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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: Ptaskmaster who wrote (532)	3/29/2000 2:16:00 PM
From: Sleeper	Read Replies (1) \| Respond to of 976

Ptask, I haven't sold and don't think now is the time. Regardless of Russia & the TOCOM, Pd is in short supply and the ability to increase production is very limited. Seems to me the potential for good upside movement in NAP is substantial. Would hate to bail out now, not knowing how this soap opera ends, or more probably what happens in Act 2. Sleeper

To: Ptaskmaster who wrote (532)	3/30/2000 12:14:00 PM
From: Elizabeth Andrews	Read Replies (2) \| Respond to of 976

I understand that the expansion financing is based on Pd at $325 with lower prices expected a few years out. The expansion is economic at that price and would, in my view, justify a higher price for PDL. What I'm waiting for is the plan to hedge the new production. This is where they screwed up badly last time and is the primary reason for the $100 debt. I hope the hedge or forward selling includes a deal with an industry partner on a long term supply contract. It would also be nice to see an underwriter take down some stock as part of the financing. I'm thinking that the Pd price to use at least for the next two years is $500/oz. Things will good if that holds. I think patience will be rewarded.