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KL KIRKLAND LAKE GOLD KIRKLAND LAKE GOLD REPORTS RECORD NET EARNINGS IN Q2 2021 Toronto , Ontario July 28 , 2021 - Kirkland Lake Gold Ltd. ( " Kirkland Lake Gold " or the " Company " ) ( TSX : KL ) ( NYSE : KL ) ( ASX : KLA ) today announced the Company's financial and operating results for the second quarter ( " Q2 2021 " ) and first six months ( " YTD 2021 " ) of 2021. The results included record quarterly net earnings and earnings per share driven by strong operating results and revenue growth , largely reflecting continued outperformance at Fosterville . All three of the Company's cornerstone assets increased production compared to both the second quarter of 2020 ( " Q2 2020 " ) and the previous quarter ( “ Q1 2021 ” ) . The Company also reported solid earnings growth in YTD 2021 compared to the first six months of 2020 ( " YTD 2020 " ) , resulting largely from increased revenue . The Company's full financial statements and management discussion & analysis are available on SEDAR at www.sedar.com and on the Company's website at www.kl.gold . All dollar amounts are in U.S. dollars , unless otherwise noted . Tony Makuch , President and Chief Executive Officer of Kirkland Lake Gold commented : " We had an excellent quarter in Q2 2021 highlighted by record earnings , record quarterly production , strong revenue growth and significant increases in both operating and free cash flow . All three of our cornerstone assets increased production during Q2 2021 , with Fosterville having a particularly successful quarter based largely on continued grade outperformance . In addition , we benefited from solid unit costs performances at all three operations , resulting in operating cash costs and AISC for the quarter that were better than full - year guidance . Also , during Q2 2021 , we continued to generate very encouraging drill results and advanced our many growth and business improvement projects at Detour Lake , all of which are being completed as part of our work to transform Detour Lake into one of the world's largest and most profitable gold mines . We also continued to achieve excellent progress at Macassa , with the # 4 Shaft project remaining ahead of schedule and new drill results continuing to intersect wide , high - grade mineralization outside of existing Mineral Reserves . Our financial strength continued to improve during Q2 2021 , with cash increasing to $ 858.4 million , and we remain committed to returning capital to shareholders , renewing our normal course issuer bid and introducing an automatic share purchase plan . We returned $ 158.6 million to shareholders during the first half of 2021 and have returned an additional $ 37.7 million in July through our Q2 2021 dividend payment and by repurchasing 945,000 shares through the NCIB . " RECORD NET EARNINGS AND EPS IN Q2 2021 Net earnings of $ 224.2M ( $ 0.91 / share ) , 67 % increase from Q2 2020 , 51 % higher than Q1 2021 ; Adjusted EPS ( ¹ ) of $ 246.9M ( $ 0.92 / share ) in 02 2021 STRONG PRODUCTION GROWTH IN Q2 2021 379,195 oz in Q2 2021 , up 15 % from Q2 2020 and 25 % the previous quarter ; 682,042 oz in YTD 2021 , 3 % increase from YTD 2020 Q2 2021 UNIT COSTS BEAT FY 2021 GUIDANCE Q2 2021 op . cash costs ( ¹ ) of $ 431 / oz sold , AISC ( ¹ ) of $ 780 / oz vs FY 2021 guidance of 450 - $ 475 / oz and $ 790 - $ 810 / oz , respectively ON TRACK TO ACHIEVE FY 2021 GUIDANCE Company now targeting top half of FY production guidance ( 1,300,000 - 1,400,000 oz ) , maintains unit cost and capital expenditure guidance STRONG CASH FLOW GENERATION IN Q2 2021 Op . cash flow of $ 330.6M , up 49 % and 59 % from Q2 2020 and Q1 2021 ; Free cash flow ( ¹ ) of $ 131.2M , up 39 % from Q2 2020 , triple Q1 2021 level RETURNED $ 158.6M TO SHAREHOLDERS Paid $ 100.3M in dividends in YTD 2021 , used $ 58.3M to repurchase 1,374,100 shares CONTINUED EXPLORATION SUCCESS Continued drilling success in Saddle Zone at Detour Lake ; New results at Macassa expand mineralization in multiple areas EXCELLENT PROGRESS WITH GROWTH PROJECTS Macassa # 4 Shaft remains ahead of schedule ; growth projects at Detour Lake advancing on plan PROGRESS WITH ESG INITIATIVES Significant financial commitments made in support of local communities , further progress achieved towards goal of net - zero emissions by 2050 or earlier 200 BAY STREET , SUITE 2800 | RBC PLAZA - SOUTH TOWER | TORONTO , ON M5J 2J1 | TEL : 416 840 7884 www.kl.gold TSX : KL | NYSE : KL | ASX : KLA