North American Palladium Ltd. Announces First Quarter 2005 Financial Results.

TORONTO -- North American Palladium Ltd. (TSX:PDL)(AMEX:PAL)

Results of Operations

The Company realized a net loss for the three months ended March 31, 2005 of $7,736,000 or $0.15 per share on revenues of $26,206,000 compared to net income of $6,121,000 or $0.11 per share on revenues of $53,156,000 for the corresponding period a year earlier.

In the first quarter of 2005, the Company's palladium revenue was affected by a 42% decline in palladium production compared to the first quarter of 2004, together with a continuing low palladium price. During the first quarter of 2005, revenue was recorded for 45,022 ounces of palladium production of which 6,403 ounces were recorded at the floor price of US$325 per ounce under the expiring palladium sales contract, while the remainder, which will be available for physical delivery after June 30, 2005, was recorded at the March 31, 2005 quoted market price of US$199 per ounce. The blended average realized palladium price for the first quarter of 2005 was US$224 per ounce compared to a price of US$325 per ounce in the year-earlier period, which was the floor price under the palladium sales contract in that period. Variations from the provisionally priced sales will be recognized as revenue adjustments as they occur until the price is finalized. In addition, revenue from by-product metal declined b...

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