North American Palladium, LtdNYSEMKT
North American Palladium May Be About To Explode Upward
David White • 27 Comments
David White • 27 Comments
Thu, Aug. 4, 6:05 PM
Sep. 30, 2015, 5:17 PM
- North American Palladium (NYSEMKT:PAL) cuts its production forecast for the year and says it is laying off 44 employees at its Lac des Iles mine in Ontario amid an environment of weak metal prices.
- PAL says it now expects to produce 160K-170K oz. of palladium, down from a previous forecast of 185K-205K oz., as it reduces how much of its low-grade surface stockpile it processes; PAL says the surface stockpile is not economic at current prices.
May 11, 2015, 7:15 AM
- North American Palladium (NYSEMKT:PAL): Q1 EPS of -C$0.10 vs. -C$0.11 in 1Q14
- Revenue of C$64M (+31.4% Y/Y)
Apr. 16, 2015, 11:39 AM
- North American Palladium (PAL -46.1%) is halted after the NYSE determines it is no longer suitable for listing on NYSE MKT due to the "abnormally low" trading price of its common stock.
- Just yesterday, PAL announced a recapitalization plan that included a $25M interim credit facility and said it planned a strategic review process to solicit interest in a sale of the company.
Apr. 15, 2015, 10:02 AM
- North American Palladium (PAL -47.3%) says it has arranged a $25M interim credit facility with Brookfield Capital Partners to help reduce debt and enhance liquidity.
- PAL says it has obtained covenant relief from senior secured lenders until Aug. 15; although PAL produced ~45.6K payable oz. of palladium in Q1, covenant relief was required due to the decline in palladium prices and weakening of the Canadian dollar, as well as lower production volumes in March combined with higher expenses, which hurt minimum shareholders' equity and leverage ratio covenants.
- PAL also says it plans a strategic review process to solicit interest in a sale of the company.
Feb. 19, 2015, 6:06 AM
- North American Palladium (NYSEMKT:PAL): Q4 Adj. EBITDA of C$21.6M
- Revenue of C$74.5M (+88.2% Y/Y) beats by C$30.1M.
Nov. 5, 2014, 9:09 AM
- North American Palladium (NYSEMKT:PAL): Q3 EPS of -$0.05 misses by $0.04.
- Revenue of $46.4M (+39.1% Y/Y) beats by $3.3M.
Jul. 7, 2014, 9:10 AM
- North American Palladium (PAL) +9.3% premarket after saying it has returned to a reduced interest rate on its senior secured term loan and its operating credit facility has been extended.
- PAL says it made a $23.4M payment to its senior secured term loan lender; in consideration of the payment and the capitalization of the remaining $16.2M of accrued and unpaid interest, PAL will revert to quarterly cash payments at a 15% interest rate with the first such cash interest payment on Sept. 30.
Apr. 7, 2014, 3:58 PM
- North American Palladium (PAL -16.1%) says its operations continue to make progress in ramping up production; in Q1, underground production averaged 3,065 metric tons/day, ahead of its H1 operating guidance.
- Based on preliminary results, PAL estimates Q1 payable palladium production totaled ~42.5K oz., benefiting from higher underground grades and ongoing mill improvements, with Q1 recoveries averaging ~85%.
- However, a weekend post from the Fun Trading blogger says PAL is unlikely to avoid bankruptcy; PAL is losing cash on every ounce of palladium it is producing, and all-in sustainable cash is well over the actual palladium price.
Jan. 13, 2014, 4:35 PM
- North American Palladium (PAL) announces a public offering of securities to be conducted in two tranches.
- The first tranche is anticipated to total $30M of 7.5% convertible unsecured subordinated debentures, while the second tranche is anticipated to total $20M-$45M of securities comprised of debentures and warrants.
- Shares halted.
Jan. 6, 2014, 5:26 PM
- North American Palladium (PAL) +16.6% AH after releasing its 2014 production guidance along with capital expenditure and exploration forecasts for its Lac des Iles palladium mine.
- PAL continues to estimate 2013 LDI payable palladium production totaling ~135K oz. and is targeting 2014 output of 170K-175K oz.; underground mining is expected to average ~3K metric tons/day for H1 2014 and rise to 5K by year-end.
- Capital investment and exploration budgets are significantly reduced to ~$30M and $4M, respectively.
Jan. 2, 2014, 2:56 PM
- Today's spike in North American Palladium (PAL +10.2%) may be attributed to David White's bullish Seeking Alpha article, which discusses recent moves that could allow PAL to achieve profitability in 2014.
- Among White's catalysts for the stock's potential rise: FQ3 financial results which outlined a believable path to profitability, recent positive update of its exploration results at its Lac des Iles mine, the recent rise in palladium prices, a forecast for 5% growth in 2014 worldwide auto production, and the Beijing V standard that will require all new cars to meet tougher emissions standards.
Dec. 23, 2013, 9:53 AM
- In an update on its flagship Lac des Iles mine in Ontario, North American Palladium (PAL -4%) says drilling results to date suggest the Roby Zone does appear to connect to the North VT Rim, but the Offset Zone southeast extension target generally does not appear to have sufficient continuity to warrant additional infill drilling at this stage.
- PAL expects to provide comprehensive update to Lac des Iles' mineral reserve and resource estimates in Jan. 2014.
Nov. 19, 2013, 11:15 AM
- North American Palladium (PAL -25.3%) shares plunge, perhaps attributed to Christopher Wallace's critical analysis of the miner's Q3 results which he says "show a dangerously low level of liquidity and a need to finance, quickly."
- PAL's positive attributes cannot be realized without a short-term $30M-$40M cash injection, Wallace writes; he foresees substantial equity dilution, calculating that a $40M raise at $0.60 each would add another 66M shares, an increase of almost 35%.
Nov. 14, 2013, 6:08 AM
- North American Palladium (PAL): Q3 EPS of -$0.03.
- Revenue of $33.3M. (PR)
Oct. 21, 2013, 9:52 AM
- North American Palladium (PAL +4.9%) says it has begun hoisting material through the new shaft at its Lac des Iles palladium mine in Ontario, and the complete commissioning of the shaft ore handling system, including the crusher and loading pocket, is on target for completion later in October.
- PAL maintains its target of increasing its underground mining production rate to more than 3K metric tons/day from the underground Offset Zone during Q4.