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Kirkland Lake Gold increases production 21% in Q4

Thu Jan 09 2020


Kirkland Lake Gold (NYSE:KL) said today that production in Q4 2019 totaled 279,742 ounces, an increase of 21% from 231,217 ounces during the same period a year ago.


The company's Fosterville Mine exceeded full-year guidance. The expected production was between 570,000 and 610,000 ounces. Actual FY production at Fosterville was 619,366 ounces.


The company's other mine, Macassa Mine, totaled 241,297 ounces, which was in line with FY 2019 guidance of between 240,000 and 250,000 ounces.


The company said its cash position increased $90 million or 15% during Q4 2019, with total cash and equivalents at December 31, 2019, totaling $705 million.


Kirkland Lake used some cash to buy back shares. During Q4 2019, $30.0 million was used to repurchase 727,200 common shares.