Agnico Eagle Mines Ltd (AEM)

[NYBob]

Kirkland Lake Gold Reports Solid Production in First Quarter 2021
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TORONTO, April 09, 2021 (GLOBE NEWSWIRE) --

Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced production results for the first quarter of 2021 (“Q1 2021”) of 302,847 ounces, which exceeded guidance for the quarter of 270,000 – 290,000 ounces. The strong results versus guidance largely resulted from higher than expected production at both Fosterville Mine (“Fosterville”) and Detour Lake Mine (“Detour Lake”) in March, with Fosterville benefiting from significant grade outperformance and Detour Lake achieving higher than planned grades and tonnes processed. Also during Q1 2021, the Macassa #4 Shaft project remained ahead of schedule with shaft sinking reaching the 5,000-foot level as at March 31, 2021 and the project remaining on track for completion in late 2022. All dollar amounts are expressed in U.S. dollars, unless otherwise stated.

In a press release dated December 10, 2020, the Company indicated that production in 2021 would be weighted to the second half of the year largely reflecting mine sequencing, with lower grades expected at all three cornerstone assets early in the year, particularly in the first quarter. At that time, production guidance was provided, including 600,000 – 650,000 ounces for the first half of the year and 700,000 – 750,000 ounces for the final six months of 2021. The Company also indicated that all-in sustaining costs per ounce sold (“AISC/ounce”)1 were expected to average over $900 in the first six months of 2021, and be highest in Q1 2021, improving to approximately $700 during the second half of the year. In a press release dated February 25, 2021, the Company reiterated this guidance and provided additional information on expected production in the first half of 2021, indicating that production was expected to total 270,000 – 290,000 ounces in Q1 2021 and 330,000 – 360,000 ounces in the second quarter of the year (“Q2 2021”).

Highlights of Q1 2021 Production Results

Production of 302,847 ounces compared to 330,864 ounces in Q1 2020 and 369,434 ounces the previous quarter
Gold poured of 303,149 ounces versus 326,933 ounces in Q1 2020 and 373,284 ounces in Q4 2020
Gold sales totaling 308,029 ounces at an average realized price of $1,788 per ounce compared to gold sales of 344,586 ounces ($1,586 per ounce) in Q1 2020 and 371,009 ounces ($1,875 per ounce) in Q4 2020
Detour Lake Mine (“Detour Lake”): Production totalled 146,731 ounces, above target levels and compared to 91,555 ounces in Q1 2020 for the two months after Detour Lake was acquired on January 31, 2020 (138,051 ounces for the full quarter) and 153,143 ounces in Q4 2020; Record first-quarter mill throughput of 5,701,704 tonnes was achieved in Q1 2021, with record daily throughput of 80,339 tonnes reported on March 24, 2021
Fosterville: Production totalled 108,679 ounces compared to 159,864 ounces in Q1 2020 and 164,008 the previous quarter; Production in Q1 2021 exceeded target levels due mainly to grade outperformance in March
Macassa Mine (“Macassa”): Production totalled 47,437 ounces versus 50,861 ounces for the same period in 2020 and 52,283 ounces in Q4 2020.

https://www.kl.gold/news-and-media/default.aspx


Ps.

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Ps.
opinion appreciated
TIA