Kirkland Lake Gold Revenues Up

VANCOUVER — Gold sales were up for Kirkland Lake Gold (KGI-T, KGILF-O) during the quarter ending July 31. Kirkland sold 20,994 oz. gold at a price of C$1,072 per oz. over the period for revenues of $22.5 million.

With operating expenses of $19.2 million, Kirkland squeezed out a $1.6-million net income from the revenues. The revenues marked a notable increase over both revenues achieved in the previous quarter and the same quarter a year ago, which were $18.2 million and $8 million, respectively.

Though not reflected in the quarterly results, Kirkland also noted that the company had raised $37 million in August through a private placement.

Investors took note, helping boost Kirkland Lake’s share price 32¢ to $9.92. The company has 58.6 million shares outstanding. During the latest quarter, Kirkland Lake spent $1.1 million on exploration as part of efforts to expand reserves.