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Kirkland Lake posts record quarterly earnings

4th November 2021

By: Creamer Media Reporter

     

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Triple-listed Kirkland Lake on Wednesday reported record third-quarter net earnings of $254.9-million, or $0.96 a share - a 26% increase from the third quarter of 2020 and 4% higher than the second quarter of 2021.

Adjusted earnings came to $241.3-million, or $0.91 a share, said Kirkland Lake, which is merging with Agnico Eagle.

The company reported solid production growth with output up 9% year-on-year to 370 101 oz, at an all-in sustaining cost (AISC) of $740/oz.

CEO Tony Makuch commented that the third quarter was one of substantial progress, highlighted by record quarterly earnings, year-over-year production growth, as well as unit costs significantly better than full-year guidance.

Kirkland Lake expects to achieve the top half of its production guidance of 1.3-million to 1.4-million ounces and will also achieve its cash cost guidance of $450/oz to $475/oz and its AISC guidance of $790/oz to $810/oz.

Edited by Creamer Media Reporter

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