Kirkland Lake Gold Ltd. (TSX:KL) has announced production numbers for the first quarter of 2019 (“Q1 2019”) of 231,879 ounces, an increase of 57% from 147,644 ounces in Q1 2018, with the increase driven by record quarterly production at both Fosterville (Australia) and Macassa (Kirkland Lake, Ontario).
The Company ended Q1 2019 well positioned to achieve its improved full-year 2019 production guidance of 920,000 – 1,000,000 ounces of gold, with production at Fosterville expected to be weighted to the second half of 2019 as development advances to depth into the high-grade Swan Zone. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.
During Q1 2019, the Company continued to build financial strength with cash increasing $78 million or 23%, to $410 million at March 31, 2019, compared to $332 million at December 31, 2018, said a company news release.
Highlights of Q1 2019 production results:
- Consolidated Q1 2019 production of 231,879 ounces, which compared to 147,644 ounces of production in Q1 2018 and 231,217 ounces in the fourth quarter of 2018 (“Q4 2018”)
- Gold poured in Q1 2019 totaling 230,250 ounces, with total gold sold of 232,929 ounces
- Record production at Fosterville of 128,445 ounces, more than double the 63,843 ounces produced in Q1 2018 and a 3% increase from the previous quarterly record of 124,307 ounces the previous quarter (Strong production growth from Q1 2018 resulted from significantly higher average grades due mainly to the advancement of the mine sequence in the Swan Zone during Q1 2019)
- Record production at Macassa totaling 72,776 ounces, an increase of 35% from 54,038 ounces in Q1 2018 and 4% higher than the previous quarterly record of 69,936 ounces in Q4 2018, (record quarterly production in Q1 2019 reflected significant grade outperformance in the South Mine Complex (“SMC”) from stopes in or around the 5700 Level)
- Production at Holt and Taylor of 17,225 ounces and 12,377 ounces, respectively, which compared to 16,675 ounces and 13,055 ounces, respectively, in Q1 2018 and 16,774 ounces and 19,305 ounces, respectively, the previous quarter.
