Wesdome Gld Mine Stock Price, News & Analysis

Wesdome Gold Mines achieved record annual gold production of 172,034 ounces in 2024, a 39% increase from 2023. The company provided guidance for 2025, projecting consolidated gold production between 190,000 and 210,000 ounces at an all-in sustaining cost of US$1,325-$1,475 per ounce.

For 2026, Wesdome anticipates production to reach 195,000 to 220,000 ounces. The company plans significant capital investments in 2025, with a total budget of $160 million, including $115 million in sustaining capital and $45 million in growth capital. A record $38 million exploration program is planned to focus on growing existing high-grade zones.

Production improvements are expected from both the Eagle River and Kiena mines, with Kiena benefiting from the high-grade Kiena Deep Zone and new ore from Presqu'île zone in late 2025.

Wesdome Gold Mines provides an update on its Kiena Mine exploration programs, highlighting significant drilling results across multiple zones. The company's $20 million exploration budget covered over 70,000 metres of drilling in 2024. Notable results include high-grade intersections in the Kiena Deep Footwall Zone, with up to 218.9 g/t Au over 22.1m core length, and promising findings in the Presqu'île and Dubuisson zones. The exploration success supports the company's two-mine structure initiative, combining high-grade production from Kiena Deep with near-surface feed from other zones.

Wesdome Gold Mines reported strong Q3 2024 results with consolidated gold production of 45,109 ounces, a 62% increase over Q3 2023. Net income rose to $39.0 million ($0.26 per share), up $42.2 million from Q3 2023. The company's cash position nearly doubled to $82.5 million with available liquidity of $232.5 million.

Key financial metrics include EBITDA of $84.6 million, cash costs of $1,214 per ounce, and AISC of $1,920 per ounce. The average realized gold price was $3,420 per ounce. The company has narrowed its 2024 production guidance to 166,000-176,000 ounces while increasing cost guidance to $1,225-$1,300 per ounce for cash costs and $1,975-$2,100 for AISC.

Wesdome Gold Mines reported strong Q3 2024 results with consolidated gold production of 45,109 ounces, a 62% increase over Q3 2023. Net income rose to $39.0 million ($0.26 per share), up $42.2 million from Q3 2023. Key financial highlights include EBITDA increase to $84.6 million, operating cash flow of $61.0 million, and free cash flow of $30.8 million.

The company's cash position doubled to $82.5 million since year-end, with total available liquidity of $232.5 million. Production guidance for 2024 was narrowed to 166,000-176,000 ounces, with increased cost guidance of $1,225-$1,300 for cash costs and $1,975-$2,100 for AISC per ounce sold.

Wesdome Gold Mines (TSX:WDO, OTCQX:WDOFF) has appointed Philip C. Yee as an Independent Director and Audit Committee Chair, effective October 7, 2024. This appointment expands the Wesdome Board to seven members, including six independent directors.

Mr. Yee is a Chartered Professional Accountant (CPA, CA) with extensive experience in the gold mining industry. He previously served as Executive Vice President and Chief Financial Officer at Eldorado Gold , managing financial operations, investor relations, IT, and risk strategy. His career includes key roles at major gold companies such as Kirkland Lake Gold Inc and Lake Shore Gold Corp.

Bill Washington, Interim Board Chair of Wesdome, expressed confidence in Mr. Yee's ability to contribute to the company's strategic growth plan and create shareholder value, citing his results-driven leadership, strategic insight, and financial expertise.

Wesdome Gold Mines has appointed Guy Belleau as Chief Operating Officer, effective September 30, 2024. Mr. Belleau brings over three decades of experience in mine operations, development, and management to the role. His background includes serving as CEO of Sayona Canada and COO of ArcelorMittal Mines Canada. Notably, he spent 8 years as Mine General Manager at Goldcorp's Éléonore Mine in northern Québec.

Anthea Bath, President and CEO of Wesdome, highlighted Mr. Belleau's extensive expertise in underground operations and gold projects within Québec as key factors in his appointment. The company expects his proven track record to contribute significantly to Wesdome's growth and operational excellence.

Mr. Belleau is a Professional Engineer with a Degree in Mining Engineering from Laval University, Québec. He has also served on various boards, including as Chair of the Board of Directors of the National Mining Institute of Quebec.

Wesdome Gold Mines (TSX:WDO, OTCQX:WDOFF) has announced the appointment of Ronald 'Jono' Lawrence as Senior Vice President, Exploration and Resources, effective January 1, 2025. Mr. Lawrence brings over 30 years of extensive exploration experience across multiple regions, including Africa, Australia, and Asia. He previously served as Executive Vice President, Exploration at Endeavour Mining, where he led significant resource expansions, contributing to a 9 million ounce increase in indicated ounces from 2022 to 2024. His expertise in Orogenic greenstone belts and track record in mineral exploration and resource expansion are expected to enhance Wesdome's ability to achieve high-quality reserve replacement and drive resource growth.

Wesdome Gold Mines (TSX: WDO, OTCQX: WDOFF) announced its Q2 2024 financial results on August 14, 2024. The company reported consolidated gold production of 44,035 ounces at cash costs of $1,286 (US$940) per ounce and all-in sustaining costs (AISC) of $1,977 (US$1,445) per ounce.

Net income surged to $29.1 million, or $0.19 per share, an increase of $34.1 million from Q2 2023 and $18.4 million from Q1 2024. Operating cash flow rose to $57.1 million, up by $43.1 million from the same period last year. Free cash flow came in at $28.4 million, $33.7 million higher than Q2 2023.

The company has available liquidity of $200.7 million, including $50.7 million in cash. Major highlights include mining high-grade Kiena Deep ore from 129-level at Kiena mine, significantly reducing AISC by over 60% compared to Q1 2024.

CEO Anthea Bath noted substantial progress in safety, production, and free cash flow. Wesdome aims to meet its full-year production and cost guidance while focusing on strategic initiatives and long-term growth.

Wesdome Gold Mines (TSX: WDO, OTCQX: WDOFF) reported record gold production in Q2 2024, with total production reaching 44,035 ounces, a significant increase from 30,992 ounces in Q2 2023. The Kiena mine's production nearly tripled due to mining high-grade Kiena Deep ore, while the Eagle River mine maintained performance despite a maintenance shutdown. Wesdome sold 40,000 ounces of gold in Q2 2024, up from 32,000 ounces in Q2 2023. The company repaid the remaining $29 million on its revolving credit facility, becoming debt-free. Wesdome aims to achieve its 2024 annual production guidance of 160,000 to 180,000 ounces of gold. The Q2 2024 financial results will be released on August 14, 2024, followed by a conference call on August 15, 2024.