Kirkland Lake Gold / KL (TSX, NYSE)

    • Kirkland Lake Gold Inc.
    • Neu

      Ergebnisse 2017

      Auf den ersten Blick gibt es hier keinen Grund, zu meckern. ;)

      Feb 20, 2018: Kirkland Lake Gold Reports Strong Growth In Mineral Reserves And Mineral Resources

      Highlights of December 31, 2017 Mineral Reserve and Mineral Resource estimates:
      • Consolidated Mineral Reserves increase 36% to 4,640,000 ounces @ 11.1 grams per tonne (“g/t”) versus 3,420,000 ounces @ 9.0 g/t atDecember 31, 2016.
      • Mineral Reserves at Fosterville increase 1,210,000 ounces or 247% from December 31, 2016 to 1,700,000 ounces @ 23.1 g/t (65% increase in Mineral Reserve ounces from June 30, 2017 mid-year estimate); Measured and Indicated ("M&I") Mineral Resources increase 59% fromDecember 31, 2016 to 4,190,000 ounces @ 8.4 g/t (inclusive of Mineral Reserves); Inferred Mineral Resources more than double to 1,900,000 ounces @ 7.1 g/t.
      • Fosterville Swan Zone Mineral Reserves more than double from June 30, 2017, to 1,160,000 ounces @ 61.2 g/t. M&I Mineral Resources total 171,000 ounces @ 116.0 g/t; Inferred Mineral Resources total 671,000 ounces @ 36.6 g/t. Large base of high-grade Mineral Resources highlights potential for additional growth in Mineral Reserves in 2018.
      • Mineral Reserves replaced at Macassa after depletion of 190,000 ounces, with Mineral Reserves at December 31, 2017 totaling 2,030,000 ounces @ 21.0 g/t.
      • 58% increase in M&I Mineral Resources at Macassa to 2,090,000 ounces @ 17.1 g/t, with Inferred Mineral Resources increasing 48%, to 1,370,000 ounces, @ 22.2 g/t.
      • Taylor mine Mineral Reserves increase 29% to 167,000 ounces @ 4.8 g/t; exploration drilling continues to focus on identifying new areas of gold mineralization near infrastructure.
      ~~~~~~~~~~~~~~~~~~~~~~

      Feb 21, 2018: Kirkland Lake Gold Reports Strong Full-Year and Q4 2017 Earnings and Cash Flow

      Key highlights of the 2017 results include:
      • Record production: 596,405 ounces produced in 2017, 90% increase from 2016 and better than improved guidance of 580,000 – 595,000 ounces.
      • Improved unit costs: Operating cash cost averaged $481/oz sold(1), achieved improved guidance of $475 – $500 and 16% better than 2016; all-in sustaining costs (“AISC”)(1) averaged $812/oz sold, in line with improved guidance of $800 – $825 and 13% improvement from 2016. (Total production costs in 2017 totaled $288.3 million compared to $192.8 million in 2016 due to higher business volumes.)
      • Strong free cash flow: Cash flow from operating activities in 2017 totaled $309.8 million, 66% increase from 2016, while free cash flow(1) totaled $178.0 million, 56% higher than previous year.
      • Solid earnings performance: 2017 net earnings totaled $132.4 million ($0.64 per basic share) versus $42.1 million ($0.35 per basic share) in 2016. Net earnings in 2017 consisted of earnings from continuing operations of $157.3 million ($0.76 per basic share) including a loss from discontinued operations of $24.9 million ($0.12 per basic share) related to the 2017 care and maintenance expenses and sale of the Company’s Stawell mine on December 21, 2017.
      • Adjusted net earnings from continuing operations(1) in 2017 totaled $149.1 million ($0.72 per share), a 120% increase from 2016. The exclusion from adjusted net earnings from continuing operations in 2017 of the loss from discontinued operations of $24.9 million ($0.12 per share) as well as a net deferred tax recovery of $10.0 million ($0.05 per basic share) were the main differences between net earnings and adjusted net earnings from continuing operations.
      • Significant exploration success: Drilling extends high-grade zones at Fosterville, Macassa and Cosmo and intersects new areas of gold mineralization at Taylor (total exploration and evaluation expenditures of $48.4 million in 2017 versus $15.8 million the prior year).
      • Solid financial position: Cash at December 31, 2017 totaled $231.6 million with no debt following repayment or conversion at maturity of two series of convertible debentures ($44.0 million paid in cash, 4,505,393 common shares issued on conversion of 7.5% Debentures).
      • Share repurchases: 5.4 million common shares repurchased for $60.1 million (C$76.5) million through a normal course issuer bid (“NCIB”) initiated in May 2017.
      • Dividend: Quarterly dividend introduced with first payment of $0.01 per share in July 2017 (dividend increased to $0.02 per share effective January 15, 2018 payment).
      Key highlights of Q4 2017 results include:
      • Record quarterly production: Q4 2017 production totaled 166,579 ounces, 56% increase from Q4 2016 and 20% higher than Q3 2017.
      • Low unit costs: Operating cash costs per ounces sold in Q4 2017 averaged $412, 23% improvement from $533 in Q4 2016 and 15% better than $482 the previous quarter; AISC per ounce sold averaged $816, 9% better than $900 in Q4 2016 and an 3% improvement from $845 in Q3 2017 (total production costs of $68.3 million compared to production costs of $60.5 million in Q4 2016 and $66.5 million in Q3 2017).
      • Solid cash flow generation: Cash flow from operating activities of continuing operations totaled $103.4 million compared to $68.5 million in Q4 2016 and $66.8 million in Q3 2017; free cash flow in Q4 2017 totaled $64.5 million, 42% and 105% higher than $45.3 million in Q4 2016 and $31.5 million in Q3 2017, respectively.
      • Solid earnings growth: Net earnings in Q4 2017 totaled $41.0 million ($0.20 per basic share), which compared to net earnings of $3.1 million ($0.02 per basic share) in Q4 2016 and $43.8 million ($0.21 per basic share) the previous quarter. Included in net earnings for Q4 2017 were earnings from continuing operations totaling $65.9 million ($0.32 per basic share) and a loss from discontinued operations of $24.9 million ($0.12 per basic share) related to the 2017 care and maintenance and sale of the Company’s Stawell Mine on December 21, 2017.
      • Adjusted net earnings from continuing operations in Q4 2017 totaled $71.2 million ($0.34 per share) versus $22.8 million ($0.16 per share) in Q4 2016 and $27.4 million ($0.14 per share) in Q3 2017. Adjusted net earnings from continuing operations in Q4 2017 excludes the $24.9 million loss on discontinued operations ($0.12 per share), a $17.6 million pre-tax mark-to-market loss on fair valuing the Company’s 14.0 million common share purchase warrants in Novo Resources Corp. (“Novo”) ($0.08 per share) and the $10.0 million ($0.05 per share) net deferred tax recovery.
      • Continued exploration success: Exploration and evaluation expenditures in Q4 2017 totaled $10.7 million compared to $6.0 million in Q4 2016 and $16.9 million the previous quarter. Key drill results released during the quarter included a 120 metre down-plunge extension of the Swan Zone at the Fosterville mine, a significant expansion of the Lantern Deposit at the Cosmo mine in the Northern Territory of Australia and the intersection of a new gold zone 350 metres below the West Porphyry Deposit at the Taylor mine.
      • Share repurchases: A total of 1,553,500 common shares were repurchased for $20.7 million (C$26.3) million through the NCIB.
      • Dividend payment: The Company’s second quarterly dividend of $1.7 million or C$0.01 per share was made on October 16, 2017.
      Noch viel mehr Details über die Meldungslinks.

      saludos

      Dieser Beitrag wurde bereits 8 mal editiert, zuletzt von Real de Catorce ()

    • Neu

      Sehr schön!

      Damit katapultiert sich KL auch in meinem Bewertungsmodell weit nach vorne. :thumbup:

      Das NP-Ratio liegt jetzt bei 1,70 (vorher 3,12) und gehört damit zu den absoluten Spitzenwerten.

      Und das Beste daran: Die Produktionssteigerungen der kommenden Jahre sind noch gar nicht mit eingerechnet!

      Es bestätigt im Grunde genommen nur das, was wir schon immer geahnt oder gewusst haben:

      KL ist das Beste unter dem "Minenhimmel" weit und breit.

      Nachtrag:

      KL plant innerhalb der nächsten sieben Jahre mit 1.000.000 Moz Jahresproduktion. Wenn ich diese Zahl in meine Tabelle eingebe, beträgt das NP-Ratio nur noch 1,01 und ist damit genauso günstig wie Harmony Gold. Qualitätsmäßig liegen zwischen den beiden jedoch Welten.

      Und genau das ist es, was ich mit einer neuen aussagekräftigen Ratio-Kennzahl aufzeigen wollte. Komplett unterschiedliche Minenaktien mittels einer Vergleichsbasis (NP-Ratio) bewerten zu können.

      Auf den ersten Blick würde man doch eher annehmen, dass Harmony Gold spottbillig und Kirkland Lake Gold recht teuer ist. Und genau das ist m.E. eben nicht der Fall.

      Das NP-Ratio hat noch ein paar echte Schwachstellen, an denen ich noch arbeiten muss und werde. Aber insgesamt bin ich guter Dinge, ein recht vernünftiges Bewertungsmodell auf den Weg gebracht zu haben.
      Dateien

      Dieser Beitrag wurde bereits 6 mal editiert, zuletzt von Nebelparder ()

    • Neu

      Danke, @Goldkaiser.

      Über Deinen Link habe ich einen Artikel zur Eigentümerstruktur von KL (Stand 14.02.2018) bzw. dessen mögliche Auswirkungen auf die Kursentwicklung gefunden (simplywall.st/stocks/ca/materi…tsekl-major-shareholders/).

      Kernsatz: "And a positive impact has been seen on companies with a high PE ratio (outperforming)." Die geringe Volatilität im letzten Jahr könnte seinen Grund in ebendieser Eigentümerstruktur haben - Herkunft = Zukunft?! 8o

      - 62.51% institutional ownership
      - 27.47% general public
      - 0.0021% other public companies (kaum involvierte Hedge Fonds :D )

      Dazu gibt's eine Graphik über das Verhältnis von Insiderkäufen/-verkäufen in den letzten 12 Monaten:

    • "The Trend ...."

      Neu

      Nebelparder schrieb:

      ...
      KL ist das Beste unter dem "Minenhimmel" weit und breit.
      ...

      Sehe ich ganz ähnlich: Kirkland ist im unruhigen Markt derzeit ein Richtwert für Goldproduzenten, oder Maßstab, wie man mag.

      Angehängt wieder der früher gezeigte Trendkanal, in dem KL mustergültig hoch läuft, nach einem Ausreisser vor einigen Tagen. Beeindruckend, wie diese Aktie nach den scharfen Korrekturen um 20 - 25 % sofort wieder Fahrt aufnimmt.

      KL ist mit rd.16 % die seit längerer Zeit höchst gewichtete Position im Depot.

      Grüsse
      Edel
      Bilder
      • KL 22.02. Trend.png

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      "Die Märkte haben nie unrecht, die Menschen oft" -- Jesse Livermore