Although gold volumes were down slightly, Kirkland Lake Gold (TSX: KL; NYSXE: KL; ASX: KLA) reported strong first quarter results for 2021. Production of 302,847 oz. exceeded the top end of previously announced guidance for the quarter at 290,000 oz. Higher than expected output at both the Fosterville and Detour Lake mines contributed to the overage.
The company sold 308,029 oz. at an average realized price of US$1,788 per ounce, compared to 371,009 per oz. at US$1,875 per oz. in Q4 2020, and 344,586 oz. at US$1,586 oz. in Q1 2020.
Kirkland Lake reported quarterly revenue of US$551.8 million or basic earnings per share of $0.59. The company recorded net earnings of US$161.2 million.
Production at two of Kirkland Lake's three mines was lower than a year earlier. First quarter 2021 production from Detour Lake was 146,731 oz., compared to 91,555 oz. for the first quarter a year earlier. Kirkland Lake bought Detour Lake at the end of January 2020, so there were on two months of production in Q1 2020. Fosterville recovered 108,697 oz. and Macassa produced 47,437 oz. during Q1 2021.