North American Palladium Ltd. Reports Consolidated Earnings and Production Results for the Third Quarter and Earnings Results for the Nine Months Ended September 30, 2018; Provides Production Guidance for the Year 2018
For the nine months, the company's adjusted EBITDA was CAD 103.6 million compared to CAD 49.3 million for the same period in 2017. Net income was CAD 41.7 million compared to a net income of CAD 21.8 million for the same period in 2017. Revenue was CAD 274.3 million compared to CAD 185.3 million for the same period in 2017, an increase of 48%.
For the quarter, the company's underground production was 565,277 tonnes (6,144 tonnes per day) at an average grade of 3.2 g/t this quarter compared to 500,560 tonnes (5,441 tonnes per day) at an average palladium grade of 3.8 g/t in the third quarter 2017. The company produced 56,852 ounces of payable palladium at an All-Inclusive Sustaining Cost of USD 733 per ounce compared to 53,118 ounces of palladium at an AISC of USD 688 in the third quarter of 2017. Tonnes ore milled was 1,028,361 tonnes compared to 704,287 tonnes a year ago. Total ore mined was 1,063,446 tonnes against 779,630 tonnes reported last year.
As a result of lower than budgeted grade, total ounces produced in 2018 will be near the lower end of the 230,000 to 240,000 ounces of payable palladium guidance. AISC, which is impacted by the lower grade and also by lower by-product metal prices of gold, platinum and copper will be nearer USD 700 per ounce, above the USD 640 to USD 660 per ounce guidance.