Key Highlights
Solid quarterly production and costs despite COVID-19 challenges – Payable gold production in Q1 2022 was 661koz at production costs/oz of $1,002, total cash costs/oz of $811 and all-in sustaining costs ("AISC")/oz of $1,079.
Several key cornerstone assets delivered strong operational performance – Good position to deliver on 2022 guidance forecasts.
COVID-19 challenges seen in late 2021 and early 2022 appear to be moderating – Production and costs in Q1 2022 were generally in line with forecasts despite COVID-19 challenges.
Gold production, cost and capital expenditure guidance reiterated for 2022.
Inflationary cost environment continues to evolve – Cost pressures were relatively minor in Q1 2022. The Company will continue to monitor and assess any impacts on forecasted costs as inflation could have more of an affect during the remainder of the year.
Kirkland Lake Gold Ltd. merger (the "Merger") completed February 8, 2022; focus now on delivering synergies and maximizing value drivers – The senior management team has been finalized and corporate synergies are ahead of estimates.
Debt repayment of $125M in April and share buyback expected to commence in early May.
A quarterly dividend of $0.40 per share has been declared.


Key Value Drivers:
Odyssey Project – Underground development and surface construction activities remain on schedule and on budget. The Company is successfully building a highly skilled team and the project is considered an employer of choice in the Abitibi. Shaft sinking is expected to begin in Q4 2022 and the first underground production is expected to commence in H1 2023.
Detour Lake – Mill optimization projects are progressing as planned and drilling continues to intersect mineralization west of the resource pits. Additional mineralization has also been encountered at depth supporting the potential for future underground mining. A technical evaluation is progressing with the goal of converting a portion of last year's mineral resources into mineral reserves in Q2 2022.
Kirkland Lake Regional Update – At the AK deposit, the underground ramp from Macassa has been extended by 225m and drilling is underway. AK ore could complement the feed at the Macassa mill as early as 2024. At Upper Beaver, infill drilling continues to intersect significant mineralization and appears to have encountered a new zone of mineralization 500m southeast of the main mineralized zone.
Hope Bay – Drilling at the Doris deposit has discovered extensions to the known mineralized zones. Deep exploration drilling in the BTD Connector area returned highlights of 23.0 g/t gold over 5.0m at 502m depth and 9.4 g/t gold over 14.9m at 491m depth. Exploration is expected to continue through 2023 while a larger production scenario is being evaluated.

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