Kirkland Lake Gold Announces Sale of Osisko and Novo Shares, Company Repurchases Additional Shares Through Normal Course Issuer Bid - Seite 2

Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “The sale of Osisko and Novo shares further enhances our already industry-leading financial strength, which will support our efforts as we pursue our key strategic priorities, including investing in our three cornerstone assets and returning capital to shareholders. Macassa, Detour Lake and Fosterville are three highly-profitable, cash-flow generating operations, each of which has outstanding exploration upside. There remains significant value creation potential at all three of these assets and unlocking that value is our overriding priority. Also important to us is rewarding shareholders which, in addition to share price performance, also involves buying back stock and paying dividends. So far in 2020, we have repurchased 11.9 million shares for US$388.4 million, which represents approximately $1.40 per share based on our current shares outstanding, and also doubled our quarterly dividend to US$0.125 per share. If we combine the amount of cash used for share repurchases and dividend payments in the first half of 2020, it represents approximately $645 per ounce of gold produced during the period. We announced earlier in the year a goal of repurchasing 20 million shares over a 12 to 24-month period and we are making excellent progress towards achieving that target.”  

Both the OSK Shares and the NVO Shares were sold for investment purposes. Kirkland Lake Gold may, depending on market conditions, increase acquire or dispose of additional common shares or other securities of either Osisko or Novo in the future whether in transactions over the open market or through privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This press release is being issued in pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the regulatory authorities in each jurisdiction in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the “Early Warning Reports”). A copy of the Early Warning Reports will be filed on the Issuers profiles of both Osisko and Novo on SEDAR and may also be obtained by contacting the Company at 416-840-7884 or by email at [e-mail]. Osisko’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario, Canada, M5H 3B7 and Novo’s head office is located at c/o 595 Burrard Street, Suite 2900, Vancouver, BC, Canada, V7X 1J5.