operational excellence | organic growth | … · q4 2016 q3 2017 q4 2017 cash from operating...

February 21, 2018

FY & Q4 2017 CONFERENCE CALL & WEBCAST

KLGOLD.COMTSX: KL

NYSE: KLASX: KLA

1

OPERATIONAL EXCELLENCE | ORGANIC GROWTH | SHAREHOLDER RETURNS

On the Road to a Million Ounces of Gold Per Year

KLGOLD.COMTSX:KLNYSE:KLASX:KLA

FORWARD LOOKING STATEMENTS

Cautionary Note Regarding Forward-Looking Information

This presentation 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 oftenidentified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include informationregarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company'sdisclosure materials; and (iii) future exploration plans (iv) the temporary suspension of operations at the Cosmo Mine and the anticipated effects thereof .

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect KL Gold’s management’s expectations, estimates or projectionsconcerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. AlthoughKirkland Lake Gold believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and unduereliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of thecombined 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 abilityof Kirkland Lake Gold to successfully integrate the operations and employees of its Canadian and Australian operations, and realize synergies and cost savings, and to the extent,anticipated; the potential impact on exploration activities; the potential impact on relationships, including with regulatory bodies, employees, suppliers, customers andcompetitors; the re-rating potential following the consummation of the merger; changes in general economic, business and political conditions, including changes in the financialmarkets; changes in applicable laws; and compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in thebusiness 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 byKirkland Lake Gold , including Kirkland Lake Gold’s annual information form, financial statements and related MD&A for the year ended December 31, 2017 and their interimfinancial reports and related MD&A for the quarters ended March 31, June 30 and September 30, 2017 filed with the securities regulatory authorities in certain provinces ofCanada 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 varymaterially 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 LakeGold does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

All dollar amounts in this presentation are expressed in U.S. Dollars unless otherwise noted.

Use of Non-GAAP Measures

This Presentation refers to average realized price, operating costs, all-in sustaining costs per ounce of gold sold, free cash flow and cash costs of production because certainreaders may use this information to assess the Company’s performance and also to determine the Company’s ability to generate cash flow. This data is furnished to provideadditional information and are non-GAAP measures and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). Thesemeasures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costspresented under IFRS. Refer to each Company’s most recent MD&A for a reconciliation of these measures.

2

http://www.sedar.com/

February 21, 2018

CEO OVERVIEWTONY MAKUCH



KLGOLD.COMTSX: KL

NYSE: KLASX: KLA


4

Low unit costs: Operating cash costs $481/oz, AISC $812/oz

Beat improved production guidance: 596,405 ozs produced

Strong earnings and free cash f low

Solid year-end f inancial position: $231.6 mil l ion of cash

• KL: RECORD YEAR IN 2017

36% Growth in Mineral Reserves, Strong Growth in Mineral Resources


• Production of 596.4 kozs beats improved guidance of 580 – 595 kozs

• Fosterville production of 264 kozs, driven by significantly higher grades

• Macassa production increases 11% due to improved grades and tonnes milled

• 25% production growth at both Taylor and Holt

5

102,597

313,653

596,405

50,000

150,000

250,000

350,000

450,000

550,000

2015 2016 2017

Production (ozs)

160,305

• 2017 PRODUCTION BEATS IMPROVED GUIDANCE

90%


6

• Operating cash costs (“OCC”) achieves improved guidance of $475 – $500/oz

• AISC/oz sold $812/oz in line with improved guidance of $800 – $825/oz

• Fosterville OCC $264/oz, AISC $491/oz; Macassa OCC $523/oz; AISC $845/oz

2017 Cost per TonneC$197/ tonne for Canadian operat ionsA$163/ tonne at Fosterv i l l e

564$571$481

$970$930

$812

200

300

400

500

600

700

800

900

1,000

2015 2016 2017

Unit Costs ($/oz Sold)1

$638

• KL: STRONG UNIT COST PERFORMANCE

1) See Non-GAAP Measures sections in forward looking statements

16%

13%


7

• Strong growth in revenue, improved unit costs and lower tax rate drive earnings growth

• Earnings from continuing operations of $157.3M ($0.76/share) in 2017, $65.9M in Q4 2017 ($0.32/share)

• Loss from continuing operations of $24.9M ($0.12/share) in 2017 from sale of Stawell

• Adjusted net earnings in 2017 excludes discontinued ops., deferred tax recovery

• Q4 2017 adjusted net earnings exclude discontinued ops., loss on Novo warrants and impact of deferred tax recovery

$80

$90

$100

$110

$120

$130

$140

$150

$160

Net Earnings Adjusted Net Earnings

2017 Earnings ($ Millions)

$20

$30

$40

$50

$60

$70

$80

Net Earnings Adjusted Net Earnings

Q4 2017 Earnings ($ Millions)

$149.1($0.72/share)

$132.4($0.64/share)

$71.2($0.34/share)

$41.0($0.20/share)

• PRODUCTION GROWTH, LOW UNIT COSTS DRIVE STRONG EARNINGS


$187.0

$309.8

$80

$130

$180

$230

$280

$330

2016 2017

CASH FROM OPERATING ACTIVITIES ($ Millions)

8

• Free cash flow reached $178.0M in 2017, 56% increase from 2016

• Op cash flow growth of 66% to $309.8M in 2017 vs $187.0M in 2016


$113.9

$178.0

$40

$60

$80

$100

$120

$140

$160

$180

$200

2016 2017

FREE CASH FLOW ($ Millions)1

56%66%

• KL: A BUSINESS THAT GENERATES CASH



$ Millions

• CASH AND CASH EQUIVALENTS OF $231.6 MILLION AT DECEMBER 31, 2017

$234.9

178.0

-78.0

-60.1

-44.0 -3.3

4.1 $231.6


106,609

130,425

160,305

139,091

165,579

50,000

70,000

90,000

110,000

130,000

150,000

170,000

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Production (ozs)

• Production of 165.6 kozs, 56% increase from Q4 2016, 20% higher than Q3 2017

• Record quarter at Fosterville: >79 kozs with average grade of 21.5 g/t

• Record quarterly results at Taylor (16.5 kozs) and Holt (19.3 kozs)

• Macassa has second best quarter ever, producing 51.6 kozs

10160,305

• Q4 2017: RECORD PRODUCTION, OPERATING CASH COSTS, FREE CASH FLOW


11

• OCC of $412/oz, 23% better than Q4 2016, 15% improvement from Q3 2017

• AISC/oz improves from both prior periods despite increased sustaining capital

• Sustaining capital expenditures weighted to end of 2017 ($312/oz versus $291/oz in Q4 2016 and $278/oz sold in Q3 2017

Q4 2017 Cost per TonneIm proved 11% quarter over quarter to C$171/ tonne for Canadian operat ionsAveraged A$187/ tonne at Fosterv i l le re f lect ing reduced tonnes at h igher grade

564$564$482 $482

$412

$900 $873

$729$845

$816

300

400

500

600

700

800

900

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017


$533

• Q4 2017: RECORD OPERATING CASH COSTS, IMPROVED AISC



$68.5 $66.8

$103.4

$20

$40

$60

$80

$100

$120

Q4 2016 Q3 2017 Q4 2017

CASH FROM OPERATING ACTIVITIES ($ Millions)

12

• Earnings from continuing operations of $65.9M or $0.32 per share

• Free cash flow in Q4 2017 totaled $64.5M, 42% higher than Q4 2016 and 105%

• Op cash flow $103.4M in Q4 2017, 51% increase from Q4 2016 and 55% better than previous quarter


$45.3

$31.5

$64.5

$10

$20

$30

$40

$50

$60

$70

$80

Q4 2016 Q3 2017 Q4 2017

FREE CASH FLOW ($ Millions)1

• Q4 2017: STRONG GROWTH IN FREE CASH FLOW


13

CANADA OPS. AUSTRALIAN OPS.

$ million unless otherwise states Macassa Taylor Holt Fosterville 2018 Guidance

Gold Production (kozs) 215 – 225 60 – 70 65 – 75 260 – 300 +620

Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450

AISC ($/oz)1,2 $750 – $800

Operating cash costs1 $260 – $270

Royalty expense $22 – $27

Sustaining capital1 $150 – $170

Growth capital1 $85 – $95

Exploration $75 – $90

Corporate G & A $20 – $22

• 2018: PRODUCTION GROWTH, LOWER COSTS, INVESTING FOR THE FUTURE

(1) Operating cash costs, operating cash costs/ounce and AISC/ounce sold reflect an average US$ to C$ exchange rate of 1.300and a US$ to A$ exchange rate of 1.300(2) Non-IFRS - the definition and reconciliation of these Non-IFRS measures are included on pages 37 – 44 of the Company’s MD&A for the year and three months ended December 31, 2017.


14




Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450

AISC ($/oz)1,2 $750 – $800









Targeting year-over-year production growth

Potential for higher production


15




Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450

AISC ($/oz)1,2 $750 – $800








Sustaining capex at Fostervil le supports production for multiple years

AISC/oz sold to improve in 2018



16




Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450

AISC ($/oz)1,2 $750 – $800








~$35M at Fostervil le in 2018 is bulk of growth capital required to reach 400 koz/year

Growth capital at Macassa mainly for shaft project



MACASSA: NEW SHAFT TO PROVIDE MULTIPLE BENEFITS

Macassa #4 Shaft

▪ 21.5-foot diameter concrete-lined shaft with 4,000 tonne-per-day hoisting capacity

▪ 5,450-foot depth (Phase 1)

▪ Phase 1 completion Q2 2022, production commences

▪ Phase 1 capital estimate: $240M

▪ Extension to approx. 7,000 foot depth contemplated (Phase 2)

▪ Phase 2 capital estimate: $80M

Benefits: 1. De-risks operation. 2. Supports more effective exploration. 3. improves working conditions. 4. leads to increased production & lower unit costs

17


18




Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450

AISC ($/oz)1,2 $750 – $800








Focus of exploration is on Fostervil le and Northern Territory

Investments support goal of reaching a mil l ion ounces per year in 5 – 7 years


February 21, 2018

CFO FINANCIAL REVIEWPHILLIP YEE

19



KLGOLD.COMTSX: KL

NYSE: KLASX: KLA


20


• Full-year impact of Australian operations key to both revenue growth, lower unit costs

• Net earnings include earnings from continuing ops of $157.3M ($0.76/share) and loss on discontinued ops of $24.9M ($0.12/share) related to Stawell

$0

$20

$40

$60

$80

$100

$120

$140

2016 2017

Net Earnings ($ Millions)

228%

$20

$40

$60

$80

$100

$120

$140

$160

2016 2017

Adjusted Net Earnings ($ Millions)

119%

$132.4($0.64/share)

$42.1($0.35/share)

$149.1($0.72/share)

$67.9($0.56/share)

2017 ad justed net earn ings o f $149. 0M ($0. 72/s hare) exc lude los s on d i s cont inued ops , $10M ($0. 05/s hare) deferred tax recovery

• KL: SOLID PROFITABILITY IN 2017


$403.3

$747.5

$0

$100

$200

$300

$400

$500

$600

$700

$800

2016 2017


• Higher revenue reflects 80% increase in sales, to 592,674 ounces, largely due to addition of Australian operations in Nov. 2016

• Gold sales at Fosterville of 258,315 ounces in 2017 (19,408 ounces for one month in 2016)

• Gold sales from CDN operations increased 13% (ex. Impact of Holloway mine)

• Average gold price of $1,261/ounce in 2017 versus $1,234/ounce in 2016

21

2017 Revenue: $747.5 Mi l l ion

$356.9

$0

$50

$100

$150

$200

$250

$300

$350

$400

EBITDA ($ Millions)

2017 EBITDA 1


1

1

85% growth from Q3 2016

▪ 137% increase f rom 2016

• STRONG 2017 REVENUE AND EBITDA


$192.8

$288.3

$0

$50

$100

$150

$200

$250

$300

$350

2016 2017

$ M

illio

ns

2017 Production Costs

22

• 50% increase from 2016 largely reflects Australian operations

• HIGHER PRODUCTION COST REFLECTS PRODUCTION GROWTH


481

930

812

200

300

400

500

600

700

800

900

1,000

2016 2017


Op. Cash Costs AISC

LOW UNIT OPERATING COSTS KEY TO PROFITABILITY AND CASH FLOW

23

571

O perat ing cas h costs im prove 16% f rom 2016, large ly dr iven by Fosterv i l l e

A ISC per ounce im proved 13% f rom 2016 due to lower operat ing cas h costs and reduced susta in ing cap i ta l per ounce so ld

2017 Unit Costs by Mine

Operating Cost/Oz

AISC/Oz

Fosterville $264 $491

Macassa $523 $845

Taylor $610 $972

Holt $685 $1,043

Cosmo $1,667 $1,996

Consolidated $481 $812



24

Corporate G&A of $22M vs $11M in 2016 due to business growth

Higher depreciation and depletion reflects fair valuing assets from Newmarket acquisit ion

Care and maintenance expense of $11.9M mainly reflects Cosmo

Exploration expense triples, to $48M, reflects commitment to growth and success achieved in 2017

• ADDITIONAL EXPENSES IN 2017


25


• Impact of Novo warrants: $17.9M pre-tax loss Q4 2017, $19.2M pre-tax gain Q3 2017

• Q4 2017 net earnings: earnings from continuing ops. of $65.9M ($0.32/share) and loss from discontinued ops. of $24.9M

• EBITDA of $103.9M versus $45.2M in Q4 2016 and $98.1M in Q3 2017

$0

$10

$20

$30

$40

$50

$60

Q4 2016 Q3 2017 Q4 2017


$41.0($0.20/share)

$43.8($0.21/share)

• SOLID PROFITABILITY IN Q4 2017

$3.1($0.02/share)

$71.2($0.34/share)

27.4($0.14/share)$22.8

($0.16/share)

$103.9

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

EBITDA ($ Millions)

Q4 2017 EBITDA 1

▪ 130% increase f rom Q4 2016▪ 6% increase f rom Q3 2017



26

• 160% increase in adjusted net earnings quarter over quarter

• Q4 2017 adjusted net earnings exclude:

• Loss on discontinued operations: $0.12/share

• Impact of $17.6M pre-tax loss on Novo warrants: $0.08/share

• Deferred tax recovery: $0.05/share

$0

$10

$20

$30

$40

$50

$60

$70

$80

Q4 2016 Q3 2017 Q4 2017

Adjusted Net Earnings ($ Millions)

$71.2($0.34/share)

$27.4($0.14/share)

20% increase in revenue, im proved un i t costs key dr ivers o f growth in ad justed net earn ings quarter over quarter

• ADJUSTED NET EARNINGS OF $0.34/SHARE

$22.8($0.16/share)

160%



$ Millions

• CASH AND CASH EQUIVALENTS OF $231.6 MILLION AT DECEMBER 31, 2017

234.9

178.0

-78.0

-60.1

-44.0 -3.3

4.1 231.6

February 21, 2018

REVIEW OF RESERVES AND RESOURCES

KLGOLD.COMTSX: KL

NYSE: KLASX: KLA

28




29

Fostervil le Mineral Reserves increase to 1.7M ozs @ 23.1 g /t

• Swan Zone more than doubles to 1 .16M ozs @ 61.2 g /t

36% growth in consolidated Mineral Reserves

• 4.4M ozs @ 11.1 g /t versus 3 .4M ozs @ 9.0 g /t at Dec . 31/16

Macassa replaces Mineral Reserves (2.0M ozs @ 21.0 g /t)

• 58% growth in M&I Mineral Resources , 48% increase in Inferred

Strong growth in Mineral Resources supports plans for future growth in Mineral Reserves

• MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES (DECEMBER 31, 2017)


1) See the Company’s MD&A for the three and nine months ended September 30, 2017 dated November 2, 2017 for more information on Fosterville’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)2) Operating Cash Costs per ounce guidance reflects an average USD to AUD exchange rate of 1.30. 3) Refer to Appendix for NI 43-101 disclosure

• Record production in 2017

o 547.5 kt @ 15.8 g/t for 263,845 ozs

o Record quarterly production of 79,157 ozs in Q4/17 (118.9 kt @ 21.5 g/t)

FOSTERVILLE: TRANSFORMATIONAL YEAR IN 2017

30

• Low-cost producer

o Cash costs $264/oz, AISC $491/oz in 2017

• Growing mineral reserves3

o 247% growth Mineral Reserves from Dec. 31/16

o Large increase in Mineral Resources

• 2018 guidance:

o Production: 260 – 300 kozs

o Cash costs: $270 – $290/oz2

* Forecast (2018 Guidance)


31

• FOSTERVILLE MINERAL RESERVES GROWTH 247% FROM DECEMBER 31, 2016

December 31, 2017 December 31, 2016 % Change

Fosterville Tonnes(000's)

Grade (g/t)

Gold Ounces (000’s)

Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces

Proven 236 14.8 112 280 8.4 76 76% 48%Probable 2,050 24.1 1,590 1,280 10.1 414 139% 284%Proven + Probable

2,290 23.1 1,700 1,560 9.8 490 136% 247%

Fosterville Mineral Reserves (Dec. 31/17 vs. Dec. 31/16)

December 31, 2017 June 30, 2017 % Change


Grade (g/t)


Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces

Proven 236 14.8 112 246 14.2 113 4% -1%

Probable 2,050 24.1 1,590 1,540 18.5 918 30% 73%

Proven + Probable

2,290 23.1 1,700 1,790 17.9 1,030 29% 65%

Swan Mineral Reserves (Dec. 31/17 vs. June 30/17)

Fosterville Mineral Reserves (Dec. 31/17 vs. June 30/17)


SwanTonnes

(000's)

Grade

(g/t)

Gold Ounces

(000’s)

Tonnes

(000's)

Grade

(g/t)

Gold Ounces

(000’s)

Gold

Grade

Gold

Ounces

Proven 0 0.0 0 0 0.0 0 0% 0%

Probable 588 61.2 1,160 282 58.8 532 4% 117%

Proven +

Probable588 61.2 1,160 282 58.8 532 4% 118%


32

• FOSTERVILLE MINERAL RESERVES GROWTH 247% FROM DECEMBER 31, 2016

Fosterville Mineral Resources (Dec. 31/17 vs. Dec. 31/16) (Inclusive of Mineral Reserves

Swan Mineral Resources (Dec. 31/17 vs. June 30/17) (Exclusive of Mineral Reserves)

Fosterville Mineral Resources (Dec. 31/17 vs. June 30/17) (Exclusive of Mineral Reserves)



Grade (g/t)


Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces

Measured + Indicated

15,500 8.4 4,190 14,700 5.6 2,640 51% 59%

Inferred 8,280 7.1 1,900 5,400 4.6 792 57% 140%



Grade (g/t)


Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces


13,900 4.8 2,150 13,700 4.4 1,940 10% 11%

Inferred 8,280 7.1 1,900 5,560 5.8 1,040 22% 82%


Swan(1)Tonnes

(000's)

Grade

(g/t)

Gold Ounces

(000’s)

Tonnes

(000's)

Grade

(g/t)

Gold Ounces

(000’s)

Gold

Grade

Gold

Ounces

Measured +

Indicated46 116 171 8 86.7 23 34% 643%

Inferred 570 36.6 671 145 56.0 260 -35% 158%


• Focus on accelerating conversion in three production horizons – Lower Phoenix (Swan), Lower Phoenix North and Harrier South

• Significant step-out drilling along plunge at Swan Zone

• 2018 program consists of approx. 85,000 metres of in-mine drilling

• Approx. $10M on Large Ore Deposit Exploration (“LODE”) in 2017

Contact of Eagle and Swan

FOSTERVILLE: EXTENSIVE NEAR-MINE DRILLING PLANNED IN 2018

33


MACASSA: STRONG PERFORMANCE IN 2017

34

* Forecast (2018 Guidance)

• Record production in 2017

o 409.1 kt @ 15.2 g/t for 194,237 ozs

o Q4/17 production of 51,608 ozs, 2nd best quarter ever (119.1 kt @ 13.9 g/t)

• Low-cost producer1

o Cash costs $523/oz, AISC $845/oz in 2017

• Large base of mineral reserves/mineral

resources2 (as at Dec. 31, 2016)

o Replaced Mineral Reserves after depletion in 2017

o 58% increase in M&I Resources and 48% increase in Inferred

• 2018 guidance:

o Production: 215 – 225 kozs

o Cash costs: $475 – $500/oz3

1) See the Company’s MD&A for the year and three months ended December 31, 2017 for more information on Macassa’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)2) Refer to Appendix for NI 43-101 disclosure3) Operating Cash Costs per ounce guidance reflects an average USD to CAD exchange rate of 1.30.


35

• MACASSA MINERAL RESERVES REPLACED WITH 2017 DRILLING FOCUSED ON RESOURCE EXPANSION


MacassaTonnes(000's)

Grade (g/t)


Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces

Proven 286 16.7 207 610 16.9 32 -1% -38%

Probable 2,620 21.7 1,830 2,390 21.8 1,670 0% 10%

Proven + Probable

3,010 21.0 2,030 3,000 20.8 2,010 1% 1%

Macassa Mineral Reserves (Dec. 31/17 vs. Dec. 31/16)

• Mineral Reserves increase 1% after depletion of 190,000 ozs in 2017

• Strong growth in Mineral Reserves to support future growth in Mineral Reserves


36

Macassa Mineral Resources (Dec. 31/17 vs. Dec. 31/16)


MacassaTonnes(000's)

Grade (g/t)


Tonnes (000's)

Grade (g/t)


Gold Grade

Gold Ounces


3,800 17.1 2,090 2,480 16.6 1,320 4% 58%

Inferred 1,920 22.2 1,370 1,421 20.2 924 10% 48%

• 259 metre extension of South Mine Complex was focus of resource drilling

• 58% increase in M&I Mineral Resources

• 48% increase in Inferred Mineral Resources

MACASSA: STRONG GROWTH IN MINERAL RESOURCES


37

Operational Excellence▪ Strong performance against guidance

▪ Generated strong earnings, free cash flow

Discipline Organic Growth▪ Growing reserves and resources▪ Targeting a million ounces/year from existing

mines

Focused on Shareholders Returns▪ Strong share price performance▪ Repurchasing shares▪ Paying dividends

• KL: 3 PILLARS OF VALUE CREATION

operational excellence | organic growth | … · q4 2016 q3 2017 q4 2017 cash from operating...

Documents