North American Palladium Ltd. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Production Results for the Second Quarter Ended June 30, 2018; Reaffirms Production Guidance for 2018
Adjusted EBITDA for the six months ended June 30, 2018 was CAD 65.6 million compared to CAD 27.3 million for the same period in 2017. Net income for the six months ended June 30, 2018 was CAD 21.0 million compared to a net income of CAD 4.1 million for the same period in 2017.
The company produced 57,652 ounces of payable palladium at an All-Inclusive Sustaining Cost ("AISC") of USD 658 per ounce compared to 50,222 ounces of palladium at an AISC of USD 612 in the second quarter of 2017. Total tonnes milled at Lac des Iles (LDI) continued to increase this quarter to 1,077,472 compared to 580,265 tonnes in the second quarter of 2017, which reflects the return to full-time milling, supplemented by an increased in underground production, Sheriff Pit ore and additional surface stockpile tonnage.
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.