BMO todayKirkland Lake Gold KL-TSX Rating Outperform Price: Jul-9 $49.03 Target $72.00 Total Rtn 49% Significant Q2/21 Production Beat on Strong Fosterville Grades Bottom Line: Positive. KL posted a significant Q2/21 production beat, producing 379.2 koz (vs. BMO: 330.2 koz; Cons: 334.5 koz). The beat is attributable almost entirely to strong grades of 29.2 g/t at Fosterville, driven by higher-than-expected grades and tonnage from the Swan Zone, resulting in 158.0 koz production. Detour Lake produced 165.9 koz, slightly below expectations, and Macassa production of 55.3 koz, which was in line. Kirkland is trending towards the upper half of 1,300-1,400 koz annual production guidance with Fosterville tracking well ahead. Key Points Signifcant production beat. KL reported Q2/21 gold production of 379.2 koz, beating BMO and consensus estimates of 330.2 koz and 334.5 koz, respectively. The beat can be attributed to strong grades of 29.2 g/t (vs. BMO; 20.0 g/t; Cons: 19.2 g/t) at Fosterville, driven by higher-than-expected grades and tonnage from the Swan Zone. Fosterville processed 170.3 kt (vs. BMO: 162 kt) at an average grade of 29.2 g/t for 158.0 koz (vs. BMO: 101.0 koz; Cons: 100.2 koz). Broadly in-line results at Detour Lake and Macassa. Detour Lake posted marginally