North American Palladium hit hard by sell-off

North American Palladium's share price fell nearly 30% to $0.48 on Tuesday after a CIBC downgrade to 'underperformer'.

In response to the big sell-off, the company announced Thursday that it's "not aware of any undisclosed material changes that would account for the recent trading activity."

The company urged investors to consider 2013 a transition period, with improved performance potentially on the way in 2014.

"We still firmly believe that there is significant value to be unlocked at our Lac des Iles mine and remain optimistic about the mine's future cash generation potential," said Phil du Toit, President and Chief Executive Officer.

"As we have always cautioned, 2013 is a critical transitional year and the financial challenges that we are encountering are no doubt related to this transitional phase."

"Looking beyond to 2014, we have prospects for improved operating and financial performance, but this is contingent on a successful completion of a financing, which we are currently working hard to complete. We remain hopeful that once we enhance our balance sheet and successfully execute on the longer term strategy to increase production at reduced cash costs, that this achievement will be reflected in improved share price performance."

North American's share price was at $0.50 on Thursday afternoon.

Read the press release in full.