North American Palladium Ltd. (fka PALDF)

[geophyte]

wee willie: What geranium says sounds contradictory but his premise on Jan 5th was that they would be profitable. Instead they have their Income from continuing operations in Q4 was negative C$11.3 million and their net change in cash is minus C$7.7 million. They borrowed another C$10 million from their Credit facility to keep themselves above water. This, I believe, is what geranium is concerned about in his/her latest post.
The only reason their Q4 cash costs look better is they loaded a lot of their UG mining costs up in Q3 when they stockpiled. They were able to put more through the mill in Q4 as a result but that, according to the 2015 guidance, won't be sustainable this year or any year because of the infrastructure design UG. They have managed to report an optimistic enough Q4 to perhaps boost the short term price up and therefore issue fewer shares when the inevitable need for more cash arises.