Kirkland Gold has completed a transaction that's raised (US) $50 million through a net smelter return royalty agreement with Franco-Nevada Corp.
The money is earmarked for the company's Kirkland Lake gold properties, including its flagship Macassa Mine.
Under the terms of the transaction, Franco-Nevada receives a 2.5 per cent smelter royalty from the company's gold properties in northeastern Ontario.
Kirkland Lake Gold has plans to increase production capacity to 2,200 tons of ore daily through several stages. The company also has a significant exploration program aimed at developing and maintaining a large reserve and resource base to sustain a mine life of more than 10 years.
