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5 Mining Stocks: Performance Update

Stocks in this article: IAG SWC MTL PAL GRZ

2. North American Palladium (PAL) is a diversified precious metals company holding interests in two mines and various mineral properties. The company explores and mines palladium, platinum, gold and certain base metals. The stock has gained 2.7% during the last one week and 7% in yesterday's (June 9, 2011) trading session alone riding on the run-up in prices of the underlying metal.

For first quarter 2011, net loss narrowed to $10.3 million, or 6 cents per share from $18.4 million, or 14 cents per share in the year-ago quarter. Sales grew multi-fold to $36.7 million from $7.9 million, as the company has launched sales of palladium, platinum, nickel and copper. Gold sales stood at 6,300 ounces compared to 6,700 ounces in the first quarter of 2010.

As at March 31, 2011, the company had approximately $163.3 million in working capital (including $100.1 million of cash on hand) and no long-term debt. During the quarter, the company received proceeds of $21.3 million from the exercise of Series A warrants and $22 million from financing of flow-through shares. The company believes that its operating cash flow together with its cash reserves and credit facilities, which remain undrawn, provide the company financial flexibility to advance its development projects.

Of the 11 analysts covering the stock, 73% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 61% upside to $6.10 in value from current levels.

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