KL - Kirkland Lake Gold shoots higher as Q2 production climbs 25% vs. Q1
Kirkland Lake Gold (KL +7.4%) jumps after beating expectations for Q2 earnings and revenues, as gold production surged. Q2 net earnings of $224.2M are up 67% from the year-ago quarter and 51% more than Q1 2021. Q2 gold production of 379.2K oz. rose 15% from 329.7K oz in the same quarter last year and 25% above 302.8K oz. in Q1 2021. Q2 all-in sustained costs of $780/oz. came in better than full-year guidance of $790-$810/oz. Q2 free cash flow of $131.2M rose 39% Y/Y and tripled Q1 2021 levels. "All three of our cornerstone assets increased production during Q2 2021, with Fosterville having a particularly successful quarter based largely on continued grade outperformance," President and CEO Tony Makuch said. The company said it is on track to achieve its full-year gold production guidance of 1.3M-1.4M oz. Kirkland Lake Gold is a "strong value candidate for a hedge against inflation," Elijah Morgan
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Kirkland Lake Gold shoots higher as Q2 production climbs 25% vs. Q1