"The plan also includes higher levels of investment, reflecting the significant growth potential and exploration upside at all three of our cornerstone assets, as well as the payment of over $200 million in dividends to shareholders," said Kirkland Lake Gold president and CEO Tony Makuch.

Production at Detour Lake is set to increase to 680,000-720,000oz/y, a benchmark level the company aims to sustain going forward en route to 800,000oz in 2025.

The company said transformational milestones include completing the current US$50 million drilling program at Detour Lake and releasing a new mine plan in 2022. Drilling to date provides increasing evidence that the Main, West and North pit locations involve one large, continuous deposit that can support the transition to a super pit and lead to substantially higher levels of production.

At Macassa in Ontario, the #4 shaft project is on track for completion in late 2022, when production is expected to increase to 400,000oz/y at improved unit costs in 2023.

In Australia, Kirkland Lake is planning its largest exploration programme at Fosterville since acquiring the mine in 2016, including $85-95 million of drilling and development to identify additional high-grades zones to provide future high-grade production.

The company said its all-in sustaining cost guidance for 2021 is $790-810. Sustaining capital expenditures are forecast in the $280-310 million range, growth capital expenditures are forecast to increase to $250-275 million and exploration expenditures is forecast to increase to $170-190 million.

Shares in Kirkland Lake Gold are trading at C$51.88, valuing the company at $14.3 billion.