Kirkland Lake Reports Quarterly Income of $4.2 Million

Kirkland Lake Gold Inc. (TSX:KGI,LSE:KGI) announced its financial results for Q3 of the 2015 fiscal year, which ended January 31, 2015. Highlights include quarterly net and comprehensive income of $4.2 million, or $0.06 per share.

Other highlights are as follows:

• Achieved a head grade of 0.44 ounces per ton (‘opt‘), or 15.1 grams per tonne (‘g/t‘) in Q3/15; 0.43 opt or 14.7 g/t for the nine months of fiscal 2015 (‘YTD’).
• Sold 39,722 ounces of gold at an average realized price per ounce of $1,371 (US$1,175) in Q3/15; YTD sold 116,600 ounces at an average realized price per ounce of $1,389 (US$1,243).
• Cash Operating Costs per Ounce of Gold Produced of $766 (US$656); and $813 (US$728) YTD.
• All-In Cash Cost per Ounce of Gold Produced (‘AICC‘) of $1,249 (US$1,070); YTD AICC of $1,289 (US$1,153).
• Income before income taxes of $7.3 million in Q3/15; $17.2 million YTD.
• Generated cash flow from operations during the quarter of $23.7 million; $57.3 million YTD.
• Generated free cash flow of $11.6 million during the quarter; $22.8 million YTD.
• Cash as at January 31, 2015 was $44.0 million. After closing the bought deal equity financing (‘Financing‘), on February 18, 2015, the cash balance was $76.6 million.

George Ogilvie, CEO of Kirkland Lake, commented:

We are very pleased to see three consecutive quarters of positive results from the operations, generating positive free cash flow and ensuring we will achieve our stated guidance.

We have made tremendous progress following the turnaround a year and a half ago and we are committed to strive for continuous improvements to strengthen the Company and create a return on investment for our shareholders. During the quarter, we announced the appointment of Eric Sprott as Chairman of the Board of Directors, and entered into a $35 million financing. I believe the success of the financing and Mr. Sprott’s joining of the board are key signs that there is renewed faith in our abilities to execute and succeed.

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