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North American Palladium (TSX:PDL) has released its development, operating and financial results for the third quarter ended September 30 2014. The company reported a net loss of $18.8 million for the quarter compared to a net loss of $5.3 million for the same quarter in 2013.
North American Palladium (TSX:PDL) has released its development, operating and financial results for the third quarter ended September 30 2014. The company reported a net loss of $18.8 million for the quarter compared to a net loss of $5.3 million for the same quarter in 2013.
As quoted in the press release, highlights of results included:
- Sold 36,430 ounces of payable palladium at a cash cost per ounce(1) of US$589. Year to date cash cost per ounce is US$527.
- Revenue of $46.4 million was an increase of $13.1 million or 39% compared to the same period in 2013 due to more favorable exchange rates, higher palladium ounces sold and higher palladium prices.
- Adjusted EBITDA(1) of $8.3 million for the quarter and $28.5 million year to date.
- Realized palladium selling price of US$860 per ounce, giving a palladium operating margin of US$271 per ounce, or US$9.9 million. Palladium prices remain strong, with the November 4, 2014 price at US$786 per ounce.
North American Palladium CEO, Phil du Toit, said:
Taking a view on the progress from 2013 to where we are today, we are pleased with what has been achieved during construction in 2013, commissioning and production build up in 2014 and the related financings. Although the third quarter presented challenges on grade due to mining sequence, equipment availability and the unfortunate incident of a mine fatality, the fourth quarter is off to a good start and we remain on track to meet our longer-term objectives. The exploration results so far in 2014 are very encouraging. We will keep the market apprised of progress.
Click here to read the North American Palladium (TSX:PDL) press release
