6. North American Palladium (PAL) engages in the exploration and mining of palladium, platinum, gold and certain base metals. The company owns two mines and various mineral properties. It operates in three segments: palladium, gold, and corporate and other.
For its first quarter ended March 2011, the company reported a narrower loss of $10.3 million, or 6 cents per share, compared to $18.4 million, or 14 cents per share, in the year-ago quarter. Revenue for the period increased to $36.7 million from $7.9 million, as the company commenced production of metals such as palladium, platinum, nickel and copper.
As of March 2011, the company had net working capital of $163.3 million and a cash balance of $100.1 million versus $169.6 million and $75.2 million at the end of Dec. 2010, respectively. Furthermore, it had no long-term debt. During the quarter, the company invested $3.8 million in exploration activities at its palladium operations ($1.9 million) and gold operations ($1.9 million), and $41.1 million in development expenditure.The company recently released an updated mineral resource estimate for the Offset Zone at its Lac des Iles ("LDI") palladium mine. Measured and indicated resources total 14.5 million tonnes (up 68%) containing 2.5 million ounces of palladium (up 41%). Of the 11 analysts covering the stock, 73% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts foresee 63.7% upside to $5.96 from current levels. The stock has gained 4% in the last one month.
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