Eric Sprott announces retirement as chairman of Kirkland Gold Board
Kirkland Lake Gold announced today that Eric Sprott, will retire as chairman and board member following the company’s 2019 annual general meeting of shareholders on May 7, 2019.
Sprott served as the chairman of the board since November 2016 and was the Chair of Kirkland Lake Gold Inc. since February 2015.
During his tenure as Chairman, Kirkland Lake Gold has emerged as a top performing gold company, one that is well positioned for continued growth and value creation in the years to come. Kirkland Lake Gold operates gold mines in Canada and Australia.
“I consider myself very fortunate to have had the opportunity to work with Eric over the last 2.5 years," said Tony Makuch, President and CEO of Kirkland Lake Gold.
"Not only is he a great business leader with an accurate and informed view of the market, he has been a mentor and confidant to me, providing solid advice and direction," he added.
" I will certainly miss our early morning calls and meetings. On behalf of the Company’s Board of Directors, management, employees and stakeholders, I would like to express our thanks to Eric for his dedication and leadership over the past five years and wish him all the best in his retirement. As we advance our growth plans, we look forward to receiving his continued input and support,” Makuch said.
Sprott who has been hailed as a "precisous metal fanatic" by Forbes Magazine and has been called the guru of gold, made his reputation as an expert in the gold market when he advised investors to buy gold before the 2008 US economic meltdown.
According to Wikipedia bio of Sprott,"... he was the chairman of Sprott Inc, a Toronto-based asset management firm, from 2010 to May 2017. Sprott is a "long-time gold bull", and claims to hold 90% of his assets (except for Sprott Inc shares) in gold and silver."
Looking back at his years with Kirkland Lake Gold Sprott said, “During the past five years, we have succeeded in creating a truly unique gold company which continues to have significant upside potential. While I have decided that now is the right time for my retirement, I fully expect to remain a very interested and engaged shareholder of the Company.”
Jeff Parr will assume the role as Interim Chairman of the Board, pending his re-election to the Board at the AGM. Parr has served as a director of the Company since November 2016 and was previously a director of Kirkland Lake Gold Inc. from October 2014. As an independent director, Mr. Parr is currently the Chair of the Audit Committee, and serves on both the Compensation and Technical Committees.
Parr is a Chartered Professional Accountant (CPA, CA 1984) and has over 30 years of executive management experience in the mining and service provider industries. He joined Centerra Gold in 2006 and was appointed Chief Financial Officer in 2008 where he served until his retirement in 2016. From 1997 to 2006 he worked for Acres International as Chief Financial Officer and from 1988 to 1997, held progressively senior financial positions at WMC International (a subsidiary of Western Mining Corporation responsible for operations and exploration in the Americas), ultimately serving as the Company’s Executive Vice President. He is also a member of the Board and Chair of the Audit Committee of Discovery Metals Corp. He is a member of the Canadian Institute of Chartered Professional Accountants and has obtained the ICD.D designation from the Institute of Corporate Directors.
Following the AGM, the Corporate Governance and Nominating Committee will commence a review of the composition of the Board to determine whether the size of the Board should be increased and, where appropriate, nominate suitable candidates.
About Kirkland Lake Gold Ltd.
Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 723,701 ounces in 2018 and is on track to achieve significant production growth over the next three years, including target production of 920,000 – 1,000,000 ounces in 2019, 930,000 – 1,010,000 ounces in 2020 and 995,000 – 1,055,000 ounces in 2021. The production profile of the Company is anchored by two high-grade, low-cost operations, including the Macassa Mine located in Northern Ontario and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold's solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management and operational expertise.