Toronto, Ontario (July 9, 2015) - Kirkland Lake Gold Inc. (“Kirkland Lake Gold” or the “Company”), an operating and exploration gold company with operations in Ontario, Canada, today announces financial results for the fourth quarter and year ended fiscal 2015 (“Q4/15” and “F2015”, respectively). All figures in this release are in Canadian dollars unless stated otherwise.
Highlights2
Achieved a head grade of 0.42 ounces per ton (“opt”), or 14.4 grams per tonne (“g/t”) in Q4/15; 0.43 opt or 14.7 g/t for F2015.
Produced 37,979 ounces of gold in Q4/15 and a total of 153,957 ounces at F2015.
Sold 39,109 ounces of gold at an average sales price per ounce of $1,481 (US$1,186) in Q4/15; F2015 sold 155,709 ounces at an average sales price per ounce of $1,412 (US$1,228).
Cash Operating Costs per Ounce of Gold Produced1
of $885 (US$709); and $831
(US$723) YTD.
All-In Cash Cost per Ounce of Gold Produced1
(“AICC”) of $1,445 (US$1,157); F2015
AICC of $1,327 (US$1,152).
Income before taxes of $8.3 million in Q4/15; $25.5 million F2015.
Net and comprehensive income of $7.9 million or $0.11 per share during the quarter;
$19.8 million or $0.27 per share in F2015.
Generated cash flow from operations during the quarter of $20.7 million; $78.2 million YTD.
Generated free cash flow1
of $7.8 million during the quarter; $30.7 million F2015.
Completed a successful bought deal public offering for total gross proceeds of $35 million.
Cash as at April 30, 2015 was $80.3 million.
Mr. John Thomson, Chief Financial Officer of the Company commented, “We are pleased with the improved financial performance and in particular, reporting a fourth consecutive quarter of profitability, positive cash flow from operations and free cash flow. We have also met and in certain instances exceeded our original guidance parameters for the year.”
Mr. George Ogilvie, Chief Executive Officer of the Company also commented, “We are very proud of our accomplishments during fiscal 2015. Our business has made positive strides forward over the course of the last 12 months, and each and every one of our employees needs to be commended for the commitment they have shown in turning our business around. However, there are still challenges ahead that will require time and effort before the business is fully functioning at an optimum level. I am however, confident that we are on the
right track and that the management team we have assembled, in conjunction with our motivated workforce, is qualified and capable of addressing these challenges.”
1
The Company has included non-GAAP performance measures: average sales price per ounce, cash operating cost per ton produced, cash
operating cost per ounce produced, AICC and free cash flow throughout this announcement. These are common performance measures in the
mining industry that do not have any standardized meaning under IFRS. Refer to Appendix B of the MD&A for a reconciliation of these measures
to reported production expenses.
2
All US dollar equivalents are converted at the average CAD to USD exchange rate during the reporting period.
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