Kirkland Lake Gold Ltd (ASX: KLA) is into the business of gold mining and exploration. The Company focuses on the acquisition, development, and exploration of gold mining projects. Kirkland Lake Gold Limited offers its services in Canada and Australia.
The company has briefed in its update, that the company has achieved a record in terms of its production levels of gold for the Q4 2018 as well as for the full year of FY 2018. Following the release, the share price of the company zoomed up 6.592% on January 09, 2019.
Production for the fourth quarter came in at 230,993 Oz. This was 28% higher as compared to the previous record of 180,155 oz which was recorded for the Q3 2018. Moreover, the production levels for the Q4FY18 came in at a level which was even higher than the targeted levels of the gold productions. This robust performance was achieved on the back of record production achieved at the company’s both Fosterville and Macassa which contributed to the total production in the proportions of 124,307 ounces & 69,936 ounces, respectively. The production in the FY 2018 saw a rise of 21% from the FY 2017 levels and thus came in at the 723,477 ounces in FY18 as compared the prior year. The company had a cash balance of $332 Mn as on December 31, 2018.
Few of the highlights for Q4 2018 and 2018 production results are as follows:
- The Q4 2018 production was recorded at 230,993 ounces; this was a 39% increase on YoY basis and 28% higher than the previous quarter.
- The Gold that was poured in Q4 2018 was recorded at 224,770 ounces. Also, total gold sales were recorded at 225,692 ounces for the quarter.
- Production at Fosterville came in at 124,307 ounces in Q4 2018. This showed an astounding rise of 57% on a YoY basis and 37% higher as compared with the Q3 2018; the quality of production which is measured in terms of production grade came in an average grade of 39.7 grams per tonne (“g/t”), which were emphatically above-set targets.
- Production at Macassa came in at 69,936 ounces in Q4 2018, this showed a robust growth of 36% on a YoY basis, and 26% growth on QoQ basis; The average grade in Q4 2018 came in at 25.9 g/t.
- The production for the FY 2018, was recorded at the 723,477 ounces, a rise of 21% on the PCP. This rise was on the back of the production growth of 35% achieved at Fosterville, the growth of 24% at Macassa, and a 16% growth at Taylor.
Other key developments during Q4 2018 such as the company has improved its financial position with a cash position which increased by circa 29% for Q4 2018. Also, the year-end cash balance was recorded at $332 million.
Meanwhile, the stock price of the company has risen by 15 percent in the past six months as on 8 January 2019. KLA’s shares traded at $38.0 with the market capitalization of circa $35.65 Mn as on 9 January 2019.
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