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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: Kim Johnson who wrote (512)3/8/2000 1:09:00 PM
From: Elizabeth Andrews  Read Replies (2) of 976
 
Thanks for the info. I am very aware of mining terminology. As mentioned, I can't find a recent balance sheet but I did find a 1997 Form 20-F. Item One refers to a royalty agreement with The Sheridan Group equal to 3% of the "Net Cash Proceeds" up to Dec 31-00 and 5% thereafter until the expiration of the leases. I think this means 3% of the value of the product after smelting charge so it is equivalent to an NSR. From what I've heard about Sheridan it's unlikely he would exchange the lease for a weak deal like a Net Profits Interest. Anybody got a recent annual report to clarify?
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