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Kirkland Lake plans to increase gold output by 7% in 2023

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Detour Lake mine. Image credit: Kirkland Lake.

(Kitco News) - Kirkland Lake Gold (TSX:KL) (NYSE:KL) (ASX:KLA) today announced the company’s full-year guidance for 2021, including production of 1,300,000 – 1,400,000 ounces, driven by strong growth at Detour Lake mine, with all-in sustaining costs (“AISC”) per ounce sold on track to remain unchanged from 2020 levels.

Guidance for 2021 includes increased capital spending largely in support of future production growth at Detour Lake, and a greater commitment to exploration to follow up on recent drilling success at all three of the company’s cornerstone assets.

For comparison, 2020 production guidance is 1,350,000 – 1,400,000 ounces, including 29,391 ounces from Holt complex.

Highlights of 2021 guidance include AISC per ounce sold of $790 – $810 (2020 guidance: $790 – $810), sustaining capital expenditures of $280 – $310 million (2020 guidance: $390 – $400 million), and exploration expenditures of $170 – $190 million (2020 guidance: $130 – $150 million).

The company also announced today three-year production guidance which demonstrates the sustainability of solid operating performance and includes growth to 1,405,000 – 1,545,000 ounces in 2023.

Kirkland Lake Gold is a growing gold producer operating in Canada and Australia that is on track to produce 1,350,000 – 1,400,000 ounces of gold in 2020. The production profile of the company is anchored by three high-quality operations, including the Macassa mine and Detour Lake mine, both located in Northern Ontario, and the Fosterville mine located in the state of Victoria, Australia.

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