Gold miner Kirkland Lake on Friday announced its first-quarter results, exceeding its guidance on the back of higher-than-expected production at the Forsterville mine, in Australia, and the Detour Lake mine, in Canada.
The company, which trades on the TSX, NYSE and ASX, produced 302 847 oz, compared with a guidance of 270 000 oz to 290 000 oz.
The strong results, compared with the guidance, were largely the result of Fosterville benefiting from significant grade outperformance and Detour Lake achieving higher-than-planned grades and tonnes processed.
The first-quarter result was lower than the 330 864 oz reported in the first quarter of 2020.
CEO Tony Makuch said that the March quarter would be the lowest quarter of the year, with all three of the group’s cornerstone assets being in low-grade cycles during the period.
“As we emerge from the first quarter, we are on track to achieve our full-year 2021 production guidance and are poised to have three strong quarters over the balance of the year, with previously-disclosed guidance of 330 000 oz to 360 000 oz in the second quarter of 2021 and 700 000 oz to 750 000 oz expected during the second half of 2021.”