Re: Senior Mining ! In 2017 Kirkland earned $132.4 million, or $0.64 per share, and its operating cash flow totaled $309.8 million on production of 596,405 ounces of gold. At the end of Q1 2018 the company earned another $53.8 million and increased its cash on its balance sheet to $275.3 million. Production is currently coming from three mines in Ontario and one in Australia. But the aggressive big picture acquisition and strategic investment strategy of Eric Sprott since he took the helm at Kirkland combined with strong operating performance of Kirkland is really the story.
The first bold move was to acquire Newmarket Gold in 2016 that brought the phenomenal Foster Mine in Australia. But under the radar are a couple of other moves Eric has made that I think can catapult this company to another level. Of course, subscribers to this letter are well aware that both Eric Sprott and Kirkland have invested a lot of money into Novo Resources. This past week, Novo’s shares rallied on the news that Kirkland acquired another 4 million shares of Novo. Previously it purchased 14 million shares for $56 million. Upon closing of its recent purchase, it will reportedly own 29,830,268 or roughly 18.86% of Novo.
Clearly, Eric Sprott, who has used Quinton Hennigh as a geological consultant, has considerable confidence and belief that Dr. Hennigh may well be into a Witwatersrand-like discovery. Bulk sample assays from Comet Well are expected to be reported by the end of this month. Stay tuned!
Jr Mining ... Steve hands out cheap options to a smiling First Nations Chief .. Current SP 41 1/2 cents .. Stand Proud Steve 41 1/2 cents !