Wesdome Initiates Quarterly Cash Dividend, Announces Dividend Reinvestment Plan, and Expands Share Buyback Program
Rhea-AI Summary
Wesdome (OTCQX: WDOFF) declared a quarterly cash dividend of $0.0306 per share, payable September 29, 2026 to shareholders of record on September 15, 2026. The board adopted a policy targeting $0.0306 quarterly ($0.1224 annualized), launched a DRIP, and expanded its share buyback program.
The Toronto Stock Exchange approved increasing Wesdome’s normal course issuer bid to repurchase up to 9,013,300 shares, about 6% of the public float, including a new third tranche of up to 3,000,000 shares between July 2 and November 6, 2026.
Positive
- Initiation of quarterly dividend of $0.0306 per share, $0.1224 annualized
- Dividend payable September 29, 2026 to holders of record on September 15, 2026
- Launch of dividend reinvestment plan allowing shareholders to receive shares instead of cash
- Normal course issuer bid expanded to repurchase up to 9,013,300 shares (~6% float)
- First and second NCIB tranches repurchased 6,013,300 shares for about $145 million
- Automatic share purchase plan enables repurchases during blackout periods under NCIB
Negative
- Future dividends are not guaranteed and remain at the Board’s discretion
- NCIB repurchases subject to market conditions, cash availability, and other limiting factors
News Market Reaction – WDOFF
In the Jun 25 session, WDOFF gained 1.99%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - June 24, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") is pleased to announce that its Board of Directors ("Board") has declared a quarterly cash dividend of
The Board has also approved a dividend policy under which the Company intends, subject to quarterly Board approval and certain relevant factors, to declare and pay a regular quarterly cash dividend of
Anthea Bath, President and Chief Executive Officer commented, "The initiation of a dividend policy reflects our financial strength, consistent free cash flow generation, and confidence in Wesdome's long-term growth strategy. With updated mineral reserves underpinning our life-of-mine plans, and an expanded resource base supporting future growth opportunities, we are well-positioned to fund organic initiatives while simultaneously returning capital to shareholders through both dividends and share buybacks. Since launching our buyback program in November 2025, we have repurchased 6,013,300 shares for approximately
The dividend is designated as an "eligible dividend" for Canadian income tax purposes.
In connection with the dividend, Wesdome has also approved the launch of a dividend reinvestment plan (the "DRIP") pursuant to which shareholders may elect to receive additional Shares purchased through the DRIP in lieu of receiving the dividend paid in cash. More information on the DRIP will be announced by September.
The declaration, amount, and payment of future dividends remain subject to the discretion of the Board and will depend upon the Company's financial results, capital requirements, business conditions, compliance with applicable legal and debt covenant requirements and other factors considered relevant. The Company will review its dividend policy on an ongoing basis and may amend it at any time. Accordingly, except for the initial dividend declared herein, there can be no assurance that any future dividends will be declared and/or paid.
Normal Course Issuer Bid
Earlier today the Toronto Stock Exchange ("TSX") approved the Company's notice of intention to repurchase for cancellation an additional number of common shares (the "Shares") under its normal course issuer bid ("NCIB") for the 12-month period commencing on November 7, 2025 and ending on or before November 6, 2026.
Following receipt of the Board's approval on October 16, 2025, the Company announced its intention to buy back up to 3,013,315 Shares (the "first tranche"), representing approximately
On June 23, 2026, the Company completed the second tranche of its normal course issuer bid, having repurchased a total of 3,000,000 shares for approximately
The repurchases have been facilitated through the TSX, CHIC, OMGA, XCX2, XCXD, and XTSE.
Today, the Company announced that the TSX has approved the Company's notice of intention to increase the number of common shares available for repurchase under its normal course issuer bid by up to an additional 3,000,000 Shares (the "third tranche") during the period from July 2, 2026 to November 6, 2026, bringing the total aggregate number of Shares the Company intends to repurchase up to 9,013,300, representing approximately
Wesdome believes that repurchasing Shares under the NCIB is an appropriate use of the Company's financial resources and is in the best interests of the Company and its shareholders. The Company will continue to be opportunistic in its approach to Share repurchases under the NCIB, subject to market conditions and other factors.
In connection with the NCIB, on March 25, 2026, Wesdome entered into an automatic share purchase plan (the "ASPP") with National Bank Financial Inc. to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods. The ASPP constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the ASPP otherwise terminates in accordance with its terms.
Purchases under the NCIB may be made through the facilities of the TSX or alternative Canadian trading systems, including through the ASPP, in accordance with applicable securities laws and TSX rules. In accordance with TSX rules, daily repurchases will be limited to a maximum of 182,093 Shares, representing
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 Quebec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier Canadian gold producer.
For More Information
| Raj Gill SVP, Corporate Development & Investor Relations Phone: +1.416.360.3743 E-Mail: invest@wesdome.com | Trish Moran VP, Investor Relations Phone: +1.416.564.4290 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 or information with respect to: the Company's new dividend and dividend policy, including management's intention to provide a dividend on a quarterly basis; the Company's commitment to capital return initiatives while maintaining investment in organic growth initiatives; the Company's long-term outlook and future free cash flow generation, the launch of the DRIP and the provision of related DRIP documents to shareholders, and repurchases expected to be made under the third tranche of the NCIB and the Company's ASPP.
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/302686