Kirkland Lake Gold Declares Quarterly Dividend Payment
December 16 2020 - 7:16AM
Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or
the “
Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today
announced that a quarterly dividend payment for the fourth quarter
of 2020 (“Q4 2020”) of US$0.1875 per common share will be paid on
January 14, 2021 to shareholders of record as of the close of
business on December 31, 2020. The US$0.1875 per share payment
represents a 50% increase in the quarterly dividend from the
previous payment of US$0.125 per share, paid on October 14, 2020 to
shareholders of record on September 30, 2020. The Q4 2020 payment
represents the 15th quarterly dividend payment made to shareholders
following the Company’s adoption of a dividend policy in March
2017. The Company’s quarterly dividend qualifies as an “eligible
dividend” for Canadian income tax purposes. For Canadian
shareholders, the US dollar dividend payment will be converted to
Canadian dollars using the spot price exchange rate on January 13,
2021, the day prior to the payment date.
Returning capital to shareholders is an
important strategic priority for Kirkland Lake Gold. To date in
2020, the Company has paid $116 million in dividend payments. The
Company has also repurchased a total of 16.2 million shares through
its normal course issuer bid for $618 million (C$830 million). In
total, the Company has returned $734 million, or $2.71 per share,
to shareholders so far in 2020 through dividend payments and share
repurchases. The $734 million returned to shareholders represents
$734 per ounce of production during the first nine months of 2020
(1,000,218 ounces).
About Kirkland Lake Gold
Ltd.
Kirkland Lake Gold Ltd. is a growing gold
producer operating in Canada and Australia that is on track to
produce 1,350,000 – 1,400,000 ounces of gold in 2020. The
production profile of the Company is anchored by three high-quality
operations, including the Macassa Mine and Detour Lake Mine, both
located in Northern Ontario, and the Fosterville Mine located in
the state of Victoria, Australia. Kirkland Lake Gold's solid base
of quality assets is complemented by district scale exploration
potential, supported by a strong financial position with extensive
management expertise.
For further information on Kirkland Lake Gold
and to receive news releases by email, visit the website at
www.kl.gold.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Anthony Makuch, President, Chief Executive Officer &
DirectorPhone: +1 416-840-7884E-mail: tmakuch@kl.gold
Mark Utting, Senior Vice President, Investor RelationsPhone: +1
416-840-7884E-mail: mutting@kl.goldWebsite : www.kl.gold
Cautionary Note Regarding Forward-Looking
Information
This press release contains statements which
constitute “forward-looking information” within the meaning of
applicable securities laws, including statements regarding the
plans, intentions, beliefs and current expectations of Kirkland
Lake Gold with respect to future business activities and operating
performance. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and, in this press release, include information
regarding planned dividend payments and the management of the
Company’s dividend policy. The declaration and payment of dividends
remains at the discretion of the Board of Directors and will depend
on the Company's financial results, cash requirements, future
prospects and other factors deemed relevant by the Board.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
the Company's management's expectations, estimates or projections
concerning future results or events based on the opinions,
assumptions and estimates of management considered reasonable at
the date the statements are made. Although Kirkland Lake Gold
believes that the expectations reflected in such forward-looking
information are reasonable, such information involves risks and
uncertainties, and undue reliance should not be placed on such
information, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the Company. Among the key factors that could cause
actual results to differ materially from those projected in the
forward-looking information are the following: the development of
the Company’s properties and the anticipated timing thereof,
expected production from, and the further potential of the
Company’s properties, the potential to increase the levels of
mineral resources and mineral reserves and potential conversion of
mineral resources; fluctuating gold prices; the anticipated timing
and commencement of exploration programs on various targets within
the Company’s land holdings and the implication of such exploration
programs (including but not limited to any potential decisions to
proceed to commercial production), the anticipated overall impact
of the Company’s COVID19 response plans, including measures taken
by the Company to reduce the spread of COVID19, including but not
limited to the rapid testing implemented at Detour Lake, the
ability to lower costs and gradually increase production, the
ability of the Company to successfully achieve business objectives,
the ability of the Company to achieve its longer-term outlook and
the anticipated timing and results thereof, the performance of the
Company’s equity investments and the ability of the Company to
realize on its strategic goals with respect to such investments,
the effects of unexpected costs, liabilities or delays, the
potential benefits and synergies and expectations of other
economic, business and or competitive factors and changes in
general economic, business and political conditions, including
changes in the financial markets; changes in applicable laws. This
forward-looking information may be affected by risks and
uncertainties in the business of Kirkland Lake Gold and market
conditions. This information is qualified in its entirety by
cautionary statements and risk factor disclosure contained in
filings made by Kirkland Lake Gold, including Kirkland Lake Gold's
annual information form for the year ended December 31, 2019 and
its interim consolidated financial statements and related MD&A
for the period ended September 30, 2020, which are filed with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com.
Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking information prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although Kirkland
Lake Gold has attempted to identify important risks, uncertainties
and factors which could cause actual results to differ materially,
there may be others that cause results not to be as anticipated,
estimated or intended. Kirkland Lake Gold does not intend, and do
not assume any obligation, to update this forward-looking
information except as otherwise required by applicable law.
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