North American Palladium Records 2013 Revenue of $153.2 Million

North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) announced the 2013 financial and operating results for its Ontario-based Lac des Iles palladium mine, commenting that last year it put out 135,158 ounces of payable palladium at a cash cost of US$560.

Other highlights include:

  • Realized palladium selling price of US$724 per ounce, giving a palladium operating margin of US$164 per ounce, or US$22.2 million;
  • Revenue of $153.2 million;
  • Adjusted EBITDA of $13.4 million;
  • Invested $109.5 million in capital expenditures (exclusive of $28.6 million of capitalized interest) and $12.3 million in exploration;
  • Completed shaft construction and commenced commissioning by year end (with notable production ramp up progress made in January 2014); and
  • Subsequent to year end, completed a $32-million financing.

Phil du Toit, North American Palladium’s president and CEO, commented:

Looking back at 2013, it was a year during which we strived to balance completing a major development project while implementing operating improvements. Furthermore, we had a financial shortfall during a period when sector challenges made capital a scarce and expensive commodity. Despite this, we finished the year on target with our revised forecast and accomplished a significant milestone in commissioning the new shaft. Operations are off to a good start in 2014, with January monthly palladium production of approximately 15,000 ounces, representing one of the best months in the last two years.

Click here to read the full North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) press release.