North American Palladium Ltd. provided capital expenditure and operating guidance for the full year ended December 31, 2013 and cash flow guidance for the full year of fiscal 2014. On a preliminary and unaudited basis, and subject to change, based on the information currently available to the company as of the date, the company anticipates for the 2013 fiscal year end capital expenditures to total approximately $116 million (excluding capitalized interest), of which approximately $92 million was spent on the LDI Phase I of the mine expansion, approximately $17 million on the tailings management facility, and approximately $7 million on other capital expenditures and production to total approximately 135,000 ounces of payable palladium for fiscal 2013. Looking ahead to 2014, before working capital changes, the company expects to generate positive cash flow from operations at LDI.

After including working capital changes in 2014, the expected cash flow from operations is expected to be negative, primarily as a result of an expected decrease in accounts payable as the company transitions away from intensive construction activity and an expected increase in accounts receivable as production ramps up.