Kirkland Lake Gold Kirkland Lake Gold Reports Fiscal 2015 Fourth Quarter and Year End Results Generating $30.7 Million in Fre...

 
TIDMKGI 
 
Kirkland Lake Gold Reports Fiscal 2015 Fourth Quarter and Year End Results Generating $30.7 Million in Free Cash Flow 
FOR:  KIRKLAND LAKE GOLD INC. 
 
TSX, AIM SYMBOL:  KGI 
 
July 9, 2015 
 
Kirkland Lake Gold Reports Fiscal 2015 Fourth Quarter and Year End Results Generating $30.7 Million in Free 
Cash Flow 
 
TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Kirkland Lake Gold Inc. ("Kirkland Lake Gold" or the 
"Company") (TSX:KGI)(AIM:KGI), an operating and exploration gold company with operations in Ontario, Canada, 
today announces financial results for the fourth quarter and year ended fiscal 2015 ("Q4/15" and "F2015", 
respectively). All figures in this release are in Canadian dollars unless stated otherwise. 
 
Highlights(2) 
 
=-  Achieved a head grade of 0.42 ounces per ton ("opt"), or 14.4 grams per 
    tonne ("g/t") in Q4/15; 0.43 opt or 14.7 g/t for F2015. 
=-  Produced 37,979 ounces of gold in Q4/15 and a total of 153,957 ounces at 
    F2015. 
=-  Sold 39,109 ounces of gold at an average sales price per ounce of $1,481 
    (US$1,186) in Q4/15; F2015 sold 155,709 ounces at an average sales price 
    per ounce of $1,412 (US$1,228). 
=-  Cash Operating Costs per Ounce of Gold Produced(1) of $885 (US$709); and 
    $831 (US$723) YTD. 
=-  All-In Cash Cost per Ounce of Gold Produced(1) ("AICC") of $1,445 
    (US$1,157); F2015 AICC of $1,327 (US$1,152). 
=-  Income before taxes of $8.3 million in Q4/15; $25.5 million F2015. 
=-  Net and comprehensive income of $7.9 million or $0.11 per share during 
    the quarter; $19.8 million or $0.27 per share in F2015. 
=-  Generated cash flow from operations during the quarter of $20.7 million; 
    $78.2 million YTD. 
=-  Generated free cash flow(1) of $7.8 million during the quarter; $30.7 
    million F2015. 
=-  Completed a successful bought deal public offering for total gross 
    proceeds of $35 million. 
=-  Cash as at April 30, 2015 was $80.3 million. 
 
Mr. John Thomson, Chief Financial Officer of the Company commented, "We are pleased with the improved financial 
performance and in particular, reporting a fourth consecutive quarter of profitability, positive cash flow from 
operations and free cash flow. We have also met and in certain instances exceeded our original guidance 
parameters for the year." 
 
Mr. George Ogilvie, Chief Executive Officer of the Company also commented, "We are very proud of our 
accomplishments during fiscal 2015. Our business has made positive strides forward over the course of the last 
12 months, and each and every one of our employees needs to be commended for the commitment they have shown in 
turning our business around. However, there are still challenges ahead that will require time and effort before 
the business is fully functioning at an optimum level. I am however, confident that we are on the right track 
and that the management team we have assembled, in conjunction with our motivated workforce, is qualified and 
capable of addressing these challenges." 
 
(1) The Company has included non-GAAP performance measures: average sales 
price per ounce, cash operating cost per ton produced, cash operating cost 
per ounce produced, AICC and free cash flow throughout this announcement. 
These are common performance measures in the mining industry that do not 
have any standardized meaning under IFRS. Refer to Appendix B of the MD&A 
for a reconciliation of these measures to reported production expenses. 
(2) All US dollar equivalents are converted at the average CAD to USD 
exchange rate during the reporting period. 
 
Click on the link for a video interview with George Ogilvie, discussing the F2015 results. 
http://brrmedia.co.uk/event/139311?popup=true 
 
Financial and Operational Metrics 
 
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                      Q4/15 Q4/15 
                         vs    vs                        F2015   F2014 
Q4/15     Q315   Q414 Q3/15 Q4/14 Production               YTD     YTD Y o Y 
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1,040   994(i)    949    1%   10% Tons per day ("tpd")   1,022   1,066   -4% 
92,532  91,418 86,182    1%   10% Tons Produced        369,976 385,837   -4% 
0.42      0.44   0.37   -5%   14% Head Grade              0.43    0.33   30% 
37,979  39,158 30,350   -3%   25% Ounces Produced      153,957 122,309   26% 
1,003    1,014  1,059   -1%   -5% Headcount (manpower)   1,003   1,059   -5% 
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In CAD$ 
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                      Q4/15 Q4/15 
                         vs    vs                        F2015   F2014 
Q4/15    Q3/15  Q4/14 Q3/15 Q4/14 Financial                YTD     YTD Y o Y 
=--------------------------------------------------------------------------- 
39,109  39,722 30,771   -2%   27% Gold Sales (ounces)  155,709 125,274   24% 
1,481    1,371  1,376    8%    8% Average Sales          1,412   1,383    2% 
                                  Price(1) ($) (per 
                                  ounce) 
57,934  54,471 42,357    6%   37% Revenue (000's)      219,888 173,258   27% 
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371        328    352   13%    5% Cash Operating Cost      346     342    1% 
                                  per Ton Produced(1) 
885        766  1,001   17%  -10% Cash Operating Cost      831   1,080  -23% 
                                  per Ounce 
                                  Produced(1) 
1,445    1,249  1,774   17%  -18% AICC(1)                1,325   1,986  -33% 
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In US$ Equivalent(2) 
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1,186    1,175  1,245    1%   -5% Average Sales          1,228   1,304   -6% 
                                  Price(1) ($) (per 
                                  ounce) 
291        281    319    6%   -7% Cash Operating Cost      301     323   -7% 
                                  per Ton Produced(1) 
709        656    906   10%  -21% Cash Operating Cost      723   1,019  -29% 
                                  per Ounce 
                                  Produced(1) 
1,157    1,070  1,605    9%  -27% AICC(1)                1,152   1,873  -38% 
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(i) The production rates ('tpd') achieved during Q4/15, Q3/15, Q4/14 and 
year-to-date do not include days on which production at the Company was 
temporarily shut down due to the annual December holidays. Accordingly, 
production rates for the quarter and the year are based on 89 days and 362 
days respectively. 
 
Operations 
 
During the fourth quarter, development at the South Mine Complex ("SMC") continued as planned. Infrastructure 
work including the haulage truck chute excavations and main refuge station progressed on schedule and the main 
ramp development continued to be advanced towards the 5600 level. 
 
In addition, a fourth stope was brought into production on the 5400 level. With more stopes available on the 
5400 level, the average head grade has trended upwards and has averaged 0.43 opt (14.7 g/t) for F2015, with 
recoveries of 96.5%. The Company anticipates having the fifth and sixth stopes in production from the 5400 
level by the end of August. As more stopes come into production on the 5400 level and the 5600 level next year, 
the average head grades should continue to increase. 
 
The average production rate achieved for FQ4 and F2015 was 1,040 tpd and 1,022 tpd, respectively. The Company 
plans to increase production over the next twelve months as additional equipment is expected in the second 
quarter. This new equipment includes two new 20 ton battery haulage trucks (the first truck is expected to 
arrive by the end of August with the second truck expected in Q1 2016) and three battery scooptrams expected to 
before the end of the first half of 2016. With these new units added to the fleet production crews will be able 
to take advantage of new headings coming online within the lower SMC zone. It is expected that production will 
ramp up throughout the year and that the first and second quarter will be in line with the levels achieved in 
F2015. With the new additions to the fleet, the production rate should trend upwards towards the 1,140 tpd 
level by mid-2016. 
 
Exploration 
 
During the quarter, the Company provided results from an underground drilling program on the '04 Break, to the 
east of Shaft 3 at the Mine Complex. Drilling returned significant intersections on elevations that were 
highest to date in the history of the Macassa Mine, and within a large unexplored area of the mine. Follow up 
drilling is planned during F2016 (see press release dated February 23, 2015, accessible at www.klgold.com). 
 
The Company intends to provide an update on its exploration programs which include underground drilling on the 
SMC and the '04 Break, surface drilling on the near surface target, and plan to embark upon a regional 
exploration program during calendar 2015. This regional program will consist of initially $1.5 million in 
surface drilling to test the four contiguous properties to the east. 
 
F2015 Key Performance Indicators(1) 
 
After Q3/15 the Company was on track to meet and or exceed the stated guidance parameters and as such, revised 
("R" indicates revised guidance), a number of the guidance figures as noted below. 
 
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FY2015 Guidance 
CAD$                      Metric                                      Actual 
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$800 - 850                Cash operating cost per ounce                 $831 
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$1,250 - 1,350            AICC per ounce produced                     $1,327 
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R $50.0 million           Sustaining capital expense (CAPEX)   $47.5 million 
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R $218.0 - 222.0 million  Revenue                             $219.9 million 
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R $70.0 - 75.0 million    Cash flow from operations            $78.2 million 
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R $30.0 - 35.0 million    Free cash flow generation            $30.7 million 
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Change in Year End 
 
As previously announced the Company will change its year end from April 30, to December 31, effective January 
1, 2016 (see press release dated May 19, 2015). As such the eight month period from April 30, 2015 to December 
31, 2015, (the "Stub Year") will include two full quarters of reporting (May 1, 2015 to July 31, 2015 and 
August 1, 2015 to October 31, 2015). Results of the Stub Year will be released in March 2016. 
 
Outlook 
 
Production guidance for the Stub Year will be between 90,000 - 110,000 ounces as production guidance for the 
former twelve month period ending April 30, 2016, was between 150,000 to 170,000 ounces at an average grade of 
0.43 opt (14.7 g/t) and an average production rate of 1,070 tpd. 
 
Conference Call Details 
 
The Company will hold a conference call to discuss its FQ4 and F2015 year-end results at 11:00am EDT (4:00pm 
BST). You are invited to participate via teleconference using the details below. A replay of the call will be 
posted on the Company's website (www.klgold.com). 
 
Participant Dial-In Numbers 
Toll-Free North America: [phone]; Local and International: +1 
[phone] 
Local from Switzerland: (0-800) 835-354; Local from the United Kingdom: (0- 
800) 051-7107 
Conference ID: 76350876 
 
Replay Dial-In Numbers (Replay Available Until: August 9, 2015 at 11:59PM 
ET) 
Local and International: [phone] 
Toll Free North America: [phone] 
Conference ID: 76350876 
 
(1) The Company has included non-GAAP performance measures:  average sales price per ounce sold, cash cost per 
ton produced, cash cost per ounce produced, AICC per gold ounce produced and free cash flow throughout this 
announcement. This is a common performance measure in the mining industry but does not have any standardized 
meaning under IFRS. Refer to Appendix B of the MD&A for a reconciliation of these measures to reported 
production expenses. 
 
The following abbreviations are used to describe the periods under review throughout this release. 
 
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Abbreviation  Period                  Abbreviation  Period 
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F2015         May 1, 2014 - April 30, F2014         May 1, 2013 - April 30, 
              2015                                  2014 
Q4/15         February 1, 2015 -      Q4/14         February 1, 2014 - April 
              April 30, 2015                        30, 2014 
Q3/15         November 1, 2015 -      Q3/14         November 1, 2014 - 
              January 31, 2015                      January 31, 2014 
Q2/15         August 1, 2014 -        Q2/14         August 1, 2013 - October 
              October 31, 2014                      31, 2013 
Q1/15         May 1, 2014 - July 31,  Q1/14         May 1, 2013 - July 31, 
              2014                                  2013 
=--------------------------------------------------------------------------- 
=--------------------------------------------------------------------------- 
 
For a description of additional risk factors affecting the Company and 'Forward Looking Information', see the 
Company's Annual Information Form filed with certain securities regulatory authorities in Canada and available 
on SEDAR at www.sedar.com. For 'Forward Looking Information', as presented in the Management Discussion and 
Analysis ("MD&A") for the period ended April 30, 2015, see Appendix E in the MD&A for a description of other 
factors that may cause actual results to differ from those anticipated. 
 
Qualified Persons 
 
Production and processing at the Company's mining and milling facility are under the supervision of Mr. Chris 
Stewart, P.Eng., Vice President of Operations; and the exploration program is under the supervision of Mr. 
Stewart Carmichael, P.Geo., Manager of Exploration. Messrs. Stewart and Carmichael are 'qualified persons' for 
the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian 
Securities Administrators, and have reviewed and approved this news release. 
 
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Financial Highlights 
(All amounts in 000's of Canadian 
 Dollars, except Average Gold Price per 
 ounce, shares and per share figures)           Year ended April 30, 
                                        ------------------------------------ 
                                               2015        2014        2013 
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Gold Sales (ounces)                         155,709     125,273      91,771 
Average Gold Sales (CAD$ per ounce)           1,412       1,385       1,653 
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Revenue                                     219,888     173,258     151,692 
Production Expenses                         169,788     162,755     124,002 
Exploration Expenditure                       6,114       7,537      17,097 
Other Expenses and Income                    18,482      18,593      13,366 
Net (Loss) Income before Income Taxes        25,505     (15,627)     (2,773) 
Net and Comprehensive (Loss) Income          19,786     (11,077)     (3,646) 
Per share (basic and diluted)                  0.27       (0.16)      (0.05) 
Cash Flow from operating activities          78,154      27,058      33,959 
Cash Flow (used in) from financing 
 activities                                  11,497      (5,461)    132,739 
Cash Flow used in investing activities      (47,429)    (60,650)   (105,739) 
Net (decrease) increase in cash              41,428     (37,890)     51,770 
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Total cash resources                         80,322      38,897      76,966 
Other Current Assets                         26,536      23,732      30,719 
Current Liabilities                          35,854      45,361      71,565 
Working Capital                              71,004      17,268      36,120 
Total Assets                                467,259     409,385     448,782 
Total Liabilities                           165,272     126,363     201,423 
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Weighted average number of shares 
 outstanding                             73,334,778  70,150,912  70,150,912 
Dividends per share                             NIL         NIL         NIL 
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About the Company 
 
Kirkland Lake Gold Inc.'s corporate goal is to create a self-sustaining and long-lived intermediate gold mining 
company based in the historic Kirkland Lake gold camp, as well as to explore opportunities for growth in other 
safe mining jurisdictions. The Company plans to do this by mining to the reserve grade, generating profits and 
free cash flow with a view to maximising value for the shareholders. The Company will also look to take 
advantage of its increased infrastructure capacity in the appropriate gold price environment. At the same time, 
the Company is committed to maintaining a significant exploration program aimed at developing and maintaining a 
property wide reserve and resource base sufficient to sustain a mine life of more than ten years. 
 
Over the last several years the Company has invested significant capital to improve the infrastructure of the 
business including upgrading the production hoist, skips, mill, underground mobile equipment and capital 
development. From initial discovery to present day there have been over 24 million ounces of gold mined from 
the Kirkland Lake gold camp while the current reserve and resource provides for potentially 14 years of mining 
with exploration upside. 
 
Neither the Toronto Stock Exchange nor the AIM Market of the London Stock Exchange has reviewed or accepts 
responsibility for the adequacy or accuracy of this news release. 
 
Cautionary Note Regarding Forward Looking Statements 
 
This news release contains statements which constitute "forward-looking statements", including statements 
regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future 
business activities and operating performance of the Company. The words "may", "would", "could", "should", 
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate 
to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in 
this news release include, but may not be limited to: statements regarding the Company's change in year end, 
its development and exploration plans and production guidance for Stub Year 2015. Investors are cautioned that 
forward-looking statements are based on the opinions, assumptions and estimates of management which management 
considers reasonable at the date the statements are made such as, without limitation, opinions, assumptions and 
estimates of management regarding the Company's business, its ability to increase its production capacity and 
decrease its production costs. Such opinions, assumptions and estimates, are inherently subject to a variety of 
risks and uncertainties and other known and unknown factors that could cause actual events or results to differ 
materially from those projected in the forward-looking statements. 
 
These factors include the Company's expectations in connection with the projects and exploration programs being 
met, the impact of general business and economic conditions, global liquidity and credit availability on the 
timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating 
gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), variations 
in ore grade or recovery rates, changes in accounting policies, changes in the Company's mineral reserves and 
resources, changes in project parameters as plans continue to be refined, changes in project development, 
construction, production and commissioning time frames,  the possibility of project cost overruns or 
unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to 
higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as 
anticipated, unexpected changes in mine life, seasonality and weather, costs and timing of the development of 
new deposits, success of exploration activities, permitting time lines, government regulation of mining 
operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations 
on insurance, as well as those risk factors discussed or referred to in the Company's Management's Discussion 
and Analysis and Annual Information Form for the year ended April 30, 2014 and the Company's Management's 
Discussion and Analysis for the interim period ended January 31, 2015 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 statements prove incorrect, 
actual results may vary materially from those described herein as intended, planned, anticipated, believed, 
estimated or expected. Although the Company 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. The Company does not intend, and does not assume any obligation, to 
update these forward-looking statements except as otherwise required by applicable law. 
 
 
-30- 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Kirkland Lake Gold Inc. 
George Ogilvie, P.Eng 
Chief Executive Officer 
[phone] 
[phone] (FAX) 
[e-mail] 
 
OR 
 
Kirkland Lake Gold Inc. 
Suzette N. Ramcharan, CPIR 
Director of Investor Relations 
[phone] 
[phone] (FAX) 
[e-mail] 
www.klgold.com 
 
OR 
 
NOMAD: Panmure Gordon (UK) Limited 
Dominic Morley / Adam James 
[phone] 
 
OR 
 
Blytheweigh 
Tim Blythe/Halimah Hussain/Camilla Horsfall 
[phone] 
 
 
Kirkland Lake Gold Inc.