- Kirkland Lake Gold (KL) is reporting its overall first quarter production “exceeded guidance”
- The company’s gold production results for the first quarter of 2021 totalled 302,847 ounces
- The guidance for the quarter was projected at between 270,000 and 290,000 ounces
- Gold sales totalled 308,029 ounces at an average realized price of USD$1,788 per ounce
- Kirkland Lake Gold is up 1.50 per cent, with shares trading at C$45.35 at 11:25 am ET
Kirkland Lake Gold (KL) is reporting its overall first-quarter production “exceeded guidance.”
The company’s gold production results for the first quarter of 2021 totalled 302,847 ounces.
The guidance for the quarter was projected at between 270,000 and 290,000 ounces.
The strong results versus guidance were largely a result from higher than expected production at both Fosterville Mine and Detour Lake Mine in March.
In particular, Fosterville benefitted from significant grade outperformance and Detour Lake achieved higher than planned grades and tonnes processed.
The company’s Macassa #4 Shaft project remained ahead of schedule with shaft sinking reaching the 5,000-foot level and the project remaining on track for completion in late 2022.
Gold sales totalled 308,029 ounces at an average realized price of USD$1,788 per ounce compared to gold sales of 344,586 ounces in the first quarter of 2020 and 371,009 ounces at $1,875 per ounce in the fourth quarter of 2020.
Gold production totalled 302,847 ounces compared to 330,864 ounces in the first quarter of 2020 and 369,434 ounces the previous quarter.
Total gold poured equated to 303,149 ounces versus 326,933 ounces in the first quarter of 2020 and 373,284 ounces in the fourth quarter of that year.
Kirkland Lake Gold is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 to 1,400,000 ounces of production in 2021. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia.
Kirkland Lake Gold is up 1.50 per cent, with shares trading at C$45.35 at 11:25 am ET.
