TORONTO – North American Palladium Ltd. saw its first-quarter loss more than triple as operating and other expenses rose sharply.
The miner says it comprehensive loss for the three months ended March 31 was $2.8 million or two cents per share, including a penny per share profit from discontinued operations.
That compared with a loss of $928,000 or a penny per share in the year-earlier period, which included a one-cent per share loss from discontinued operations.
Revenue rose to $47 million from $41.6 million, with the increase primarily due to greater quantities of payable metals sold, more favourable exchange rates and higher realized prices for palladium.
The adjusted net loss, which excluded exploration costs, gains and losses from discontinued operations, and insurance recoveries net of mine restoration costs, was $800,000 compared with adjusted net income of $3.3 million in the same quarter last year.
Meanwhile, the company said it will need to raise money on the debt or equity markets or both in the second quarter to pay for its 2013 capital plan.
“While the company believes that both the debt and equity markets are currently available to finance its funding requirement, certainty of completing a financing cannot be assumed at this time and, if sufficient financing is not obtained, it will have a materially negative impact on the company,” it said.