North American Palladium(AMEX:PAL)- PGM Producer Message Board

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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer

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To: Elizabeth Andrews who wrote (509)	3/8/2000 1:02:00 AM
From: Kim Johnson	Read Replies (3) of 976

Hello Elizabeth, You've done some "good work" in your analysis of PDL. I did notice however that you refer to a NSR (net smelter return). My research has led me believe the company does pay a 3% net profit interest (scheduled to go to 5% late this year). BIG, BIG DIFFERENCE BETWEEN THE TWO. Net profit is after ALL possible costs and expenses even taxes are taken out. Net smelter is MUCH more valuable/costly. It was explained to me a NSR is almost as good as 10 times the percentage (ie 1% NSR is almost as good as a 10% share in the claim). According to the 1998 Annual Report that I have read PDL DOES NOT pay a Net Smelter but does pay a Net Profit. Did you see SWC take off today? IMHO we will do very, very well in PDL as I believe the Russian cupboard is bare. Kim

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