Kirkland Lake Gold Inc
Kirkland Lake Gold Inc
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The strong performance of its Australian mine has helped Canadian-based Kirkland Lake to post record net earnings of $US214.3M for the June half-year (H1FY2019), up from $111.5M a year earlier.
Increases of 43% in HY gold production to 446,472oz and 42% in revenue to $5862M generated a 68% rise in net cash from operations to $352.7M (H1FY18: $210.5M). Free cash-flow was $146.1M ($110.9M).
AISC improved to $597/oz ($793/oz).
A record June qtr at its Fosterville project in Victoria, Australia has lifted Kirkland Lake Gold’s first half consolidated output to 446,472oz gold, a 43% advance on its H1FY2018 result of 312,329oz.
Fosterville contributed 140,701oz in Q2, up from 128,445oz in the March qtr while Canadian operations Macassa delivered 49,196oz (Q1: 72,776oz) and Holt Complex 24,696oz (30,658oz).
Consultant dismisses media reports Australia running out of gold, despite 4% Mar qtr 2019 fall to 78t from Q4 18, albeit the highest Q1 output since 1998
Record gold production and free cash flow has seen Kirkland Lake Gold post record net earnings of $US110.1M in the Mar 2019 qtr (Q1 19) from Q4 18’s $106.5M, with adjusted net earnings up to $112.1M from $109.6M.
Based on the strong Q1 19 results at Macassa in Canada and Fosterville in Australia, Kirkland has raised the lower end of FY/CY2019 guidance to at least 950,000oz, with operating cash costs down to $285oz-$305oz.
Q1 19 records in all the right places prompts Kirkland Lake Gold to lift FY/CY19 expectations to 950,000oz+, with costs down
Record production from its mines at Fosterville in Australia and Macassa in Canada has helped Kirkland Lake lift March qtr (Q1) production to 231,879oz, up from 231,217oz in the previous qtr and well positioned for its improved FY2019 production guidance of 920,000-1Moz gold.
Fosterville delivered 128,445oz (Q4FY2018: 124,307oz) and Macassa 72,776oz (69,936oz), with additional contributions from its Canadian mines of 17,225oz (16,774oz) from Holt and 12,377oz (19,305oz) from Taylor.
Australian gold production hit a record 317t for CY18, breaking the record set 21-years ago, with near future output looking good, Surbiton report
The outstanding performance of low-cost mines in Australia and Canada have Kirkland Lake Gold closing in on a million ounces of annual gold production – and a billion dollars in annual cash may not be far behind
Canadian-based gold miner Kirkland Lake could hit the 1Mozpa production rate as early as this year due to the transformation of its Fosterville gold mine in Victoria, Australia.
Kirkland Lake previously tipped 2021 as the year it could reach the milestone, but a review of its production guidance now tips FY2019 output of 920,000-1,000,000oz.
It’s also predicting AISC of $US520-560/oz, compared to previous guidance of $630-680/oz.
With 3 of its 5 producing gold mines hitting record levels, Kirkland Lake Gold has lifted total Dec 2018 year (FY/CY18) output to 723,477oz, up 21% on the previous year and heading for 1Moz+ pa as early as 2021.