Following on from posting record-breaking quarterly and annual company results in January, Kirkland Lake Gold has released its latest quarterly (Q1) figures, showing growth of 13 per cent compared with Q1 results for the previous year.
The company produced 147,644 ounces (oz) of gold for Q1 2018, an increase of 13 per cent over Q1 2017, but slightly down from the last quarter’s record-setting 166,579oz figure.
Cash and cash equivalents increased 19 per cent over the previous quarter from $US231.6 million ($301.3 million) to $US275.4 million, a $US43.8 million increase in three months.
Kirkland’s Australian operation, Fosterville in Victoria, performed well for the quarter, as did the Macassa, Holt and Taylor operations in Ontario, Canada.
Fosterville saw the highest overall production of Kirkland’s four mines, bringing in 63,843oz for the quarter, while Macassa, Holt and Taylor brought in 54,038oz (a record), 16,675oz and 13,055oz respectively.
Tony Makuch, president and chief executive officer of Kirkland Lake Gold, called it a “solid start” to 2018.
“In Canada, all our mines performed well in Q1 2018, with Macassa achieving record quarterly production and both Holt and Taylor exceeding target production levels for the quarter,” he said.
“In Australia, Fosterville finished the quarter ahead of plan, reflecting positive grade reconciliations, with production increasing 39 per cent from Q1 2017.
“Attractive organic growth is one of our key pillars of value creation. With our current business portfolio, we are poised for solid year-over-year production growth to a million ounces of annual production over the next five to seven years.”