Kirkland Lake Gold achieves record production, revenue and net earnings
(Kitco News) - Kirkland Lake Gold (TSX:KL) (NYSE:KL) (ASX:KLA) today announced that the company achieved record levels of production, revenue, net earnings and adjusted net earnings for both Q4 and FY2020.
According to the company’s statement, gold production for FY2020 totaled 1,369,652 ounces, in line with the company’s FY2020 guidance of 1,350,000 - 1,400,000 ounces. AISC per ounce sold for FY2020 averaged $800, in the mid-range of the FY2020 guidance of $790 - $810.
The company’s revenue in FY2020 totaled $2,460.1 million, an increase of $1,080.1 million or 78% from $1,380.0 million in FY2019. Of the growth in revenue, $575 million related to a 42% increase in gold sales, to 1,388,944 ounces, while $509 million resulted from a $367 or 26% increase in the averaged realized gold price, to $1,772 per ounce from $1,405 per ounce for FY2019.
Net earnings for FY2020 totaled $787.7 million ($2.91 per basic share), an increase of $227.6 million or 41% from $560.1 million ($2.67 per basic share) in FY2019. Free cash flow in FY2020 totaled $733.1 million, which compared to free cash flow of $463.0 million in FY2019.
Kirkland Lake Gold is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 – 1,400,000 ounces of production in 2021. 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.