mill.

The Company is also currently completing a mill expansion study of its Sleeping Giant mill. If developed, NAP's other gold assets, in conjunction with the Sleeping Giant mine, have the potential to collectively produce in the range of 125,000 ounces of gold per year from an expanded Sleeping Giant mill.

Over 30,000 metres of underground extensional drilling has been completed at Sleeping Giant to September 30, 2010. An additional 5,000 metres are planned for the fourth quarter. The goal of the 2010 drilling is to define and extend the zones within the current mine and at depth. Results will be released in the first quarter of 2011.

Outlook

During the third quarter of 2010, spot palladium prices averaged US$495 per ounce, and US$477 for the first nine months of the year. As a result of strong investment and fabrication demand and constrained supply, palladium has been the best performing metal in 2010 and recently was at a nine year high of over US$700 per ounce. NAP is well positioned to benefit from the forecasted rise in the price of palladium as the LDI mine expansion is expected to significantly increase production.

In the near term, the Company will focus on:


-- Growing palladium production at LDI while continuing to optimize costs;-- Continuing to advance the LDI mine expansion, including development work on the ramp, ventilation, shaft and mining levels;-- Continuing exploration programs aimed at increasing reserves and resources at LDI and in the gold division;-- Improving operating results at Sleeping Giant by continuing to implement a number of measures to mitigate the ramp-up issues, and continuing the deepening of the mine shaft to facilitate development of new zones at depth; and-- Determining expansion plans for NAP's gold assets and the underutilized Sleeping Giant mill.
The Company currently expects fourth quarter production and cash costs, net of byproduct credits, to be similar to the third quarter for both the LDI and Sleeping Giant mines. In early 2011, NAP intends to announce its 2011 guidance for annual palladium and gold production and cash costs, its budget for exploration, and the expansion plans for its gold assets.


---------------------------------------------------------------------------- Conference Call and Webcast Date: Thursday, November 11, 2010 Time: 2:00 p.m. ET Webcast: www.nap.com Dial in: 416-340-2218 or 866-226-1793 Replay: 416-695-5800 or 800-408-3053 (Passcode: 5365634) The conference call replay will be available until midnight on November 25, 2010. An archived audio webcast of the call will also be posted to NAP's website.------------------------------------------------------------------------ ----
About North American Palladium

NAP is a Canadian precious metals company focused on growing its production of palladium and gold in mining-friendly jurisdictions. The Company's flagship mine, Lac des Iles, is one of the world's two primary palladium producers. NAP also owns and operates the Sleeping Giant gold mine located in the prolific Abitibi region of Quebec. The Company has extensive landholdings adjacent to both its Lac des Iles and Sleeping Giant mines, and a number of exploration projects. NAP trades on the NYSE Amex under the symbol PAL and on the TSX under the symbol PDL.


Consolidated Balance Sheets(expressed in thousands of Canadian dollars) September 30 December 31 2010 2009---------------------------------------------------------------------------- (unaudited)ASSETSCurrent AssetsCash and cash equivalents $ 113,614 $ 98,255Accounts receivable 44,279 -Taxes receivable 357 204Inventories 25,054 25,306Other assets 3,671 2,495--------------------------------------------------------------------------- - 186,975 126,260Mining interests 109,721 82,448Reclamation deposits 10,508 10,503-------------------------------------------------------------------------- --Total Assets $ 307,204 $ 219,211------------------------------------------------------------------------- -------------------------------------------------------------------------------L IABILITIES AND SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts payable and accrued liabilities $ 22,249 $ 11,195Current portion of obligations under capital leases 1,221 558Future income tax liability 2,404 ----------------------------------------------------------------------------- 25,874 11,753Taxes payable 936 1,573Asset retirement obligations 13,443 12,921Obligations under capital leases 1,354 576Future mining tax liability 1,106 127----------------------------------------------------------------------------T otal Liabilities 42,713 26,950Shareholders' EquityCommon share capital and purchase warrants 670,874 583,089Stock options 3,676 2,704Contributed surplus 26,080 19,608Deficit (436,139) (413,140)----------------------------------------------------------------------- -----Total shareholders' equity 264,491 192,261------------------------------------------------------------------------- --- $ 307,204 $ 219,211------------------------------------------------------------------------- -------------------------------------------------------------------------------C onsolidated Statements of Operations,Comprehensive Income and Deficit(expressed in thousands of Canadian dollars, except share and per shareamounts)(unaudited) Three months ended Nine months ended September 30 September 30 2010 2009 2010 2009---------------------------------------------------------------------------- Revenue - before pricing adjustments $ 33,724 $ - $ 63,334 $ -Pricing adjustments: Commodities 5,691 10 5,025 4,612 Foreign exchange (964) (9) (763) (594)--------------------------------------------------------------------------- -Revenue - after pricing adjustments $ 38,451 $ 1 $ 67,596 $ 4,018--------------------------------------------------------------------------- -Operating expensesProduction costs 20,452 - 53,153 -Smelter treatment, refining and freight costs 1,953 4 3,147 82Royalty expense 1,439 - 2,184 201Inventory pricing adjustment (388) (639) - (3,634)Depreciation and amortization 3,171 95 11,252 197Asset retirement obligation accretion 145 131 433 320Loss (gain) on disposal of equipment 86 (21) 103 (21)Care and maintenance costs - 2,533 - 8,799--------------------------------------------------------------------------- -Total operating expenses 26,858 2,103 70,272 5,944--------------------------------------------------------------------------- -Income (loss) from mining operations 11,593 (2,102) (2,676) (1,926)------------------------------------------------------------------------- ---Other expenses (income)General and administration 2,432 1,790 7,739 6,059Exploration 7,008 2,623 17,594 8,947Interest and other income (79) (206) (144) (1,546)Foreign exchange loss (gain) (1) (115) (8) 267----------------------------------------------------------------------------T otal other expenses 9,360 4,092 25,181 13,727-------------------------------------------------------------------------- --Income (loss) before taxes 2,233 (6,194) (27,857) (15,653)Income and mining tax recovery 952 - 4,858 -----------------------------------------------------------------------------Net income (loss) and comprehensive income (loss) for the period 3,185 (6,194) (22,999) (15,653)Deficit, beginning of period (439,324) (392,585) (413,140) (383,126)----------------------------------------------------------------------- -----Deficit, end of period $ (436,139) $ (398,779) $ (436,139) $ (398,779)----------------------------------------------------------------------- -----Net income (loss) per share Basic $ 0.02 $ (0.06) $ (0.17) $ (0.17)-------------------------------------------------------------------------- -- Diluted $ 0.02 $ (0.06) $ (0.17) $ (0.17)-------------------------------------------------------------------------- --Weighted average number of shares outstanding Basic 147,537,429 104,099,989 138,814,869 94,592,696---------------------------------------------------------------------- ------ Diluted 148,357,596 104,099,989 138,814,869 94,592,696---------------------------------------------------------------------- -------------------------------------------------------------------------------- --Consolidated Statements of Cash Flows(expressed in thousands of Canadian dollars)(unaudited) Three months ended Nine months ended September 30 September 30 2010 2009 2010 2009---------------------------------------------------------------------------- Cash provided by (used in)OperationsNet income (loss) for the period $ 3,185 $ (6,194) $ (22,999) $ (15,653)Operating items not involving cash Future income tax recovery (1,408) - (4,325) - Depreciation and amortization 3,171 95 11,252 197 Stock based compensation and employee benefits 388 168 1,200 948 Accrued interest and accretion on convertible debentures - - - (359) Asset retirement obligation accretion 145 131 433 320 Future mining tax recovery 455 - 272 - Unrealized foreign exchange loss (gain) - (24) - (111) Other 86 (22) 98 (11)---------------------------------------------------------------------------- 6,022 (5,846) (14,069) (14,669)Changes in non-cash working capital (26,075) (3,065) (34,589) 31,677-------------------------------------------------------------------------- -- (20,053) (8,911) (48,658) 17,008-------------------------------------------------------------------------- --Financing ActivitiesIssuance of common shares and warrants, net of issue costs 51 47,411 94,258 47,411Repayment of senior credit facilities - (500) - (3,926)Repayment of obligations under capital leases (729) (468) (1,454) (1,564)------------------------------------------------------------------------- --- (678) 46,443 92,804 41,921-------------------------------------------------------------------------- --Investing ActivitiesInvestment and advances to Cadiscor Resources Inc. - - - (1,135)Additions to mining interests (14,589) (5,647) (29,222) (7,755)Proceeds on disposal of mining interests 404 21 435 21---------------------------------------------------------------------------- (14,185) (5,626) (28,787) (8,869)------------------------------------------------------------------------- ---Increase (decrease) in cash and cash equivalents (34,916) 31,906 15,359 50,060Cash and cash equivalents, beginning of period 148,530 61,222 98,255 43,068-------------------------------------------------------------------------- --Cash and cash equivalents, end of period $ 113,614 $ 93,128 $ 113,614 $ 93,128-------------------------------------------------------------------------- --Cash and cash equivalents consisting of:Cash $ 113,614 $ 77,775 $ 113,614 $ 77,775Short-term investments - 15,353 - 15,353-------------------------------------------------------------------------- -- $ 113,614 $ 93,128 $ 113,614 $ 93,128-------------------------------------------------------------------------- ------------------------------------------------------------------------------Co nsolidated Statements of Shareholders' Equity(expressed in thousands of Canadian dollars, except share amounts)(unaudited) Number of Capital Shares Stock shares stock issuable options------------------------------------------------------------------------- --Balance, December 31, 2009 127,383,051 $ 572,505 $ - $ 2,704Common shares issued/issuable: Pursuant to 2010 unit offering, net of issue costs 20,000,000 89,804 - - Tax effect of flow-through shares - (5,136) - - Pursuant to purchase of Vezza property 1,368,421 6,500 - -Warrants expired: Pursuant to convertible notes - - - -Stock options issued: Stock options exercised 24,750 33 - -Fair value of stock options exercised - 34 - (34)Fair value of stock options cancelled - - - (27)Stock-based compensation expense 42,500 165 - 1,033Net loss for the nine months ended September 30, 2010 - - - ----------------------------------------------------------------------------Bala nce, September 30, 2010 148,818,722 $ 663,905 $ - $ 3,676--------------------------------------------------------------------------- --------------------------------------------------------------------------- Total Contributed shareholders' Warrants surplus Deficit equity-------------------------------------------------------------------------- --Balance, December 31, 2009 $10,584 $ 19,608 $(413,140) $ 192,261Common shares issued/issuable: Pursuant to 2010 unit offering, net of issue costs 4,423 - - 94,227 Tax effect of flow-through shares - - - (5,136) Pursuant to purchase of Vezza property - - - 6,500Warrants expired: Pursuant to convertible notes (8,038) 6,445 - (1,593)Stock options issued: Stock options exercised - - - 33Fair value of stock options exercised - - - -Fair value of stock options cancelled - 27 - -Stock-based compensation expense - - - 1,198Net loss for the nine months ended September 30, 2010 - - (22,999) (22,999)------------------------------------------------------------------------ ----Balance, September 30, 2010 $ 6,969 $ 26,080 $(436,139) $ 264,491------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------- Number of Capital Shares Stock shares stock issuable options------------------------------------------------------------------------- --Balance, December 31, 2008 85,158,975 $ 469,214 $ 2,080 $ 2,305Common shares issued/issuable: On acquisition of Cadiscor 14,457,685 27,325 - - Pursuant to conversion of convertible debenture 2,457,446 4,644 - - For principal repayments on convertible notes payable 1,486,900 2,062 (2,062) - For interest payments on convertible notes payable 14,738 18 (18) - Pursuant to unit offering, net of issue costs 16,000,000 45,220 - -Warrants issued: On acquisition of Cadiscor - - - - Pursuant to unit offering, net of issue costs - - - - Warrants exercised 215,998 575 - -Stock options issued: On acquisition of Cadiscor - - - 1,014 Stock options exercised 85,800 113 - -Fair value of stock options exercised - 139 - (139)Fair value of stock options cancelled - - - (752)Stock-based compensation expense 192,590 392 - 638Net loss for the nine months ended September 30, 2009 - - - ----------------------------------------------------------------------------Bala nce, September 30, 2009 120,070,132 $ 549,702 $ - $ 3,066Common shares issued/issuable: Pursuant to 2009 unit offering, net of issue costs 2,400,000 6,113 - - Private placement of flow- through shares (net) 4,000,000 14,077 - -Warrants issued: Pursuant to 2009 unit offering, net of issue costs - - - - Warrants exercised 899,999 2,592 - -Warrants expired: Pursuant to 2007 unit offering - - - -Fair value of stock options exercised - (20) - 20Fair value of stock options cancelled - - - (549)Stock-based compensation expense 12,920 41 - 167Net loss for the year ended December 31, 2009 - - - ----------------------------------------------------------------------------Bala nce, December 31, 2009 127,383,051 $ 572,505 $ - $ 2,704--------------------------------------------------------------------------- -------------------------------------------------------------------------------- ----------------------------------------------------------------------- Total Contributed shareholders' Warrants surplus Deficit equity-------------------------------------------------------------------------- --Balance, December 31, 2008 $14,092 $ 12,336 $(383,126) $ 116,901Common shares issued/issuable: On acquisition of Cadiscor - - - 27,325 Pursuant to conversion of convertible debenture - - - 4,644 For principal repayments on convertible notes payable - - - - For interest payments on convertible notes payable - - - - Pursuant to unit offering, net of issue costs - - - 45,220Warrants issued: On acquisition of Cadiscor 1,168 - - 1,168 Pursuant to unit offering, net of issue costs 1,686 - - 1,686 Warrants exercised (182) - - 393Stock options issued: On acquisition of Cadiscor - - - 1,014 Stock options exercised - - - 113Fair value of stock options exercised - - - -Fair value of stock options cancelled - 670 - (82)Stock-based compensation expense - - - 1,030Net loss for the nine months ended September 30, 2009 - - (15,653) (15,653)------------------------------------------------------------------------ ----Balance, September 30, 2009 $16,764 $ 13,006 $(398,779) $ 183,759Common shares issued/issuable: Pursuant to 2009 unit offering, net of issue costs - - - 6,113 Private placement of flow- through shares (net) - - - 14,077Warrants issued: Pursuant to 2009 unit offering, net of issue costs 557 - - 557 Warrants exercised (684) - - 1,908Warrants expired: Pursuant to 2007 unit offering (6,053) 6,053 - -Fair value of stock options exercised - - - -Fair value of stock options cancelled - 549 - -Stock-based compensation expense - - - 208Net loss for the year ended December 31, 2009 - - (14,361) (14,361)------------------------------------------------------------------------ ----Balance, December 31, 2009 $10,584 $ 19,608 $(413,140) $ 192,261------------------------------------------------------------------------- -------------------------------------------------------------------------------

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invester
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PAL did all the heavy lifting with the reconstruction of the mines and are now profitable. With there proven reserves and the expected 1000 per oz. of Palladium right around the corner, they are a no brainer to be bought out by a a mining giant.
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Ripler
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Investor, you still in this one?
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invester
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quote:
Originally posted by Ripler:
Investor, you still in this one?

Yep, April Calls. I think we see $10
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Ripler
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thats an optomistic target.

I held all along, but the last two weeks had be worried - not going to lie.

--------------------
Bargain Hunter

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invester
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quote:
Originally posted by Ripler:
thats an optomistic target.

I held all along, but the last two weeks had be worried - not going to lie.

Not really...based on reserves and valuation. $10 is cheap.
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invester
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Broke trend.....52 week high $5.93
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invester
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$6.04
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invester
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$6.23 Palladium $775 per oz.
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invester
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$6.34
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invester
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$6.76
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Ripler
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My call options hit a high today. Still moving up! Yes, im still holding too.

Good finish to the year and start to the next.

--------------------
Bargain Hunter

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