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North American Palladium Ltd

Publié le 11 novembre 2008

Reports Third Quarter 2008 Financial Results and Strong Liquidity Position

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Mots clés associés :   Copper | Nickel | Palladium |

Marketwire

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

November 10, 2008
North American Palladium Reports Third Quarter 2008 Financial Results and Strong Liquidity Position
TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - North American Palladium Ltd. (TSX:PDL)(AMEX:PAL), today announced financial results for the third quarter of 2008.

"The unprecedented speed and magnitude of the decline in metal prices resulted in a significant loss for the Company in the third quarter" said William Biggar, President and CEO. "As previously announced on October 21, 2008, we have put our Lac des Iles Mine on a care and maintenance basis until metal prices improve. In the interim, we will utilize our strong balance sheet to focus on exploration around the mine site and elsewhere on our 21,000 acre property, as well as strategic initiatives including acquisitions and joint ventures."

HIGHLIGHTS

- The Company is in a strong liquidity position. Working capital was $105.5 million at September 30, 2008, including cash and cash equivalents of $66.4 million. At the end of the third quarter 2008, long-term debt was $1.9 million.

- Revenue before pricing adjustments was $35.3 million for the third quarter of 2008, a decrease of $7.3 million (17%) compared to the same period last year. Mark-to-market pricing and foreign currency adjustments amounted to negative $44.2 million due to a rapidly declining commodity price environment during the quarter. Revenue after pricing adjustments was negative $8.9 million.

- Palladium sales for the third quarter of 2008 were recognized for accounting purposes at US$199 per ounce, a 42% decrease compared to US$344 per ounce in the same period last year.

- Loss from mining operations for the quarter ended September 30, 2008 was $66.0 million compared to a loss of $10.2 million in the same period last year. This loss includes the $44.2 million in pricing adjustments, as well as a $5.6 million write-down of ore and concentrate inventories due to the decline in commodity prices.

- Net loss for the quarter ended September 30, 2008 was $71.2 million or $0.85 per share compared to a net loss of $14.0 million or $0.25 per share in the third quarter last year.

Third Quarter 2008 Results

Palladium production volumes in the third quarter of 2008 decreased by 8% to 63,791 ounces versus 69,283 ounces in the same period last year. Palladium production for the nine months ended September 30, 2008 was 190,673 ounces compared to 214,139 ounces in the same period last year.

Palladium sales in the third quarter of 2008 were recorded at US$199 per ounce, a price decrease of 42%, compared to US$344 per ounce in the same period last year.

Revenue before pricing adjustments for the third quarter of 2008 was $35.3 million, a decrease of $7.3 million (17%) compared to the third quarter of 2007 reflecting primarily the impact of declining commodity prices and lower production volumes. Negative pricing adjustments from settlements and mark-to-market of concentrate awaiting settlement decreased third quarter 2008 revenue by $44.2 million ($47.2 million negative commodity price adjustment and a $3.0 million favourable foreign exchange rate adjustment) which led to negative revenue after pricing adjustments of $8.9 million, a decrease of $45.4 million compared to third quarter 2007 revenue of $36.5 million.

For the nine months ended September 30, 2008, revenue after pricing adjustments was $114.1 million, a decrease of $35.3 million (24%) compared to $149.4 million in the same period last year. Negative pricing adjustments from settlements and mark-to-market of concentrate awaiting settlement decreased revenue for the nine months ended September 30, 2008 by $24.6 million ($31.4 million negative commodity price adjustment and a $6.8 million favourable foreign exchange rate adjustment).

Cash cost per ounce(1) of palladium produced, net of by-product metal revenues and royalties, was US$530 per ounce for the third quarter of 2008 versus US$225 per ounce for the same period last year. The significant increase in cash cost per ounce is attributable to the reduction of by-product revenue due to lower commodity prices.

The Company recognized a loss from mining operations of $66.0 million in the third quarter of 2008 compared to a loss of $10.2 million in the same period last year. This loss includes the $44.2 million in pricing adjustments, as well as a $5.6 million write-down of ore and concentrate inventories due to the decline in commodity prices. For the nine months ended September 30, 2008, the Company recorded a loss from mining operations, before an insurance recovery of $13.8 million, of $37.0 million compared to income from mining operations of $1.5 million for the same period last year.

The net loss for the third quarter of 2008 was $71.2 million or $0.85 per share compared to a net loss of $14.0 million or $0.25 per share in the same period last year.

As at September 30, 2008 the Company had cash and cash equivalents of $66.4 million compared to $74.6 million as at December 31, 2007. Net working capital as at September 30, 2008 was $105.5 million compared to $128.4 million at December 31, 2007.

The Company's current and long-term debt position was reduced to $12.3 million at September 30, 2008 compared to $39.1 million at December 31, 2007, a reduction of $26.8 million.

(1) Non GAAP measure. Reference should be made to footnote 1 at the end of this press release.

Outlook

For the balance of 2008 and into 2009, the Company will continue to focus on the development of its Offset High Grade Zone (OHGZ) deposit which is believed to be the fault displaced continuation of the Roby Zone. The OHGZ is still open along strike to the north, south and at depth. The Roby Zone is the main Platinum Group Metals deposit at the Lac des Iles Mine which has been mined for 15 years and recently produced approximately 250,000 ounces of palladium and significant by-product credits annually.

The temporary closing of the Lac des Iles Mine will cut expenses and maintain the Company's strong balance sheet and liquidity position. As at September 30, 2008 the Company had working capital of $105.5 million including cash and cash equivalents of $66.4 million, and long-term debt of $1.9 million. In addition to the cash on hand, management expects to realize significant cash flow over the next few months as payment is received for metal sales made prior to the closure.

While in care and maintenance mode, the Company will retain the senior mine management team and facility security. The Company will also retain its exploration and financial teams in Thunder Bay and the small corporate staff in Toronto. Management estimates that corporate overhead, personnel costs and facility and maintenance expenditures at the mine will be in the range of $5.0 million to $6.0 million per quarter excluding discretionary investment in exploration activities.

Going forward, management intends to focus on strategic initiatives, including:

1. Continuing the work required to complete a feasibility study on the Offset High Grade Zone. This project has the potential to extend the life of the Lac des Iles Mine significantly.

2. Utilizing our experienced new exploration team to carry out drilling and exploration operations at Lac des Iles to further delineate resources as well as maintaining grassroots exploration on the property adjacent to the mine; and

3. Leveraging the Company's strong balance sheet to pursue potential acquisitions and joint venture opportunities that may emerge in these difficult and volatile markets.

In the current environment, management expects that there will be many attractive strategic options to consider. The Company will pursue acquisition opportunities aggressively and with discipline to enhance shareholder value over the long-term.

Conference Call and Webcast

The Company will host its third quarter conference call at 2:00 p.m. ET on Tuesday, November 11, 2008. The toll-free conference call dial-in number is 1-888-789-0150 and the local and overseas dial-in number is 416-695-6622.

The conference call will be simultaneously webcast and archived at www.napalladium.com and at http://www.investorcalendar.com/IC/CEPage.asp?ID=136501. A replay of the conference call will be available until December 2, 2008 toll-free at 1-800-408-3053, locally and overseas at 416-695-5800, access code #3273881.

(1) Non-GAAP Measure

This press release refers to cash cost per ounce which is not a recognized measure under Canadian GAAP. This non-GAAP financial measure does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to a similar measure presented by other issuers. Management uses this measure internally. The use of this measure 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 this measure better reflects the Company's performance for the current period and is 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 table reconciles this non-GAAP measure to the most directly comparable Canadian GAAP measure:

Reconciliation of Cash Cost per Ounce to Financial Statements

                                      Three Months             Nine Months
                                             Ended                   Ended
                                      September 30            September 30
(thousands of dollars
 except per ounce amounts)        2008        2007        2008        2007
--------------------------------------------------------------------------
Production costs              $ 31,350    $ 28,845    $ 92,679    $ 94,535
Smelter treatment, refining
 and freight costs               6,528       5,510      18,070      16,505
--------------------------------------------------------------------------
                                37,878      34,355     110,749     111,040
Less by-product metal revenue   (6,535)    (21,454)    (65,385)    (81,425)
--------------------------------------------------------------------------
                              $ 31,343    $ 12,901     $45,364    $ 29,615
--------------------------------------------------------------------------
Divided by ounces
 of palladium                   56,321      57,686     168,972     189,085
Cash cost per ounce (C$)      $    557    $    224    $    268    $    157
C$ exchange rate                 1.050       0.996       1.032       1.070
--------------------------------------------------------------------------
Cash cost per ounce (US$)     $    530    $    225    $    260    $    146
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Further information about the third quarter 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).
 
About North American Palladium

North American Palladium is a Canadian mining company that produces palladium, platinum, nickel, copper and gold from its 100% owned Lac des Iles Mine located in Thunder Bay, Ontario. The mine was placed on temporary care and maintenance in October 2008 due to low commodity prices. In 2007, the mine produced approximately 4% of the world's total palladium production. Palladium, platinum and by-product metals have been mined at Lac des Iles since 1993. North American Palladium has two advanced exploration projects: the Offset High Grade Zone at its Lac des Iles Mine and the Shebandowan West Project, located 100 kilometres from the mine. Please visit www.napalladium.com for further information on North American Palladium.

Cautionary Statement on Forward-Looking Information

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 Company's mine remains viable operationally and economically; financing is available on reasonable terms; expectations for 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, metal 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; disruptions to credit and equity markets; 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; 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)

                                           September 30         December 31
                                                   2008                2007
---------------------------------------------------------------------------
                                             (unaudited)
ASSETS
Current Assets
 Cash and cash equivalents                     $ 66,427            $ 74,606
 Concentrate awaiting settlement, net            51,263              79,087
 Taxes recoverable                                  753                  62
 Inventories                                     14,914              26,320
 Other assets                                     4,436               2,563
---------------------------------------------------------------------------
                                                137,793             182,638
Mining interests, net                           121,696             114,464
Mine restoration deposit                          8,718               8,272
---------------------------------------------------------------------------
                                               $268,207            $305,374
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
 Accounts payable and accrued liabilities      $ 21,844            $ 20,757
 Future mining tax liability                          -                 168
 Current portion of obligations
  under capital leases                            1,869               1,672
 Current portion of convertible notes payable     3,427              25,710
 Current portion of long-term debt                5,123               5,918
---------------------------------------------------------------------------
                                                 32,263              54,225
Mine restoration obligation                       9,144               8,878
Obligations under capital leases                  1,429               1,824
Long-term debt                                      500               3,957
Future mining tax liability                           -                 539
---------------------------------------------------------------------------
                                                 43,336              69,423
Shareholders' Equity
 Common share capital and purchase warrants     481,207             443,986
 Stock options                                    2,035               1,673
 Equity component of convertible notes
  payable, net of issue costs                       575               6,044
 Contributed surplus                             11,761               6,292
 Deficit                                       (270,707)           (222,044)
---------------------------------------------------------------------------
Total shareholders' equity                      224,871             235,951
---------------------------------------------------------------------------
                                               $268,207            $305,374
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Operations,
Comprehensive Income and Deficit
(expressed in thousands of Canadian dollars, except share and per share
 amounts)
(unaudited)

                              Three months ended          Nine months ended
                                    September 30               September 30
                               2008         2007          2008         2007
---------------------------------------------------------------------------
Revenue - before pricing
 adjustments                $35,331      $42,674      $138,786     $156,429
Pricing adjustments:
 Commodities                (47,203)         237       (31,444)       6,957
 Foreign exchange             2,992       (6,419)        6,807      (13,960)
---------------------------------------------------------------------------
Revenue - after pricing
 adjustments                 (8,880)      36,492       114,149      149,426
---------------------------------------------------------------------------
Operating expenses
 Production costs            31,350       28,845        92,679       94,535
 Inventory commodity
  pricing adjustment          5,618           --         5,474           --
 Smelter treatment,
  refining and freight
  costs                       6,528        5,510        18,070       16,505
 Amortization                12,958       12,201        32,872       36,032
 Insurance recovery               -            -       (13,800)           -
 Loss on disposal of
  equipment                     515            -         1,573            -
 Asset retirement costs         155          173           463          850
---------------------------------------------------------------------------
Total operating expenses     57,124       46,729       137,331      147,922
---------------------------------------------------------------------------
Income (loss) from
 mining operations          (66,004)     (10,237)      (23,182)       1,504
---------------------------------------------------------------------------
Other expenses
 General and
  administration              3,831        1,695         5,837        5,712
 Exploration                  4,231        2,933        18,400        6,959
 Interest and other
  financing costs                76        4,328         2,980       15,471
 Foreign exchange gain         (244)      (3,170)         (467)      (8,151)
---------------------------------------------------------------------------
Total other expenses          7,894        5,786        26,750       19,991
---------------------------------------------------------------------------
Loss before taxes           (73,898)     (16,023)      (49,932)     (18,487)
Income and mining tax
 recovery                    (2,656)      (1,990)       (1,672)        (895)
---------------------------------------------------------------------------
Net loss and comprehensive
 loss for the period        (71,242)     (14,033)      (48,260)     (17,592)
Deficit, beginning of
 period, as previously
 reported                  (199,465)    (196,923)     (222,044)    (193,364)
Adoption of new
 accounting standards
 for inventory                    -            -          (403)           -
---------------------------------------------------------------------------
Deficit, end of period    $(270,707)   $(210,956)    $(270,707)   $(210,956)
---------------------------------------------------------------------------
Net loss per share
 Basic                       $(0.85)      $(0.25)       $(0.59)      $(0.32)
---------------------------------------------------------------------------
 Diluted                     $(0.85)      $(0.25)       $(0.58)      $(0.32)
---------------------------------------------------------------------------
Weighted average number
 of shares outstanding
 Basic                   83,832,622   55,226,870    81,903,252   54,289,652
---------------------------------------------------------------------------
Weighted average number
 of shares outstanding
 Diluted                 83,832,622   55,226,870    83,339,655   54,289,652
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read
in conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
(unaudited)

                              Three months ended          Nine months ended
                                    September 30               September 30
                               2008         2007          2008         2007
---------------------------------------------------------------------------
Cash provided by (used in)
Operations
Net loss for the period    $(71,242)    $(14,033)     $(48,260)    $(17,592)
Operating items not
 involving cash
 Accretion expense
  relating to convertible
  notes payable                 400        3,144         3,285       10,656
 Amortization                10,259       12,201        30,892       36,032
 Amortization of deferred
  financing costs                21          175           184          616
 Interest on convertible
  notes settled in shares        85          427           682        2,008
 Accrued interest on mine
  restoration deposit           (45)           -          (129)        (110)
 Unrealized foreign
  exchange loss (gain)        1,487        3,679        (6,593)       7,088
 Asset retirement costs         155          173           463          850
 Future income tax
  recovery                   (2,925)      (1,990)       (2,121)        (895)
 Stock based
  compensation and
  employee benefits             550          292         1,377        1,317
 Loss on disposal of
  equipment                     515            -         1,573            -
---------------------------------------------------------------------------
                            (60,740)       4,068       (18,647)      39,970
Changes in non-cash working
 capital                     68,223        5,375        42,060      (25,015)
---------------------------------------------------------------------------
                              7,483        9,443        23,413       14,955
---------------------------------------------------------------------------
Financing Activities
 Advances under purchase
  facility                        -       (4,878)            -        3,990
 Issuance of common shares
  and warrants, net of
  issue costs                     -            -        10,475        5,703
 Repayment of long-term
  debt                       (1,539)      (1,496)       (4,575)     (10,538)
 Repayment of
  obligations under
  capital leases               (469)        (480)       (1,322)      (1,562)
 Mine restoration deposit       (51)           -          (317)           -
---------------------------------------------------------------------------
                             (2,059)      (6,854)        4,261       (2,407)
---------------------------------------------------------------------------
Investing Activities
 Additions to mining
  interests                 (11,622)      (2,940)      (36,147)     (11,547)
 Proceeds on disposal
  of mining interests            77            -           294            -
---------------------------------------------------------------------------
                            (11,545)      (2,940)      (35,853)     (11,547)
---------------------------------------------------------------------------
Increase (decrease)
 in cash and cash
 equivalents                 (6,121)        (351)       (8,179)       1,001
Cash and cash equivalents,
 beginning of period         72,548        4,505        74,606        3,153
---------------------------------------------------------------------------
Cash and cash equivalents,
 end of period              $66,427       $4,154       $66,427        4,154
---------------------------------------------------------------------------
Cash and cash equivalents
 consisting of:
 Cash                       $11,071       $4,154       $11,071       $4,154
 Short term investments      55,356            -        55,356            -
---------------------------------------------------------------------------
                            $66,427       $4,154       $66,427       $4,154
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Shareholders' Equity
(expressed in thousands of Canadian dollars, except share amounts)
(unaudited)

                                    Number of    Capital    Stock
                                       shares      stock  options  Warrants
---------------------------------------------------------------------------
Balance, December 31, 2007         75,770,570   $430,793   $1,673   $13,193
Transitional adjustment on
 adoption of inventory standard             -          -        -         -
Common shares issued:
 For principal repayments on
  convertible notes payable         5,417,830     26,501        -         -
 For interest payments on
  convertible notes payable           151,427        682        -         -
 Pursuant to unit offering,
  net of issue costs                2,800,000      9,575        -         -
 Tax effect of flow-through
  shares                                    -     (1,452)       -         -
Warrants Issued:
 Pursuant to unit offering,
  net of issue costs                        -          -        -       899
 Warrants exercised                       100          1        -         -
Stock-based compensation/RRSP
 expense                              198,678      1,015      362         -
Net loss and comprehensive
 loss for the nine months ended
 September 30, 2008                         -          -        -         -
---------------------------------------------------------------------------
Balance, September 30, 2008        84,338,605   $467,115   $2,035   $14,092
---------------------------------------------------------------------------
---------------------------------------------------------------------------


                                  Equity
                            component of
                             convertible                              Total
                                   notes Contributed           shareholders'
                                 payable     surplus   Deficit       equity
---------------------------------------------------------------------------
Balance, December 31, 2007        $6,044      $6,292 $(222,044)    $235,951
Transitional adjustment on
 adoption of inventory
 standard                              -           -      (403)        (403)
Common shares issued:
 For principal repayments
  on convertible notes payable    (5,469)      5,469         -       26,501
 For interest payments on
  convertible notes payable            -           -         -          682
 Pursuant to unit offering,
  net of issue costs                   -           -         -        9,575
 Tax effect of flow-through
  shares                               -           -         -       (1,452)
Warrants Issued:
 Pursuant to unit offering,
  net of issue costs                   -           -         -          899
 Warrants exercised                    -           -         -            1
Stock-based compensation
 /RRSP expense                         -           -         -        1,377
Net loss and comprehensive
 loss for the nine months
 ended September 30, 2008              -           -   (48,260)     (48,260)
---------------------------------------------------------------------------
Balance, September 30, 2008         $575     $11,761 $(270,707)    $224,871
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Shareholders' Equity
(expressed in thousands of Canadian dollars, except share amounts)

                                Number of    Capital      Stock
                                   shares      stock    options    Warrants
---------------------------------------------------------------------------
Balance, January 1, 2007       52,947,693   $331,705     $1,269      $8,038
Common shares issued:
 For principal repayments on
  convertible notes payable     1,642,596     16,350          -           -
 For interest payments on
  convertible notes payable       232,775      2,008          -           -
 Private placement of
  flow-through shares (net)       550,000      5,686          -           -
 Tax effect of flow-through
  shares                                -     (1,114)         -           -
Stock options exercised             5,000         17          -           -
Fair value of stock options
 exercised                              -         10        (10)          -
Stock-based compensation
 /RRSP expense                    103,415        940        346           -
Net loss and comprehensive
 loss for the nine months
 ended September 30, 2007               -          -          -           -
---------------------------------------------------------------------------
Balance, September 30, 2007    55,481,479    355,602      1,605       8,038
Common shares issued:
 For principal repayments on
  convertible notes payable     1,478,401      9,830          -           -
 For interest payments on
  convertible notes payable       108,753        636          -           -
 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-based compensation
 /RRSP expense                     35,270        264         68           -
Net loss and comprehensive
 loss for the nine months
 ended December 31, 2007                -          -          -           -
---------------------------------------------------------------------------
Balance, December 31, 2007     75,770,570   $430,793     $1,673     $13,193
---------------------------------------------------------------------------
---------------------------------------------------------------------------


                                  Equity
                            component of
                             convertible                              Total
                                   notes Contributed           shareholders'
                                 payable     surplus   Deficit       equity
---------------------------------------------------------------------------
Balance, January 1, 2007         $12,336          $- $(193,364)    $159,984
Common shares issued:
 For principal repayments
  on convertible notes payable    (3,557)      3,557         -       16,350
 For interest payments on
  convertible notes payable            -           -         -        2,008
 Private placement of
  flow-through shares (net)            -           -         -        5,686
 Tax effect of flow-through
  shares                               -           -         -       (1,114)
Stock options exercised                -           -         -           17
Fair value of stock options
 exercised                             -           -         -            -
Stock-based compensation
 /RRSP expense                         -           -         -        1,286
Net loss and comprehensive
 loss for the nine months
 ended September 30, 2007              -           -   (17,592)     (17,592)
---------------------------------------------------------------------------
Balance, September 30, 2007        8,779       3,557  (210,956)     166,625
Common shares issued:
 For principal repayments on
  convertible notes payable       (2,735)      2,735         -        9,830
 For interest payments on
  convertible notes payable            -           -         -          636
 Pursuant to unit offering,
  net of issue costs                   -           -         -       64,461
Warrants issued:
 Pursuant to unit offering,
  net of issue costs                   -           -         -        5,155
Stock-based compensation
 /RRSP expense                         -           -         -          332
Net loss and comprehensive
 loss for the nine months
 ended December 31, 2007               -           -   (11,088)     (11,088)
---------------------------------------------------------------------------
Balance, December 31, 2007        $6,044      $6,292 $(222,044)    $235,951
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.
 

CONTACT INFORMATION:

North American Palladium Ltd.
Fraser Sinclair
Vice President, Finance & 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, SHEBANDOWAN - BAND-ORE, DISCOVERY PROJECT 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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Dans les médias de North American Palladium Ltd
02/09/2011Aware of Potential Lawsuit
Rapports annuels de North American Palladium Ltd
2011 Annual Report - Digital Edition
2008 Annual report
Financements de North American Palladium Ltd
31/01/2014NAP - North American Palladium Completes First Tranche of Co...
30/01/2014NAP - North American Palladium Provides Pricing Update on Pr...
23/07/2013NAP - North American Palladium Announces Closing of Second $...
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$75 Million Offering
12/12/2007 Announces Increase in Unit Offering
11/12/2007 Prices Marketed Unit Offering
27/11/2007Announces Marketed Unit Offering
22/10/2007Reports Final Drill Results at Ahmavaara Deposit
11/10/2007Expands Exploration Activities
24/09/2007Arctic Platinum Project Infill Drilling Confirms Good Contin...
12/07/2007Infill Drilling at NAP's Ahmavaara Deposit at Suhanko Finlan...
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TORONTO (PDL.TO)AMEX (PAL)
19,73+0.00%400,00+0.00%
TORONTO
CA$ 19,73
16/12 16:00 -
0%
Cours préc. Ouverture
19,73 19,73
Bas haut
19,73 19,74
Année b/h Var. YTD
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52 sem. b/h var. 52 sem.
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Volume var. 1 mois
90 733 -%
24hGold TrendPower© : 8
Produit Copper - Gold - Nickel - Palladium - Platinum
Développe
Recherche Copper - Gold - Nickel - Palladium - Platinum
 
 
 
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