I started buying 2 days ago and then it ripped yesterday and I chased it.  I have a 6.45 average on PALDF full disclosure.  I sent it to one of my better mining guys and he bought it right away with less than 5 min of DD and napkin math.  It’s that cheap.  I don’t know why it came to life yesterday other than I started talking about it with my circle – I don’t think I have that much influence though lol so something else may be going on here.
They restructured in 2015.  Brought in a new MGMT team.  They went profitable last quarter with EBITDA of 22mln.  That was palladium 900$ average for the Q.  Palladium averaged 1000$+ this quarter.  They are on 100mln+ operating cash flow run rate and the mkt cap is less than 400mln.  If palladium breaks it’s old highs it could get parabolic really quick.  If it just stays here the company is 3 times cash flow.   Brookfield financed their turnaround and owns 92 percent.  Only 8 percent is free float.  Brookfield wants to sell.  They will broker a deal at a higher price or just watch this thing move higher.  Based on just the math it’s a triple IMO.  190,000 ounces of palladium per year.  $600 cash costs to take it out of the ground, sell it for $1100, that’s 100mln in cash flows.
It’s trading at about half of its after tax NPV.  At a 5% discount rate at 900-1000 Pd it’s a double just on the NPV.  It’s also a call option on Palladium getting really nutty here thru all time highs.  They are the only pure play palladium producer in the world.