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Agnico Eagle Mines Limited and Kirkland Lake Gold Ltd. have announced a merger agreement, creating a leading gold producer focused on low-risk, high-quality operations. The merger aims to leverage combined strengths, achieving approximately 3.4 million ounces of gold production in 2021 and a mineral reserve base of 48 million ounces. The transaction is expected to close by early 2022, with existing shareholders of Agnico Eagle and Kirkland Lake Gold owning around 54% and 46% respectively in the merged company. Significant synergies are estimated at $0.8 billion over five years.
Kirkland Lake Gold Ltd. (TSX:KL, NYSE:KL) announced a quarterly dividend of US$0.1875 per common share for Q3 2021, set to be paid on October 13, 2021. This payment, to shareholders of record by September 29, 2021, marks the 18th consecutive quarterly dividend since adopting its policy in March 2017. The dividend qualifies as an eligible dividend under Canadian tax laws. Kirkland Lake Gold is a leading gold producer in Canada and Australia, targeting 1.3 to 1.4 million ounces of production in 2021.
Kirkland Lake Gold (TSX:KL) reported a remarkable 216% increase in Measured and Indicated (M&I) Mineral Resources at its Detour Lake Mine, rising to 14,718,000 ounces as of June 30, 2021, from 4,657,000 ounces in December 2020. This represents significant growth due to extensive drilling, with plans for approximately 100,000 meters more drilling by the end of 2021. The company anticipates a potential increase in Mineral Reserves and aims for production levels of 800,000 ounces annually by 2025. The updated estimates emphasize the operation's exploration potential and ongoing optimization efforts.
Kirkland Lake Gold announced promising results from its exploration drilling at the Fosterville Gold Mine, highlighting new high-grade, visible-gold mineralization along the Swan Zone and Cygnet Fault systems. Key intercepts include 51.7 g/t over 2.6 m and 258 g/t over 1.8 m. The expansion of mineralization potential is evident, with exploration confirming VG mineralization up to 1,000 m down-plunge from existing reserves. The ongoing drilling program aims to enhance mineral reserves while maintaining a solid production target of 1.3 to 1.4 million ounces in 2021.
Kirkland Lake Gold reported record financial results for Q2 2021, with net earnings of $244.2 million ($0.91 per share), up 63% year-over-year. Strong revenue growth to $662.7 million reflects increased gold production of 379,195 ounces, a 15% rise from Q2 2020. Operating cash costs were $431 per ounce, below guidance, while free cash flow reached $131.2 million. The company is on track to meet its production target of 1.3 to 1.4 million ounces for FY 2021, maintaining a solid cash balance of $858.4 million.
Kirkland Lake Gold Ltd. (KL) plans to announce its financial and operational results for Q2 and H1 of 2021 on July 28, 2021, after market close. A conference call will follow on July 29, 2021, at 10:00 am ET for discussion of the results. The company is targeting a production range of 1,300,000 to 1,400,000 ounces in 2021, supported by operations including the Macassa and Detour Lake Mines in Ontario and the Fosterville Mine in Australia, complemented by strong exploration potential and financial stability.
Kirkland Lake Gold Ltd. reported record production of 379,195 ounces for Q2 2021, marking a 15% increase from Q2 2020. Year-to-date production reached 682,042 ounces, up 3% from the same period last year. Detour Lake led with a record 165,880 ounces produced, while Macassa and Fosterville also saw significant gains. The company emphasized strong financial health with $855 million in cash and no debt. Kirkland Lake aims for a full-year production guidance of 1.3 - 1.4 million ounces in 2021, expecting to finish in the top half of this range.
Kirkland Lake Gold announced promising results from its drilling program at Detour Lake, targeting the Detour Mine Trend. The latest findings include significant intercepts such as 1.72 gpt over 80.4 m and 7.19 gpt over 17.0 m. The exploration program aims to confirm and expand mineral reserves, with 270,000 m drilled by year-end 2021. The company expects to release a new production plan in early 2022, emphasizing potential for increased resources and reserves, reinforcing Detour Lake's status among the largest gold mines.
Kirkland Lake Gold reported new high-grade drill results from 54 holes at the Macassa Mine, totaling 20,773 meters. Significant intercepts include:
- 589.5 gpt over 2.0 m
- 258.1 gpt over 2.0 m (up dip)
- 101.7 gpt over 2.0 m (southeast)
The drilling program aims to expand Mineral Reserves and Resources, particularly in the South Mine Complex. Targeting approximately 250,000 meters of drilling for 2021, the company identifies potential for new high-grade mineralization, enhancing growth prospects for shareholders.
Kirkland Lake Gold has entered into an automatic share purchase plan (ASPP) with its broker to buy back shares under its normal course issuer bid (NCIB), which allows repurchases during blackout periods. The NCIB commenced on June 9, 2021, allowing up to 26,694,051 shares to be repurchased by June 8, 2022. The broker will purchase up to 5,000,000 shares at its discretion, adhering to TSX rules. Kirkland Lake Gold aims for 1,300,000-1,400,000 ounces of gold production in 2021, supported by operations in Canada and Australia.
