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KL KIRKLAND LAKE GOLD KIRKLAND LAKE GOLD REPORTS RECORD NET EARNINGS IN Q3 2021 Toronto , Ontario - November 3 , 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 third quarter ( " Q3 2021 " ) and first nine months ( " YTD 2021 " ) of 2021. The results included record quarterly earnings driven by strong operating results , including record quarterly production and all - in sustaining costs ( 1 ) at Detour Lake and continued grade outperformance at Fosterville . The Company also reported solid earnings growth in YTD 2021 compared to the first nine 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 CEO of Kirkland Lake Gold , commented : " Q3 2021 was a quarter of substantial progress , highlighted by record quarterly earnings , solid year - over - year production growth as well as unit costs significantly better than full - year guidance . We also released encouraging exploration results at all three of our cornerstone assets and remained on track with our key growth projects , including the # 4 Shaft project at Macassa . A clear demonstration of the success of our exploration programs came in early September when we announced an increase of 10.1 million ounces in open - pit Measured and Indicated ( " M & I " ) Mineral Resources at Detour Lake . Tripling the open - pit M & I Mineral Resources is a critical milestone for the operation and is expected to contribute to strong growth in Mineral Reserves as we make further progress towards transforming Detour Lake into one of the world's largest and most profitable gold mines . " On September 28 , 2021 , we announced an agreement to combine in a merger of equals with Agnico Eagle Mines Limited ( " Agnico Eagle " ) . Through this transaction , we will create a new leader in the gold mining industry , with the lowest unit costs , best risk profile , leadership in key areas of ESG and an extensive project pipeline to drive future growth . The combined company , to continue under the name Agnico Eagle , will have the financial strength to fund its extensive list of internal growth projects and ESG initiatives , pursue additional external value - creation opportunities , while also continuing to return substantial amounts of capital to shareholders . The new Agnico Eagle will warrant a premium valuation , given its increased scale , low - cost and low - risk operations and superior financial performance and strength , and will be ideally positioned to generate superior long - term returns for shareholders going forward . " RECORD NET EARNINGS AND EPS IN Q3 2021 Net earnings of $ 254.9M ( $ 0.96 / share ) , 26 % increase from Q3 2020 , 4 % higher than Q2 2021 ; Adjusted EPS ( ¹ ) of $ 241.3M ( $ 0.91 / share ) in Q3 2021 SOLID PRODUCTION GROWTH FROM Q3 2020 370,101 oz in Q3 2021 , up 9 % from Q3 2020 , similar to record production of 379,195 oz in Q2 2021 STRONG UNIT - COST PERFORMANCE IN Q3 2021 Op . cash costs ( ¹ ) of 438 / oz sold , AISC ( ¹ ) of $ 740 / oz ON TRACK TO ACHIEVE FY 2021 GUIDANCE Company targeting top half of production guidance ( 1.3-1.4M oz ) ; On track to achieve op . cash costs / oz ( ¹ ) guidance ( $ 450 – $ 475 / oz ) and AISC per / oz ( ¹ ) guidance ( $ 790 - $ 810 / oz ) STRONG CASH FLOW GENERATION IN Q3 2021 Op . cash flow of $ 323.0M ( $ 861.7M YTD 2021 ) with free cash flow ( ¹ ) of $ 141.8M ( $ 315.7M YTD 2021 ) RETURNED $ 333.9M TO SHAREHOLDERS ( YTD 2021 ) $ 183.6M used to repurchase 4,466,200 shares , $ 150.4M paid in dividends ; $ 333.9M equates to $ 1.28 / share and $ 317 / oz produced SIGNIFICANT EXPLORATION SUCCESS ACHIEVED Results at all three cornerstone assets highlight potential for continued growth in Mineral Reserves 10.1M OZ INCREASE IN OPEN - PIT M & I MINERAL RESOURCES AT DETOUR LAKE Open - pit M & I Mineral Resources tripled to 14,718,000 oz ( 572.0M tonnes @ 0.80 g / t ) ; increase in Mineral Resources expected to drive strong growth in Mineral Reserves PROGRESS WITH ESG INITIATIVES Additional investments made in support of local communities ; further progress achieved towards 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