North American Palladium Ltd., the operator of the Lac des Iles mine in Ontario, said it’s not aware of any reason for the 27 percent plunge in its share price two days ago.
The company is “working hard” to obtain additional financing, Chief Executive Officer Phil du Toit said today in a statement. North American said it will provide an update if and when a “firm commitment materializes.” The Toronto-based company is expanding Lac des Iles to raise palladium output and reduce production costs.
The company is still “optimistic about the mine’s future cash generation potential,” du Toit said. “2013 is a critical transitional year and the financial challenges that we are encountering are no doubt related to this transitional phase.”
The shares were unchanged yesterday, closing at 51 Canadian cents in Toronto, a 30-year low.