{"id":1182781,"date":"2020-05-06T13:59:18","date_gmt":"2020-05-06T18:59:18","guid":{"rendered":"https:\/\/www.mining.com\/?p=1022940"},"modified":"2020-05-06T13:59:18","modified_gmt":"2020-05-06T18:59:18","slug":"kirkland-lakes-strong-q1-results-boosted-by-detour","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1182781","title":{"rendered":"Kirkland Lake\u2019s strong Q1 results boosted by Detour"},"content":{"rendered":"<p>Kirkland Lake Gold (TSX:KL, NYSE:KL) <a rel=\"noreferrer noopener\" aria-label=\"announced (opens in a new tab)\" href=\"https:\/\/www.kl.gold\/news-and-media\/default.aspx\" >announced<\/a> on Wednesday results for the first quarter of 2020 with strong year-over-year growth in net earnings and record levels of gold sales.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>The company reported production of 330,864 ounces, a 43% increase from 231,879 ounces in Q1 2029 and 18% higher than 279,742 ounces in Q4 2019, boosted by <a rel=\"noreferrer noopener\" aria-label=\"Detour acquisition on Jan. 31 (opens in a new tab)\" href=\"https:\/\/www.mining.com\/web\/kirkland-wins-shareholder-backing-for-c4-4bn-detour-takeover\/\" >Detour acquisition on Jan. 31<\/a>.<\/p>\n<p>Adjusted net earnings totaled $179.2 million, or 70 cents per share, up 57% from $113.8 million, or 54 cents, in the first quarter of 2019. Net earnings were $202.9 million, or 79 cents, 84% higher than $110.1 million, or 52 cents, in the year-ago period. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> First-quarter revenue of $554.7 million jumped 82% from $304.9 million in the year-ago period <\/p>\n<\/blockquote>\n<\/figure>\n<p>First-quarter revenue of $554.7 million jumped 82% from $304.9 million in the year-ago period. Detour Lake contributed revenue of $179.4 million in the first quarter. <\/p>\n<p>Gold sales rose 48% to 344,586 ounces, compared to 232,929 in the same period of 2019.<\/p>\n<p>&#8220;Our production increased from Q1 2019, even excluding Detour Lake, with Fosterville continuing to be a key driver of our performance. Looking at Detour Lake, the mine contributed $78 million of free cash flow in its first two months since the acquisition, and that included a period of running at reduced operations,&#8221; said Tony Makuch, President and CEO of Kirkland Lake in a media release.<\/p>\n<p>&#8220;In addition, we took steps to remove non-core assets from our portfolio, including placing the Holloway Mine on care and maintenance, and suspending test mining and processing, as well as all exploration activities, in the Northern Territory.&#8221;<\/p>\n<p>The company temporarily suspended operations at the remainder of the Holt Complex as part of covid-19 protocols. <\/p>\n<p>Based on the move to reduced operations due to the pandemic, the company withdrew its full-year 2020 guidance.<\/p>\n<p>Midday Tuesday, Kirkland\u2019s stock was down 2.9% on the NYSE. The company has an $11.5 billion market capitalization. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>First-quarter revenue of $554.7 million jumped 82% from $304.9 million in the year-ago period.<\/p>\n","protected":false},"author":110,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182781"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1182781"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182781\/revisions"}],"predecessor-version":[{"id":1182782,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182781\/revisions\/1182782"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1182781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1182781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1182781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}