North American Palladium Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of CAD 86.6 million compared to CAD 44.3 million in the first quarter of 2017. The higher revenue in the quarter was primarily due to an increase in palladium prices and payable palladium sold. Net income was CAD 5.6 million or CAD 0.1 per share, compared to a net loss of CAD 3.8 million, or CAD 0.07 per share a year ago. Adjusted EBITDA was CAD 28.4 million compared to CAD 6.8 million a year ago. Income from mining operations was CAD 18.6 million against CAD 0.1 million a year ago.

For the quarter, Underground production was 569,468 tonnes (6,327 tonnes per day) at an average grade of 3.3 grams per tonne compared to 363,136 tonnes (4,035 tonnes per day) at an average grade of 4.4 grams per tonne in the first quarter of 2017. Total tonnes milled increased to 1,021,147 in the quarter compared to 458,382 tonnes in the first quarter of 2017, reflecting the return to full-time milling, supplemented by increased underground production, Sheriff Pit ore and additional surface stockpile tonnage. The company produced 57,053 ounces of payable palladium at an All-Inclusive Sustaining Cost (AISC) of USD 709 per ounce compared to 40,252 ounces of palladium in 2017 at an AISC of USD 765.

The company's previously stated 2018 guidance of palladium production between 230,000 and 240,000 ounces of palladium at an average AISC cost of USD 640 to USD 660 per ounce remains unchanged.