Kirkland Lake Gold Profit Rises; Dividend Hiked
Kirkland Lake GoldLtd. (TSX, NYSE: KL; ASX: KLA) reported that its profit rose in the firstquarter. The Company also announced an increase to its quarterly dividend to 3Canadian centers per share from two cents, starting with the second quarter,with the dividend payable in July. Net earningsincreased $53.8million, or 25 cents pershare, from $13.1 million, or 6 cents, in the first quarter of 2017. Adjusted netearnings totaled $52.6million, or 25 cents, upfrom $17.5 million, or 9 cents, ayear ago. Gold production rose to 147,644 ounces from 130,425 ounces a yearago, although this was down from record quarterly production of 165,579 ouncesin the fourth quarter. All-in sustaining costs per ounce sold averaged $833, down from $873 a year ago.Tony Makuch, president and chief executive officer, said the results “surpassedtarget levels for the quarter in most key areas and, as a result, we enteredthe second quarter tracking very well against our consolidated 2018 guidance.Looking ahead, we expect higher levels of production as the year progresses,which will contribute to further improvements in unit costs.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Alamos PostsAdjusted Profit, Hikes Gold-Output Guidance
Wednesday May 2, 2018 08:15
AlamosGold Inc. (TSX, NYSE: AGI) reports an adjusted profit onrecord gold production in the first quarter, and the company also revisedupward output guidance for the full year. The company lists adjusted netearnings of $12.3 million, or 3 cents per share, aturnaround from a loss of $5.1 million in the same period a year ago. Netearnings were $0.6 million, or zero cents per share, up from $0.1 million.Alamos says it produced a record 128,900 ounces of gold, above budget and 34%higher than the first quarter of 2017. This marks the fourth consecutivequarter of record output. “We delivered another recordquarter of production and given the strong start to the year, we’ve increasedfull-year production guidance to a range of 490,000 to 530,000 ounces. Theincrease was driven by stronger-than-expected performances from our Mulatos andIsland Gold mines, the latter establishing a new record in its first fullquarter as part of Alamos,” says JohnA. McCluskey, president and chief executive officer. Alamos endedthe quarter with no debt and $231.8million in cash and cash equivalents. The company announces a semi-annual dividendof a penny per share to be paid to shareholders on April 30.
By Allen Sykoraof Kitco News; asykora@kitco.com
McEwenMining Reports Net Loss In First Quarter
Wednesday May 2, 2018 08:15
McEwenMining Inc. (NYSE, TSX:MUX)reports a first-quarter net loss of $5.2 million or 2 cents per share, comparedto a loss of $3 million, or a penny, in the same period a year ago. However,earnings from mining operations climbed to $12.4 million from $8.2 million. Thecompany lists production of 44,344 gold-equivalent ounces, in line with itsexpectations and up from 29,733 in the same period a year ago. Full-yearguidance is 171,000 gold-equivalent ounces. As of April30, the company had cash, investments and preciousmetals of $47 million and no debt.
By Allen Sykoraof Kitco News; asykora@kitco.com
Wesdome Lists Higher 1Q Profit, Gold Production
Wednesday May 2, 2018 08:15
Wesdome Gold Mines Ltd. (TSX: WDO) reports net income of C$2.9 million, or 2Canadian cents per share, in the first quarter, up from C$0.7 million, or aCanadian penny, in the same quarter a year ago. Excluding special items,first-quarter adjusted net income was C$2.9 million. The company reports goldproduction of 17,949 ounces from the Eagle River complex, an 18% increase overyear-ago output of 15,162 ounces. “2018 is off to a strong start withhigher underground grades and volume driving higher gold production and lowercosts,” says Duncan Middlemiss, president and chief executive officer. He sayscosts are expected to trend downward in the second half of the year, when thecompany opens two new stopes. “Cash flows will continue to be used toaggressively drill underground at the Eagle River underground mine and theKiena complex,” Middlemiss says.
By Allen SykoraFor Kitco News
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