Friday, August 03, 2018 4:09:04 PM
Financial and Operational Improvements Continue at North American Palladium in the Second Quarter of 2018
Aug 02 2018
Download this Press Release PDF Format (opens in new window)
TORONTO, Aug. 02, 2018 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) today announced its second quarter 2018 financial and operational results for the three and six months ended June 30, 2018.
Q2 2018 Results Summary
Adjusted EBITDA1 for the second quarter of 2018 was $37.2 million compared to $20.5 million for the same period in 2017. Adjusted EBITDA1 for the six months ended June 30, 2018 was $65.6 million compared to $27.3 million for the same period in 2017.
Net income for the quarter was $15.4 million compared to a net income of $7.9 million for the same period in 2017. Net income for the six months ended June 30, 2018 was $21.0 million compared to a net income of $4.1 million for the same period in 2017.
The Company produced 57,652 ounces of payable palladium at an All-Inclusive Sustaining Cost1 ("AISC") of US$658 per ounce compared to 50,222 ounces of palladium at an AISC of US$612 in the second quarter of 2017.
Total tonnes milled at Lac des Iles (“LDI”) continued to increase this quarter to 1,077,472 compared to 580,265 tonnes in the second quarter of 2017, which reflects the return to full-time milling, supplemented by an increased in underground production, Sheriff Pit ore and additional surface stockpile tonnage.
"We are pleased to report improved operating and financial results this quarter over the same period in 2017. Palladium production increased by 15% based on higher underground and surface ore production. Underground mining costs were under $39 per tonne and mill costs were less than $10 per tonne resulting in an adjusted EBITDA of $37 million for the quarter. Our strategy of maximizing total throughput by supplementing the higher-grade underground ore from the offset zone with lower grade material from both underground and surface sources continues to lead to improvements in our business case,” stated Jim Gallagher, President and CEO of North American Palladium.
“In addition to the positive operational and financial performance, we have also had some encouraging diamond drill results this quarter. These include the best drill holes to date for the underground Offset South zone and the near-surface Creek and Baker target zones, which are both located within 2 km from the mill. These and other exploration targets on the mine property demonstrate that the greatest potential for significantly extending the mine life exists within the current footprint of the LDI site. In the second half of the year, we will be focused on completing an updated NI 43-101 technical report which will outline an optimized and updated life of mine plan, and reflect the full potential of this asset,” continued Mr. Gallagher.
Operating Highlights
continues here
http://www.nap.com/investors/news-releases/news-releases-details/2018/Financial-and-Operational-Improvements-Continue-at-North-American-Palladium-in-the-Second-Quarter-of-2018/default.aspx
$PALDF
Aug 02 2018
Download this Press Release PDF Format (opens in new window)
TORONTO, Aug. 02, 2018 (GLOBE NEWSWIRE) -- North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) today announced its second quarter 2018 financial and operational results for the three and six months ended June 30, 2018.
Q2 2018 Results Summary
Adjusted EBITDA1 for the second quarter of 2018 was $37.2 million compared to $20.5 million for the same period in 2017. Adjusted EBITDA1 for the six months ended June 30, 2018 was $65.6 million compared to $27.3 million for the same period in 2017.
Net income for the quarter was $15.4 million compared to a net income of $7.9 million for the same period in 2017. Net income for the six months ended June 30, 2018 was $21.0 million compared to a net income of $4.1 million for the same period in 2017.
The Company produced 57,652 ounces of payable palladium at an All-Inclusive Sustaining Cost1 ("AISC") of US$658 per ounce compared to 50,222 ounces of palladium at an AISC of US$612 in the second quarter of 2017.
Total tonnes milled at Lac des Iles (“LDI”) continued to increase this quarter to 1,077,472 compared to 580,265 tonnes in the second quarter of 2017, which reflects the return to full-time milling, supplemented by an increased in underground production, Sheriff Pit ore and additional surface stockpile tonnage.
"We are pleased to report improved operating and financial results this quarter over the same period in 2017. Palladium production increased by 15% based on higher underground and surface ore production. Underground mining costs were under $39 per tonne and mill costs were less than $10 per tonne resulting in an adjusted EBITDA of $37 million for the quarter. Our strategy of maximizing total throughput by supplementing the higher-grade underground ore from the offset zone with lower grade material from both underground and surface sources continues to lead to improvements in our business case,” stated Jim Gallagher, President and CEO of North American Palladium.
“In addition to the positive operational and financial performance, we have also had some encouraging diamond drill results this quarter. These include the best drill holes to date for the underground Offset South zone and the near-surface Creek and Baker target zones, which are both located within 2 km from the mill. These and other exploration targets on the mine property demonstrate that the greatest potential for significantly extending the mine life exists within the current footprint of the LDI site. In the second half of the year, we will be focused on completing an updated NI 43-101 technical report which will outline an optimized and updated life of mine plan, and reflect the full potential of this asset,” continued Mr. Gallagher.
Operating Highlights
continues here
http://www.nap.com/investors/news-releases/news-releases-details/2018/Financial-and-Operational-Improvements-Continue-at-North-American-Palladium-in-the-Second-Quarter-of-2018/default.aspx
$PALDF
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