PALLADIUM: NAP logs upbeat 2014

TORONTO – North American Palladium produced 174,194 oz of palladium in 2014, a 29% jump from the previous year. The production increase was due to the completion of the ramp up and transition period at the Lac des Iles mine in northern Ontario.

Other markers were equally impressive. The company had revenues of $220.1 million, up 44% from $66.9 million in 2013. Adjusted EBITDA was $50.0 million an increase of $34.7 million more than in 2013. NAP's realized palladium selling price was US$802 per oz, compared to a cash cost of US$513 per oz.

That said, NAP recorded a net loss for 2014 of $66.7 million, compared to a loss of $46.2 million a year earlier. The losses included depreciation and amortization ($37.7 million), unrealized foreign exchange ($15.7 million), and financing costs ($7.5 million).

Capital expenditures in 2014 were $23.8 million, compared to $109.5 million in 2013. A further $8.3 million was spent on exploration.

NAP has given guidance numbers for 2015 of payable palladium production of between 185,000 and 205,000 oz at a cash cost per ounce sold of US$440 to US$466. Rough budgets for capital expenditures and exploration are under $37 million and under $9 million, respectively.

Please see NAP.com for detailed quarterly and year end figures.