Kirkland Lake Gold Re-Issued Previously Withdrawn Guidance for 2020

SEATTLE (Scrap Monster): Kirkland Lake Gold Ltd. re-issued guidance for 2020. Earlier in April this year, the company had withdrawn its guidance on account of uncertainties pertaining to the impacts of Covid-19 pandemic on its operations. The decision to re-issue the guidance follows ramping up of operations at key projects.

The company has guided for production of 1.35 million to 1.40 million ounces for 2020, slightly lower from the earlier withdrawn guidance of 1.47 million to 1.54 million ounces. The lower guidance is mainly on account of removal of production guidance for the Holt Complex and lower expected production levels at Macassa mine.

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The operating cash costs and all-in sustaining costs per ounce have been revised upwards to $410 – 430 and $790 – $810 respectively. Also, the exploration expenditure guidance has been revised to $130 – $150 million. The guidance for royalty expense totalled $80-$85 million, as compared with $85-$90 million.

Tony Makuch, President and Chief Executive Officer noted that the company plans to complete all the drilling programs included in our initial 2020 guidance. However, completion of some of this work will likely move into 2021.The Fosterville gold refinery is completed and fully operational, he added.