Kirkland Lake reports 54% increase in Q2 output

Macassa Mine in Kirkland Lake, Ontario. Image from Kirkland Gold.

Kirkland Lake Gold (NYSE, TSX: KL) reported on Tuesday that its second quarter gold production reached 329,770 ounces, representing an increase of 115,177 ounces or 54% from the same period last year.

Year-to-date, the company has produced 660,634 ounces — 214,162 ounces or 48% higher than the first half of 2019.

Year-to-date, the company has produced 660,634 ounces — 214,162 ounces or 48% higher than the first half of 2019

Production from the Detour Lake mine, acquired by the company in late January, totalled 131,992 ounces for the quarter despite disruptions caused by covid-19.

At the Fosterville mine, production reached 155,106 ounces, a 10% increase over Q2 2019, mainly reflecting higher tonnes processed. This output was similar to the 159,864 ounces produced in the previous quarter.

The Macassa mine added 41,865 ounces, down from the 49,196 ounces produced in Q2 2019 due to a lower average grade. This was also lower compared to the 50,861 ounces produced in the first quarter, reflecting a greater impact on tonnes processed from covid-19 protocols.

The Holt Complex, which was temporarily suspended on April 2, produced only 807 ounces for the quarter. Production in Q2 2019 was 24,696 ounces, while production in Q1 2020 totalled 28,584 ounces.

Total gold sales for Q2 2020 amounted to 341,390 ounces at an average realized price of $1,716 per ounce, compared to 212,091 ounces (at $1,320 per ounce) in Q2 2019 and 344,586 ounces (at $1,586 per ounce) for the previous quarter.

Shares of Kirkland Lake Gold jumped 4.7% and 4.2% respectively on the TSX and NYSE as of 2 p.m. EDT. The Toronto-based gold producer has a market value of $12.1 billion.

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