Kirkland Lake Gold (TSX: KL) this morning announced its production results for the first quarter of 2021, with production strongly beating prior guidance. A total of 302,847 ounces were mines during the quarter, as compared to guidance of 270,000 to 290,000 ounces.
The guidance beat by the company follows higher than expected production at both Fosterville and Detour Lake, with the former benefiting from strong grades, and the latter benefitting from higher tonnes and grades processed. While all operations conducted by the firm saw a decline on a quarter over quarter basis, this was previously guided to by the company as a result of mine sequencing and lower planned production.
Total gold production came in at 302,847 ounces in the first quarter, as compared to 369,434 ounces in the prior quarter. Gold poured meanwhile amounted to 303,149 ounces versus 373,284 ounces in the fourth quarter. Gold sales meanwhile amounted to 308,029 with an average price of $1,788 per ounce, which was down in terms of both quantity and average price from the fourth quarter, which saw 371,009 ounces sold at an average price of $1,875 per ounce.
The second quarter of 2021 is currently guided to see between 330,000 and 360,000 ounces of production, while 700,000 to 750,000 ounces of gold production is currently guided to occur in the second half of the fiscal year.
Kirkland Lake Gold last traded at $44.68 on the TSX.
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.
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