Make Kitco Your Homepage

Kirkland Lake Gold Profit Rises; Dividend Hiked

Kitco News

Kirkland Lake Gold Ltd.  (TSX, NYSE: KL; ASX: KLA) reported that its profit rose in the first quarter. The Company also announced an increase to its quarterly dividend to 3 Canadian centers per share from two cents, starting with the second quarter, with the dividend payable in July. Net earnings increased $53.8 million, or 25 cents per share, from $13.1 million, or 6 cents, in the first quarter of 2017. Adjusted net earnings totaled $52.6 million, or 25 cents, up from $17.5 million, or 9 cents, a year ago. Gold production rose to 147,644 ounces from 130,425 ounces a year ago, although this was down from record quarterly production of 165,579 ounces in the fourth quarter. All-in sustaining costs per ounce sold averaged $833, down from $873 a year ago. Tony Makuch, president and chief executive officer, said the results “surpassed target levels for the quarter in most key areas and, as a result, we entered the second quarter tracking very well against our consolidated 2018 guidance. Looking ahead, we expect higher levels of production as the year progresses, which will contribute to further improvements in unit costs.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Alamos Posts Adjusted Profit, Hikes Gold-Output Guidance

Wednesday May 2, 2018 08:15

Alamos Gold Inc. (TSX, NYSE: AGI) reports an adjusted profit on record gold production in the first quarter, and the company also revised upward output guidance for the full year. The company lists adjusted net earnings of $12.3 million, or 3 cents per share, a turnaround from a loss of $5.1 million in the same period a year ago. Net earnings were $0.6 million, or zero cents per share, up from $0.1 million. Alamos says it produced a record 128,900 ounces of gold, above budget and 34% higher than the first quarter of 2017. This marks the fourth consecutive quarter of record output. “We delivered another record quarter of production and given the strong start to the year, we’ve increased full-year production guidance to a range of 490,000 to 530,000 ounces. The increase was driven by stronger-than-expected performances from our Mulatos and Island Gold mines, the latter establishing a new record in its first full quarter as part of Alamos,” says John A. McCluskey, president and chief executive officer. Alamos ended the quarter with no debt and $231.8 million in cash and cash equivalents. The company announces a semi-annual dividend of a penny per share to be paid to shareholders on April 30.

By Allen Sykora of Kitco News; asykora@kitco.com

 

McEwen Mining Reports Net Loss In First Quarter

Wednesday May 2, 2018 08:15

McEwen Mining Inc. (NYSE, TSX:MUX) reports a first-quarter net loss of $5.2 million or 2 cents per share, compared to a loss of $3 million, or a penny, in the same period a year ago. However, earnings from mining operations climbed to $12.4 million from $8.2 million. The company lists production of 44,344 gold-equivalent ounces, in line with its expectations and up from 29,733 in the same period a year ago. Full-year guidance is 171,000 gold-equivalent ounces. As of April 30, the company had cash, investments and precious metals of $47 million and no debt.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Wesdome Lists Higher 1Q Profit, Gold Production

Wednesday May 2, 2018 08:15

Wesdome Gold Mines Ltd. (TSX: WDO) reports net income of C$2.9 million, or 2 Canadian cents per share, in the first quarter, up from C$0.7 million, or a Canadian penny, in the same quarter a year ago. Excluding special items, first-quarter adjusted net income was C$2.9 million. The company reports gold production of 17,949 ounces from the Eagle River complex, an 18% increase over year-ago output of 15,162 ounces. “2018 is off to a strong start with higher underground grades and volume driving higher gold production and lower costs,” says Duncan Middlemiss, president and chief executive officer. He says costs are expected to trend downward in the second half of the year, when the company opens two new stopes. “Cash flows will continue to be used to aggressively drill underground at the Eagle River underground mine and the Kiena complex,” Middlemiss says.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News