Kirkland Lake Gold boasts record net earnings in second quarter
(Kitco News) - Kirkland Lake Gold (TSX:KL) (NYSE:KL) announced yesterday that the company generated record quarterly net earnings and earnings per share of $224.2M ($0.91/share) in Q2 2021, a 67% increase from Q2 2020, driven by strong operating results and revenue growth, largely reflecting continued outperformance at Fosterville.
Kirkland Lake said that its gold production of 379,195 oz in Q2 2021 was up 15% from Q2 2020 as all three of the company’s cornerstone assets increased production. The company added that it is now targeting top half of FY 2021 production guidance (1,300,000 – 1,400,000 oz), maintains unit cost and capital expenditure guidance.
President and CEO Tony Makuch commented, “We had an excellent quarter in Q2 2021 highlighted by record earnings, record quarterly production, strong revenue growth and significant increases in both operating and free cash flow.”
Kirkland Lake Gold is a senior gold producer operating in Canada and Australia. 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.