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

To: Bruce Robbins who wrote (582)	5/22/2000 10:20:00 AM
From: Sleeper	Read Replies (1) \| Respond to of 976

Bruce, while everything you say is true concerning Saf and the Pt/Pd supply & demand situation, the fact that other major players have begun discussing increasing production has given the PERCEPTION of a potential equalibrium in the markets. Of course it will be years before the production comes on line as you correctly point out, but the average investor hasn't taken the time to fully investigate the matter (IMO). Dilution in NAP's case is for mine/refining expansion with lessened borrowing and hence debt service requirements. Again, the average investor may not know this. After some thought, I have concluded that increasing the float is a smart way to raise money for NAP. With so many battered investors, rising interest rates and margin calls, I believe NAP has been taken out and shot (unfairly) along with the other mining stocks. I still consider it a good long term play, with excellent margins. I f successful in their mine expansion, NAP could eventually produce 5% of the worlds Pd. Good luck investing Sleeper

To: Bruce Robbins who wrote (582)	5/22/2000 11:56:00 AM
From: Ptaskmaster	Read Replies (2) \| Respond to of 976

Bruce & Sleeper, some comments on your interesting discussion: "...Pt and Pd do not appear to have the Central Bank and hedging/forward sales problems that gold has." The nature of the financing, for which the rumoured Swiss bank stash of Russian Pd is collateral, is unknown. "Demand will always be high- supply rare." How about price? One view is mentioned by Neil Berhmann: "...a recent Norilsk report contradicts Kotylar and is even more bearish about palladium than some Net Prophet panellists. Global supplies will increase and demand (at present high prices) will fall, so "there is consequently sufficient basis to assume that the price of palladium will fall to $9 per gramme ($280 an ounce)", says the report." mips1.net Major's discussions give perception of equililbrium in PGM markets.- Norilsk's talk is not matched by results. Amplats must be taken seriously, but the time horizon is considerable. "I'm looking for an equity vehicle to play with- it has to be a Pt/Pd producer.... The SAf miners like Impala and Anglo are hard to buy/sell without getting screwed by your broker. SWC is screwed up. PDL looks like the best bet, if they can get through their debt situation and expansion...." This is right on. Amplats and Implats will not list in North America, to avoid reporting requirements and regulations. Stillwater appears to be a senior, but is really a mid-tier that acts like a junior. The other NAP shoe (and maybe a sock or two) has yet to drop. So what's an investor to do? I'd buy shares in a heartbeat in the unlikely new company NapWater, run by Minty, listed in the US and Canada, with PDL's and SWC's current resources. Or less unlikely, in a new PGM-only royalty/fund company (PGMs R Us) trading in the US and Canada, holding equities, NSRs, metals futures and some other derivatives. (Watch the NAV and trade it like BEARX or CEF.) Ptask