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Kirkland Lake Gold (KL) Enters Into Automatic Share Purchase Plan

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Kirkland Lake Gold Ltd. KL recently declared that it has entered into an automatic share purchase plan (“ASPP”) with its designated broker to enable repurchases of its common shares under its earlier-announced normal course issuer bid (“NCIB”).

The ASPP is expected to permit the purchase of shares under the NCIB at times when the company may not be allowed to purchase its shares due to regulatory restrictions and self-imposed blackout periods.

Per the current terms of the NCIB, Kirkland Lake Gold can purchase up to 26,694,051 shares until the expiry of the NCIB on Jun 8, 2022.

Under the ASPP, the designated broker may purchase up to 5 million shares until the expiry of the NCIB on June 8, 2022. Such purchases will be decided by the broker at its sole discretion based on the purchasing parameters set out by Kirkland Lake Gold in accordance with the rules of the Toronto Stock Exchange, applicable securities laws and terms of the ASPP.

The ASPP has been pre-cleared by the Toronto Stock Exchange and shall be implemented effective Jun 21, 2021. It will terminate on the earlier date on which the NCIB expires and the company terminates the ASPP in accordance with its terms.

Outside of the ASPP, shares may continue to be purchased under the NCIB based on management’s discretion, following the rules of the Toronto Stock Exchange and applicable securities laws. Shares purchased under the ASPP will be included in the number of shares available for purchase and cancellation under the NCIB.

The company’s shares have gained 4.6% in the past year compared with 6.5% decline of the industry.

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The company, in its last earnings call, stated that it expects total gold production between 1,300,000 ounces and 1,400,000 ounces in fiscal 2021. AISC for gold is expected between $790 and 810 per ounce. Operating cash costs per ounce sold is projected in the range of $450-$475.

Kirkland Lake Gold Ltd. Price and Consensus

Kirkland Lake Gold Ltd. Price and Consensus
Kirkland Lake Gold Ltd. Price and Consensus

Kirkland Lake Gold Ltd. price-consensus-chart | Kirkland Lake Gold Ltd. Quote

Zacks Rank & Key Picks

Kirkland Lake Gold currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, Olin Corporation OLN and Cabot Corporation CBT.

Nucor has a projected earnings growth rate of around 344.9% for the current year. The company’s shares have surged 135.3% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 308.6% in the past year. It currently sports a Zacks Rank #1.

Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 60.2% in the past year. It currently carries a Zacks Rank #1.

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Kirkland Lake Gold Ltd. (KL) : Free Stock Analysis Report

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