TORONTO (miningweekly.com) – Midtier gold miner Kirkland Lake Gold has delivered its seventh consecutive quarter of profits and free cash flow, when it on Thursday reported net income of C$1-million, or $0.01 a diluted share.
For the third-quarter (November 1 to December 31) reporting period of stub year 2015, revenue was C$37.6-million, derived from the sale of 25 284 oz of gold at an average realised price of C$1 486/oz.
During the period, Kirkland Lake mine produced 27 604 oz of gold at an all-in cash cost of $1 346/oz produced.
This resulted in year-to-date production of 102 597 oz, which hit the mid-range of the company's full-year production guidance of between 90 000 oz and 110 000 oz.
Kirkland Lake was currently integrating the budgets and assessing the mine plan for 2016 at each of the three East Timmins operations. The company expected to release updated 2016 guidance information before the end of April.
"Post year-end we completed the acquisition of St Andrew Goldfields, which, along with higher gold prices, further boosted our cash balance to approximately C$110-million. We believe the pro-forma company will continue to show improvements in its key business metrics, allowing us to further deleverage the company over the course of the next two years,” stated CEO George Ogilvie.