North American Palladium Ltd. (fka PALDF)

[geophyte]

While current shareholders are likely holding worthless shares, BAM does not want to own this mine. We will then see the marketing savvy of the current management. Can they find a buyer? A little more smoke (exploration potential) and adding a couple of “mirrors” on the operating side and they will likely want to sell based on positive cash flow after coming out from under the burden of debt. While that doesn’t change the operational bottlenecks or the poor design of the underground system, new investors don’t generally look at those fundamentals. BAM may have to let it go for about US$100 to US$120 million. At that price there are likely buyers who really don’t understand the challenge – poor design, blocky ground and the fact that all the “exploration potential” is just a rehash of the dogs of years past. This mine has never really generated much cash but is still in operation 20 years plus later. There always seems to be new investors in the wings who don’t know any better or want to believe, you have to BELIEVE! And someone always has for the last 20+ years.