Friday, May 30, 2025

Latest

Kirkland Lake Announces Revenues Of $581.0 Million, Net Earnings of $150.2 Million In Second Quarter 2020

Kirkland Lake Gold (TSX: KL) this morning released its second quarter financial results, demonstrating why M&A activity is about to heat up in the resources space. The company announced total revenues of $581.0 million, more than doubling its Q2 2019 results thanks in part to its acquisition of Detour Lake earlier this year, whom generated $233 million in revenues during the quarter alone. The company generated net earnings of $150.2 million during the second quarter.

Gold sales during the quarter totaled 341,390 ounces, a slight decline from the 344,586 ounces sold in the first quarter. However, the rising spot price of gold enabled the firm to report revenues 5% despite this. The average price obtained for its gold came in at $1,716 per ounce, as compared to $1,586 in the first quarter, and $1,320 received per ounce in the year ago period.

Production totaled 329,770 ounces, a decline from 330,864 ounces in the first quarter. However, production costs were down comparatively, at $141.4 million during the period ended June 30, as compared to $161.6 million in the previous quarter. All in sustaining costs per ounce sold were also down, falling from $776 to $751 on a quarter over quarter basis.

The company also posted strong cash flow during the quarter, with net cash provided by operating activities totaling out at $222.2 million, while free cash flow came in at $94.1 million, due to a $132.6 million tax payment made during the quarter for the 2019 tax year. The result is the company reported a total cash position of $537.4 million at the end of the second quarter, with no debt on the books.

Kirkland Lake Gold last traded at $50.49 on the NYSE.


Information for this briefing was found via Sedar and Kirkland Lake Gold Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Bluestone Intersects 140.2 Metres Of 1.1 g/t Gold

Bluestone Resources Inc. (TSXV: BSR) today released assay results from their 2021 infill drill campaign...

Monday, June 14, 2021, 07:39:22 AM

Amex Exploration: PI Financial, Canaccord Reiterate Targets Following Latest Drill Results

Canaccord Genuity reiterated their 12-month price target of C$4.25 and their speculative buy rating on...

Tuesday, January 26, 2021, 04:09:00 PM

Skeena Hits 5.88 G/T Gold Equivalent Over 17 Metres In New Zone

Skeena Resources (TSX: SKE) this morning had a positive development in that it has discovered...

Tuesday, September 15, 2020, 08:46:04 AM

Freeman Gold Expands Lehmi Gold Project With 219 Additional Claims

Freeman Gold (CSE: FMAN) this morning announced that it staked an additional 219 claims at...

Thursday, June 11, 2020, 08:57:07 AM

Gold Lion Resources: Year In Review

Gold Lion Resources (CSE: GL) this morning released an end of year overview and corporate...

Thursday, December 3, 2020, 09:01:33 AM