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Thank You, Plenty of time to prepare for the inevitable fiat collapse of 2020
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A Troubled World Means A Stronger Dollar – For Now
But really They’re All Doomed
Short-term fluctuations in interest rates and currency exchange rates are interesting and maybe profitable for those brave souls willing to bet against crowded trades. But the overriding truth is that all fiat currencies are losing value, most at an accelerating rate. So “strong” currencies are only strong when measured against their weaker cousins. Measured against real things – farmland, oil wells, gold, silver – the long-term trend points to a single destination: fiat’s intrinsic value of zero.
Taking advantage of the ole"fire Sale"are we.hahahah
You have many friends joining you Sir.
Welcome to "True North"
Cheers All
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A Morgan Stanley economic indicator just suffered a record collapse
Published Thu, Jun 13 2019 2:01 PM EDTUpdated 6 hours ago
The Morgan Stanley Business Conditions Index fell by 32 points in June, to a level of 13 from a level of 45 in May. This drop is the largest one-month decline on record.
“The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors,” economist Ellen Zentner said in a note to clients on Thursday.
Every subindex of the Business Conditions Composite fell in June, except for the credit condition category, which “is consistent with the recent easing in broad financial conditions,” Zentner said.
Thank JD400 for providing this info (sure helped me decide) !
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148758296
Now hopefully the us dollar (DXY) will breakdown from here (because if not then one could see a substantial PALDF (and gold miners') pullback)....imho
Fingers crossed !
I bought today at $9.80.
Very happy,
Cup and handle forming on the 3-month chart.
Golden cross is inevitable!
This has potential!
Aha - I see that - Right you are
https://www.monex.com/prods/palladium_chart.html
Hmmmm - Strange : This was almost precisely 2 years ago
So 2 years ago (in June 2017) it staged a 16 year breakout ?
https://investorshub.advfn.com/boards/replies.aspx?msg=130589951
Hmmmm, why evidently there may be some Treasure Maps out there as yet undiscovered !
Right On Pard..this Rodeo's Happening !!!
Palladium retaking 1400 now at 1415 +15.70 intraday.
1st rodeo 4 to 19, {mighty fine}
2nd rodeo estimate 15 to 25 by 2020 and that's being conservative imo
PALDF "The World's Only Pure Play Palladium Producer"
Remember the Four "P"s
Price
Price
Price
Price
for me I have 5
Priceless
I just checked with my broker June 15
Past Dividends
Ex-dividend date Amount Record date Pay date
May 30, 2019 $0.0741 June 1, 2019 June 15, 2019
February 28, 2019 $0.0228 March 1, 2019 March 15, 2019
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But I'll ask him again
Thanks
yeah look at the old 400 hahaha
I feel just like her. Except on cold days
Payday on the latest dividend is Saturday June 15th
car companies are a little ho hum now
Investors scared on tariff news IMO
going to be a while getting to 15 at this rate
Lac des Iles Underground Exploration Announces Expansion of Newly Discovered C Zone
May 29 2019
TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") TSX:PDL OTC PINK:PALDF today provides an update on underground exploration at its Lac des Iles Mine (“LDI”), located 90 km north of Thunder Bay, Ontario.
See full PR here
https://www.nap.com/investors/news-releases/news-releases-details/2019/Lac-des-Iles-Underground-Exploration-Announces-Expansion-of-Newly-Discovered-C-Zone/default.aspx
Price Target $+15.00 Still Holding
is the general consensus that I've been reading lately.
Many analysis hold palladium 2019 price target at 1490
I think NAP will try to get this 8 buck fire sale share price up during the rest of the year to meet a more realistic and much deserved share price for all their investors.
I personally believe that the U.S. Almighty Dollars raging rally is the cause of all metals demise. The 98 dollar is reaching it's boiling point and everything about to change politically.
If the downtrend continues the 'share buy back program sounds possible.
Were all enjoying the 4% dividend they might increase that too.
Comments Welcomed, Thanks
Here's a good read from Kitco
Metals Focus: Palladium To Outperform Platinum Again In 2019
Allen Sykora Monday May 13, 2019 09:49
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!
(Kitco News) - The palladium market will remain in a supply deficit during 2019 while platinum stays in a surplus, and as a result, palladium should remain the stronger performer between the two sister metals, says Metals Focus.
The consultancy released its 2019 platinum and palladium focus near the start of Platinum Week activities.
Analysts reported that platinum recorded a supply surplus of 349,000 ounces, or 10.8 tonnes, last year. Meanwhile, palladium posted another hefty deficit, this time 821,000 ounces, or 25.5 tonnes.
“These impacted investor sentiment, helping drive palladium’s outperformance of the platinum price,” Metals Focus said.
For 2019, Metals Focus sees another platinum surplus of 630,000 ounces or 19.6 tonnes. However, the consultancy envisions a palladium supply deficit of 574,000 ounces or 17.9 tonnes. As a result, platinum above-ground stocks are forecast to continue rising to 9.7 million ounces (302 tonnes) at year-end, compared to 6.9 million ounces (215 tonnes) at the start of this decade, Metals Focus said. Palladium stocks, by contrast, have fallen and the consultancy’s year-end forecast is 12.9 million ounces (400 tonnes), down from 17.7 million (550 tonnes) at the end of 2010.
“While more recent price developments may suggest a reversal [of the premium], we believe these moves are driven by speculative forces and so are likely to be short-lived,” Metals Focus said.
Since topping $1,600 an ounce for the first time ever back in March, spot palladium has subsequently pulled back, trading around $1,311 as of 8:50 a.m. EDT Monday morning. Still, the metal has a $453 premium to platinum, which was trading at $858.
“In spite of short-term headwinds (such as lackluster car sales in China and the U.S., and concerns over the potential for substitution losses in light vehicles), we expect palladium to realize a physical deficit for the foreseeable future,” Metals Focus said. “As such, for 2019, Metals Focus believes that professional investors will eventually return to palladium, with prices forecast to surge by 45% y/y [year-over-year] to an annual average of $1,490 in 2019.”
The consultancy predicted that palladium auto-catalyst demand will rise by 3.6% in 2019 to a record high of 8.59 million ounces (267 tonnes), driven by tighter emissions standards that require more loadings of platinum group metals for most regions, as well as an increased market share for gasoline vehicles in Europe. Palladium historically has been used for gasoline-powered scars. Consumer preference for larger vehicles, especially in the U.S., also means more palladium loadings. Meanwhile, there has been an absence of substitution from palladium to platinum in gasoline-powered cars despite the price difference.
Palladium supply is forecast to increase by 4% this year to 10.11 million ounces (314 tonnes). Mine supply is expected to rise by 5% to 7.17 million ounces (223 tonnes), while recycling is expected to grow by 3% rise to 2.94 million ounces (91 tonnes).
Meanwhile, analysts look for platinum auto-catalyst demand to fall for the third straight year due to weakness in Europe’s diesel market. Vehicles powered by diesel require platinum for catalysts. The decline in platinum use this year likely will be less dramatic than in 2018 due to emissions regulations and gains in demand for heavy-duty diesel, Metals Focus said. Meanwhile, the consultancy looks for platinum demand by the jewelry sector to decline by 3% from last year, with physical investment forecast to fall by 15%. Against this backdrop, the consultancy looks for total platinum demand to drop for a fourth straight year, by 1.2% to 7.70 million ounces (239 tonnes). Meanwhile, mine output is forecast to rise by 3% in 2019.
“Concerning our platinum price forecast, investor sentiment towards the metal appears less bearish compared to 2018,” Metals Focus said. “This, coupled with our constructive view towards gold, is expected to deliver a further recovery in platinum price later this year. However, unsupportive fundamentals will still weigh on platinum, which explains our forecast of a 1% dip for platinum’s annual average this year to $875.”
$PALDF
https://www.kitco.com/news/2019-05-13/Metals-Focus-Palladium-To-Outperform-Platinum-Again-In-2019.html
Interesting - Good job - Thanks !
$11.84 +$0.62 (5.53%)
First Quarter Highlights
Based on 56,775 ounces of palladium sold, revenue for the quarter increased to $128.3 million compared to $86.6 million for the same period in 2018; the highest quarterly revenue in the Company’s history.
Net income was $29.5 million or $0.50 per share, compared to $4.6 million or $0.08 per share reported for Q1 2018.
Cash provided from operations was $75.8 million; free cash flow was $46.8 million.
Adjusted EBITDA1 increased to $61.6 million up from $28.4 million in Q1 2018.
The Company’s total cash balance on its credit facility of $37.0 million was eliminated during the quarter.
The Company’s board of directors is pleased to announce an increase in the quarterly dividend from $0.03 to $0.10 per share to common shareholders of record on June 1, 2019.
North American Palladium Delivers Strong Q1 2019 Financial Results, Eliminates Debt and Increases Dividend
May 02 2019
Download this Press Release PDF Format (opens in new window)
TORONTO, May 02, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) today announced financial and operational results for the three months ended March 31, 2019.
First Quarter Highlights
Based on 56,775 ounces of palladium sold, revenue for the quarter increased to $128.3 million compared to $86.6 million for the same period in 2018; the highest quarterly revenue in the Company’s history.
Net income was $29.5 million or $0.50 per share, compared to $4.6 million or $0.08 per share reported for Q1 2018.
Cash provided from operations was $75.8 million; free cash flow was $46.8 million.
Adjusted EBITDA1 increased to $61.6 million up from $28.4 million in Q1 2018.
The Company’s total cash balance on its credit facility of $37.0 million was eliminated during the quarter.
The Company’s board of directors is pleased to announce an increase in the quarterly dividend from $0.03 to $0.10 per share to common shareholders of record on June 1, 2019.
“Q1 2019 was a positive quarter for North American Palladium and our Lac des Iles Mine,” stated Jim Gallagher, President and CEO. “The site continues to lead in safety with another Lost Time Injury-free quarter. Good overall production combined with strong palladium prices have enabled the Company to both retire its debt and increase its dividend. While we did experience a few mechanical challenges in the mill, overall Lac des Iles operated exceptionally during the first quarter. Additionally, I want to recognize the recent successes from our exploration team, delivering positive results on multiple fronts.”
check out the charts and rest of this release here....
$PALDF
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Delivers-Strong-Q1-2019-Financial-Results-Eliminates-Debt-and-Increases-Dividend/default.aspx
North American Palladium Announces Major Expansion to Sunday Lake PGM Zone and Best Drilling Results to Date
Apr 29 2019
Download this Press Release PDF Format (opens in new window)
TORONTO, April 29, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or “the Company") (TSX:PDL) (OTC PINK:PALDF) is pleased to announce new results from the Sunday Lake exploration project (the “Project”), located 25 km northeast of Thunder Bay, Ontario and 60 km south of the Lac des Iles Mill. The Project is focused on an extensive zone of platinum-group metal (“PGM”) and copper-nickel sulfide mineralization hosted within the lower portions of the Sunday Lake mafic-ultramafic intrusion.
Highlights
Hole SL-19-026, targeting the strongest conductivity anomaly in the western part of the intrusion, returned the highest-grade multi-metre intersection found to date. The main intersection is 41.2 metres with 3.22 g/t Pt, 2.08 g/t Pd and 0.21 g/t Au (5.51 g/t 3E*), 0.57% Cu and 0.19% Ni. Included in this interval is a 15.8 metre section containing 9.11 g/t 3E with 0.88% Cu and 0.24% Ni that, in turn, contains a 8.30 metre sub-interval grading 13.06 g/t 3E, 1.23% Cu and 0.32% Ni.
Hole SL-19-29, a 275 metre step-out from hole SL-19-26, intersected 32.0 metres with 3.35 g/t 3E, including 8.17 metres of 5.44 g/t 3E and 0.51% Cu.
Hole SL-19-25, one of three follow-up holes to mineralization discovered last year in the central part of the intrusion, intersected 14.80 metres with 2.33 g/t 3E and 0.29% Cu. Included in this interval are two separate higher-grade sub-intervals:
2.30 metres with 4.11 g/t 3E and 0.48% Cu, and
1.60 metres with 5.18 g/t 3E and 0.70% Cu.
Hole SL-19-30, also drilled in the central part of the intrusion, intersected 20.61 metres with 1.87 g/t 3E, including a higher-grade sub-interval of 5.50 metres with 3.67 g/t 3E and 0.83% Cu.
Based on new and prior drilling results, the PGM and base metal sulfide mineralization located along the base of the Sunday Lake intrusion (the “SLI”) is modelled as a near-continuous blanket with a north-south extent of approximately 1.5 km and an east-west extent of 900 metres. The mineralization shows thickening and grade improvement along three or more structures inferred from recent geophysical surveys.
*3E = combined Pt, Pd and Au concentrations
“We continue to expand the PGM Zone at Sunday Lake. This is currently our most advanced regional exploration project and represents our best blue sky opportunity and is a key element in our long-term strategy of building an inventory of high-quality PGM assets in the Thunder Bay region. This strategy is anchored by the LDI Mill, which is uniquely positioned to treat ore from new development projects in this part of Ontario. This large facility could help these projects reduce their capital requirements and improve investment returns,” said Jim Gallagher, President and CEO of North American Palladium.
Dr. Dave Peck, Vice-President, Exploration at North American Palladium, adds, “We are encouraged by the higher PGM grades and base metal sulfide contents observed in drill hole SL-19-026 from the newly-discovered western extension of the Sunday Lake PGM mineralization. The new drill results prove the effectiveness of advanced geophysical methods in detecting this mineralization at significant depths. We have continued to identify promising geophysical targets that warrant testing in the next phase of drilling.”
Context for the Current Program
The Company entered into a Definitive Option Agreement (the “Option Agreement”) in June 2017 with Impala Platinum Holdings Ltd. (“Impala”) and Transition Metals Corp. (“Transition”) through a wholly-owned subsidiary. The Option Agreement gives the Company the exclusive right to earn Impala’s 75% interest in the Sunday Lake property, with Transition maintaining a 25% free carried interest through to the completion of a Feasibility Study.
The SLI is part of the Proterozoic Mid-continent Rift magmatic event that also produced the Eagle nickel deposit in Michigan and the Tamarack and Duluth Complex magmatic sulfide deposits in Minnesota. The SLI is an elliptical body having lateral dimensions of ~1 km2 that is entirely encased in older basement rocks. Depths to the top of the SLI vary from ~200 metres in the north to ~600 metres in the south. The thickness of the SLI ranges from <200 metres on the margins to >800 metres in the centre. Drilling completed on the Project prior to the Company’s involvement had delineated a laterally extensive zone of disseminated magmatic sulfide mineralization along the base of the SLI within the eastern part of the intrusion. In 2018, NAP’s first drilling program extended the mineralization into the centre of the SLI. So far in 2019, the Company has further extended the mineralization to the western side of the SLI. The SLI magmatic sulfide mineralization typically comprises several percent of sulfide minerals (pyrrhotite-chalcopyrite-pentlandite +/- bornite) that are strongly enriched in precious metals, especially platinum and palladium. The new drilling results suggest that the mineralization is a relatively continuous blanket that extends across the length and width of the intrusion. The mineralization is confirmed to thicken to greater than 40 metres in proximity to conductivity anomalies detected by geophysical surveys completed last year. The sulfides are interpreted to have accumulated adjacent to and within three or more discrete feeder faults to the SLI. The bulk of the known mineralization is hosted by plagioclase-bearing peridotite (Marginal Zone) and, in some areas, by overlying plagioclase-free peridotite (Ultramafic Series). The mineralization locally extends into the underlying basement rocks (Quetico Subprovince metasedimentary units) where discrete massive sulfide veins up to ~20 cm in width have been observed.
Given that the mineralization crosses lithological boundaries and is not assignable to any single stratigraphic zone, it was decided to abandon the former name “Marginal Zone.” For the time being, the magmatic sulfide mineralization in the lower part of the SLI and extending into the immediate footwall will be referred to as the “PGM Zone.”
2018 Geophysical Results and Q1 2019 Drilling Results
In mid-April the Company completed its second drilling program at Sunday Lake. Results from the initial program are reported in the March 27, 2018 news release available on the Company’s website. After completion of the initial drill program the Company re-interpreted the 3D geology using both drill hole and geophysical data and performed a surface magnetotelluric (“MT”) survey over the entire SLI that was designed to detect increased conductivity associated with magmatic sulfide mineralization to significant depths. The current drilling program commenced in mid-January and was completed in mid-April. A total of 7,300 metres of diamond drilling was completed in six holes (Figure 1). In addition, borehole electromagnetic (“EM”) surveys were completed for all of the drill holes. The program was designed to explore for higher-grade sulfide mineralization near the lower contact of the intrusion, including any underlying feeder structures. The selection of specific drill targets was guided by geophysical models derived from the most recent MT survey. The survey highlighted three subparallel conductive trends across the interpreted extent of the SLI (Figure 1). The easternmost trend coincides with the eastern part of the PGM Zone that has been the subject of the majority of historical drilling. The central conductivity trend encompasses a drill hole (SL-18-022) designed to test a single line MT anomaly from an orientation survey completed in 2017. This hole intersected 33.20 metres with 2.85 g/t 3E, 0.34% Cu and 0.12% Ni. The westernmost and strongest conductivity trend was not previously tested. The 2019 drilling program included three holes each on the central and western anomalies.
continues here with nice charts
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Announces-Major-Expansion-to-Sunday-Lake-PGM-Zone-and-Best-Drilling-Results-to-Date/default.aspx
PALDF
News: $PALDF North American Palladium Announces Major Expansion to Sunday Lake PGM Zone and Best Drilling Results to Date
TORONTO, April 29, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or “the Company") (TSX:PDL) (OTC PINK:PALDF) is pleased to announce new results from the Sunday Lake exploration project (the “Project”), located 25 km northeast of Thunder Bay, Ontario...
In case you are interested https://marketwirenews.com/news-releases/north-american-palladium-announces-major-expansion-to-sunday-lake-pgm-zone-and-best-drilling-results-to-date-8074814.html
PALDF today announced that the Company will release its financial and operating results for the first quarter of 2019 after the close of market on Thursday, May 2, 2019. The Company will host a conference call to review the results Friday, May 3, 2019 at 8:00 am ET. Interested parties are invited to join the call via the telephone numbers below, to listen to the webcast or to access a replay of the call at www.nap.com.
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Announces-Details-of-First-Quarter-Investor-Conference-Call-Webcast-and-Annual-General-Meeting/default.aspx
Platinum edges out of doldrums at last as labor threat looms
Bloomberg News | about 11 hours ago |
After months of being ignored in favor of market darling palladium, platinum is finally getting some attention from investors.
The metal, which is mostly used to make jewelry and reduce emissions from car exhausts, is trading near the highest since May and money is pouring into platinum-backed exchanged-traded funds. Prices have gained as expectations for tough wage negotiations this year in top producer South Africa raised the threat of supply disruptions, and platinum’s cheapness relative to other precious metals is also prompting a second look by investors.
“Platinum has been beaten up too much and became too cheap,” said Georgette Boele, a senior foreign-currency and precious-metals analyst at ABN Amro Bank NV. “The fundamentals are not as negative as perceived.”
Here are some charts that show how the mood in the platinum market is changing:
It’s cheap
Palladium’s record-setting run early this year catapulted the metal’s premium over platinum to a fresh high in March. The big gap is spurring speculation that carmakers may start working toward substituting platinum in for palladium in their autocatalysts.
One of the reasons platinum fell out of favor was the dimming outlook for diesel-fueled vehicles, which mainly use the metal in their autocatalysts. (Palladium is favored in gasoline cars.) However, manufacturers can take steps to use more platinum instead, if there’s enough incentive to make the change. There are also encouraging signs that diesel’s share of the auto market is stabilizing.
Platinum is also historically cheap relative to gold, although the spread has started to narrow in recent weeks. Platinum for immediate delivery traded at about $902 an ounce on Friday, while gold was at about $1,295 an ounce. The gap between the two metals should narrow to $350 in the medium term, said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
Strike threat
Platinum supply has outpaced demand for the past two years and the World Platinum Investment Council has forecast another global surplus this year of 680,000 ounces. However, that may change if the South African wage talks later this year break down and workers down tools for an extended period of time.
South Africa’s mining industry has a history of lengthy and sometimes violent protests. Producers are already bracing for tough negotiations, although top miner Anglo American Platinum Ltd.’s chief executive officer, Chris Griffith, said he’s not expecting a long disruption.
Griffith also said there’s no prospect of more new mines starting up anytime soon, even as South African producers benefit from higher prices for palladium and rhodium, which they dig up alongside platinum.
Getting physical
In one of the clearest signs of changing sentiment, holdings in platinum-backed ETFs have surged dramatically. The funds have added about 20 tons of metal this year and reached a record earlier this month.
Going long
Data from the U.S. Commodity Futures Trading Commission also points to positive sentiment on platinum. Hedge funds have held a net-long position since the week ended Feb. 26. The bullish platinum bets reached a one-year high in late March, although the net-long position pulled back somewhat in the most recent data.
http://www.mining.com/web/platinum-edges-doldrums-last-labor-threat-looms/
South African PGMs industry risks upsetting global market dynamics
9th April 2019
By: Simone Liedtke
Writer
JOHANNESBURG (miningweekly.com) – To ensure a sustainable platinum group metals (PGMs) market will require South Africa to balance its market in line with global supply, Sibanye-Stillwater business development executive VP Richard Stewart told delegates at the PGMs Industry Day, held in Johannesburg, on Tuesday.
Dubbing the market “a real basket case”, he explained that, considering market forces, the PGMs industry is “at real risk” of permanently upsetting the market dynamics through a demand destruction in palladium and an oversupply in platinum.
The South African market needs to adapt to a world that is undergoing change, Stewart told delegates, warning that “the market development solutions that created yesterday’s demand are not going to be the same solutions for tomorrow”.
Thus, South Africa needs a “dynamic structure” with the ability to adapt to the changing demand environment, he stated.
SFA Oxford director and chairperson Stephen Forrest shared a similar sentiment, in a separate presentation, in which he stated that South Africa is “essentially unguarded” in the PGMs market place.
He highlighted the need for South African producers to adapt to market conditions at a faster rate.
According to Forrest, the future demand does not favour the South African mix of palladium (34%), rhodium (8%) and platinum (58%). Instead, the market is leaning towards a demand of between 56% and 60% for palladium, between 30% and 40% for platinum and 6% for rhodium.
During his presentation, Stewart also touched on palladium supply, which is expected to remain flat with a marginal increase in line with a declining South African production. This is, in turn, offset by an increased Russian production, he added, as well as a net increase in North America owing to Sibanye's Blitz operation ramping up.
Secondary supply, meanwhile, is expected to continue growing as the life cycle of increasing gasoline cars begin to impact recycling numbers.
http://www.miningweekly.com/article/south-african-pgms-industry-risks-upsetting-global-market-dynamics-2019-04-09
North American Palladium Files Final Base Shelf Prospectus
Apr 01 2019
//THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION TO THE UNITED STATES//
TORONTO, April 01, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) today announced that it has filed a final short form base shelf prospectus (the “Prospectus”) to provide the Company with the flexibility to take advantage of financing opportunities, if and when needed, assuming debt or equity market conditions are favourable during the 25-month period that the Prospectus remains effective (the “Effective Period”).
The Prospectus has been filed in each of the provinces and territories in Canada. These filings, enable offerings of up to $500 million of common shares (treasury and/or secondary), senior and subordinated debt securities, including debt securities convertible or exchangeable into other securities of NAP, subscription receipts, warrants, share purchase contracts, and units comprised of one or more of the securities hereof (collectively, the “Securities”) at any time during the Effective Period.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such jurisdiction.
If any Securities are offered under the Prospectus, the terms of any such Securities and the intended use of the net proceeds resulting from such offering would be established at the time of any offering and would be described in a prospectus supplement filed with the applicable Canadian securities regulatory authorities at the time of such offering and would be made available by NAP.
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Files-Final-Base-Shelf-Prospectus/default.aspx
I got back in here, too.
PALDF buy 11.31
https://www.nap.com/
investor presentation
https://s21.q4cdn.com/326998455/files/doc_presentations/2019/03/NAP-Investor-Breakfast-Presentation-V10.pdf
normal chart
log chart
The carnage continues--everyone had to have it and now nobody wants it.
Palladium got a good crushing today. What a bloodbath.
PALDF Investor Breakfast Presentation
https://www.nap.com/Downloads/
North American Palladium Files Preliminary Base Shelf Prospectus
Mar 22 2019
Download this Press Release PDF Format (opens in new window)
//THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION TO THE UNITED STATES//
TORONTO, March 22, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) today announced that it has filed a preliminary short form base shelf prospectus (the “Prospectus”) to provide the Company with the flexibility to take advantage of financing opportunities, if and when needed, assuming debt or equity market conditions are favourable during the 25-month period that the the Prospectus, once made final, remains effective (the “Effective Period”).
The Company also announced the voluntary withdrawal of its existing final short form base shelf prospectus filed on SEDAR on June 16, 2017 concurrently with the filing of the Prospectus.
The Prospectus has been filed in each of the provinces and territories in Canada. These filings, when made final and effective, will enable offerings of up to $500 million of common shares (treasury and/or secondary), senior and subordinated debt securities, including debt securities convertible or exchangeable into other securities of NAP, subscription receipts, warrants, share purchase contracts, and units comprised of one or more of the securities hereof (collectively, the “Securities”) at any time during the Effective Period.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such jurisdiction.
If any Securities are offered under the Prospectus, the terms of any such Securities and the intended use of the net proceeds resulting from such offering would be established at the time of any offering and would be described in a prospectus supplement filed with the applicable Canadian securities regulatory authorities at the time of such offering and would be made available by NAP.
Cautionary Statement on Forward-Looking Information
Certain information contained in this news release constitutes 'forward-looking statements' and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The words 'target', 'plan', 'should', 'could', 'estimate', 'guidance', and similar expressions identify forward-looking statements. Forward-looking statements in this news release include, without limitation, statements relating to the use of proceeds of the Offering. Forward-looking statements involve known and unknown risk factors that may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. For more details on these and other risk factors see the Company's most recent management’s discussion and analysis and the Company’s annual information form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading “Risk Factors”.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The forward-looking statements are not guarantees of future performance. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
About North American Palladium
North American Palladium Ltd. (TSX: PDL) (OTC PINK: PALDF) is a Canadian company with over 25 years of production at Lac des Iles mine, located northwest of Thunder Bay, Ontario. North American Palladium is the only pure play palladium producer in the world. With over 600 employees, Lac des Iles mine features a unique world class ore body, modern infrastructure, including both an underground mine and an open pit mine, and a world class exploration portfolio.
SOURCE: North American Palladium Ltd.
For further information:
North American Palladium Ltd.
Investor Relations
Telephone: 416-360-7374
Email: IR@nap.com
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Announces-Live-Webcast-of-Investor-Day-Presentation/default.aspx
North American Palladium Announces Live Webcast of Investor Day Presentation
Mar 22 2019
Download this Press Release PDF Format (opens in new window)
TORONTO, March 22, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) will host an Investor Day in Toronto on Tuesday March 26, 2019 at 8:30 a.m. ET. Company executive and management will present a business overview, operational details, growth strategies and exploration updates. In addition, Nikos Kavalis, founding partner of Metals Focus, one of the world’s leading, independent precious metals consultancies, will present his views and outlook on the palladium market. The event is expected to conclude at approximately 11:00 a.m. ET.
This event will be webcast live at 8:30 a.m. ET and can be accessed here.
The presentation video and slides will be made available by end of day, March 26, 2019 at www.nap.com.
About North American Palladium Ltd.
North American Palladium (TSX: PDL) (OTC PINK: PALDF) is a Canadian company with more than 25 years of production at the Lac des Iles Mine in a low-risk jurisdiction northwest of Thunder Bay, Ontario. North American Palladium is the world’s only pure play palladium producer. With over 700 employees, the Lac des Iles Mine features a unique, world-class ore body and modern infrastructure, including both an underground mine and surface operations.
For further information, please contact:
North American Palladium Investor Relations at 416-360-7374 or ir@nap.com
$PALDF
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Announces-Live-Webcast-of-Investor-Day-Presentation/default.aspx
Palladium and copper have been moving in the same direction – higher – during 2019 as the global economy has been able to shake off concerns that it was headed for a recession, but the difference in the moves between the two metals could be quite instructive for stock investors.
Palladium (PA) futures started 2019 at $1,200 per ounce and have since soared 30% to approximately $1,555 per ounce. Copper (HG) futures, on the other hand, started 2019 at $2.60 per pound and have since climbed only 12% to $2.92 per pound.
So what accounts for the difference? Both metals are considered industrial metals, and demand for these metals is on the rise. Palladium is primarily used in auto manufacturing for catalytic converters in gasoline-powered automobiles, and manufacturers need more of it as emissions standards are increasing. Copper is used in far too many industrial applications to list here, but as the global economy continues to grow, manufacturers are demanding more of the metal.
However, even though demand for both metals is high, the supply of palladium is becoming a growing concern. Copper is produced in many areas around the world, but the majority of palladium comes from either Russia or South Africa.
Currently, Russia appears to be mulling over the idea of prohibiting the export of nickel mining tailings – the source of most of Russia's palladium – in the hope that the country can build up its own palladium refining capacity. Russia won't be able to build up its refining capacity overnight, so if it takes this step, palladium may be much harder to come by in the short term.
Knowing that potential supply-side disruptions are likely driving palladium's outperformance, I'm still cautiously optimistic that both metals are signaling strength in the global economy, but I'm watching to see if copper can break out of its consolidation range (see the red box in the chart) and move higher before getting too excited about what I see in the commodity market.
https://www.investopedia.com/looking-for-confirmation-to-be-more-bullish-4589548?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo
Russia_ban, Fiat Chrysler drive palladium price to new record_high
Frik Els | about 9 hours ago |
Russia ban, Fiat Chrysler drive palladium price to new record high
Palladium prices were driven further into uncharted territory on Tuesday, briefly topping the $1,600 per ounce level on the back of an expected spike in demand from the auto sector just as top producer Russia considers banning scrap exports.
The precious metal is trading more than 70% higher than this time last year.
Reuters reports Russia is mulling a ban on the export of precious metals scrap and tailings to promote domestic refining of the materials.
The news follows an announcement last week that US authorities have ordered Fiat Chrysler Automobiles to recall 965,000 vehicles over failed emissions testing. The automaker could also face a consumer class action lawsuit over potential delays in implementing the recall.
Palladium is mainly used in catalytic converters for gasoline-powered vehicles to scrub emissions and some estimates put the required palladium to bring the recalled vehicles up to standard as high as 100,000 ounces.
Russia ban, Fiat Chrysler drive palladium price to new record high
Concentrated supply
Palladium supply is a byproduct of platinum mines in South Africa and nickel mining in Russia, which between them control nearly 90% of global output.
The market has been in deficit for several years and above ground stocks including Russia state stockpiler which have kept prices in check in the past have dwindled rapidly.
Demand for sister metal rhodium associated with the recall is estimated at around 25,000 ounces. Prices for rhodium recently hit decade highs and the metal is now trading above $3,000 an ounce.
Platinum, which at $836 an ounce is trading at a record discount to gold and palladium, is used mainly in catalysts for diesel-powered vehicles. Platinum is a viable candidate as a substitute for palladium, but a platinum autocatalyst with the same efficiency is likely years away.
http://www.mining.com/russia-ban-fiat-chrysler-drive-palladium-price-new-record-high/
Palladium at an all-time high.
Palladium is one of the rarest metals on earth, about 15 times more rare than platinum and 30 times more rare than gold.
Fiat_Recall_Leaves Palladium Buyers Bracing for ‘Supply Shock’
By Justina Vasquez
and Marvin G Perez
March 13, 2019, 11:35 AM MST
Updated on March 14, 2019, 4:49 AM MST
Repairs would require 77,000 ounces of palladium: Heraeus
Citi predicted a deficit of 545,000 ounces this year
Fiat Chrysler Automobiles NV’s recall of almost 862,520 gasoline-fueled vehicles could spur additional demand for the palladium market that’s already reeling from shortages.
Replacing the catalytic converters in these vehicles would require an additional 77,000 ounces of palladium, said Miguel Perez-Santalla, sales and marketing manager at refiner Heraeus Metals New York LLC. Prices of the metal that’s used to curb greenhouse gas emissions from vehicles have been climbing to records this year as producers struggle to keep up with demand.
“This eventually will be a bit of a supply shock,” said Maxwell Gold, director of investment strategy at Aberdeen Standard Investments, which oversees $736 billion. “Overall, this does paint a very positive picture of just growing emission standards globally, particularly in the U.S. for palladium and gasoline engines.”
Production of the precious metal will trail consumption by 545,000 ounces this year, Citigroup Inc. said in December. Newer and stricter regulations to curb emissions in gasoline vehicles have been forcing automakers to boost their purchases of palladium, fueling the surge in demand even amid a slowdown in car sales in China, Europe and the U.S.
Supply Scramble
Palladium deficits spurring record prices for the precious metal
Source: Citigroup
In the of case of Fiat, the new recall was prompted by a so-called in-use investigation by U.S. Environmental Protection Agency as well as testing done by the car company that was required by agency rules, the regulator said. The EPA routinely tests vehicles driven by consumers to ensure emissions remain within legal limits over time. Repairs required for Fiat vehicles will include replacing components associated with the vehicles’ catalytic converter, a key part of a vehicle’s emissions-control system, the agency said.
About 70 percent of 110,000 ounces of precious metals needed to replace the catalytic converters will be palladium, Perez-Santalla said. While metal from the recalled cars will likely be recycled, helping ease tight supply, “it’s just going to take a few months for it to come back into the system,” he said.
“EPA will continue to investigate other FCA vehicles which are potentially non-compliant and may become the subject of future recalls,” the regulator said in its statement.
Palladium, which traded at $1,543.08 an ounce at 7:46 a.m. in the spot market Thursday in New York, could climb to $1,650 if Fiat is able to quickly replace the catalytic converters, Peter Thomas, senior vice president at Chicago-based metals broker Zaner Group, said in a telephone interview.
“The demand could be impactful on this market, and if nothing else could hold these prices at these levels, which we haven’t had ever before,” Thomas said.
https://www.bloomberg.com/news/articles/2019-03-13/fiat-recall-leaves-palladium-buyers-bracing-for-supply-shock
South Africa Supply Still Unstable
A Precarious State For The South Africa ETF
[Benzinga]
ETF Professor
BenzingaMarch 6, 2019
The iShares MSCI South Africa ETF (NYSE: EZA), the largest exchange traded fund dedicated to stocks in Africa's largest economy, is up about 6 percent this year.
On the surface, that sounds pretty good, but upon further examination, EZA looks weak and vulnerable to some downside.
What Happened
To be precise, EZA is up 6.05 percent year to date, but the South Africa ETF is trailing the MSCI Emerging Markets Index, of which South Africa is 5.95 percent, by more than 300 basis points. That statistic underscores the disappointing nature of South African stocks in 2019, but there's more.
South Africa is the world's largest producer of platinum and the second-largest palladium-producing country. EZA is slightly outperforming the largest U.S.-listed platinum-backed ETF, but the Aberdeen Standard Physical Palladium Shares (NYSE: PALL) is up 20.27 percent year-to-date, making the fund one of this year's best-performing commodities ETFs.
Why It's Important
“The February 2018 installation of a new president, Cyril Ramaphosa, has rekindled hopes of an economic renaissance, but the country still faces serious challenges,” said FacSet in a recent note. “After seeing two consecutive quarters of economic contraction in the first half of 2018, significant economic uncertainty remains.”
While the regime change was initially cheered by investors, South Africa's economy still faces significant hurdles. Those hurdles can be seen as roadblocks for investors considering EZA because has to handily outperform the MSCI Emerging Markets Index by wide margins to turn its risk-reward proposition favorable.
Over the past 36 months, the MSCI Emerging Markets Index outperformed EZA by 2,100 basis points while being 1,300 basis points less volatile than the South Africa ETF.
What's Next
Last month, “finance minister Tito Mboweni painted a bleak picture as he outlined the state of South Africa’s finances for 2019,” according to FactSet. “While the National Treasury predicts accelerating real GDP growth rate over the next three years (1.5% in 2019, 1.7% in 2020, and 2.1% in 2021), both the current account deficit and gross debt are expected to swell. Gross government debt, which has been rising steadily since 2009, surpassed 55% of GDP at the end of 2018. The latest government forecasts have debt topping 60% of GDP by 2024.”
If the U.S. dollar regains momentum, EZA would likely be sapped due to the commodities-intensive nature of South Africa's economy.
Yahoo
$PALDF when was their last Reverse Split? This used to trade under another symbol too.
I traded this week ,
Reacting to chart patterns and palladium fundamentals.
I made some serious coin!
Thanks for your posts.
Next
Palladium Shoots up on Supply Shortages and Strike_Fears
ETF DatabaseFebruary 28, 2019
Palladium prices skyrocketed to new record levels as strike jitters in South Africa added to a tense market engulfed by a sustained supply deficit.
Chinese equities staged an impressive rally of late, as Sino-U.S. trade negotiations marked significant progress at the last round of talks. Malaysia came third in last week’s list as officials decided to lift a three-year-old moratorium on bauxite mining. Telecommunication shares were also in the news thanks to AT&T’s final victory in a legal battle that blocked its merger with Time Warner. The British currency closed the list as the prospect of a lengthy Brexit delay prompted a rally in the pound.
Palladium Jumps on Strike Woes
The precious metal widely used in the automotive industry soared further over the last week as news of impending strikes in South Africa aggravated supply concerns in a market that has been suffering lately of a supply shortage. Traffic in the sector more than doubled over the last week as investors looked into palladium products to gain exposure to the rising asset.
Workers in 15 South African mining firms have sent notices of a strike, threatening to seize operations in a move that adds to wider industry issues. Fellow miners at gold producer Sibanye-Stillwater have already protested over wages and job cuts. As a result, palladium prices hit a fresh record high of $1,553 per ounce earlier this week, up more than 80% compared to August levels.
Home to the world’s largest platinum group metal’s deposits accounting for over 90% of global output, South Africa was particularly important at this point because normal palladium production is experiencing a shortfall. Norilsk Nickel, the world’s largest palladium producer, said this week that it expects the 2019 deficit to widen to 800,000 ounces, up from 600,000 ounces last year on tighter emissions regulations in all major markets and flat supply. Also, the Moscow-based miner said that strong demand in the automotive industry, mainly for autocatalyst converters, will prompt a 21% jump in consumption that will reach 11.2 million ounces for the current year.
yahoo
A Brighter 2019? Palladium or Gold ETFs
[Zacks]
Sanghamitra Saha
ZacksFebruary 26, 2019
A Brighter 2019? Palladium or Gold ETFs
Palladium ETF rallies in 2019. Will the momentum stay or will gold ETF catch up?
Palladium prices have been on a tear of late. The pure-play palladium ETF Aberdeen Standard Phys PalladiumShares ETF PALL is up more than 23% this year (as of Feb 25, 2019) and 44.8% in the past year.
Price of palladium is set to see the seventh straight month of a rise. The white metal has more than tripled since January 2016, per Bloomberg. The rally has mainly been backed by growing global demand and stagnating supply as well as the latest strike threat in the South-African mining industry.
Notably, the automotive industry, mainly involved in the manufacturing of catalytic converters for vehicles, is a big driver for palladium. In fact, platinum-using diesel-fueled cars are actually experiencing market share loss “amid an environmental backlash.” Stringent emission control norms have been fueling demand for Palladium-using petrol-fueled cars.
While supplies from major producers, including Russia and South Africa, are not growing (per analysts), demand has been on the rise on increased consumption of gasoline engines. Several sources estimated global inventory between 10 million and 18 million ounces, which can meet demand for about one to two years, per Heraeus, a refiner, quoted on Bloomberg.
How Dazzling is This Year for Gold?
The fundamentals of the gold mining space strengthened, thanks to heightened market volatility, which led to a dovish Fed. The Fed has taken a patient stance toward rate hikes. This kept a check on treasury bond yields and the greenback, which in turn is favoring gold prices as well as mining stocks and ETFs. SPDR Gold Shares GLD is up 3.4% this year (read: Will Gold Mining ETFs Keep Sizzling Despite Mixed Earnings?).
A Brighter Future for Which Metal?
Palladium: Pros & Cons
Citigroup Inc. sees palladium prices hitting $1,600, meaning about 6% rise from the current level. The global deficit looks to “widen dramatically” this year, per Johnson Matthey Plc, a leading maker of autocatalysts, and BlackRock Inc.’s Evy Hambro told Bloomberg TV also sees a “massive shortage” due to ever-growing demand from the auto market.
However, we would like to note that the future of palladium is uncertain. Markets in Europe and North America have also been facing the brunt of global growth issues. Ride-hailing services are chopping off the necessity of owing a vehicle. Some analysts are of the view that palladium “has risen too fast too soon and was bound for a correction.”
Moreover, after a stupendous rally in palladium, investors will try to book profit, which in turn will put a check on the rise in palladium. Plus, there is increasing adoption of electric vehicles which could affect demand for platinum and palladium in auto-catalysts, per an article published on Reuters.
Gold: Pros & Cons
If the U.S.-China trade deal takes place, treasury yields should go higher, hurting gold prices. The uptick in risk-loving sentiments does not go well with bullion investing. But then, China is investing heavily in gold. PBOC added about 11.8 tons to its reserves in January. The latest addition comes after the December purchase of just under 10 tons of gold, the first time the central bank raised its reserves since October 2016.
Analysts at Commerzbank believe that the past trends back the case for further buying this year. Not only PBOC and traders, Chinese consumers also bought gold heavily this lunar new year.
Thus, it depends on global growth tensions; in presence of this gold ETF will rally. And if growth worries alleviate soon, industrial metal palladium should see brighter times ahead. Also, if there are prolonged strikes in South African mines, palladium will likely outshine gold.
https://finance.yahoo.com/news/brighter-2019-palladium-gold-etfs-130001230.html
Nice write 123g Looking to 2019:
Operations will be focused on the expansion of the underground mine to 12,000 tpd by 2021 as detailed in the feasibility study published in October, 2018.
2019 underground production will rise to approximately 7,500 tpd by year end as the underground mine expands into lower grade material in the upper part of the mine. Palladium production in 2019 will remain near 2018 levels.
2019 Guidance
In 2019, the Company expects production of between 220,000 to 235,000 ounces of payable palladium.
The average head grade will drop slightly in 2019, primarily due to the completion of the Sheriff Pit and the subsequent increased processing of low-grade ore from the surface stock pile.
All in sustaining costs for 2019 are forecasted to average between US$785 to $815 per payable palladium ounce.
https://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Releases-2018-Production-Results-Reports-Continued-Operational-and-Safety-Improvements-and-Provides-2019-Guidance/default.aspx
North American Palladium (PALDF)
There is a growing shortage of palladium in the world. I decide to look for a way to capitalize on the shortage by buying stock in a company that produces palladium. I could have bought the metal but a doubling in the metal price would result in a quadrupling in mining profits. I focused on several criteria when selecting palladium mining companies. I looked for public companies where palladium was its primary production and that were external to South Africa and Russia. Most palladium in Russia is a byproduct of nickel mining and thus not the main driver of corporate profits. A company where palladium is a byproduct means that the impact to profits is much lower than a pure palladium play. I also wanted to be outside of South Africa due to the internal political uncertainty and outside Russia due to some international uncertainty.
The only company that passed these filters was North American Palladium (PALDF) located near Thunder Bay in Ontario Canada. It has at least 10 years of verified ore mining reserves and has a low debt to equity ratio and a relatively low cost of production compared to today's palladium costs. Its primary production is palladium and a small amount of platinum and gold byproduct. PALDF seems to be a well run company with a carefully planned execution strategy for the next ten years. PALDF is excellent opportunity to capitalize on the recent rise in the cost of palladium.
PALDF’s recent Q4 and 2018 yearly reports were released February 15, right before the Presidents Day holiday and the market had yet to react. This overlooked gem has no analysts following it and has a share price of $11.76 as of closing February 15. The price in my opinion does not reflected the surge in earnings it reported.
At the time I started writing this paper, the data on both the Google and Yahoo web sites for PALDF still show the old earnings numbers. They were about $0.64 per share for 2017 as compared to the new numbers of $2.04 per share for 2018. The and P/E ratio for 2017 was 18 compared to the 2018 of 5.8. What is most significant is that the 2018 Q4 profits alone were $77.5 million and the total 2018 profits were $119.2. The average price per oz of palladium sold was $1028 per oz for 2018 with 237,461 oz produced.. The price of palladium is now over $1,400 per oz. Assuming the production of palladium for 2019 is the same with the average price of palladium being $1400 per oz then the profit should rise to around $350 million. That would give the PALDF a forward P/E ratio of around 2. This assumes palladium will remain at $1400 per oz and the auto production does not hit a recession. The price of PALDF stock as of this date is $11.76 and, in my humble opinion, is about one third the price it should be. The wild card is South Africa, as discussed below, could make these projected profit numbers look small.
Palladium prices have climbed steadily for the last few years. Historically the Russians have had stockpiles which they dumped and drove the price of palladium below the cost of production. The worlds stockpiles of palladium have since been severely depleted and its price has reflected this. It takes 5 years and sometimes up to a decade to open a new mine and that assumes there are still locations where there is ore to mine. So a new supply that will drive down prices is not on the horizon. South Africa produces about 70% of the worlds platinum and 40% of its palladium. Russian produces 20% of the platinum and 40% of the palladium. Other countries including Canada, the United States and Zimbabwe producing the remaining 10%.
Stockpiles and ETF holdings of palladium are being depleted as illustrated in the graph below presented at the North American Palladium shareholders meeting. The green line represents the worlds stocks and the blue line represents the price of palladium. As you can see the high price of palladium is a long term supply and demand issue.
The world-wide demand of palladium is increasing. This is driven by several factors creating a squeeze in the palladium price. The Chinese have been increasing auto production and now represent the second largest automobile producer in the world. They have disastrous pollution problems and as a result have implemented much tougher pollution rules that mandate more palladium use in their catalytic converters. In Europe the new Nitrogen Oxide limits will impact the production of diesel cars forcing the switch to gasoline cars. As a result Europe will also be using more palladium in the future. Palladium is primarily used for gasoline auto catalytic converters while Platinum is used for diesel auto converters. Platinum can be used for gasoline autos but is is less efficient than palladium. The recent scandal with Volkswagen and their diesel engines has caused a switch in Europe from diesel to gasoline cars. The electric auto introduction represents a insignificant portion of auto manufacturing and will for the next few years. The palladium price should maintain the current price levels and probably continue to appreciate.
The wild card in platinum group metals is South Africa. South Africa is undergoing turmoil at the moment. The politicians are clamoring to “redistribute” the farmland but also industry. New laws recently passed allows government confiscation of land without compensation. Property ownership is a foundation of any capitalist system. As a result of these new laws, banks will not loan money on land, investment in existing businesses will slow, and foreign investment will dry up.
The level of corruption has risen dramatically and has impacted government functionality and ESKOM, the country’s supplier of electricity. There are rolling blackouts that last for 8 hours or more that have tremendous impacts on the countries industrial base including the mining and refining of platinum group metals. Corruption and lack of maintenance has taken ESKOM to the point of bankruptcy and it is estimated it will take 65 billion dollars to fix the problem.
Corruption has grown exponentially and will impact productivity as has been demonstrated in many other countries. In the best case the mining of Platinum group metals will be curtailed with worsening electrical power supply, crumbling infrastructure and corruption that impedes the efficiency of any capitalist’s system. Some socialist South African politicians are calling for the mines to be confiscated. They want them to be turned over to people that may not have the skills to run a complex mining operation. Other politicians are calling for racial violence in the extreme which will lead to a civil war. There is a high probability of decreasing supply of both palladium and platinum. The ability to switch to a cheaper less than optimal use of platinum in gasoline catalytic converters will not be possible. The elimination of any supply in this tight palladium market or even appreciation due to increasing SA risk will potentially drive Platinum group metals much higher.
I recommend that you link to North American Palladium companies website and watch the 2018 earnings presentation and read the 2018 earnings report.
Plan map of the eastern part of the Lac des Iles Mine Property, showing the location of 2018 Creek and Baker Zone drill hole collars, planned and completed fence drilling collars, fall 2018 geophysical survey coverages, and current drill targets. Abbreviations: mag = magnetic; DCIP = direct current induced polarization; MT = magnetotelluric.
Source: North American Palladium, February 2018.
ASSOCIATED PRESS RELEASE
North American Palladium Ramps up Exploration Program
Published February 11, 2019 18:10 ET
Plan view map of the Offset structural block, showing the outlines of the current top-ranked exploration targets in relation to current and planned mining infrastructure, major geological units and the Offset Zone 1 g/t palladium grade shell. Source: North American Palladium, February 2018.
ASSOCIATED PRESS RELEASE
North American Palladium Ramps up Exploration Program
Published February 11, 2019 18:10 ET
Highlights here.....
http://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Ramps-up-Exploration-Program/default.aspx
North American Palladium Reports $167.8M in Adjusted EBITDA for 2018, Announces Quarterly Dividend
Feb 14 2019
Download this Press Release PDF Format (opens in new window)
TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) today announced financial and operational results for the three months and year ended December 31, 2018 and announces quarterly dividend to common shareholders.
Fourth Quarter and Year Ending Highlights
For the year ended 2018, adjusted EBITDA1 increased to $167.8 million, compared to $86.2 million in 2017. Adjusted EBITDA1 increased to $64.2 million for the fourth quarter in 2018, compared to $36.9 million for the same period in 2017.
Revenue for the year increased to $396.8 million compared to $272.4 million in 2017. Revenue for the quarter increased to $122.5 million compared to $87.1 million for the same period in 2017.
Net income for the year ended 2018 was $119.2 million compared to $36.1 million in 2017. Net income for the quarter was $77.5 million compared to $14.3 million for the same period in 2017.
In 2018, the Company produced a total of 237,461 ounces of payable palladium, an increase from the 201,592 ounces produced in 2017. Q4 2018 palladium production reached 65,904 payable ounces as compared to 58,000 ounces in Q4 2017.
All-in sustaining cost (“AISC1”) per payable palladium ounce produced for the year decreased to US$690, compared to US$694 in 2017. AISC1 per payable palladium ounce for the fourth quarter in 2018 decreased to US$670, compared to US$734 for the same period in 2017.
Net debt was reduced by $37.7 million, down to $36.8 million as of December 31, 2018, from $74.5 million as of December 31, 2017.
“2018 was a record year for North American Palladium and its Lac des Iles Mine,” reports Mr. Jim Gallagher, President and CEO. “Highest-ever underground mine production combined with rising palladium prices have resulted in the best-ever financial results in the Company’s history. With Q4 production of over 6,720 tonnes per day at a cost of $35 per tonne mined, we are one of the largest, lowest-cost underground mines in Canada. In addition, we have started to expand the upper mine to take us to 12,000 tonnes per day over the next two years and further lower our unit costs. We are particularly proud that, with all this activity, the mine has continued to improve its safety performance and had zero lost-time accidents in 2018.”
continues......here
http://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Reports-1678M-in-Adjusted-EBITDA-for-2018-Announces-Quarterly-Dividend/default.aspx
North American Palladium Announces Quarterly Dividend
Feb 14 2019
TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) -- The board of directors of North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) today declared a quarterly dividend of $0.03 on each common share outstanding. This dividend is payable on March 15, 2019 to shareholders of record at the close of business on March 1, 2019.
The Company hereby advises that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.
$PALDF
http://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Announces-Quarterly-Dividend/default.aspx
PALDF Tagging a New High Today Impressive 12.23~
Palladium ETF Breaks Toward New Records on Strengthening Fundamentals
[ETF Trends]
ETF TrendsFebruary 14, 2019
The palladium exchange traded fund was pushing toward new record highs, with palladium prices closing above $1,400 for the first time on record, after one of the industry's biggest consumers of precious metals projected a widening supply deficit in 2019.
The Aberdeen Standard Physical Palladium Shares ETF (PALL) gained 1.3% Thursday and increased 11.9% year-to-date. The spot palladium was up 1.4% to $1,417.2.
In its recent Platinum Group Metals market report, Johnson Matthey argued industrial demand would outstrip supply by almost 1m ounces in 2019 due to surging demand on stricter emissions standards, the Financial Times reports. Palladium is key component used by the car industry in catalytic converters fitted in petrol-powered vehicles to diminish harmful greenhouse gas emissions.
“The deficit in the palladium market looks set to widen dramatically in 2019, with stricter emissions legislation forecast to stimulate double-digit rises in palladium demand from European and Chinese automakers,” according to the report.
While production shortfalls previous years were buoyed by investor selling, holdings in ETFs are down sharply in the past year to 730,000 ounces, which has left the market without enough liquidity to “bridge the gap between industrial demand and supply”, Matthey said.
“At their height in 2014, ETFs held nearly 3m ounces of palladium. In the four years since then, the redemption of these holdings has added more than 2.2m ounces of liquidity, but this has not been sufficient to prevent a series of market deficits and a gradual tightening of physical availability,” according to the report.
Meanwhile, some warn that Russia's strategic stockpile of palladium is close to running out. Matthey estimated that 11.5 million ounces of palladium has taken out from the inventories over the past decade.
“Analysis of trade data remains highly supportive of the view that the market overhang created by Russian government sales in the 1990s and early 2000s is being consumed rapidly,” according to the Platinum Group Metals report.
“While we believe that there are some residual stocks of metal, including unknown quantities of palladium produced during the Soviet years and that have ended up in the ownership of the Russian central bank, it is hard to predict when this inventory will be released to the market.”
https://finance.yahoo.com/news/palladium-etf-breaks-toward-records-
223658529.html
$PALDF
Financials are out and look great! Too bad I still need $150.00/share to break even.
$0.03 dividend!
North American Palladium Ramps up Exploration Program
Feb 11 2019
http://www.nap.com/investors/news-releases/news-releases-details/2019/North-American-Palladium-Ramps-up-Exploration-Program/default.aspx\\
$PALDF
Various Global Events Drive the Value of Palladium Higher
$PALDF
PR Newswire - 4 minutes ago
Palladium prices have skyrocketed in the past year due to what analysts consider an annual supply/demand deficit. The prices were trading at approximately USD 990 per ounce in early 2018. Just a year later, palladium prices have surged by 42% to USD 1,411 per ounce. The metal is considered a precious metal and is predominately being used to supply the automotive industry in order to manufacturer catalytic converters. These catalytic converters help reduce the amount of carbon monoxide emitted from automobiles. The metal is also being leveraged in electronics, dentistry, jewelry, groundwater treatment, and chemical applications, according to American Precious Metals Exchange. In combination with the supply and demand deficit, palladium's explosive rise is also a result of the ongoing U.S. and China trade war tensions. The global economic concerns and demand for electric vehicles have caused the price of palladium to surpass gold prices, which were trading at approximately USD 1,300 in early February. According to data compiled by Technavio analysts, the global precious metals market is projected to grow at a CAGR of 4.07% throughout the forecast period from 2017 to 2021. Gold, silver, platinum, and palladium are considered to be precious metals. Declan Cobalt Inc. (OTC:DCNNF) (CNSX:LAN.CN), North American Palladium Ltd. OTC:PALDF (TSX:PDL.TO), EMX Royalty Corporation NYSE:EMX (TSXV:EMX.VN), Alexco Resource Corp. NYSE:AXU (TSX:AXR.TO), Almaden Minerals Ltd. NYSE:AAU (TSX:AMM.TO).
"While the escalating U.S.-China trade war hurt many commodities in 2018, it couldn't dent palladium's rise. Demand for palladium was especially strong last year, as environmental concerns have prompted a global shift from diesel to gasoline and hybrid vehicles," said John Ciampaglia, Chief Executive Officer of Sprott Asset Management, according to MarketWatch. "Supply shortages continue to support palladium's performance, with strong multi-year growth in palladium demand now straining a fixed supply. Palladium is especially scarce and its supply is inelastic since it is usually a by-product of ores that are being mined for other metals, like platinum and rhodium."
Declan Cobalt Inc. OTCQB:DCNNF (CNSX:LAN.CN) is also listed on the Canadian Securities Exchange under the ticker (CNSX:LAN.CN). Earlier today the company announced that, "it paid a non-refundable deposit and entered into a term sheet (the "Term Sheet") dated February 7, 2019, through its wholly-owned subsidiary, East Bull Resources Inc. ("East Bull"), with Pavey Ark Minerals Inc. ("Pavey Ark"), an arm's length private company that generates mineral exploration projects. The Term Sheet proposes that East Bull would be granted, on an arms' length basis, an option from Pavey Ark to acquire a 100% interest in the East Bull palladium property in the Sudbury Mining Division (Ontario) (the "Property"). P&E Mining Consultants Inc. of Brampton, Ontario has prepared a NI 43-101 compliant report on the Property dated April 5, 2018 (the "43-101 Report"). The NI 43-101 Report references an pit-constrained inferred resource of 11.1 million tonnes of 1.46 grams per tonne (523,000 ounces) palladium equivalent. The NI 43-101 Report is available for review at www.paveyarkminerals.com, and will be filed on SEDAR within 180 days of this announcement.
Palladium has recently rallied to a price exceeding that of gold. Palladium is the principal element used in internal combustion engine catalytic converters. Deposits are rare, found generally in South Africa, Russia, Montana and the Sudbury Basin in Ontario, where the Property is located. High demand for palladium is expected to continue due to many jurisdictions (including China) implementing more stringent domestic emissions standards.
The Property consists of approximately 1000 hectares covering more than 3.6 kilometres of the East Bull layered intrusion. This area consists of an inclusion bearing zone hosting palladium mineralization.
The 43-101 Report recommends an exploration program to extend and define the known mineralization. Declan has not undertaken any independent detailed investigation of the information contained in NI 43-101 Report in order to verify the accuracy of the information. However, Declan believes that following the recommended exploration work program will increase the current resource and help to define the extent of the palladium mineralization.
Under the proposed terms of the transaction, Declan would issue stock, make cash payments and discharge work commitments over the course of a four-year period. Over the four-year period, a total of $1 million in cash will be paid, 4.5 million shares of Declan will be issued and priced within the context of the market at the time of issuance, and a work commitment of $1.75 million will be completed. The Term Sheet also contemplates that if the option is exercised in full, Declan would acquire a 100% interest in the Property and would grant to Pavey Ark a Net Smelter Royalty on any mineral production from the Property. If Declan does not exercise the option in full, then a 100% interest in the Property will remain with Pavey Ark. The terms and conditions of the transaction will be set out in a definitive binding agreement to be negotiated between the parties and intended to be executed on or before February 28, 2019.
The definitive agreement will be subject to a number of conditions including, without limitation, the parties having received any necessary approvals, consents and authorizations. In addition, each party shall have completed their due diligence to their satisfaction including, without limitation, Declan being satisfied that it will acquire good and valid title to the Property, free and clear of any and all liabilities and encumbrances. A finder's fee will be payable on closing in connection with this transaction.
Mr Wayne Tisdale, CEO of the Company reports: "We have been presented with a rather unique opportunity to acquire a palladium resource located within 70 kilometres of Sudbury, Ontario. By pursuing, inter alia, the recommended work program referenced in the P&E 43-101, this resource appears to have excellent potential to add palladium ounces to a current diamond drill permitted area. This palladium asset perfectly complements our current copper-cobalt project. At Declan, we are actively pursuing the metals required for current demand (palladium) while also preparing for the increasing demand for cobalt and copper. We call our strategy Metals for Today and Tomorrow."
Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc., is the independent qualified person (as defined in NI 43-101) responsible for preparing the NI 43-101 Report on the Property. Mr. Puritch has reviewed and approved the technical contents of this press release as they pertain to the Property."
North American Palladium Ltd. OTC:PALDF (TSX:PDL.TO) provided an update recently on its 2018 exploration programs at the Lac des Iles Mine ("LDI") property, located 90 kms north of Thunder Bay, Ontario. All dollar amounts cited refer to Canadian dollars. Figure 1: Plan map of the eastern part of the Lac des Iles Mine Property, showing the location of 2018 Creek and Baker Zone drill hole collars, planned and completed fence drilling collars, fall 2018 geophysical survey coverages, and current drill targets. Abbreviations: mag = magnetic; DCIP = direct current induced polarization; MT = magnetotelluric. The Company's President and CEO, Mr. Jim Gallagher, commented, "We are very encouraged by the large number of high-quality exploration targets we have developed in a relatively short timeframe, with our renewed focus on exploration. We are increasing our 2019 exploration budget and remain committed to extending the life of the LDI operations through future exploration success."
EMX Royalty Corporation NYSE:EMX (TSXV:EMX.VN) announced Boreal Metals Corp.'s recent drill results and the discovery of a high grade zone of zinc-silver-lead-gold mineralization at EMX's Gumsberg royalty property. EMX is a royalty holder on the Gumsberg project, and currently owns a 9.4% equity interest in Boreal. Gumsberg is located in the Bergslagen mining district of southern Sweden. The drill results include 11.00 meters averaging 5.90% zinc, 239.0 g/t silver, 2.51% lead, and 0.96 g/t gold in hole GUM-18-003, and 11.01 meters averaging 7.45% zinc, 275.1 g/t silver, 2.65% lead, and 0.77 g/t gold in hole GUM-18-004 (true widths estimated at 50% of reported interval lengths). EMX congratulates Boreal on its new high grade discovery, termed the South Zone, and looks forward to further advancement of the Company's Gumsberg royalty interests.
Alexco Resource Corp. NYSE:AXU (TSX:AXR.TO) announced recently that the Reconnaissance drilling confirms continuation of Bermingham mineralization at depth and identifies an fffset extension, identifies new gold targets. The company released the remaining results from its 2018 7,687 meter ("m") surface reconnaissance and deep drilling program comprising 26 drill holes on six targets scattered across the Keno Hill Silver District in Canada's Yukon Territory. The targets were mostly blind, and were selected to determine if the ore control model developed for the Bermingham deposit is duplicated in other areas across the district. In addition, two of the targets were significant step outs - along strike and down dip - from the recently defined Bermingham silver deposit. The results from four surface in-fill holes comprising 1,052 m at the Bermingham NE Zone are also included herein. The presence of up to 76.3 g/t gold over a true width of 1.5 m in drill hole K-18-0718 and 5.36 g/t gold over a true width of 0.7 m in drill hole K-18-0714 represent a new discovery of gold in the historical No Cash area, approximately one kilometer north of Bermingham. Further work is required to understand the significance of this discovery.
Almaden Minerals Ltd. NYSE:AAU (TSX:AMM.TO) that the independent NI 43-101 Technical Report on the Feasibility Study of the Ixtaca Gold-Silver Project located in Puebla State, Mexico (the "FS"), has been filed on SEDAR. A summary of findings from the FS was announced in Almaden's press release issued December 11, 2018. The full report, prepared by Moose Mountain Technical Services ("MMTS"), can be viewed under the Company's profile on www.sedar.com. owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The Ixtaca Gold-Silver Deposit was discovered by Almaden in 2010.
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also catch Barcharts PALDF
https://www.barchart.com/stocks/quotes/PALDF/opinion
They did a private placement in December
North American Palladium Completes $10 Million Private Placement Of Flow-Through Common Shares
Dec 24 2018
Download this Press Release PDF Format (opens in new window)
//THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION TO THE UNITED STATES//
TORONTO, Dec. 24, 2018 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) today announced that it has closed its previously announced non-brokered private placement financing (the "Offering"). Pursuant to the Offering, the Company has issued 714,257 common shares that are "flow-through shares" within the meaning of the Income Tax Act (Canada) (each a "Flow-Through Share") at a price of $14.00 per Flow-Through Share for aggregate gross proceeds to the Company of approximately $10,000,000.
All proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses at the Company’s Camp Lake, East Mine Block and Sunday Lake properties, located in Ontario, Canada. The Company will renounce qualifying expenses as at December 31, 2018.
The Flow-Through Shares were issued on a private placement basis in certain provinces of Canada, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The Flow-Through Shares are subject to a statutory hold period of four months and one day from the date of closing of the Offering. In connection with the Offering, certain finders will be entitled to receive payment of a cash finder’s fee of up to 6% of the gross proceeds of certain subscriptions under the Offering.
The Flow-Through Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Flow-Through Shares in any state in which such offer, solicitation or sale would be unlawful.
http://www.nap.com/investors/news-releases/news-releases-details/2018/North-American-Palladium-Completes-10-Million-Private-Placement-Of-Flow-Through-Common-Shares/default.aspx
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