Wesdome Reports Solid First Quarter 2026 Operating Results

Rhea-AI Summary

Wesdome (OTCQX: WDOFF) reported Q1 2026 operating results with total gold production of 45,303 oz, essentially flat year-over-year. Eagle River milled 71,731 tonnes (+20%) while Kiena milled 54,950 tonnes (+13%). Eagle River grade fell ~20% to 12.5 g/t; Kiena grade was 10.0 g/t. The company repurchased $49 million of shares (2.1 million) year-to-date and ended the quarter with approximately $430 million cash. Financial results will be released May 12, 2026 with a webcast on May 13, 2026 at 10:00 a.m. ET.

Positive

• Eagle River ore milled +20% year-over-year to 71,731 tonnes
• Kiena ore milled +13% year-over-year to 54,950 tonnes
• Share repurchases of $49 million for 2.1 million shares year-to-date
• Cash balance of approximately $430 million at quarter end

Negative

• Eagle River average grade down ~20% to 12.5 g/t versus prior year
• Company expects Kiena production to be 60% back-half weighted in 2026

News Market Reaction – WDOFF

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-3.24% News Effect

On the day this news was published, WDOFF declined 3.24%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - April 14, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") today announces its operating results for the three months ended March 31, 2026 ("Q1 2026"). The Company is also providing notice that it will release its financial results after markets close on Tuesday, May 12, 2026, and host a webcast the following morning.

Q1 2026 Operating Highlights

	Q1 2026	Q1 2025	% Change
Ore milled (tonnes)
Eagle River	71,731	60,010	20%
Kiena	54,950	48,690	13%
Average grade (grams per tonne)
Eagle River	12.5	15.6	(20%)
Kiena	10.0	10.8	(7%)
Gold production (ounces)
Eagle River	27,846	28,999	(4%)
Kiena	17,457	16,693	5%
Total gold production	45,303	45,692	(1%)
Total gold sold (ounces)	45,600	45,300	1%

 

"First quarter results were solid, in line with our expectations and on track for the full year," said Anthea Bath, President and Chief Executive Officer. "As planned, our 2026 production profile remains back-half weighted with 60% of Kiena's annual production expected in the second half as we ramp to three mining areas, including 129, 136 and Presqu'île. Eagle River is anticipated to maintain consistent output throughout the year.

"In Q1, Eagle River demonstrated meaningful progress towards its fill-the-mill strategy, approaching nearly 800 tonnes per day – a 20% year-over-year increase – reflecting continued progress towards sustainable higher throughput levels and supporting our focus on leveraging fixed costs. The mine continues to operate consistently and safely with a focus on the areas of lateral development and maintenance. At Kiena, we're seeing improvement. Mining rates and throughput stabilized in the first quarter as concurrent stoping in Kiena Deep added operational flexibility. With the Presqu'île permit now secured, we're advancing development of our newest mining area with the first stope beginning on schedule in late June – a key milestone that materially de-risks our second-half production profile. Mining grades at both Eagle River and Kiena tracked to reserve grade during the quarter. Grade at Eagle River was outside the 2026 guidance range as per our forecast due to the timing of mining sequencing. We remain confident in our full-year guidance as higher-grade zones are scheduled for the remainder of the year.

"Consistent with our capital allocation strategy, we deployed $49 million to repurchase 2.1 million shares year-to-date, substantially completing our initial normal course issuer bid. We did so while advancing our organic growth initiatives and maintaining our balance sheet strength, with approximately $430 million in cash at the end of the quarter."

Webcast

Management will host a webcast to discuss the Company's 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:	Wednesday, May 13, 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/584921644 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 Company's financial statements and management's discussion and analysis will be available at www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of Tuesday, May 12, 2026.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, Québec. 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 gold producer.

For Further 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

 

Technical Disclosure

The technical and geoscientific content of this press release have been reviewed, and approved by Barbara Rose, P. Eng, Director, Engineering and Operations for Wesdome, a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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 Company's Q1 2026 financial results and related conference call and webcast; and the expected annual production profile for each mine in 2026.

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/292588

FAQ

What did Wesdome (WDOFF) report for total gold production in Q1 2026?

Total gold production was 45,303 ounces in Q1 2026, nearly flat year-over-year. According to the company, Eagle River produced 27,846 oz and Kiena produced 17,457 oz, supporting a stable start while the year remains back-half weighted.

How did Eagle River and Kiena milling perform in Q1 2026 for WDOFF?

Eagle River milled 71,731 tonnes (+20%) and Kiena milled 54,950 tonnes (+13%). According to the company, higher throughput at Eagle River approached ~800 tonnes per day, aiding fixed-cost leverage.

Why did Eagle River grades decline and how does Wesdome (WDOFF) respond?

Eagle River average grade declined ~20% to 12.5 g/t due to mining sequencing timing. According to the company, higher-grade zones are scheduled later in 2026 and management remains confident in full-year guidance.

What share buyback activity did Wesdome (WDOFF) disclose in Q1 2026?

Wesdome repurchased $49 million of shares, buying 2.1 million shares year-to-date. According to the company, this substantially completed its initial normal course issuer bid while preserving cash for growth.

When will Wesdome (WDOFF) release Q1 2026 financial results and host the webcast?

Financial results will be released after market close on May 12, 2026, with a webcast on May 13, 2026 at 10:00 a.m. ET. According to the company, the webcast will include prepared remarks and a Q&A session.