Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

Kirkland Lake Gold Reports Solid Third Quarter 2017 Results, Company Improves Full-Year 2017 Guidance, Increases Dividends

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Algemeen advies 02/11/2017 12:31
TORONTO, ONTARIO--(Marketwired - Nov. 2, 2017) - Kirkland Lake Gold Ltd. ("Kirkland Lake Gold" or the "Company") (TSX:KL)(NYSE:KL) is pleased to announce financial and operating results for the third quarter ("Q3 2017") and first nine months ("YTD 2017") of 2017. The Company's full financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company's website at www.klgold.com. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.

Key highlights include:
• Production of 139,091 ounces in Q3 2017 and 429,822 ounces in YTD 2017, representing increases of 80% and 107% from comparable 2016 levels
• Mineral reserves more than doubled at Fosterville to 1,030,000 ounces with 83% increase in average reserve grade to 17.9 grams per tonne
• Improved full-year 2017 guidance with Company now targeting full-year 2017 consolidated production of 580,000 - 595,000 ounces, as well as operating cash cost(1) and all-in sustaining cost(1) ("AISC") per ounce sold of $475 - $500 and $800 - $825, respectively ?Fosterville achieves record monthly production in October of over 30,000 ounces

• Investment in Novo Resources Corp. ("Novo") of $61.0 (C$74.9) million to acquire 25.8 million common shares and 14.0 million common share purchase warrants, $99.5 million of non-cash, pre-tax gains reported on Novo commons shares and warrants in Q3 2017
• 4.8 million common shares repurchased for $51.9 (C$65.8) million through NCIB(2) as of November 1, 2017
• Quarterly dividend increased to C$0.02/share from C$0.01/share.

Financial highlights of Q3 2017 results are provided below ("M" refers to $ millions):
• Net earnings of $43.8M ($0.21/basic share) in Q3 2017 versus $18.9M ($0.16/share) in Q3 2016 and $34.6M ($0.17/share) in Q2 2017, ?Adjusted net earnings(1) of $30.0M ($0.14/share) compared to $21.2M ($0.18/share) in Q3 2016 and $35.6M ($0.17/share) in Q2 2017
?Q3 2017 adjusted net earnings exclude $19.2M non-cash gain on fair valuing Novo warrants

• EBITDA (1) of 98.1M in Q3 2017 compared to $45.3M in Q3 2016 and $91.3 in Q2 2017
• Revenue totaling 176.7M in Q3 2017 based on gold sales of 137,907 ounces compared to $100.8M on sales of 76,339 ounces in Q3 2016 and $189.9M on sales of 151,208 ounces in Q2 2017
• Operating cash costs and AISC per ounce sold of $482 and $845 in Q3 2017 versus $540 and $970 in Q3 2016 and $482 and $729 in Q2 2017
• Exploration expense of $16.9M in Q3 2017, up from $4.7M in Q3 2016 and $11.6M in Q2 2017
• Free cash flow (1) totaling $31.5M in Q3 2017, bringing total free cash flow in 2017 to $113.5M, operating cash flow of $66.8M in Q3 2017 and $206.5M year to date
• Cash and cash equivalents of $210.5M at September 30, 2017.


(1) See "Non-IFRS Measures" set out later in this press release and starting on page 27 of the Company's MD&A for the three and nine months ended September 30, 2017 and 2016.
(2) Refers to normal course issuer bid launched in May 2017.

Tony Makuch, President and Chief Executive Officer of Kirkland Lake Gold, commented: "During Q3 2017, we achieved solid financial and operating results, more than doubled reserves at Fosterville, increased our commitment to exploration and made a strategic investment in Novo, which has already gained substantial value. We also continued to generate significant cash flow, with total free cash flow reaching over $110 million for the year to date. Particularly encouraging is our cost performance, with both cash operating costs and AISC for the quarter averaging well within our full-year guidance, to the point that we have been able to improve our cost guidance for the year. In Canada, our unit costs in Canadian dollars improved quarter over quarter, with an average operating cost per tonne of $184, 14% better than the second quarter of the year.

"Looking ahead, we are off to a strong start in the fourth quarter and now expect to produce between 580,000 - 595,000 ounces of gold for full-year 2017 and have also improved our operating cash cost and AISC guidance. At Fosterville, we had our second-best quarter ever in the third quarter and exited the quarter having achieved solid results in September, including over 24,000 ounces of production. One month into the fourth quarter, we have just achieved record monthly production at Fosterville of over 30,000 ounces in October. In Canada, we are targeting one of our best quarters ever from our Canadian operations, with all three mines expected to achieve strong results. Turning to exploration, results from ongoing drill programs at Fosterville, Macassa and Taylor continue to be very positive.

"As a company, we remain focused on providing returns to shareholders, with the repurchase of 4.8 million shares through the NCIB year to date, and through doubling the quarterly dividend payable to shareholders to C$0.02/share from C$0.01/share effective for shareholders of record December 29, 2017. Our remaining convertible debenture matures on December 31, 2017, after which we will be debt free, and we will continue to use the NCIB to repurchase stock with excess cash as we feel that our company's shares are significantly undervalued in the market."

During Q3 2017, the Company invested $61.0 (C$74.9) million to acquire 25.8 million common shares and 14.0 million common share purchase warrants of Novo, each of the latter entitling the Company to acquire one common share of Novo for C$6.00 per share until September 6, 2020, subject to certain rights held by Novo to accelerate their expiry. Based on Novo's share price performance during the quarter, the Company recorded pre-tax, non-cash gains on fair valuing the Novo common shares of $80.3 million ($69.7 million net of tax included in comprehensive income) and on fair valuing the Novo warrants of $19.2 million ($14.1 million net of tax included in net earnings).

Consolidated Financial Summary

The following table provides key summarized consolidated financial information for the Company's operations for the three and nine months ended September 30, 2017 and 2016. Discussion of these results is included in the Company's MD&A for the same periods under the section, "Consolidated Financial Review". For the three and nine months ended September 30, 2017, the information includes the consolidated operating and financial information for the Company's Canadian and Australian operations. The operating and financial information for the three and nine months ended September 30, 2016, does not include the Australian operations, which were acquired following the completion of the Newmarket Arrangement on November 30, 2016. In addition, information for the first nine months of 2016 includes the St Andrew assets from January 26, 2016, the date the St Andrew Arrangement was completed.


Three months ended September 30, Nine months ended September 30,
(in thousands of dollars, except per share amounts) 2017 2016 2017 2016
Revenue $176,709 $100,825 $535,131 $272,440
Production costs 66,497 41,309 220,032 132,198
Earnings before income taxes 64,048 30,158 141,280 61,674
Net earnings 43,780 18,880 91,446 38,638
Earnings per share - basic 0.21 0.16 0.44 0.34
Earnings per share - diluted 0.20 0.16 0.44 0.34
Cash flow from operations 66,829 46,427 206,461 118,525
Cash investment on mine development and PPE $35,298 $20,271 $93,008 $49,940

Consolidated Key Performance Measures


Three months ended September 30, Nine months ended September 30,
2017 2016 2017 2016
Tonnes milled 448,251 307,886 1,519,196 827,876
Grade (g/t Au) 10.1 8.2 9.2 8.2
Recovery (%) 95.6 96.6 95.5 96.8
Gold produced (oz) 139,091 77,274 429,822 207,887
Gold sold (oz) 137,908 76,339 427,017 217,792
Average realized price ($/oz sold)(1) $1,281 $1,321 $1,253 $1,251
Operating cash costs per ounce sold ($/oz sold) $482 $540 $508 $591
All-in sustaining costs ($/oz sold) $845 $970 $811 $940
Adjusted net earnings(1) $30,037 $21,187 $81,808 $43,629


(1) See "Non-IFRS Measures" set out later in this press release and starting on page 27 of the Company's MD&A for the three and nine months ended September 30, 2017 and 2016.

Production, Sales and Revenue

The Company produced 139,091 ounces in Q3 2017, an increase of 80% from Q3 2016 when consolidated production included only the Company's Canadian operations. The increase in production compared to Q3 2016 largely reflected the addition of the Company's Australian assets on November 30, 2016, with the Australian operations contributing 62,825 ounces of production in Q3 2017. The Company's Canadian operations produced 76,266 ounces in Q3 2017, which compared to 77,274 ounces in Q3 2016. Excluding 7,829 ounces produced in Q3 2016 at the Holloway Mine, which was placed on care and maintenance in December 2016, Q3 2017 production from Canadian operations increased 10% from the same period in 2016. Production at Macassa of 48,206 ounces in Q3 2017 increased 5,340 ounces or 12% from Q3 2016, reflecting a 20% increase in the average grade, to 16.5 grams per tonne. Production from Holt increased 14% to 16,995 ounces year over year, reflecting a 23% increase in tonnes processes. Production at Taylor totaled 11,065 ounces versus 11,630 ounces in Q3 2016.

Production in Q3 2017 compared to production of 160,305 ounces in Q2 2017, which included 10,213 ounces of production from the Cosmo Mine prior to the mine being placed on care and maintenance effective June 30, 2017 (1,290 ounces processed in Q3 2017). Q2 2017 production also included higher production at Fosterville of 77,069 ounces, based on an average grade of 17.2 grams per tonne. Production at Fosterville in Q3 2017 of 61,535 ounces was the Mine's second highest quarterly total and was based on an average grade of 14.1 grams per tonne. Q3 2017 production at Macassa was 5% higher than the 45,699 ounces produced in Q2 2017, with the increase mainly related to a 19% increase in the average mill grade, largely reflecting increased run-of-mine tonnes being processed during Q3 2017.

Based on gold sales in Q3 2017 of 137,908 ounces at an average realized price of $1,281 per ounce, revenue for the quarter totaled $176.7 million. Revenue in Q3 2017 increased 75% from $100.8 million in Q3 2016, reflecting an 81% increase in gold sales, which more than offset a 3% reduction in the average realized price of gold compared to Q3 2016. The higher gold sales reflected the addition of the Company's Australian operations since the end of last year's third quarter. Q3 2017 revenue compared to Q2 2017 revenue of $189.9 million, with the change reflecting record quarterly gold sales of 151,208 ounces in the previous quarter. The average realized price in Q3 2017 increased 2% from $1,256 per ounce in Q2 2017.

For the first nine months of 2017, consolidated production totaled 429,822 ounces, more than double the 207,887 ounces produced YTD in 2016 when consolidated production included only the Canadian operations. The Company's Australian operations, mainly Fosterville, contributed 205,283 ounces to YTD 2017 production. The Company's Canadian operations produced 224,539 ounces YTD in 2017, an 8% increase from YTD 2016. Excluding production from the Holloway Mine, YTD 2017 production increased 18% from the prior year. All three of the Company's three operating mines in Canada, Macassa, Holt and Taylor, recorded solid year-over-year production growth.

YTD 2017 gold sales totaled 427,017 ounces at an average realized price of $1,253 per ounce for total revenue of $535.1 million. Revenue for the first nine months of the year was $262.7 million or 96% higher than for the same period in 2016, largely reflecting the inclusion of the Company's Australian assets in YTD 2017 financial results.
Cost Performance

Total production costs in Q3 2017 totaled $66.5 million, which compared to $41.3 million in Q3 2016 and $72.9 million the previous quarter. The change from the same period in 2016 mainly reflected the inclusion of the Company's Australian operations effective November 30, 2016. The reduction from Q2 2017 mainly related to higher production and sales volumes in Q2 2017. For the first nine months of 2017, total production costs were $220.0 million, a $87.8 million or 66% increase from the same period in 2016 largely reflecting the inclusion of the Australian operations in YTD 2017.

On a unit basis, operating cash costs per ounce sold for Q3 2017 averaged $482, an 11% improvement from Q3 2016 mainly reflecting higher mill grades compared to a year ago (10.1 grams per tonne versus 8.2 grams per tonne in Q3 2016) largely due to the inclusion of the Company's Australian operations in Q3 2017 following the completion of the Newmarket Arrangement on November 30, 2016. Operating cash costs for the Australian operations in Q3 2017 averaged $372. Operating cash costs per ounce sold for the Canadian operations in Q3 2017 averaged $582, which compared to $540 in Q3 2016. The increase largely reflected the impact of a stronger Canadian dollar, as well as higher operating cash costs at Holt and Taylor.

Operating cash costs per ounce sold for Q3 2017 were unchanged from Q2 2017. Operating cash costs per ounce for the Australian operations in Q3 2017 improved 5% from $393 in Q2 2017 due to the removal of high-cost ounces from the Cosmo Mine, with the mine being placed on care and maintenance effective June 30, 2017. Operating cash costs for the Canadian operations in Q3 2017 were similar to the $579 per ounce sold recorded the previous quarter, with the small increase reflecting a stronger Canadian dollar during the third quarter. In Canadian dollar terms, operating cash costs per ounce sold from Canadian operations improved quarter over quarter, reflecting higher production volumes and reduced levels of operating development at Holt and higher grades at Macassa.

AISC per ounce sold averaged $845 per ounce sold in Q3 2017, a 13% improvement from Q3 2016, reflecting improved operating cash costs per ounce sold as well as lower levels of sustaining capital expenditures per ounce sold compared to the same period a year earlier. AISC for the Company's Australian operation averaged $643 per ounce sold in Q3 2017. AISC per per ounce sold for Canadian operations averaged $938 versus $943 in Q3 2016, with the improvement mainly reflecting lower operating cash costs per ounce sold and reduced levels of sustaining capital expenditures per ounce sold at Macassa, which more than offset the impact of a stronger Canadian dollar in Q3 2017. AISC in Q3 2017 compared to $729 per ounce sold the previous quarter, largely reflecting lower ounces sold, higher levels of sustaining capital expenditures in Q3 2017 as well as changes in exchange rates.

For the first nine months of 2017, operating cash costs per ounce sold averaged $508, a 14% improvement from $591 YTD in 2016, when consolidated production included only the Company's Canadian operations. AISC per ounce sold for YTD 2017 averaged $811 compared to $940 for the comparable period in 2016. Operating cash costs per ounce sold from the Company's Australian operations averaged $436 for YTD 2017, while AISC per ounce sold averaged $664. Operating cash costs and AISC per ounce sold for the Company's Canadian operations averaged $573 and $865, respectively, YTD in 2017, which compared to $591 and $910, respectively, for YTD 2016. The improved nine-month unit costs for Canadian operations reflected increased grades and production volumes at Macassa.

Net Earnings per Share of $0.21 in Q3 2017 and $0.44 YTD in 2017

Net earnings for Q3 2017 were $43.8 million (or $0.21 per basic share) compared to net earnings of $18.9 million (or $0.16 per basic share) in Q3 2016 and net earnings of $34.6 million ($0.17 per basic share) in Q2 2017. Contributing to the increase in net earnings compared to Q3 2016 was $21.3 million of other income mainly related to a $19.2 million market-to-market gain on fair valuing the Company's 14,000,000 common share purchase warrants of Novo, as well as the impact of higher revenue and lower unit costs compared to a year earlier. These factors more than offset higher production costs, increased depletion and depreciation expenses, due to growth in the Company's asset portfolio over the last year, a $12.2 million increase in exploration expenses and the impact of care and maintenance costs related to Company's three mines currently on care and maintenance. (Stawell, Cosmo and Holloway). In addition, the Company also had a larger base of weighted average shares outstanding in Q3 2017 compared to the prior year due to the completion of the Newmarket Arrangement on November 30, 2016. The change in net earnings from the previous quarter mainly reflected significantly higher other income related to the gain on Novo warrants, which more than offset lower revenue resulting from a reduction in total gold sales compared to Q2 2017.

Adjusted net earnings in Q3 2017 totaled $30.0 million versus $21.2 million in Q3 2016 and $35.6 million in Q2 2017. The difference between net earnings and adjusted net earnings in Q3 2017 primarily related to the $19.2 million gain on Novo warrants, which are excluded for the purpose of calculating adjusted net earnings.

For the first nine months of 2017, net earnings totaled $91.4 million ($0.44 per basic share), a 137% increase from $38.6 million ($0.34 per basic share) for the same period in YTD 2016. Strong revenue growth, lower unit costs and other income from the marking-to-market the fair value of the Novo warrants more than offset increased production costs and depletion and depreciation expenses, significantly higher exploration spending in support of the Company's future growth, and care and maintenance costs in accounting for the year-over-year increase in net earnings.

Cash and Cash Equivalents of $210.5 million

Cash and cash equivalents at September 30, 2017 totaled $210.5 million, which compared to cash and cash equivalents of $234.9 million at December 31, 2016 and cash and cash equivalents of $267.4 million at June 30, 2017. During Q3 2017, the Company invested approximately $61.0 (C$74.9) million to acquire an aggregate of 25.8 million shares of Novo, representing an 18.2% ownership interest in the Company at the time of purchase, as well as 14,000,000 common share purchase warrants. The Company also invested approximately $27.8(C$34.8) million in Q3 2017 related to the repurchase of Kirkland Lake Gold common shares through the Company's NCIB, launched in May 2017. To the end of Q3 2017, a total of approximately 3.9 million common shares had been repurchased through the NCIB for a total amount of approximately $39.5 (C$50.3) million. Also contributing to the change in cash and cash equivalents since the beginning of 2017, the Company paid $43.8 (C$57.5) million from existing cash to holders of the Company's 6% Debentures on their maturity at June 30, 2017.

Cash flow from operating activities and free cash flow in Q3 2017 totaled $66.8 million and $31.5 million, respectively, which compared to $46.4 million and $26.2 million, respectively, in Q3 2016 and $71.0 million and $44.8 million, respectively in Q2 2017. For the first nine months of 2017, the Company generated cash flow from operating activities of $206.5 million and free cash flow of $113.5 million, which compared to cash flow from operating activities of $118.5 million and free cash flow of $68.6 million YTD in 2016. Higher revenue, largely reflecting the addition of the Company's Australian operations, was the main driver of the increases in cash flow for the third quarter and year to date compared to 2016.

Performance Against 2017 Guidance

At September 30, 2017, Kirkland Lake Gold was on track to achieve the Company's full-year consolidated 2017 guidance. A number of improvements have been made to guidance during 2017. Guidance for consolidated production and AISC have been improved twice after beginning the year at 500,000 - 525,000 ounces and $950 - $1,000 per ounces sold, respectively. Consolidated production and AISC guidance was improved to 530,000 - 570,000 ounces and $850 - $900 per ounce sold with the release of the Company's first quarter results on May 4, 2017, and was then improved to 570,000 - 590,000 ounces and $800 - $850 per ounce sold with the release of the second quarter results on August 2, 2017. The revisions to production and AISC guidance resulted from improving grades at Fosterville and the expectation of higher tonnes mined and milled at Macassa. Other revisions to consolidated guidance during 2017 include an improvement to operating cash costs per ounce sold from $625 - $675 to $475 - $525 on May 4, 2017, and a revision to sustaining and growth capital expenditure guidance from $180 - $200 million to $160 - $180 million on August 2, 2017. (For more information on the revisions to guidance announced on August 2, 2017 and May 4, 2017 see the MD&As for the periods ended March 31, 2017 and June 30, 2017.)


read and see more on
http://www.klgold.com/news-and-media/news-releases/press-release-details/2017/Kirkland-Lake-Gold-Reports-Solid-Third-Quarter-2017-Results-Company-Improves-Full-Year-2017-Guidance-Increases-Dividends/default.aspx



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