Wesdome Announces Third Quarter 2026 Production Results; 2026 Production Guidance Maintained

Higher realized gold prices accompanied lower gold sales, while full-year production is expected below the maintained guidance midpoint.

Rhea-AI Summary

Wesdome Gold Mines (WDOFF) reported third-quarter 2026 gold production of 41,287 ounces and maintained its full-year production guidance despite lower output. Quarterly production fell 18% year over year; nine-month production declined 6% to 130,414 ounces. Eagle River output fell 28%, while Kiena output rose 2%. Both mines increased ore milled but reported lower average grades.

Wesdome maintains guidance of 180,000 to 205,000 ounces, expects results below the midpoint and anticipates its strongest quarter in Q4. Quarterly gold sales fell 12% to 41,800 ounces, while the average realized gold price rose 21% to US$4,279 per ounce. Ending cash was approximately C$377 million, with no debt. The company paid its first dividend in Q3 and repurchased 1.8 million shares in July for C$46 million. Q3 financial results are scheduled for November 4, 2026, after market close.

13 points · 0 major

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointAverage realized gold price rose 21% to US$4,279/oz in Q3 and 39% to US$4,480/oz year to date.
• Moderate pointKiena production rose 2% to 16,529 ounces in Q3 and 12% to 56,012 ounces year to date.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Wesdome expects Q4 to be its strongest quarter, with increased Eagle River throughput and ounces.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Wesdome expects improved Kiena execution, concurrent Kiena Deep stope mining and Presqu'île tonnage and grade gains in Q4.
• Minor pointEagle River ore milled rose 12% to 79,820 tonnes in Q3 and 24% to 223,990 tonnes year to date.

8 minor points

• Minor pointKiena ore milled rose 27% to 63,797 tonnes in Q3 and 21% to 180,962 tonnes year to date.
• Minor pointEagle River's 300 Zone ramp development is tracking ahead of schedule.
• Minor pointEagle River's higher-throughput transition is progressing as planned.
• Minor pointEagle River underground material movement increased sequentially each quarter this year.
• Minor pointPresqu'île ramped up to more than 250 tonnes per day in September.
• Minor pointKiena Deep achieved its highest monthly tonnage of the year in September.
• Minor pointWesdome ended Q3 debt-free.
• Minor pointWesdome paid its first dividend in Q3.

Negative

• Moderate pointEagle River production fell 28% to 24,758 ounces in Q3 and 16% to 74,402 ounces year to date.
• Moderate pointGold sales fell 12% to 41,800 ounces in Q3 and 5% to 131,500 ounces year to date.
• Moderate pointEagle River grades fell 34% to 10.1 g/t in Q3 and 33% to 10.7 g/t year to date.
• Moderate pointKiena grades fell 20% to 8.2 g/t in Q3 and 8% to 9.8 g/t year to date.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Maintained guidance of 180,000 to 205,000 ounces carries Wesdome's expectation of production below the midpoint.

3 minor points

• Minor pointQ3 production was modestly below Wesdome's expectations.
• Minor pointKiena experienced 10 days of planned and unplanned maintenance downtime.
• Minor pointKiena grades were below plan, primarily from blending initial Presqu'île stope and development ore.

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All amounts are expressed in Canadian dollars unless otherwise indicated

Toronto, Ontario--(Newsfile Corp. - October 13, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") today announces its production results for the three and nine months ended September 30, 2026 ("Q3 2026" and "YTD 2026"). The Company is also providing notice that it will release its Q3 2026 financial results after market close on Wednesday, November 4, 2026, and host a conference call and webcast the following morning.

Q3 and YTD 2026 Operating Highlights

	Q3 2026	Q3 2025	% Change	YTD 2026	YTD 2025	% Change
Ore milled (tonnes)
Eagle River	79,820	71,575	12%	223,990	180,208	24%
Kiena	63,797	50,147	27%	180,962	149,136	21%
Average grade (g/t)
Eagle River	10.1	15.3	(34)%	10.7	15.9	(33)%
Kiena	8.2	10.2	(20)%	9.8	10.6	(8)%
Gold production (ounces)
Eagle River	24,758	34,296	(28)%	74,402	88,907	(16)%
Kiena	16,529	16,169	2%	56,012	50,031	12%
Total gold production	41,287	50,465	(18)%	130,414	138,938	(6)%
Production sold (ounces)	41,800	47,400	(12)%	131,500	138,600	(5)%
Average realized gold price (US$/oz)1	4,279	3,523	21%	4,480	3,228	39%
1. Average realized gold price is a "Non-IFRS Performance Measures". Please refer to the Company's most recently filed MD&A for more information.

 

Anthea Bath, President and Chief Executive Officer, commented, "Third quarter production was modestly below our expectations. However, Q4 is anticipated to be our strongest quarter of the year, driven by increased throughput and ounces at Eagle River, the continued ramp-up of the new Presqu'île Zone, and further operational improvements at Kiena Deep. We are maintaining our initial 2026 production guidance of 180,000 to 205,000 ounces, with results expected below the midpoint.

"Eagle River delivered a solid Q3, setting a new quarterly throughput record with ore milled up 12% year-over-year. Underground material movement has increased sequentially in every quarter this year, and 300 Zone ramp development is tracking ahead of schedule. The first phase of our transition to higher throughput is progressing as planned, with expected grade variability as we fill the mill and position Eagle River for long term sustainable production and expansion.

"Kiena continues to build momentum, with ore milled up 27% year-over-year in Q3, notwithstanding 10 days of planned and unplanned maintenance downtime. In September, Kiena Deep achieved its highest monthly tonnage of the year, while the Presqu'île Zone ramped up steadily to more than 250 tonnes per day. Grades were below plan primarily due to the blending of initial stope and development ore at Presqu'île. Heading into Q4, we expect Kiena to benefit from improved execution, concurrent stope mining at Kiena Deep, and continued gains in tonnage and grade at Presqu'île as it advances toward commercial production.

"Our balance sheet remains strong and debt-free with an ending cash balance of approximately $377 million. In Q3, we paid our first dividend and repurchased 1.8 million shares in July for $46 million. Since November 2025, we have bought back 7.8 million shares for approximately $190 million at an average price of $24.44 per share, reflecting our confidence in the long-term value of our two high-quality Canadian assets."

Conference Call and Webcast

Management will host a conference call and webcast to discuss the Company's Q3 2026 financial and operating results. A question-and-answer session will follow management's prepared remarks. Details of the webcast are as follows:

Date and time:	Thursday, November 5, 2026 at 10:00 a.m. ET
Dial-in numbers:	To access the call by telephone, dial 1.646.968.2525 or 1.888.596.4144 (toll-free). The event passcode is: 8215935. Please allow up to 10 minutes to be connected.
Webcast link:	https://events.q4inc.com/attendee/926573901 Pre-registration is required for this event. It is recommended you join 10 minutes prior to the start of the event. The webcast can also be accessed from the home page of the Company's website at www.wesdome.com.

 

The financial statements and management's discussion and analysis will be available on the Company's website at www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of Wednesday, November 4, 2026.

Technical Disclosure

The technical and geoscientific content of this press release have been reviewed, and approved by Peter Gula, P. Eng and General Manager of Eagle River Mine (wholly owned by Wesdome), a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer.

Contact Information

Raj Gill	Trish Moran
SVP, Corporate Development & Investor Relations	VP, Investor Relations
Phone: +1.416.360.3743	Phone: +1.416.564.4290
E-Mail: invest@wesdome.com	E-mail: trish.moran@wesdome.com

 

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, projections, and interpretations as of the date of this release. Forward-looking information includes, without limitation, statements regarding: the timing of the release of the Company's Q3 2026 financial results and the related conference call and webcast; the Company's expectation to achieve its full-year consolidated 2026 production guidance of 180,000 to 205,000 ounces, with results expected to be below the midpoint of such guidance; the expectation that the fourth quarter will be the Company's strongest production quarter of 2026, driven by increased throughput and ounces at Eagle River, the continued ramp-up of the Presqu'île Zone and further operational improvements at Kiena Deep, including concurrent stope mining; expected improvements in tonnage and grade at the Presqu'île Zone and the advancement of the Presqu'île Zone toward commercial production; the timing of 300 Zone ramp development; and the Company's transition to higher throughput at Eagle River and the anticipated benefits thereof, including Eagle River's long-term growth.

These forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled "Cautionary Note Regarding Forward Looking Information" and "Risks and Uncertainties" in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318658

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much gold did Wesdome produce in Q3 2026?

Wesdome produced 41,287 ounces of gold in Q3 2026, down 18% from 50,465 ounces in Q3 2025. Eagle River contributed 24,758 ounces and Kiena contributed 16,529 ounces. Nine-month production was 130,414 ounces, down 6% year over year.

What is Wesdome's 2026 gold production guidance?

Wesdome maintained its initial 2026 production guidance of 180,000 to 205,000 ounces, with results expected below the midpoint. The company anticipates Q4 will be its strongest quarter of the year.

Why were Kiena's grades below plan in Q3 2026?

Kiena's grades were below plan primarily because of blending initial stope and development ore at Presqu'île. Stope ore comes from underground areas where ore is extracted; development ore comes from work opening access to mining areas.