Kirkland Lake Gold Re-Issues 2020 Guidance
- Production guidance of 1,350,000 – 1,400,000 ounces compares to withdrawn guidance for 2020 of 1,470,000 – 1,540,000 ounces and 2019 production of 974,615 ounces. The change from previous guidance reflects the removal of production guidance for the Holt Complex after March 31, 2020 (Holt Complex production of 28,584 ounces in first quarter 2020 (“Q1 2020”) is included in re-issued guidance) and lower expected levels of production at Macassa due largely to COVID-19. (Q1 2020 consolidated production totaled 330,864 ounces.)
- Operating cash costs per ounce sold1 guidance of $410 – 430 and all-in sustaining cost (“AISC”) per ounce sold guidance of $790 – $810 are improved from previous guidance of $450 – $470 and $820 – $840, respectively, as the impact of COVID-19 protocols is expected to be offset by the suspension of operations at Holt Complex as well as the impact of a number of Company initiatives and changes in market conditions. (Q1 2020 operating cash costs per ounce sold of $440 and AISC per ounce sold of $776.)
- Exploration expenditure 2 guidance is revised to $130 – $150 million, including capitalized exploration expenditures, from $150 – $170 million in the previous guidance. The reduction from previous guidance reflects disruptions caused by COVID-19, partially offset by the inclusion of $18.0 million of exploration expenditures related to the Company’s Northern Territory assets, mainly incurred in Q1 2020, which was not included in previous guidance. Exploration drilling across the Company was suspended at the end of March due to COVID-19, with the resumption of drilling at Fosterville, Macassa and Detour Lake commencing in May and the ramp up expected to continue over the next few months. (Q1 2020 exploration expenditures of $36.0 million.)
- Sustaining capital expenditure 1 guidance of $390 – $400 million compares to previous guidance of $420 – $430. The reduction mainly reflects the removal of expected sustaining capital expenditures at Holt Complex after March 31, 2020 from re-issued guidance as well as the impact of changes in market conditions, partially offset by the impact of a number of Company initiatives. (Q1 2020 sustaining capital expenditures totaled $90.0 million, including $48.3 million for two months at Detour Lake.)
- Growth capital expenditure 1 guidance of $95 – $105 million compares to previous guidance of $70 – $80 million. The increase in growth capital expenditure guidance relates mainly to the addition of new projects at the Detour Lake Mine following the completion of the Detour Gold acquisition. (Q1 2020 growth capital expenditures of $22.6 million.)
- See the “Non-IFRS Measures” section starting on page 24 of the Company’s MD&A for the three months ended March 31, 2020 filed on the Company’s profile on SEDAR at www.sedar.com.
- Exploration expenditures include capital expenditures related to infill drilling for Mineral Resource conversion, capital expenditures for extension drilling outside of existing Mineral Resources and expensed exploration.
- COVID-19 costs of $10.0 – $15.0 million are excluded from operating cash costs, AISC and capital expenditures in re-issued 2020 guidance.
- See “Non-IFRS Measures” set out starting on page 24 of the MD&A for the three months ended March 31, 2020 for further details. The most comparable IFRS Measure for operating cash costs, operating cash costs per ounce sold and AISC per ounce sold is production costs, as presented in the Consolidated Statements of Operations and Comprehensive Income, and total additions and construction in progress for sustaining and growth capital. Operating cash costs, operating cash cost per ounce sold and AISC per ounce sold reflect an average US$ to C$ exchange rate of 1.35 and a US$ to A$ exchange rate of 1.47.
- Growth capital expenditures exclude capitalized depreciation.
- Exploration expenditures include capital expenditures related to infill drilling for Mineral Resource conversion, capital expenditures for extension drilling outside of existing Mineral Resources and expensed exploration. Also includes capital expenditures for the development of exploration drifts.
- e-issued exploration expenditure guidance includes $18.0 million related the Northern Territory assets (no production, costs or expenditures related to the Northern Territory were included in the previous 2020 guidance.
- Includes general and administrative costs and severance payments. Excludes share-based payment expense.
- Excluded production, costs and expenditures related to the Company’s Northern Territory assets.
- See “Non-IFRS Measures” set out starting on page 24 of the MD&A for the three months ended March 31, 2020 for further details. The most comparable IFRS Measure for operating cash costs, operating cash costs per ounce sold and AISC per ounce sold is production costs, as presented in the Consolidated Statements of Operations and Comprehensive Income, and total additions and construction in progress for sustaining and project capital. Operating cash costs, operating cash cost per ounce sold and AISC per ounce sold reflect an average US$ to C$ exchange rate of 1.30 and a US$ to A$ exchange rate of 1.43.
- Growth capital expenditures exclude capitalized depreciation.
- Exploration expenditures include capital expenditures related to infill drilling for Mineral Resource conversion, capital expenditures for extension drilling outside of existing Mineral Resources and expensed exploration. Also includes capital expenditures for the development of exploration drifts.
- Includes general and administrative costs and severance payments. Excludes share-based payment expense.
Source: https://www.kl.gold/news-and-media/press-release-details/2020/Kirkland-Lake-Gold-Re-Issues-2020-Guidance/default.aspx
Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Asset Protection Control Room Guard to join our Asset Protection team reporting to the Asset Protection Supervisor.
We currently have an exciting opportunity for a SharePoint Developer to join our Business Intelligence Team.
Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Mine Planning Technician Trainee to join our Technical Services team reporting to the Mine Planning Superintendent.
Based at the Canadian Operations Centre in Timmins, ON, we currently have an exciting opportunity for a Senior Mine Geologist to join our Geology team reporting to the Geology Superintendent.
Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Process Plant Reliability Engineer to join our Process Plant Maintenance team reporting to the Reliability Supervisor.
The Core Technician will be responsible to support the Geology departments by processing and sampling/cutting of diamond drill core.
The Assayer 1 processes Mine Production and Exploration samples for grade control providing vital information in a timely method to assist in key decision making relating to mining/geology activity and reconciling samples entering and exiting the Mill Process.
The Mine Planner/EIT will be responsible for mine planning within the 3 - 6 month planning interval.
The Assayer 2 processes Mine Production and Exploration samples for grade control providing vital information in a timely method to assist in key decision making relating to mining/geology activity and reconciling samples entering and exiting the Mill Process.
The Assayer 3 processes Mine Production and Exploration samples for grade control providing vital information in a timely method to assist in key decision making relating to mining/geology activity and reconciling samples entering and exiting the Mill Process.