IPO - Kirkland Lake Gold Limited, page-55

Agree. IMO, there's some real reluctance amongst the KL shareholders to do much more in the Pilbara, unless and until it's shown there's a way to make an actual profit. The KL share price took a wicked hit, when the $58M Novo investment was announced, from which the KL share price only recently recovered. Part of that reluctance is that Fosterville exploration results are so strong (as are Macassa, and some of the other properties as well). Harrier, going back north up the seams to the saddle, etc.. The Swan Zone is > 500K ounces, averaging 58 g/t, 43-101 compliant reserve, and it doesn't even start to get mined until Q1 2019. Fosterville's results will steadily improve, from the strong numbers they're running now, and then really hit it in 2019. Further, the most-recent drilling will allow the SZ resource to expand further; outside the bottom corners of the resource "box", recent drilling hit 9900 g/t (> 900g/t for 8 meters) on one corner, and 4thousand-something g/t on the other corner. Crazy.

Keep in mind this was not known, when KL & Newmarket merged. At the time, Macassa's resource g/t was something like 18 or 19, and Newmarket's was 9 g/t. Two of the highest-grade larger mines on their respective continents, now. Anyway, lots to focus on, so the Pilbara is kind of a side concern.