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North American Palladium Ltd

Publié le 19 mars 2008

Announces Fourth Quarter and Year-End 2007 Financial Results

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Mots clés associés :   Copper | Dollar | Nickel | Palladium |

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North American Palladium Ltd.
TSX:PDL
TSX:PDL.WT
AMEX:PAL
AMEX:PAL.WS
Other Recent News

March 19, 2008
North American Palladium Announces Fourth Quarter and Year-End 2007 Financial Results
TORONTO, ONTARIO--(Marketwire - March 19, 2008) - North American Palladium Ltd. (TSX:PDL)(TSX:PDL.WT)(AMEX:PAL)(AMEX:PAL.WS) -

This news release contains forward-looking statements. Reference should be made to the cautionary statement on forward-looking information at the end of this news release.

Highlights of 2007

- Revenue for the year increased by $36.7 million to $195.9 million, up 23% versus 2006.

- Operating cash flow for the year (before changes in non-cash working capital(1) improved by $36.9 million to $46.8 million compared to operating cash flow of $9.9 million in 2006.

- The net loss for the year ended December 31, 2007 was $28.7 million or $0.51 per share compared to a net loss of $34.1 million or $0.65 per share in 2006. The net loss for the year includes a net negative impact of $19.0 million (2006 - net negative impact $3.7 million) due to foreign exchange gains and losses.

- Palladium production increased by 21% to 286,334 ounces for the year ending December 31, 2007 versus production of 237,338 ounces the previous year.

- Palladium represented 47% of the year's total revenues while platinum and nickel contributed 16% and 22% respectively.

- Total by-product revenues for the year increased by 25% to $104.1 million versus $83.6 million in 2006.

- Cash cost per ounce of palladium produced(1), net of by-product metal revenues and royalties, was US$164 in 2007 compared to US$201 last year.

- North American Palladium completed an equity offering that resulted in total gross proceeds to the Company of approximately US$86 million,
which will be used to advance its three platinum group metals (PGM) and nickel-copper projects.

(1) Non-GAAP measure. Reference should be made to footnote 1 at the end of this Press Release.

North American Palladium Ltd. announced today financial results for the fourth quarter and year ended December 31, 2007.

Revenue, after pricing adjustments, in the fourth quarter of 2007 was $46.5 million, lower than the fourth quarter of 2006 by $4.3 million due mainly to the negative foreign exchange impact from the continued strengthening of the Canadian dollar versus the US dollar. For the year ended December 31, 2007, revenue after pricing adjustments was $195.9 million, an increase of $36.7 million or 23%, compared to revenue of $159.2 million last year.

Palladium production for the quarter ended December 31, 2007 of 71,595 ounces was down slightly (2%) compared to 73,242 ounces the previous year and reflects increased scheduled maintenance downtime in the fourth quarter of 2007. Palladium production for the year ended December 31, 2007 increased to 286,334 ounces, up 21% compared to the previous year.

Palladium sales in the fourth quarter of 2007 were recorded at an average price of US$364 per ounce versus an average price of US$322 in the same period in 2006. For the year ended December 31, 2007 palladium sales were recorded at an average price of US$356 per ounce, up 12%, compared to US$319 in 2006.

For the quarter ended December 31, 2007, cash cost per ounce(1) of palladium, net of by-product metal revenues, was US$223 per ounce versus US$108 in the same period last year and reflects primarily the negative impact of the strengthening Canadian dollar on by-product metal revenue. For the year ended December 31, 2007 the cash cost per ounce(1) of palladium produced declined to US$164 per ounce compared with US$201 per ounce in 2006, reflecting the increase in production together with continued strength in by-product metal prices, partially offset by the strengthening Canadian dollar.

The Company recognized a loss from mining operations of $8.2 million in the fourth quarter of 2007 compared to income of $0.5 million in the same period last year. The loss is due to lower revenue of $4.3 million, which includes a negative foreign exchange impact of $7.2 million, and increased operating costs due primarily to increased production costs ($1.0 million), smelting, refining and freight costs ($1.5 million) and amortization charges ($0.9 million). The loss from mining operations for the year ended December 31, 2007 was $19.4 million, an increase of $1.3 million (7%), compared to the loss of $18.1 million last year.

The net loss for the quarter ended December 31, 2007 was $11.1 million or $0.19 per share compared to a loss of $7.4 million or $0.14 per share in the same period last year. For the year ended December 31, 2007, the Company decreased its net loss to $28.7 million ($0.51 per share) from the 2006 loss of $34.1 million ($0.65 per share) despite a negative foreign exchange impact of $19.0 million (2006 negative impact of $3.7 million) due to strengthening of the Canadian dollar versus the US dollar.

Operating cash flow for the year (before changes in non-cash working capital(1) improved by $36.9 million to $46.8 million compared to operating cash flow of $9.9 million in 2006.

(1) Non-GAAP measure. Reference should be made to footnote 1 at the end of this Press Release.

Mr. Jim Excell, President and Chief Executive Officer said, "The consistent and improved production results are gratifying and supports our drive toward strengthening the Company's financial position. Having raised US$86 million in a recent financing, we are well-positioned to aggressively advance the Shebandowan West and the Offset High Grade Zone projects in Ontario, as well as the Arctic Platinum Project in Finland, towards production decisions." Mr. Excell added, "Since December 31, 2007 we have seen a significant increase in PGM prices, highlighting increased demand and growing supply concerns in South Africa. If the prevailing metal prices are sustained, it can have a very positive impact on the Company's 2008 financial performance."

Outlook

Palladium production is expected to increase by approximately 5% for the year ended December 31, 2008 with an estimated total production of approximately 300,000 ounces. The proportion of by-product metals produced is, in aggregate, expected to increase in tandem with palladium production.

A key strategy moving forward will be to continue the pursuit of opportunities to acquire good quality PGM-Ni-Cu projects. The Company's ambitious exploration program will continue in 2008, with an important component being the completion of a feasibility study for the Arctic Platinum Project in Finland. In addition, a preliminary economic assessment of the Offset High Grade Zone at Lac des Iles is nearing completion and the Company anticipates releasing the results during the second quarter of 2008. A preliminary economic assessment of the Shebandowan West Project is also anticipated in the second quarter of 2008 which evaluates a ramp-accessed underground mine scenario. Discussions are currently underway with Vale-Inco about the next steps for the Shebandowan joint venture.

Further information about the 2007 year-end results are available in the Company's financial statements and MD&A, which will be filed on its website, with Canadian provincial securities authorities (www.sedar.com) and with the U.S. Securities and Exchange Commission (www.sec.gov).

Conference Call and Webcast

The Company will host its fourth quarter and year-end 2007 Conference Call and Webcast at 3:00 pm ET on Thursday March 20, 2008. The toll-free conference call dial-in number is 1-866- 226-1799 and the local and overseas dial-in number is 416-641-6125. The conference call will be simultaneously webcast and archived at www.napalladium.com in the Investor Centre under Conference Calls. The webcast will also be available at www.vcall.com/IC/CEPage.asp?ID=126220. A replay of the conference call will be available until April 3, 2008: toll-free at 1-800-408-3053; locally and overseas at 416-695-5800, access code #3253315.

(1) Non-GAAP Measures

This management discussion and analysis refers to cash cost per ounce and operating cash flow which are not recognized measures under Canadian GAAP. Such non-GAAP financial measures do not have any standardized meaning prescribed by Canadian GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Management believes that these measures better reflect the Company's performance for the current period and are a better indication of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP. The following tables reconcile these non-GAAP measures to the most directly comparable Canadian GAAP measure:


(a) Reconciliation of Cash Cost per Ounce to Financial Statements

(thousands of dollars except per ounce amounts)

----------------------------------------------------------------------------
                                   Three months ended   Twelve months ended
                                          December 31           December 31
----------------------------------------------------------------------------
                                     2007        2006      2007        2006
----------------------------------------------------------------------------
Production costs including
 overhead                        $ 30,530 $    29,553 $ 125,065 $   112,458
----------------------------------------------------------------------------
Smelter treatment, refining and
 freight costs                      5,939       4,488    22,444      15,438
----------------------------------------------------------------------------
                                   36,469      34,041   147,509     127,896
----------------------------------------------------------------------------
Less by-product metal revenue      22,701      26,572   104,126      83,556
----------------------------------------------------------------------------
                                   13,768       7,469    43,383      44,340
----------------------------------------------------------------------------
Divided by ounces of palladium     62,446      59,333   251,531     193,067
----------------------------------------------------------------------------
Cash cost per ounce (C$)              220         126       172         230
----------------------------------------------------------------------------
C$ exchange rate                    0.988       1.165     1.050       1.141
----------------------------------------------------------------------------
Cash cost per ounce (US$)        $    223 $       108 $     164 $       201
----------------------------------------------------------------------------

(b) Reconciliation of Cash Flow from Operations, Prior to Changes in
    Non-Cash Working Capital  (Operating Cash Flow) to Financial
    Statements(i)

----------------------------------------------------------------------------
                                 Three months ended     Twelve months ended
                                        December 31             December 31
----------------------------------------------------------------------------
                                    2007       2006        2007        2006
----------------------------------------------------------------------------
Operating cash flow              $ 6,858 $    8,421  $   46,828  $    9,912
----------------------------------------------------------------------------
Changes in non-cash working
 capital                           3,663    (13,995)    (21,352)    (43,701)
----------------------------------------------------------------------------
Cash provided by operating
 activities                    $  10,521 $   (5,574) $   25,476  $  (33,789)
----------------------------------------------------------------------------

(i) Certain prior period amounts have been reclassified to conform to the
    classification adopted in the current period.
 
About North American Palladium

North American Palladium is one of North America's largest producers of palladium. The Company's core palladium business at the Lac des Iles mine is strengthened by a significant contribution from platinum, nickel, gold and copper by-product metals. The Company is actively progressing its three advanced exploration projects: the Offset High Grade Zone at its Lac des Iles mine, the Shebandowan West Project, located approximately 100 kilometers from the mine, and the Arctic Platinum Project in Finland. Please visit www.napalladium.com for more information.

Forward-Looking Statements

Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These statements are based on certain factors and assumptions, including but not limited to, the assumption that market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices; the integrated operation of the Company's underground mine and the open pit mine remain viable operationally and economically; financing is available on reasonable terms; expectations for blended mill feed head grade and mill performance will proceed as expected; new mine plan scenarios will be viable operationally and economically; and plans for mill production, sustainable recoveries from the Lac des Iles mine, exploration at Lac des Iles and elsewhere will all proceed as expected.
The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: metal price volatility; economic and political events affecting metal supply and demand; changes in the regulatory environment; fluctuations in ore grade or ore tonnes milled; geological, technical, mining or processing problems; future production; changes in the life-of-mine plan or the ultimate pit design; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of mineral reserves; adverse changes in our credit rating; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.


                            North American Palladium Ltd.
                            Consolidated Balance Sheets
                   (expressed in thousands of Canadian dollars)

                                                            December 31

                                                          2007         2006
                                                     ---------    ----------
Assets
Current Assets
 Cash                                               $   74,606  $     3,153
 Concentrate awaiting settlement, net                   79,087       82,050
 Taxes recoverable                                          62          145
 Inventories                                            17,873       14,164
 Current portion of crushed and broken ore
  stockpiles                                             8,072        7,134
 Other assets                                            2,563        2,602
                                                     ---------    ----------
                                                       182,263      109,248

 Mining interests, net                                 114,464      146,617
 Mine restoration deposit                                8,272        8,041
 Crushed and broken ore stockpiles                         375          289
 Deferred financing costs                                    -          962
                                                     ---------    ----------
                                                   $   305,374  $   265,157
                                                     ---------    ----------

Liabilities and Shareholders' Equity
Current Liabilities
 Accounts payable and accrued liabilities           $   20,757  $    21,526
 Future mining tax liability                               168          149
 Current portion of obligations under capital
  leases                                                 1,672        2,104
 Current portion of convertible notes payable           25,710       22,148
 Current portion of long-term debt                       5,918        6,662
 Kaiser-Francis credit facility                              -        5,827
                                                     ---------    ----------
                                                        54,225       58,416

 Mine restoration obligation                             8,878        8,211
 Obligations under capital leases                        1,824        4,111
 Convertible notes payable                                   -       23,062
 Long-term debt                                          3,957       10,992
 Future mining tax liability                               539          381
                                                     ---------    ----------
                                                        69,423      105,173

Shareholders' Equity
 Common share capital and common share purchase
  warrants                                             443,986      339,743
 Stock options                                           1,673        1,269
 Equity component of convertible notes payable, net
  of issue costs                                         6,044       12,336
 Contributed surplus                                     6,292            -
 Deficit                                              (222,044)    (193,364)
                                                     ---------    ----------
Total shareholders' equity                             235,951      159,984
                                                     ---------    ----------

                                                     ---------    ----------
                                                   $   305,374  $   265,157
                                                     ---------    ----------

These financial statements should be read in conjunction with the notes and
management's discussion and analysis, available on online at www.sedar.com,
www.sec.gov and on the Company's website.



                         North American Palladium Ltd.
     Consolidated Statements of Operations, Comprehensive Loss and Deficit
           (expressed in thousands of Canadian dollars, except share
                            and per share amounts)

                            Three months ended              Year ended
                               December 31                 December 31

                             2007          2006          2007          2006
                     ------------  ------------  ------------  -------------
Revenue - before
 pricing adjustments   $   44,938  $     46,061  $    201,367  $    145,819
 Pricing adjustments
  commodities               1,799         1,229         8,756        11,674
 Pricing adjustments
  foreign exchange           (231)        3,468       (14,191)        1,707
                     ------------  ------------  ------------  -------------
Revenue - after
 pricing adjustments       46,506        50,758       195,932       159,200
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Operating expenses
 Production costs,
  excluding amortization
  and asset retirement
  costs                    30,530        29,553       125,065       112,458
 Smelter treatment,
  refining and freight
  costs                     5,939         4,488        22,444        15,438
 Amortization              10,876         9,964        46,908        30,103
 Administrative             2,061         1,509         7,773         6,734
 Exploration                5,179         4,572        12,138        11,831
 Loss on disposal of
  equipment                     -             -             -           194
 Asset retirement
  costs                       160           165         1,010           554
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
 Total operating
  expenses                 54,745        50,251       215,338       177,312
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Loss from mining
 operations                (8,239)          507       (19,406)      (18,112)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Other income
 (expenses)
 Interest and other
  financing costs          (3,162)       (5,601)      (18,633)      (15,647)
 Foreign exchange
  gain (loss)                 271        (2,359)        8,422        (1,759)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Total other income
 (expenses)                (2,891)       (7,960)      (10,211)      (17,406)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------

Loss before income
 taxes                    (11,130)       (7,453)      (29,617)      (35,518)
Income tax recovery           (42)          (57)         (937)       (1,409)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Net loss and
 comprehensive
 loss for the period      (11,088)       (7,396)      (28,680)      (34,109)
Deficit, beginning
 of period               (210,956)     (185,968)     (193,364)     (159,255)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Deficit, end of
 period              $   (222,044)  $  (193,364) $   (222,044) $   (193,364)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------

Loss per share
 Basic               $      (0.19) $      (0.14) $      (0.51) $      (0.65)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
 Diluted             $      (0.19) $      (0.14) $      (0.51) $      (0.65)
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
Weighted average
 number of
 shares outstanding
 Basic                 60,250,864    52,902,051    55,792,203    52,562,939
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------
 Diluted               60,250,864    52,902,051    55,792,203    52,562,939
                     ------------  ------------  ------------  -------------
                     ------------  ------------  ------------  -------------

These financial statements should be read in conjunction with the notes and
management's discussion and analysis, available on online at www.sedar.com,
www.sec.gov and on the Company's website.



                            North American Palladium Ltd.
                       Consolidated Statements of Cash Flows
                   (expressed in thousands of Canadian dollars)

                                 Three Months ended          Year ended
                                    December 31             December 31

                                   2007        2006        2007        2006
                             ----------- ----------- ----------- -----------
Cash provided by (used in)
Operations
Loss for the period          $  (11,088) $   (7,396) $  (28,680) $  (34,109)
Operating items not
 involving cash
 Accretion expense relating
  to convertible notes
  payable                         2,291       3,938      12,947      10,090
  Amortization                   10,876       9,964      46,908      30,103
  Amortization of deferred
   financing costs                  135         208         751       1,090
  Interest on convertible
   notes settled in shares          636       1,032       2,644       1,974
  Accrued interest on mine
   restoration deposit             (121)       (110)       (231)       (194)
  Unrealized foreign exchange
   loss (gain)                    3,691        (263)     10,779        (822)
  Asset retirement costs            160         165       1,010         554
  Future income tax recovery        (42)        530        (937)       (739)
  Stock based compensation and
   employee benefits                320         353       1,637       1,771
  Loss on disposal of
   equipment                          -           -           -         194
                             ----------- ----------- ----------- -----------
                                  6,858       8,421      46,828       9,912
                             ----------- ----------- ----------- -----------
Changes in non-cash working
 capital                          3,663     (13,995)    (21,352)    (43,701)
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
                                 10,521      (5,574)     25,476     (33,789)
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
Financing Activities
 Advances (settlements) under
  purchase facility              (3,990)          -           -           -
 Issuance of common shares       69,615           2      75,318       3,955
 Repayment of long-term debt     (1,478)     (1,660)    (12,016)     (6,566)
 Repayment of obligations
  under capital leases             (417)       (548)     (1,979)     (2,278)
 Mine restoration deposit             -           -           -        (600)
 Issuance of convertible
  notes                               -           -           -      41,037
 Increase in long term debt
  and credit facility                 -       5,800           -       8,111
 Deferred financing costs             -           -           -      (2,364)
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
                                 63,730       3,594      61,323      41,295
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
Investing Activities
 Additions to mining
  interests                      (3,799)     (4,228)    (15,346)    (19,384)
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
                                 (3,799)     (4,228)    (15,346)    (19,384)
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
 Increase (decrease) in cash
  and cash equivalents           70,452      (6,208)     71,453     (11,878)
 Cash and cash equivalents,
  beginning of period             4,154       9,361       3,153      15,031
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------
 Cash and cash equivalents,
  end of period              $   74,606  $    3,153  $   74,606  $    3,153
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------

Cash and cash equivalents
 consisting of:
 Cash                        $    4,444  $    3,153  $    4,444  $    3,153
 Short-term investments          70,162           -      70,162           -
                             ----------- ----------- ----------- -----------
                             $   74,606  $    3,153  $   74,606  $    3,153
                             ----------- ----------- ----------- -----------
                             ----------- ----------- ----------- -----------

These financial statements should be read in conjunction with the notes and
management's discussion and analysis, available on online at www.sedar.com,
www.sec.gov and on the Company's website.



                           North American Palladium Ltd.
                  Consolidated Statements of Shareholders' Equity
        (expressed in thousands of Canadian dollars, except share amounts)

----------------------------------------------------------------------------
                                   Number of   Capital     Stock
                                      shares     stock   options    Warrant
----------------------------------------------------------------------------
Balance, December 31, 2006        52,947,693 $ 331,705 $   1,269   $  8,038
Common shares issued:
 For principal repayments on
  convertible notes payable        3,120,997    26,180         -          -
 For interest payments on
  convertible notes payable          341,528     2,644         -          -
 Private placement of flow-
  through shares (net)               550,000     5,686         -          -
 Tax effect of flow-through shares         -    (1,114)        -          -
 Pursuant to unit offering,
  net of issue costs              18,666,667    64,461         -          -
Warrants Issued:
 Pursuant to unit offering,
  net of issue costs                       -         -         -      5,155
Stock options exercised                5,000        17         -          -
Fair value of stock options
 exercised                                 -        10       (10)         -
Stock-based compensation expense     138,685     1,204       414          -
Net loss for the year ended
 December 31, 2007                         -         -         -          -
----------------------------------------------------------------------------
Balance, December 31, 2007        75,770,570 $ 430,793 $   1,673   $ 13,193
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                            Equity
                      component of                                    Total
                       convertible   Contributed              shareholder's
                     notes payable       surplus     Deficit         equity
----------------------------------------------------------------------------
Balance, December
 31, 2006             $     12,336    $        -  $ (193,364)  $    159,984
Common shares
 issued:
 For principal
  repayments on
  convertible notes
  payable                   (6,292)        6,292           -         26,180
 For interest
  payments on
  convertible notes
  payable                        -             -           -          2,644
 Private placement
  of flow
  through shares
  (net)                          -             -           -          5,686
 Tax effect of
  flow-through
  shares                         -             -           -         (1,114)
 Pursuant to unit
  offering, net of
  issue costs                    -             -           -         64,461
Warrants Issued:
 Pursuant to unit
  offering, net of
  issue costs                    -             -           -          5,155
Stock options
 exercised                       -             -           -             17
Fair value of
 stock options
 exercised                       -             -           -              -
Stock-based
 compensation
 expense                         -             -           -          1,618
Net loss for the
 year ended
 December 31, 2007               -             -     (28,680)       (28,680)
----------------------------------------------------------------------------
Balance, December
 31, 2007             $      6,044    $    6,292 $  (222,044)  $    235,951
----------------------------------------------------------------------------
----------------------------------------------------------------------------

These financial statements should be read in conjunction with the notes and
management's discussion and analysis, available on online at www.sedar.com,
www.sec.gov and on the Company's website.
 

CONTACT INFORMATION:

North American Palladium Ltd.
Fraser Sinclair
Vice President, Finance and Chief Financial Officer
(416) 360-7971 Ext. 222
Email: fsinclair@napalladium.com

or

North American Palladium Ltd.
Linda Armstrong
Director, Investor Relations
(416) 360-7971 Ext. 226
Email: larmstrong@napalladium.com
Website: www.napalladium.com

INDUSTRY: Manufacturing and Production - Mining and Metals

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North American Palladium Ltd

PRODUCTEUR
CODE : PDL.TO
ISIN : CA6569121024
CUSIP : 656912102
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North American Palladium est une société de production minière de palladium basée au Canada.

North American Palladium est productrice de palladium, de cuivre, de nickel, d'or et de platine au Canada, en développement de projets de cuivre, d'or, de palladium et de platine en Finlande, et détient divers projets d'exploration au Canada.

Ses principaux projets en production sont LAC DES ILES et SLEEPING GIANT PROPERTY au Canada, son principal projet en développement est ARCTIC (SUHANKO) en Finlande et ses principaux projets en exploration sont TIB LAKE, DISCOVERY PROJECT, SHEBANDOWAN - BAND-ORE et ROARING RIVER au Canada.

North American Palladium est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,1 milliards CA$ (871,6 millions US$, 781,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 01 juin 2012 à 996,00 CA$, et son plus bas niveau récent le 26 décembre 2014 à 0,16 CA$.

North American Palladium possède 58 130 000 actions en circulation.

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19/06/2013NAP - North American Palladium Announces Closing of First $1...
30/04/2012NAP - North American Palladium Completes C$35 Million Flow-T...
18/02/2011Completes C$22 Million Flow-Through Financing
28/01/2011Announces C$22 Million Financing of Flow-Through Shares
22/09/2009Announces C$35 Million Cross-Border Bought Deal Financing of...
22/09/2009Announces C$15 Million Bought Deal Financing of Flow-Through...
Nominations de North American Palladium Ltd
04/09/2013NAP - North American Palladium Appoints Chief Operating Offi...
21/03/2013NAP - North American Palladium Appoints Chief Executive Offi...
22/01/2013NAP - North American Palladium Appoints Chief Financial Offi...
14/09/2012NAP - North American Palladium Announces Appointment of Inte...
13/03/2008Appoints Vice President Exploration
Rapports Financiers de North American Palladium Ltd
14/11/2013NAP - North American Palladium Announces Third Quarter 2013 ...
07/11/2012Announces Third Quarter 2012 Results
08/08/2012NAP - North American Palladium Announces Second Quarter 2012...
10/05/2012NAP - North American Palladium Announces First Quarter 2012 ...
11/08/2011Announces Second Quarter 2011 Results
10/05/2011NAP - North American Palladium Announces First Quarter 2011 ...
24/02/2011Fourth Quarter 2010 Results
13/08/2010Announces Second Quarter 2010 Results
11/05/2010Announces First Quarter 2010 Results
13/11/2009NAP Announces Third Quarter Results
25/02/2009Announces Fourth Quarter and Year Ended December 31, 2008 Re...
11/11/2008Reports Third Quarter 2008 Financial Results and Strong Liqu...
07/08/2008Announces Second Quarter 2008 Financial Results; Revenue Inc...
13/05/2008Announces First Quarter 2008 Financial Results; Net Income $...
19/03/2008 Announces Fourth Quarter and Year-End 2007 Financial Result...
07/03/2008Fourth Quarter and Year End 2007 Financial Results Conferenc...
06/11/2007Reports Third Quarter 2007 Financial Results
Projets de North American Palladium Ltd
23/12/2013(Lac Des Iles)NAP - North American Palladium Provides Update on Exploratio...
05/09/2013(Lac Des Iles)NAP - North American Palladium Provides Update on Exploratio...
19/02/2013Files Prefeasibility Study on LDI's Initial Offset Zone Rese...
31/01/2013(Lac Des Iles)NAP - North American Palladium Reports Excellent Exploration...
11/12/2012NAP - North American Palladium Provides Update on Exploratio...
08/08/2012NAP - North American Palladium Updates Palladium Mineral Res...
16/07/2012NAP - North American Palladium Provides Palladium Exploratio...
02/05/2012NAP - North American Palladium Receives Two Prestigious Awar...
30/01/2012(Lac Des Iles)Intersects High Grades Underground at LDI Mine and Reef-Styl...
05/10/2011(Lac Des Iles)NAP - North American Palladium Provides Update on Mine Expan...
14/09/2011(Lac Des Iles)NAP - North American Palladium Provides Palladium Exploratio...
12/07/2011(Sleeping Giant Property)NAP - North American Palladium Provides Gold Exploration Upd...
11/07/2011(Lac Des Iles)to Host Palladium Exploration Seminar and Live Webcast on Ju...
28/06/2011(Lac Des Iles)NAP - North American Palladium Provides Pall
20/01/2011(Lac Des Iles)Announces 2011 Guidance on Production, Capital Expenditures...
07/06/2010(Lac Des Iles)Provides LDI Exploration Update
27/05/2010(Lac Des Iles)Updates Resource Estimate for Offset Zone
06/04/2010(Sleeping Giant Property)Updates Reserves and Resources for Gold Division
18/09/2009(Lac Des Iles)Renewed Commitment to Exploration Delivers Results
26/06/2009(Lac Des Iles)Discovers New PGM Zone at Lac des Iles Mine
20/01/2009(Lac Des Iles)Increases Indicated Resource by 80 a Offset Zone, Plans Ag
17/07/2008Announces Second Quarter Production Results
29/04/2008Releases Infill Drilling Results for Offset High Grade Zone
23/04/2008Announces First Quarter 2008 Production Results
10/12/2007(Lac Des Iles)North American Palladium Earns 50% Interest in the Shebandow...
31/10/2007 Announces Scoping Study Results on Arctic Platinum Project ...
25/10/2007(Shebandowan - Band-ore)Files Initial NI 43-101 Compliant Mineral Resource Estimate ...
18/10/2007Reports Continued Improvement in Production Results for the ...
03/10/2007(Lac Des Iles)Reports Drilling Results at the Lac des Iles Mine
18/07/2007Report Second Quarter 2007 Production Results
Communiqués de Presse en Français de North American Palladium Ltd
17/01/2012NAP - North American Palladium annonce ses objectifs de prod...
Communiqués de Presse de North American Palladium Ltd
06/05/2016North American Palladium Reports Voting Results From 2016 An...
05/05/2016North American Palladium posts 1Q loss
05/05/2016North American Palladium Announces First Quarter 2016 Result...
08/04/2016North American Palladium Adopts Stock Option Plan
18/01/2016North American Palladium Announces Appointment of New Interi...
21/12/2015North American Palladium Announces Extension of Credit Facil...
30/09/2015North American Palladium cuts output forecast, jobs
30/09/2015North American Palladium Announces Workforce Reduction and R...
18/08/2015IIROC Trade Resumption - PDL.RT
18/08/2015IIROC Trading Halt - DIV.R; PDL.RT
12/08/2015North American Palladium Announces Management Changes
12/08/2015IIROC Trade Resumption - PDL
12/08/2015IIROC Trading Halt - PDL
06/08/2015North American Palladium Announces Completion of Recapitaliz...
29/07/2015North American Palladium posts 2Q loss
29/07/2015North American Palladium Announces Second Quarter 2015 Resul...
23/07/2015North American Palladium Announces Favourable Recommendation...
13/07/2015North American Palladium to Host Second Quarter 2015 Results...
19/06/2015North American Palladium to Proceed With Recapitalization Tr...
16/04/2015IIROC Trade Resumption - PDL
16/04/2015IIROC Trading Halt - PDL
15/04/2015North American Palladium Announces Recapitalization Transact...
12/04/2015Magnetar Increases Its Position in TransCanada
02/04/2015North American Palladium Announces Filing of Preliminary Eco...
26/03/2015North American Palladium to Attend Upcoming Investor Confere...
26/03/2015to Attend Upcoming Investor Conferences
12/01/2015Files Base Shelf Prospectus
20/02/2014NAP - North American Palladium Announces Year End 2013 Resul...
10/02/2014NAP - North American Palladium Completes Additional Issuance...
28/01/2014NAP - North American Palladium Provides Update on Proposed F...
13/01/2014NAP - North American Palladium Announces Proposed Financing
06/01/2014NAP - North American Palladium Announces 2014 Operating Guid...
02/12/2013NAP - North American Palladium Announces an Additional US$21...
21/11/2013NAP - North American Palladium Comments on Trading Activity
04/11/2013to Host Third Quarter 2013 Results Conference Call & Webcast...
04/11/2013to Host Third Quarter 2013 Results Conference Call & Webcast...
21/10/2013(Lac Des Iles)NAP - North American Palladium Commences Shaft Hoisting at L...
23/09/2013NAP - North American Palladium to Host Investor Day on Octob...
19/09/2013to Present at the 2013 Denver Gold Forum
08/08/2013NAP - North American Palladium Announces Second Quarter 2013...
07/06/2013Announces US$130 Million Debt Financing from Brookfield, $20...
10/05/2013NAP - North American Palladium Reports Voting Results from 2...
06/05/2013NAP - North American Palladium Announces First Quarter 2013 ...
30/04/2013NAP - North American Palladium Announces Favourable Recommen...
29/04/2013to Host First Quarter 2013 Results Conference Call & Webcast...
23/03/2013NAP - North American Palladium Announces the Sale of Its Gol...
15/03/2013NAP - North American Palladium Announces Adoption of Advance...
22/02/2013NAP - North American Palladium Announces Year End 2012 Resul...
19/02/2013NAP - North American Palladium Files Prefeasibility Study on...
13/02/2013NAP - North American Palladium Files Base Shelf Prospectus
06/02/2013to Host Year End 2012 Results Conference Call and Webcast on...
26/10/2012to Host Third Quarter 2012 Results Conference Call and Webca...
15/10/2012Announces Preliminary Third Quarter 2012 Production Results ...
31/07/2012NAP - North American Palladium Completes C$43 Million Offeri...
10/07/2012NAP - North American Palladium Announces C$43 Million Offeri...
09/07/2012NAP - North American Palladium Announces Preliminary Second ...
17/05/2012Corporate Video
10/05/2012AGM Invitation
12/04/2012NAP - North American Palladium Announces C$35 Million Financ...
10/04/2012NAP - North American Palladium Announces Preliminary First Q...
24/02/2012NAP - North American Palladium Appoints Head of Exploration
24/02/2012NAP - North American Palladium Announces Year End 2011 Resul...
09/02/2012to Host Fourth Quarter 2011 Results Conference Call and Webc...
17/01/2012NAP - North American Palladium Announces 2012 Guidance on Pr...
17/01/2012Announces 2012 Guidance on Production, Capital Expenditures ...
26/07/2011to Host Second Quarter 2011 Results Conference Call and Webc...
12/07/2011NAP - North American Palladium to Host Palladium Exploration...
13/06/2011s Palladium Mineral Resources
27/04/2011s Gold Mineral Reserves and Resources at Vezza Project a
26/04/2011to Host First Quarter 2011 Results Conference Call and Webca...
23/03/2011Adopts Shareholder Rights Plan
15/03/2011Added to S&P/TSX Composite Index
23/07/2010to Host Second Quar
26/04/2010Announces Exercise of Over-Allotment Option
20/04/2010to Acquire Vezza Gold Project From Agnico-Eagle
14/04/2010Restarts Palladium Production
15/03/2010Added to S&P/TSX Global Mining Index
25/01/2010Exploration Program Delivers Excellent Results at Offset and...
12/11/2009continues to achieve excellent drill results, expands size o...
07/10/2009 Pours First Gold at Sleeping Giant and Eliminates Royalty
10/09/2009to Webcast From Denver Gold Forum
02/09/2009Withdraws $50 Million Financing
27/08/2009Signs Option Agreement With Midland Exploration for Laflamme...
13/07/2009Announces New CFO
15/09/2008Announces New CEO
07/07/2008Settles Crusher Litigation Collects Additional $14=2E5 Milli...
07/05/2008Preliminary Economic Assessment Confirms Long Term Potential...
23/04/2008Added to S&P/TSX Global Mining Index
17/01/2008 Increases Annual Production by 21%
09/01/2008Closes Over-Allotment of Units
04/01/2008 Announces Increase in Over-Allotment Exercise
04/01/2008Announces Exercise of Over-Allotment Option
14/12/2007 Announces Closing of US$75 Million Offering
12/12/2007 Announces Increase in Unit Offering
11/12/2007 Prices Marketed Unit Offering
27/11/2007Announces Marketed Unit Offering
22/10/2007Reports Final Drill Results at Ahmavaara Deposit
11/10/2007Expands Exploration Activities
24/09/2007Arctic Platinum Project Infill Drilling Confirms Good Contin...
12/07/2007Infill Drilling at NAP's Ahmavaara Deposit at Suhanko Finlan...
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TORONTO (PDL.TO)AMEX (PAL)
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