North American Palladium Ltd. Reports Consolidated Earnings and Production Results for the Third Quarter and Production Results for the Nine Months Ended September 30, 2017; Provides Production and Cash Flow Guidance for the Year 2017
For the quarter, the company reported underground production was 500,560 tonnes (5,441 tonnes per day) at an average grade of 3.8 grams per tonne, an increase of 44% compared to 348,709 tonnes (3,790 tonnes per day) at an average grade of 3.3 grams per tonne in the third quarter of 2016. Underground mining cost per tonne delivered to the mill in the third quarter decreased to a low of USD 39.68 compared to USD 44.43 in the same period in 2016. The company produced 53,118 ounces of payable palladium at an All-Inclusive Sustaining Cost1 ("AISC") of USD 720 per ounce compared to 33,165 ounces of palladium in 2016 at an AISC of USD 784.
For the nine months, the company reported payable production for the nine months ended September 30, 2017 was 143,592 ounces.
For the year 2017, the company expects palladium production between 180,000 and 190,000 ounces of palladium at an average AISC cost of USD 700 - USD 720 per ounce remains unchanged. Payable production for the nine months ended September 30, 2017 was 143,592 ounces.
For the year 2017, the company expects cash flows from operations will be sufficient to fund capital expenditures, service debt and to repay the principle amount of USD 15 million due on December 31, 2017 under the company's term loan.