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Special situations, contrarian, long/short equity, value

North American Palladium Ltd: A Financial Death Spiral In Process

1 - Introduction.

In this article , I will focus on North American Palladium Ltd. (PAL) and the financial death spiral in which the company has been caught lately. This Canadian mine is producing palladium and get also, as by-products, some platinum, gold, copper, nickel, silver and cobalt. The actual ratio between Palladium and the by-products indicated here is around 25% now. This ratio is quite important because the by-products value is used to reduce the cash cost per ounce of Palladium produced.

We will talk about ounce as troy ounce of precious metal. Which is about 32.15 troy ounce for 1 Kg.

2 - Property description.

PAL owns mainly the "Lac des Isles" sites which is located approximately

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