KL - Kirkland Lake Gold: Detour Lake Continues To Growa

• Kirkland Lake Gold released an update resource estimate for its Detour Lake Mine in Ontario, Canada, and increased its measured and indicated resource base by more than 210%.
• This massive increase in the resource base to ~12.2 million ounces (excluding low grade) is completely separate from the company's ~15.8 million ounce reserve base that supports a 22-year mine life.
• Notably, the company still has 100,000 meters of drilling between now and year-end, and I would expect Detour Lake to grow to the largest Tier-1 jurisdiction gold mine by 2023.
• This outstanding update reinforces my view that Kirkland Lake Gold is a top-5 gold producer in the sector and that it remains undervalued, and I see a fair value for the stock above US$60.00.

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