North American Palladium Ltd. (fka PALDF)

[geophyte]

chaching: Good question. On the Income statement they show 198 million "spent" to make 220 million. BUT depreciation is not cash. Take that out and the number is NOT 90% but about 73%. Taking the depreciation out, you still have negative cash flow after paying all the other expenses - negative 11.5 million for 2014.
The real telling thing is they started the year with C$9.8 million and ended the year with C$4.1 million after issuing C$61.2 million in debentures and borrowing C$15.9 million on their credit line. They basically burned through about C$80 million after operating in 2014. They can't operate without raising more money in 2015. It is just a question of how they will do it.