Kirkland Lake Gold Reports Quarterly Financial Results

Kirkland Lake Gold Inc. (TSX:KGI,LSE:KGI) announced its financial results for Q2 and H1 of the 2015 fiscal year. Highlights include the sale of 38,335 ounces of gold at an average realized price per ounce of US$1,262.

Other key points include:

• Achieved a head grade of 0.41 ounces per ton (‘opt’), or 14.0 grams per tonne (‘g/t’) in Q2/15; 0.43 opt or 14.7 g/t in H1/15.
• Cash Operating Costs per Ounce of Gold Produced of $889 (US$804); and $836 (US$764) for H1/15.
• Generated cash flow from operations during the quarter of $16.3 million; $33.0 million in H1/15.
• Income before income taxes of $4.4 million in Q2/15; $9.9 million in H1/15.
• Net and comprehensive income of $2.7 million or $0.04 per share during the quarter; $7.7 million or $0.11 per share in H1/15.
• All-In Cash Cost per Ounce of Gold Produced (‘AICC’) of $1,374 (US$1,243); AICC of $1,308 (US$1,196) in H1/15.
• Generated free cash flow of $5.9 million during the quarter; $10.9 million in H1/15.
• Cash as at October 31, 2014, was $41.4 million.

George Ogilvie, CEO of Kirkland Lake, said:

We have shown consistent results after the second quarter with further positive earnings and positive cash flow. In the second half of this fiscal year we intend to increase our tons per day while maintaining our strategy of mining as close as possible to the reserve grade of the mine. To safeguard our revenue stream in the third quarter, we have forward sold a portion of the Q3 production, which is priced above our AICC guidance for this fiscal year.

Click here to read the full Kirkland Lake Gold Inc. (TSX:KGI,LSE:KGI) press release.