12 H1 2014 Palladium Production 81 863 oz P d at a cash co s t of U S 498 oz Real i zed Pd s el l i n g pri c e o f U S735 oz operat i n g marg i n o f U S277 oz o r U S22 7 M Financial Performance Rev en ue 99 2 M A djus t ed EBI TD A 2 0 2 M Operating Highlights U n de rgr oun d produ ct i on du ring t h e fi rs t h al f av er aged 2 982 t onn es per day i n l i n e w i t h gui dan c e fo r 20 14 U n der gro un d o re mi n ed at an av erage grade o f 4 9 gt pal l adi u m Low grade s ur fac e s t o ck p i l e av eraged 1 0 gt pal l ad i um M i l l reco v eries w ere 84 1 dur i n g t h e fi rs t h al f Financial Position 44 3 M ca s h and ca s h equi va l en t s as of J un e 30 2014 US 37 1 M of US 60 0 M credi t fac i l i t y ut i l i zed SUMMA RY OF RESU LTS