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Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) announced that Institutional Shareholder Services Inc. (ISS) has recommended shareholders vote 'FOR' the merger with Kirkland Lake Gold Ltd. (TSX: KL, NYSE: KL). ISS noted the strategic rationale for the merger, citing expected operational synergies and G&A optimizations. By combining both companies, it is anticipated that enhanced expertise from Kirkland Lake Gold leadership will drive improvements. The majority of production is located in Canada, which helps mitigate risks associated with achieving synergies.
Kirkland Lake Gold has revised the assay results for drill hole UDH4051 at its Fosterville Mine, significantly increasing the gold grade from 51.7 g/t to 207 g/t over 2.6 m. This revision reflects a four-fold increase due to a prior analytical error. Tony Makuch, President and CEO, noted the significance of this high-grade intercept located 500 m from the deepest Mineral Reserves, indicating potential for discovering more high-grade zones as exploration continues. The company targets gold production of 1.3-1.4 million ounces in 2021.
Kirkland Lake Gold reported record quarterly net earnings of $254.9 million ($0.96/share) for Q3 2021, a 26% increase year-over-year, alongside a 5% rise in revenue to $667.0 million. Production grew 9% to 370,101 ounces, maintaining low unit costs with operating cash costs at $438/oz. Year-to-date earnings reached $660.3 million ($2.48/share), up 19% from 2020. The company is on track to meet its 2021 production guidance of 1.3-1.4 million ounces. Additionally, a merger with Agnico Eagle is expected to create a leading gold producer with significant growth opportunities.
Kirkland Lake Gold (TSX:KL) reported significant findings from their ongoing exploration at the Detour Lake property, confirming and expanding mineralization beyond previous estimates. Drill results from 39 holes indicate high-grade intercepts, notably in the Key Saddle and Key West Zones, with grades reaching up to 157.77 gpt over 2.0 m. The company aims to convert a substantial portion of the 10.1-million-ounce increase in Measured and Indicated Mineral Resources into Mineral Reserves. The exploration program is poised to enhance the project's value further.
Agnico Eagle Mines Limited and Kirkland Lake Gold Ltd. have filed a joint management information circular for shareholder meetings to approve their proposed merger, set for November 26, 2021. Under the merger agreement, Kirkland shareholders will receive 0.7935 of an Agnico share for each Kirkland share held. The merger aims to create a leading senior gold producer with projected output of 3.4 million ounces in 2021. The combined company will have a stronger market position and significant synergies, generating over $2 billion in benefits over ten years.
Kirkland Lake Gold Ltd. (TSX:KL) announced it will release its financial and operating results for Q3 2021 on November 3, 2021, after market close. A conference call will be held on November 4, 2021, at 8:00 AM ET to review these results. Kirkland Lake Gold aims to produce between 1,300,000 and 1,400,000 ounces of gold in 2021, supported by high-quality operations like the Macassa, Detour Lake, and Fosterville mines. The company has strong financial standing and exploration potential.
Kirkland Lake Gold Ltd. (TSX:KL) has filed an amended National Instrument 43-101 technical report for the Detour Lake Mine, correcting formatting issues without altering mineral resource estimates. The report, effective July 26, 2021, does not present any material changes from the original report filed earlier in October. The company is expected to produce 1,300,000 to 1,400,000 ounces of gold in 2021, supported by high-quality operations in Canada and Australia.
Kirkland Lake Gold Ltd. (TSX:KL) has filed a National Instrument 43-101 technical report concerning the Detour Lake Mine's mineral resource estimates. As of June 30, 2021, Measured and Indicated (M&I) Mineral Resources surged by 216% to 14,718,000 ounces, totaling 572 million tonnes at an average grade of 0.80 g/t. The report highlights 12,214,000 ounces of high-grade and 2,505,000 ounces of low-grade M&I resources. An increase in mineral resources is anticipated to boost future mineral reserves, with updated estimates expected in Q1 2022.
Kirkland Lake Gold Ltd. has announced the suspension of its automatic share purchase plan (ASPP) as of September 28, 2021, following a merger agreement with Agnico Eagle Mines Limited. The ASPP was initiated on June 21, 2021, to facilitate share repurchases without blackout restrictions. The company maintains its normal course issuer bid (NCIB), allowing the repurchase of up to 26,694,051 shares until June 8, 2022. To date, 3,392,100 shares have been repurchased through the NCIB. Kirkland Lake Gold aims to produce 1.3 million to 1.4 million ounces of gold in 2021.
Agnico Eagle Mines and Kirkland Lake Gold announced a merger agreement to form a leading gold producer under the name Agnico Eagle Mines Limited. This merger aims to create a company with $2.3 billion in liquidity and a mineral reserve of 48 million ounces of gold, significantly enhancing operational synergies and shareholder value. The combined entity will focus on sustainable growth, returning $1.6 billion to shareholders since 2020. Kirkland Lake shareholders will receive 0.7935 Agnico shares per Kirkland share, implying a market cap of $24 billion. The merger is expected to close by early 2022.
