Kirkland Lake quadruples Q1 earnings

KIRKLAND Lake Gold has reported higher earnings and cashflow, and record EBITDA for the March quarter, leading to another increase in dividends.

Kirkland Lake quadruples Q1 earnings Kirkland Lake quadruples Q1 earnings Kirkland Lake quadruples Q1 earnings Kirkland Lake quadruples Q1 earnings Kirkland Lake quadruples Q1 earnings

Fosterville

The company's Canadian and Australian mines produced 147,644 ounces of gold at all-in sustaining costs of US$833 an ounce in the March quarter.

Net earnings for the period were $53.8 million, up from $13.1 million a year earlier, while adjusted net earnings tripled to $52.6 million.

Quarterly earnings before interest, tax, depreciation and amortisation were a record $105.9 million, just beating the December quarter record of $103.9 million.

Cashflow from operations was $89.6 million, while free cashflow was $50.2 million.

The company's cash balance increased by 19% to $275.3 million.

Kirkland Lake increased its quarterly dividend to C3c per share from 2c per share.

Speaking on a conference call, Kirkland Lake president and CEO Tony Maku...