Canadian Mining Journal


Kirkland Lake reports strong Q1 for 2021

Sinking the No.4 shaft at the Macassa mine is on schedule for late 2022 completion. Credit: Kirkland Lake Gold.

Although gold volumes were down slightly, Kirkland Lake Gold (TSX: KL; NYSE: KL) reported strong first quarter results for 2021. Production of 302,847 oz. exceeded the top end of previously announced guidance for the quarter at 290,000 oz. Higher than expected output at both the Fosterville and Detour Lake mines contributed to the overage.

The company sold 308,029 oz. at an average realized price of US$1,788 per oz., compared to 371,009 at $1,875 per oz. in the final quarter of 2020, and 344,586 oz. at US$1,586 per oz. in the first quarter of 2020.

Kirkland Lake reported quarterly revenue of US$551.8 million or basic earnings per share of US$0.59. The company recorded net earnings of US$161.2 million.

Production at two of KLGold’s three mines was lower than a year earlier. First quarter 2021 production from Detour Lake was 146,731 oz., compared to 91,555 oz. for the first quarter a year earlier. KLGold bought Detour Lake at the end of January 2020, so there were only two months of production in its first quarter of 2020. Fosterville recovered 108,697 oz. and Macassa produced 47,437 oz. during the most recent quarter.

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