Kirkland Lake Gold Ltd. (NYSE:KL) Q1 2020 Earnings Conference Call - Final Transcript
Apr 09, 2020 • 10:00 am ET
network coverage, on-site Assay Laboratories supporting the process plant, and improved on-site welding shop. The current COVID-19 hiatus has also enabled us to address integration and organization structure and it's given us a chance to revisit systems and processes across Kirkland Lake and the integration of Detour Lake Mine.
I think with that I'll turn back the call to Tony for concluding remarks.
Yeah, thanks, John. And thanks everybody on the call for their input. Really appreciate it. As you can see, I know these are clearly very challenging times at Kirkland Lake Gold. We are working very hard to react proactively and responsibly to the current COVID-19 challenge, recognizing that the health and safety of our people is our top priority. We've reduced operations, implemented extensive health and safety protocols, we're monitoring developments daily through a management taskforce. Through this taskforce we aim to react quickly to ensure that we are taking the right actions to protect the people. Despite the challenges of COVID-19, Q1 2020 was also a quarter of significant accomplishments for the company. We had a solid Q1 production results. We rereturned significant capital to shareholders through our NCIB and through the use of our -- and by doubling our dividend.
And we maintained our industry-leading financial strength with a very strong balance sheet and access to substantial liquidity. Finally, we completed the acquisition of Detour Gold and see tremendous value potential through the integration of Detour and investment and support of growth as we go forward. And you can see as a company, we are well-positioned to withstand the current challenging environment. When you look at the attributes of Kirkland Lake Gold, we have three really quality assets in the company. Fosterville, one of the highest grade gold mines, lowest cost gold mines in the world; Macassa, high grade, large reserve base; and Detour with an extremely large reserve base and lots of potential for growth.
We have -- you can see the company has significant financial strength, strong cash flow generation, strong cash on the balance sheet and no debt. But fundamentally, you get the impression if you listen to this presentation and you see the depth of the people in the organization and the depth of the people isn't just the people we who are on this call but there's a lot of people throughout the company, and that's really the strength of the company. And as we go forward we believe that people coming together and working as a team at Kirkland Lake Gold can be emerging and stronger than before.
So, with that I thank everybody for listening and we'll be happy to take your questions.