Introduction
Last year I published an article on Seeking Alpha highlighting Kirkland Lake’s imminent production growth acceleration as it continued to develop Fosterville’s Swan zone, and how the accompanying incremental increase in mill feed grade, coupled with a low cash operating cost would translate into rapidly increasing free cash flow.
Since then, the company has continued to under-promise and over-deliver and announced no less than three increases in production guidance.
The stock market is forward-looking and doesn’t necessarily pay you for yesterday’s results. So, the question in investors’ minds in the spring of 2019 is