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Kirkland Lake Gold has entered into an agreement to sell 18,500,000 units at a price of $2.45, raising gross proceeds of $45,325,000. Each unit includes one common share of Novo Resources and one-half warrant to acquire additional shares at $2.80 for 12 months. The sale, set to close on December 3, 2020, will reduce Kirkland's stake in Novo from approximately 12.1% to 4.1%. Proceeds are intended for general corporate purposes. The transaction is subject to conditions and is not registered under U.S. Securities Act.
Kirkland Lake Gold Ltd. has filed an early warning report after disposing of 1,095,900 common shares of Novo Resources Corp. between August 13 and November 12, 2020, for a total of $3,794,054 at an average price of $3.46 per share. Following this transaction, Kirkland's stake in Novo decreased to 27,985,668 shares, representing 12.1% of Novo's total issued shares. The shares were sold for investment purposes, and the company may continue to adjust its holdings based on market conditions.
Kirkland Lake Gold reported strong financial performance for Q3 2020, with net earnings of $202.0 million ($0.73 per share), a 42% increase year-over-year. Adjusted net earnings rose 49% to $249.3 million ($0.91 per share). Revenue surged 66% to $632.8 million, driven by higher gold prices and increased sales volumes. Record free cash flow reached $275.7 million. The company strengthened its balance sheet with cash reserves of $848.5 million, marking a 58% increase from Q2 2020. The quarterly dividend was raised by 50% to $0.1875 per share.
Kirkland Lake Gold Ltd. (TSX:KL) has announced the release of its third-quarter financial results on November 5, 2020, before market opening. A conference call will be held later that day at 2:00 PM ET to discuss the results. The Company aims to achieve its production target of 1,350,000 to 1,400,000 ounces in 2020, building on a 2019 output of 974,615 ounces. Kirkland Lake operates three high-quality mines: Macassa, Detour Lake, and Fosterville, underpinned by a strong financial position and exploration potential.
Kirkland Lake Gold Ltd. (TSX:KL) reported promising drilling results from its Macassa Mine in Ontario, showcasing high-grade mineralization beyond current reserves. Significant intercepts include 253.7 gpt over 14.5 m and 210.4 gpt over 8.2 m. The drilling program aimed to confirm and expand resources in the South Mine Complex (SMC), Lower SMC, and Amalgamated Zone, leading to increased confidence in discovering new mineral reserves. The results highlight substantial exploration potential along the Amalgamated Break, reinforcing Kirkland Lake Gold's robust operational performance and exploration strategy.
Kirkland Lake Gold announced Q3 2020 production of 339,584 ounces, a 37% increase from Q3 2019. For YTD 2020, production reached 1,000,218 ounces, up 44% year-over-year. The company declared a 50% dividend increase to US$0.1875 per share, effective Q4 2020. Strong cash flow contributed to a 58% increase in cash reserves, totaling $848 million, while debt remains at $0. Notable highlights include significant production growth from the Detour Lake Mine and continued exploration success, while the Holt Complex remains suspended as a non-core asset.
Kirkland Lake Gold Ltd. (KL) announced a quarterly dividend of US$0.125 per share, payable on October 14, 2020, to shareholders on record by September 30, 2020. This marks the 14th consecutive quarterly dividend since the company adopted its dividend policy in March 2017. The dividend qualifies as an ‘eligible dividend’ for Canadian tax purposes, and the US dollar payment will be converted to Canadian dollars based on the exchange rate on October 13, 2020. The company reported a gold production of 974,615 ounces in 2019.
Kirkland Lake Gold announces promising drill results from the Saddle Zone at Detour Lake, confirming continuity of high-grade mineralization between Main and West pits. Significant intercepts include:
- 1.10 gpt over 142.0 m
- 1.80 gpt over 58.5 m
- 1.42 gpt over 78.0 m
The results point to a potential broad mineralization corridor extending up to 820 m depth. The exploration program, part of a 250,000 m drilling initiative, aims for updated Mineral Resource estimates by end of 2021. Kirkland Lake Gold produced 974,615 ounces in 2019, highlighting its operational strength.
Kirkland Lake Gold has partnered with Newmont Canada to enhance exploration efforts around its Holt Complex in Timmins, Ontario. As part of the strategic alliance, Newmont will pay Kirkland Lake Gold US$75 million for an option on certain mining rights related to the Holt Mine property. Both companies aim to identify further regional exploration opportunities. Kirkland Lake Gold will manage activities under the Agreement while retaining ownership of the Holt Mine's infrastructure. This strategic move marks a significant step in Kirkland Lake Gold's growth strategy in the mining sector.
Kirkland Lake Gold Ltd. (KL) reported the sale of 32,627,632 shares of Osisko Mining for approximately $145.2 million and 538,700 shares of Novo Resources for around $1.9 million. The company has also repurchased an additional 863,500 shares, totaling 11.9 million shares bought back in 2020 for $388.4 million. This demonstrates Kirkland Lake's commitment to enhancing shareholder value while continuing to invest in its core mining operations, including Macassa, Detour Lake, and Fosterville mines.
