There was a piece on NAP on Seeking Alpha today. The last line more or less sums it up, "North American Palladium is a very risky investment under the current circumstances and I first would like to see the shaft in progress before I spend another dollar on it."
Then again, it shouldn't be long now before the postponed labor disruptions in SA begin to flair up and impact PGM prices more significantly. If I didn't make a point of staying away from timing of SA events, I'd say the next few weeks we might see that ball begin to roll. But since SA has been moving on a different clock than mine, this year, I'll just put out the reminder that the labor negotiations (a.k.a. strikes) are still ahead.
Of all the things PAL could report, drilling results are, at the moment, the least important thing. May raise the amount of PD in the ground somewhere, but has no effect on making shaft operational. If you are out of business doesn't matter what you have in the ground. In fact it may convince BAM to not give PAL more money if needed and just take PAL over as potential assets are higher now.