Kirkland Lake Gold Ltd. (TSX: KL) reported today its financial and operational results for Q2 2021, which highlighted revenue of US$662.7 million. This is an increase from last quarter’s US$551.8 million and last year’s US$581.0 million.
The company attributes the revenue growth to the increase in average gold prices and the amount of gold ounces sold during the quarter.
Corollary, the US$244.2 million net earnings for the quarter is an increase from last quarter’s US$161.2 million and last year’s US$150.2 million. The net earnings for the quarter yielded $0.91 in earnings per share.
The results also included the previously announced production of 379,195 ounces gold ounces and all-in sustaining cost of US$780 per gold pound for the quarter.
The mining firm also ended the quarter with a cash balance of US$858.4 million, compared to US$792.2 million last quarter. The company also generated this quarter a higher cash flow from operating activities at US$330.6 million leading to a higher free cash flow balance of $131.2 million, compared to last quarter’s $208.2 million and $42.7 million, respectively.
For the first six months of 2021, Kirkland Lake produced 682,042 gold ounces and has relayed that it is on track with the previously announced full-year gold production guidance of 1.3 – 1.4 million ounces.
You may see the full details of Kirkland Lake’s Q1 2021 financial and operational results here.
Kirkland Lake Gold Ltd. last traded at $49.95 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. 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.