North American Palladium Ltd. (fka PALDF)

[geophyte]

chaching: I am not sure where your quotes come from or what anything you have posted has to do with my pointing out that PAL burned through about $80 million last year. They cannot operate this mine with positive cash flow. In Q4 they were able to generate better results because they had stockpiled UG ore near the orepass in Q3 while they were making upgrades to the hoisting system. In Q4 they hoisted this ore, the mining cost of which was incurred in Q3. They were then able to run the mill at 12000 tpd, a rate they cannot sustain without using so much RGO that the costs skyrocket. They also can’t expand the tailings facility fast enough. In 2015, they will run at 8400 tpd according to the COO. We will see if they can generate positive cash flow then. I expect they will have to issue more shares, perhaps via more convertible debentures, or start capitalizing BAM interest again.