Intrinsic value of Kirkland Lake Gold - KL

Previous Close

$18.67

  Intrinsic Value

$1.37

stock screener

  Rating & Target

str. sell

-93%

Previous close

$18.67

 
Intrinsic value

$1.37

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of KL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,196
  1,848
  2,763
  4,010
  5,657
  7,777
  10,439
  13,707
  17,638
  22,278
  27,664
  33,822
  40,766
  48,504
  57,032
  66,342
  76,420
  87,251
  98,816
  111,099
  124,083
  137,754
  152,103
  167,122
  182,810
  199,169
  216,205
  233,930
  252,360
  271,516
Variable operating expenses, $m
  795
  1,229
  1,838
  2,666
  3,762
  5,172
  6,942
  9,115
  11,729
  14,815
  18,396
  22,491
  27,110
  32,255
  37,926
  44,117
  50,820
  58,022
  65,713
  73,881
  82,515
  91,606
  101,148
  111,136
  121,569
  132,447
  143,776
  155,564
  167,820
  180,558
Fixed operating expenses, $m
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
Total operating expenses, $m
  842
  1,277
  1,887
  2,716
  3,813
  5,224
  6,996
  9,170
  11,785
  14,872
  18,454
  22,551
  27,171
  32,317
  37,990
  44,182
  50,887
  58,090
  65,783
  73,952
  82,588
  91,680
  101,224
  111,214
  121,648
  132,528
  143,859
  155,649
  167,906
  180,646
Operating income, $m
  354
  571
  877
  1,293
  1,844
  2,553
  3,443
  4,537
  5,853
  7,406
  9,209
  11,270
  13,596
  16,186
  19,042
  22,159
  25,534
  29,161
  33,034
  37,147
  41,495
  46,073
  50,879
  55,908
  61,162
  66,641
  72,346
  78,282
  84,454
  90,869
EBITDA, $m
  592
  939
  1,428
  2,093
  2,972
  4,104
  5,525
  7,270
  9,370
  11,848
  14,725
  18,015
  21,725
  25,859
  30,415
  35,389
  40,773
  46,560
  52,739
  59,301
  66,239
  73,543
  81,210
  89,235
  97,617
  106,357
  115,460
  124,930
  134,778
  145,013
Interest expense (income), $m
  0
  6
  33
  73
  129
  205
  305
  435
  597
  797
  1,037
  1,320
  1,648
  2,024
  2,448
  2,920
  3,441
  4,009
  4,624
  5,285
  5,991
  6,741
  7,533
  8,367
  9,243
  10,160
  11,117
  12,116
  13,155
  14,237
  15,362
Earnings before tax, $m
  348
  538
  804
  1,164
  1,639
  2,248
  3,009
  3,940
  5,056
  6,369
  7,889
  9,622
  11,571
  13,738
  16,122
  18,719
  21,525
  24,537
  27,749
  31,156
  34,754
  38,540
  42,511
  46,665
  51,003
  55,524
  60,230
  65,127
  70,217
  75,508
Tax expense, $m
  94
  145
  217
  314
  443
  607
  812
  1,064
  1,365
  1,720
  2,130
  2,598
  3,124
  3,709
  4,353
  5,054
  5,812
  6,625
  7,492
  8,412
  9,384
  10,406
  11,478
  12,600
  13,771
  14,991
  16,262
  17,584
  18,959
  20,387
Net income, $m
  254
  393
  587
  850
  1,196
  1,641
  2,196
  2,876
  3,691
  4,650
  5,759
  7,024
  8,447
  10,029
  11,769
  13,665
  15,713
  17,912
  20,257
  22,744
  25,371
  28,135
  31,033
  34,066
  37,232
  40,532
  43,968
  47,543
  51,259
  55,121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,155
  3,329
  4,979
  7,224
  10,193
  14,012
  18,809
  24,697
  31,779
  40,140
  49,845
  60,940
  73,453
  87,394
  102,760
  119,535
  137,694
  157,209
  178,047
  200,178
  223,572
  248,205
  274,059
  301,121
  329,388
  358,863
  389,559
  421,496
  454,703
  489,218
Adjusted assets (=assets-cash), $m
  2,155
  3,329
  4,979
  7,224
  10,193
  14,012
  18,809
  24,697
  31,779
  40,140
  49,845
  60,940
  73,453
  87,394
  102,760
  119,535
  137,694
  157,209
  178,047
  200,178
  223,572
  248,205
  274,059
  301,121
  329,388
  358,863
  389,559
  421,496
  454,703
  489,218
Revenue / Adjusted assets
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
Average production assets, $m
  1,622
  2,506
  3,747
  5,437
  7,671
  10,546
  14,155
  18,587
  23,916
  30,208
  37,512
  45,862
  55,279
  65,771
  77,335
  89,960
  103,626
  118,312
  133,995
  150,650
  168,256
  186,794
  206,251
  226,618
  247,891
  270,073
  293,174
  317,209
  342,201
  368,175
Working capital, $m
  -109
  -168
  -251
  -365
  -515
  -708
  -950
  -1,247
  -1,605
  -2,027
  -2,517
  -3,078
  -3,710
  -4,414
  -5,190
  -6,037
  -6,954
  -7,940
  -8,992
  -10,110
  -11,292
  -12,536
  -13,841
  -15,208
  -16,636
  -18,124
  -19,675
  -21,288
  -22,965
  -24,708
Total debt, $m
  227
  499
  882
  1,403
  2,091
  2,978
  4,090
  5,456
  7,100
  9,039
  11,291
  13,865
  16,768
  20,002
  23,567
  27,459
  31,672
  36,199
  41,034
  46,168
  51,595
  57,310
  63,308
  69,587
  76,145
  82,983
  90,104
  97,514
  105,218
  113,225
Total liabilities, $m
  500
  772
  1,155
  1,676
  2,365
  3,251
  4,364
  5,730
  7,373
  9,312
  11,564
  14,138
  17,041
  20,276
  23,840
  27,732
  31,945
  36,472
  41,307
  46,441
  51,869
  57,584
  63,582
  69,860
  76,418
  83,256
  90,378
  97,787
  105,491
  113,499
Total equity, $m
  1,655
  2,557
  3,824
  5,548
  7,828
  10,762
  14,445
  18,967
  24,406
  30,827
  38,281
  46,802
  56,412
  67,119
  78,920
  91,803
  105,749
  120,736
  136,740
  153,737
  171,703
  190,622
  210,477
  231,261
  252,970
  275,607
  299,181
  323,709
  349,212
  375,719
Total liabilities and equity, $m
  2,155
  3,329
  4,979
  7,224
  10,193
  14,013
  18,809
  24,697
  31,779
  40,139
  49,845
  60,940
  73,453
  87,395
  102,760
  119,535
  137,694
  157,208
  178,047
  200,178
  223,572
  248,206
  274,059
  301,121
  329,388
  358,863
  389,559
  421,496
  454,703
  489,218
Debt-to-equity ratio
  0.140
  0.200
  0.230
  0.250
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  393
  587
  850
  1,196
  1,641
  2,196
  2,876
  3,691
  4,650
  5,759
  7,024
  8,447
  10,029
  11,769
  13,665
  15,713
  17,912
  20,257
  22,744
  25,371
  28,135
  31,033
  34,066
  37,232
  40,532
  43,968
  47,543
  51,259
  55,121
Depreciation, amort., depletion, $m
  238
  368
  551
  800
  1,128
  1,551
  2,082
  2,733
  3,517
  4,442
  5,516
  6,744
  8,129
  9,672
  11,373
  13,229
  15,239
  17,399
  19,705
  22,154
  24,744
  27,470
  30,331
  33,326
  36,455
  39,717
  43,114
  46,648
  50,324
  54,143
Funds from operations, $m
  493
  761
  1,138
  1,649
  2,324
  3,191
  4,278
  5,609
  7,208
  9,092
  11,276
  13,769
  16,576
  19,701
  23,142
  26,894
  30,953
  35,311
  39,962
  44,898
  50,114
  55,604
  61,364
  67,392
  73,686
  80,249
  87,082
  94,191
  101,582
  109,264
Change in working capital, $m
  -41
  -59
  -83
  -113
  -150
  -193
  -242
  -297
  -358
  -422
  -490
  -560
  -632
  -704
  -776
  -847
  -917
  -986
  -1,052
  -1,118
  -1,182
  -1,244
  -1,306
  -1,367
  -1,428
  -1,489
  -1,550
  -1,613
  -1,677
  -1,743
Cash from operations, $m
  533
  820
  1,221
  1,763
  2,474
  3,384
  4,520
  5,907
  7,566
  9,514
  11,766
  14,329
  17,208
  20,405
  23,918
  27,741
  31,870
  36,296
  41,014
  46,016
  51,296
  56,848
  62,670
  68,759
  75,114
  81,737
  88,632
  95,804
  103,259
  111,007
Maintenance CAPEX, $m
  -149
  -238
  -368
  -551
  -800
  -1,128
  -1,551
  -2,082
  -2,733
  -3,517
  -4,442
  -5,516
  -6,744
  -8,129
  -9,672
  -11,373
  -13,229
  -15,239
  -17,399
  -19,705
  -22,154
  -24,744
  -27,470
  -30,331
  -33,326
  -36,455
  -39,717
  -43,114
  -46,648
  -50,324
New CAPEX, $m
  -609
  -884
  -1,242
  -1,690
  -2,234
  -2,875
  -3,610
  -4,431
  -5,330
  -6,292
  -7,304
  -8,350
  -9,417
  -10,492
  -11,564
  -12,624
  -13,666
  -14,686
  -15,683
  -16,655
  -17,606
  -18,539
  -19,457
  -20,367
  -21,273
  -22,182
  -23,101
  -24,035
  -24,991
  -25,975
Cash from investing activities, $m
  -758
  -1,122
  -1,610
  -2,241
  -3,034
  -4,003
  -5,161
  -6,513
  -8,063
  -9,809
  -11,746
  -13,866
  -16,161
  -18,621
  -21,236
  -23,997
  -26,895
  -29,925
  -33,082
  -36,360
  -39,760
  -43,283
  -46,927
  -50,698
  -54,599
  -58,637
  -62,818
  -67,149
  -71,639
  -76,299
Free cash flow, $m
  -225
  -302
  -389
  -478
  -559
  -618
  -640
  -606
  -498
  -295
  20
  462
  1,047
  1,784
  2,681
  3,744
  4,974
  6,371
  7,933
  9,656
  11,535
  13,566
  15,743
  18,061
  20,515
  23,101
  25,815
  28,655
  31,620
  34,709
Issuance/(repayment) of debt, $m
  188
  272
  383
  521
  689
  886
  1,113
  1,366
  1,643
  1,940
  2,251
  2,574
  2,903
  3,234
  3,565
  3,892
  4,213
  4,527
  4,835
  5,134
  5,427
  5,715
  5,998
  6,278
  6,558
  6,838
  7,121
  7,409
  7,704
  8,007
Issuance/(repurchase) of shares, $m
  367
  509
  680
  874
  1,083
  1,293
  1,487
  1,646
  1,748
  1,771
  1,694
  1,497
  1,163
  678
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  555
  781
  1,063
  1,395
  1,772
  2,179
  2,600
  3,012
  3,391
  3,711
  3,945
  4,071
  4,066
  3,912
  3,597
  3,892
  4,213
  4,527
  4,835
  5,134
  5,427
  5,715
  5,998
  6,278
  6,558
  6,838
  7,121
  7,409
  7,704
  8,007
Total cash flow (excl. dividends), $m
  330
  480
  674
  917
  1,213
  1,561
  1,960
  2,406
  2,894
  3,416
  3,965
  4,533
  5,113
  5,696
  6,278
  7,636
  9,187
  10,898
  12,767
  14,790
  16,963
  19,281
  21,741
  24,340
  27,073
  29,939
  32,936
  36,064
  39,324
  42,716
Retained Cash Flow (-), $m
  -621
  -902
  -1,267
  -1,724
  -2,280
  -2,934
  -3,684
  -4,522
  -5,439
  -6,421
  -7,453
  -8,521
  -9,610
  -10,707
  -11,801
  -12,883
  -13,946
  -14,987
  -16,004
  -16,996
  -17,967
  -18,918
  -19,856
  -20,784
  -21,709
  -22,637
  -23,574
  -24,528
  -25,503
  -26,507
Prev. year cash balance distribution, $m
  123
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -167
  -422
  -593
  -807
  -1,067
  -1,373
  -1,724
  -2,116
  -2,545
  -3,005
  -3,488
  -3,988
  -4,497
  -5,011
  -5,523
  -5,247
  -4,759
  -4,089
  -3,237
  -2,206
  -1,004
  363
  1,886
  3,556
  5,364
  7,302
  9,362
  11,537
  13,821
  16,209
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -160
  -386
  -516
  -664
  -827
  -996
  -1,165
  -1,323
  -1,462
  -1,575
  -1,656
  -1,702
  -1,710
  -1,682
  -1,621
  -1,333
  -1,036
  -753
  -498
  -280
  -104
  30
  124
  181
  209
  213
  201
  178
  151
  122
Current shareholders' claim on cash, %
  90.6
  83.1
  77.0
  72.2
  68.3
  65.1
  62.6
  60.5
  58.9
  57.7
  56.8
  56.1
  55.7
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5
  55.5

FINANCIAL RATIOS  of  Kirkland Lake Gold (KL)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

KL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KL stock intrinsic value calculation we used $747.495 million for the last fiscal year's total revenue generated by Kirkland Lake Gold. The default revenue input number comes from 0001 income statement of Kirkland Lake Gold. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KL stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for KL is calculated based on our internal credit rating of Kirkland Lake Gold, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kirkland Lake Gold.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KL stock the variable cost ratio is equal to 66.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $46 million in the base year in the intrinsic value calculation for KL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 14.6% for Kirkland Lake Gold.

Corporate tax rate of 27% is the nominal tax rate for Kirkland Lake Gold. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KL are equal to 135.6%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Kirkland Lake Gold operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KL is equal to -9.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1157.596 million for Kirkland Lake Gold - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 210.945 million for Kirkland Lake Gold is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kirkland Lake Gold at the current share price and the inputted number of shares is $3.9 billion.

COMPANY NEWS

▶ Kirkland Lake Gold Is Flat on 3rd-Quarter Results   [Nov-01-18 12:31PM  GuruFocus.com]
▶ Kirkland Lake Gold Reaches Record 3rd-Quarter Production   [Oct-10-18 12:32PM  GuruFocus.com]
▶ Kirkland Lake Gold Files Early Warning Report   [Sep-28-18 07:00AM  GlobeNewswire]
▶ Kirkland Lake Gold Acquires Shares of Osisko Mining Inc.   [Sep-18-18 06:38PM  GlobeNewswire]
▶ Kirkland Lake Gold Is Bound to Resume Its Uptrend   [Sep-10-18 06:00AM  InvestorPlace]
▶ Falling Gold Prices Put These 3 Stocks in Focus   [Aug-21-18 10:20AM  Zacks]
▶ Kirkland Lake Gold: 2Q Earnings Snapshot   [Aug-01-18 07:58AM  Associated Press]
▶ Kirkland Lake Gold Announces Management Change   [Jul-10-18 08:35AM  GlobeNewswire]
▶ A Holistic Look At Kirkland Lake Gold Ltd (TSE:KL)   [Jun-20-18 08:49AM  Simply Wall St.]
▶ Kirkland Lake Gold Declares Quarterly Dividend Payment   [Jun-18-18 05:15PM  GlobeNewswire]
▶ Gold Stocks Are Poised for a Big Breakout   [Jun-05-18 06:00AM  Investopedia]
▶ Kirkland Lake Gold Renews Normal Course Issuer Bid   [May-17-18 07:30AM  GlobeNewswire]
▶ 7 A-Rated Materials Stocks to Buy   [Apr-13-18 01:31PM  InvestorPlace]
▶ Kirkland Lake Gold Files Technical Report   [Apr-02-18 08:20PM  GlobeNewswire]
▶ Kirkland Lake Gold Declares Quarterly Dividend Payment   [Mar-22-18 08:33AM  GlobeNewswire]
▶ Two Stocks Fell Pre-Market Wednesday   [Feb-21-18 12:20PM  GuruFocus.com]
▶ Factors That May Dent Gold Industry Momentum   [Jan-17-18 04:38PM  Zacks]
▶ Gold Mining Stock Outlook - January 2018   [Jan-16-18 05:02PM  Zacks]
▶ Kirkland Lake Gold Announces Sale of Stawell Gold Mines   [Dec-11-17 09:30AM  GlobeNewswire]
▶ Buenaventura Comp Getting Closer To Key Technical Measure   [Oct-09-17 03:00AM  Investor's Business Daily]

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