Wesdome Reports Strong Third Quarter 2025 Financial Results
Wesdome Gold Mines Ltd
TSX: WDO OTCQX: WDOFF www.wesdome.com
WESDOME REPORTS STRONG THIRD QUARTER 2025 FINANCIAL RESULTS
New quarterly records for net income, EBITDA, net cash from operating activities and free cash flow1
Toronto, Ontario – November 4, 2025 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2025 (“Q3 2025” and “YTD 2025”). Preliminary operating results for Q3 2025 were disclosed in the Company’s press release dated October 21, 2025. Management will host a conference call tomorrow, November 5, 2025 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.
Highlights
- Improving safety performance: Total Classified Incident Frequency Rate (“TCIFR”), a key safety performance indicator, was 0.72 in Q3 2025, marking a significant improvement from 1.62 in Q3 2024. TCIFR was 0.00 and 0.40 for Q2 2025 and Q1 2025, respectively.
- Production and costs: Consolidated gold production was 50,465 ounces; a 12% increase compared to Q3 2024 and a quarterly record for the Company. Cost of sales per ounce of gold sold increased by 6% to US$947, while all-in sustaining costs (“AISC”) per ounce of gold sold1 increased by 1% to US$1,419. The average realized price of gold sold in Q3 2025 was US$3,523 per ounce.
- Expanding margins: Gross profit increased by 112% year-over-year to $149.0 million and operating cash margin1 grew by 78% to $168.4 million.
- Record quarterly net income: Net income more than doubled to $86.9 million, or $0.58 earnings per share (basic), compared to Q3 2024.
- Record quarterly EBITDA1: EBITDA1 increased by 77% to $149.6 million relative to Q3 2024.
- Record net cash from operating activities and free cash flow1: Net cash from operating activities was $118.2 million, or $0.78 per share3, while free cash flow1 was $79.0 million, or $0.52 per share.
- Record liquidity: As at September 30, 2025, liquidity stood at $615.0 million, including $265.9 million in cash and US$250.0 million of undrawn full capacity available under its recently upsized revolving credit facility, compared to liquidity of $273.1 million (including $123.1 million in cash) as at December 31, 2024.
- Normal course issuer bid (“NCIB”): Subsequent to the end of the quarter, the Company received approval from the Toronto Stock Exchange to buy back up to 3,013,315 of Wesdome’s common shares, representing approximately 2% of its current public float, pursuant to an NCIB in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months.
Anthea Bath, President and Chief Executive Officer commented: “In the third quarter, we achieved multiple operating and financial records, significant margin expansion, and a 34% free cash flow margin. With the current gold price providing a strong tailwind, we are well positioned this year to continue capturing margin, achieve the mid to upper end of revised consolidated guidance, and deliver one of the strongest free cash flow yields in the gold sector.
“Eagle River delivered another outstanding quarter, surpassing expectations and setting records across several metrics, reflecting higher grades, improved dilution control, and stronger operating practices. Eagle River is on track to deliver production at the high end of its 2025 guidance, which was previously revised upwards in August.
“Kiena is on the cusp of demonstrating improved operational flexibility as it transitions from one mining horizon to three in the fourth quarter. While we have seen a gradual strengthening of Kiena’s performance in the last three months, including more than 9,500 ounces produced in October, we are adjusting Kiena’s production and cost guidance to reflect a more prudent risk assessment for the balance of the year given inconsistent execution and operational challenges year-to-date. Fourth quarter production will be primarily driven by ore from high-grade Kiena Deep, supplemented by Presqu’île and 136-level.”
Consolidated Financial and Operating Highlights
| In 000s, except per units and per share amounts Q3 2025 Q3 2024 YTD 2025 YTD 2024 | |
| Financial results Revenues2 230,284 146,852 Cost of sales 61,841 52,217 Gross profit 149,005 70,340 Operating cash margin1 168,443 94,635 EBITDA1 149,554 84,600 Net income 86,923 38,999 Earnings per share 0.58 0.26 Adjusted net income1 86,923 39,196 Adjusted net earnings per share1 0.58 0.26 Net cash from operating activities 118,213 60,976 Operating cash flow per share3 0.78 0.41 Net cash (used in) from financing activities (445) 449 Net cash used in investing activities (39,439) (29,607) Free cash flow1 78,964 30,838 Free cash flow per share1 0.52 0.21 Average USD/CAD exchange rates 1.3775 1.3637 Operating results Gold produced (ounces) 50,465 45,109 Gold sold (ounces) 47,400 42,900 Per ounce of gold sold1 Cost of sales4 ($/oz) 1,305 1,217 Cost of sales4 (US$/oz) 947 893 Cash costs1 ($/oz) 1,300 1,214 Cash costs1 (US$/oz) 944 890 AISC1 ($/oz) 1,954 1,920 AISC1 (US$/oz) 1,419 1,408 Average realized price1 ($/oz) 4,853 3,420 Average realized price1 (US$/oz) 3,523 2,508 Financial position Cash 265,893 82,515 Working capital5 274,495 69,413 Total assets 1,035,161 684,736 Current liabilities 72,371 61,062 Total liabilities 204,849 171,331 | 626,450 375,573 181,046 158,075 384,551 146,272 445,404 217,498 407,312 193,138 232,092 78,842 1.54 0.53 228,252 79,039 1.52 0.53 299,289 164,561 1.99 1.10 (402) (39,050) (156,091) (84,367) 179,392 78,723 1.19 0.53 1.3989 1.3603 138,938 122,466 138,600 118,600 1,306 1,333 934 980 1,301 1,329 930 977 2,009 2,032 1,436 1,493 4,515 3,163 3,228 2,325 265,893 82,515 274,495 69,413 1,035,161 684,736 72,371 61,062 204,849 171,331 |
Eagle River (Ontario, Canada)
Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground mine and a mineral processing facility with a permitted capacity of 1,200 tonnes per day.
| Q3 2025 Q3 2024 | YTD 2025 YTD 2024 |
| Eagle River Operating Results Ore milled (tonnes) 71,575 57,984 Head grade (g/t) 15.3 13.1 Average mill recoveries (%) 97.3 97.0 Gold production (oz) 34,296 23,688 Gold sold (ounces) 32,700 21,340 Production costs per tonne milled1 ($) 509 545 Costs per oz of gold sold ($/oz) Operating cash margin1 3,673 2,000 Cost of sales 1,181 1,452 Cash costs1 1,176 1,449 All-in sustaining costs1 1,657 2,318 Costs per oz of gold sold (US$/oz) Operating cash margin1 2,666 1,467 Cost of sales 857 1,065 Cash costs1 853 1,062 All-in sustaining costs1 1,203 1,700 | 180,208 162,168 15.9 13.4 96.8 96.8 88,907 67,859 87,400 66,200 562 570 3,304 1,704 1,238 1,425 1,233 1,422 1,824 2,107 2,362 1,253 885 1,048 882 1,046 1,304 1,549 |
| In 000s, except per unit and per share amounts Q3 2025 Q3 2024 | YTD 2025 YTD 2024 |
| Gold revenue from mining operation 158,539 73,600 Cost of sales Mining 16,242 13,456 Processing 6,334 5,166 Site administration and camp costs 12,922 10,942 Change in inventories (71) (156) Royalties 3,185 1,570 38,612 30,978 Silver revenue (170) (63) Total cash costs 38,442 30,915 Cost of sales per ounce of gold sold 1,181 1,452 Cash cost per ounce of gold sold1 1,176 1,449 Operating cash margin1 120,097 42,685 All-in sustaining costs1 Sustaining mine exploration and development 8,370 6,613 Sustaining mine capital equipment 3,360 4,292 Sustaining tailings management facility 469 4,027 Corporate and general allocation 3,435 3,013 Payment of lease liabilities 107 615 54,183 49,475 All-in sustaining costs per ounce of gold1 1,657 2,318 Cost of sales per tonne milled1 539 534 Production costs per tonne milled1 509 545 Total capital expenditures 12,836 14,932 | 396,540 206,970 49,333 41,301 19,264 16,266 37,043 33,354 (5,212) (671) 7,780 4,112 |
| 108,208 94,362 (425) (211) | |
| 107,783 94,151 | |
| 1,238 1,425 1,233 1,422 | |
| 288,757 112,819 24,787 21,115 15,071 9,574 1,093 4,401 9,998 7,952 676 2,278 | |
| 159,408 139,471 | |
| 1,824 2,107 | |
| 600 582 562 570 | |
| 41,950 35,090 |
Operating Highlights
During Q3 2025, Eagle River produced 34,296 ounces of gold as compared to 23,688 ounces in Q3 2024 primarily due to a 17% increase in average grade. As planned, a major portion of tonnes produced during the quarter were from two zones: 300 and 720 Falcon.
In the first three quarters of 2025, Eagle River produced 88,907 ounces, a 31% increase over the 67,859 ounces produced in the first three quarters of 2024. The increase relative to the prior period reflects an 18% increase in average grade and an 11% increase in mill throughput, primarily influenced by mine sequence and improved operational performance, enhanced by a meaningful reduction in dilution, and positive reconciliation on specific stoping blocks in the 300 Zone. These results demonstrate continued advancements made in optimizing stope design, improving execution, and refining grade control.
Mill throughput of 71,575 tonnes was 23% higher than the third quarter of 2024. Tonnage rates increased during the quarter, benefitting from recent mill upgrades. Mill throughput of 180,208 tonnes during the first three quarters of 2025 was 11% higher when compared to the same period in 2024 as a result of improved mill utilization.
Q3 2025 production costs of $509 per tonne were 7% lower than the third quarter of 2024, primarily driven by higher throughput and cost saving initiatives. For the first nine months of 2025, production costs per tonne decreased by 2% to $562, reflecting similar factors.
Financial Highlights
In Q3 2025, Eagle River’s gold revenue increased by 115% to $158.5 million from $73.6 million in Q3 2024 due to a higher average realized price of gold sold and a 53% increase in ounces sold. During the first three quarters of 2025, Eagle River’s gold revenue increased by 92% when compared to the same period in 2024 due to a higher average realized price of gold sold and a 32% increase in ounces sold.
Cost of sales in Q3 2025 were $38.6 million, an increase of 25% relative to the comparative period in 2024 primarily due to a $5.9 million increase in mine and mill operating costs and increased royalties mainly due to more tonnes processed and ounces produced. Cost of sales for the first three quarters of 2025 totaled $108.2 million, a 15% increase compared to the same period in 2024. This was principally driven by a $14.7 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from increased gold production. The impact was partially offset by a $4.5 million change in inventory levels.
Cash costs per ounce of gold sold declined to $1,176 (US$853) in Q3 2025 from $1,449 (US$1,062) in Q3 2024 primarily due to the increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,233 (US$882) in the first three quarters of 2025 from $1,422 (US$1,046) in the comparative period in 2024 due primarily to the increase in ounces sold.
In Q3 2025, AISC per ounce of gold sold decreased by 29% to $1,657 (US$1,203) as compared to Q3 2024, due to a 53% increase in ounces sold and an 18% decrease in sustaining capital expenditures, partially offset by a 24% increase in total cash costs due to higher gold ounces sold. During the first three quarters of 2025, AISC per ounce of gold sold decreased by 13% to $1,824 (US$1,304) as compared to the same period in 2024, due to a 32% increase in ounces sold partially offset by 14% higher total cash costs and 17% growth in sustaining capital expenditures due to increased spending on mine infrastructure. Eagle River’s capital expenditures have steadily increased during the first three quarters of 2025 and are expected to rise in Q4 2025 with increased deferred development and the arrival of new equipment.
Exploration Update
Drilling Continues to Expand 6 Central Zone
In the 6 Central Zone, drilling continues to confirm the down-plunge continuity of mineralization, demonstrating similar thickness and grade. Located near existing infrastructure, the zone remains open at depth and provides the potential opportunity to establish another new high-grade mining front at intermediate depths.
Near Surface Opportunities for 720 Falcon
A combination of surface and underground holes were drilled during the quarter to evaluate the lateral and upplunge continuity of the 720 Falcon Zone mineralization. Initial results were positive, with further assays pending. Follow-up holes are planned for the fourth quarter.
Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge
Drilling during the quarter focused on evaluating the continuity of mineralization to the west and down-plunge to the southwest. Assays remain pending, but preliminary results confirm the continuation of the mineralized domain.
Global Model
Four underground rigs commenced drilling global model targets in the third quarter. These targets are a mixture of predominantly geologic potential material and are well advanced. The drill program has been designed to facilitate conversion of the target material, with a total of 32 targets defined to date. Of the 32 targets, drilling has been completed on six, with a further fourteen in progress, and twelve remaining to be drilled in early 2026. Approximately 45% of the drill metres required for the first 20 targets have been completed, with the remaining drilling planned for the fourth quarter. Approximately 60% of the total targets are expected to be included in Eagle River’s 2026 NI 43- 101 technical report, which will have a drilling cutoff date of December 31, 2025. The remaining targets will be drilled in 2026.
Surface Exploration
Along with testing the up-plunge extension of 720 Falcon, surface drilling during the quarter evaluated a potential parallel structure between 6 Zone and 2 Zone in the Eagle River mine intrusive diorite. Follow-up drilling is planned for early 2026.
Two rigs are currently active, one at the Mishi and one at the Magnacon deposits, twinning historic holes and testing geologic and structural concepts as part of a geological and structural review. At Mishi, holes were also designed to evaluate potential deep, higher-grade mineralization beneath existing open pit designs. At Magnacon, holes were designed to confirm the accuracy of historic underground development designs and evaluate the continuation of underground mineralization. Resource reviews and updates for the Mishi deposit are expected at year end.
On the former Angus Gold Inc. (“Angus”) mineral exploration claim areas, resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third quarter. Geotechnical holes are planned for completion in the fourth quarter, along with Leachwell bottle roll tests on select mineralized samples. Multi-element information from portable XRF analysis is in progress, designed to aid in the definition of geologic units and styles of alteration and mineralization.
Helicopter supported drilling continued at the Cameron Lake Iron Formation, advancing the evaluation of a potential large tonnage, lower grade deposit.
Kiena (Quebec, Canada)
Kiena is a fully permitted integrated mining and milling operation located on a 75 km2 land package in Val-d’Or, Quebec. The site features a mill with a permitted capacity of 2,040 tonnes per day.
| Q3 2025 Q3 2024 | YTD 2025 YTD 2024 |
| Kiena Operating Results Ore milled (tonnes) 50,147 51,321 Head grade (g/t) 10.2 13.1 Average mill recoveries (%) 98.7 99.0 Gold production (oz) 16,169 21,421 Gold sold (oz) 14,700 21,560 Production costs per tonne milled1 ($) 506 426 Costs per oz of gold sold ($/oz) Operating cash margin1 3,289 2,410 Cost of sales 1,580 985 Cash costs1 1,576 981 All-in sustaining costs1 2,615 1,526 Costs per oz of gold sold (US$/oz) Operating cash margin1 2,387 1,767 Cost of sales 1,147 722 Cash costs1 1,144 719 All-in sustaining costs1 1,899 1,119 | 149,136 154,334 10.6 11.1 98.8 98.9 50,031 54,607 51,200 52,400 496 424 3,060 1,998 1,423 1,216 1,418 1,212 2,326 1,937 2,187 1,469 1,017 894 1,014 891 1,663 1,424 |
| In 000s, except per unit and per share amounts Q3 2025 Q3 2024 | YTD 2025 YTD 2024 |
| Gold revenue from mining operation 71,512 73,099 Cost of sales Mining 16,140 13,634 Processing 3,686 3,645 Site administration and camp costs 5,766 4,360 Change in inventories (2,362) (400) 23,230 21,239 Silver revenue (64) (90) Total cash costs 23,166 21,149 Cost of sales per ounce of gold sold 1,580 985 Cash cost per ounce of gold sold1 1,576 981 Operating cash margin1 48,346 51,950 All-in sustaining costs1 Sustaining mine exploration and development 7,052 6,804 Sustaining mine capital equipment 3,294 1,721 Sustaining tailings management facility 1,498 220 Corporate and general allocation 3,435 3,013 38,445 32,907 All-in sustaining costs per ounce of gold1 2,615 1,526 Cost of sales per tonne milled 463 414 Production costs per tonne milled1 506 426 Capital expenditures 26,306 14,590 | 229,242 168,190 46,932 41,067 11,037 10,888 16,439 12,651 (1,571) (893) |
| 72,837 63,713 (245) (202) | |
| 72,592 63,511 1,423 1,216 1,418 1,212 | |
| 156,650 104,679 20,600 23,739 13,559 5,964 2,326 312 9,998 7,952 | |
| 119,075 101,478 | |
| 2,326 1,937 | |
| 488 413 496 424 | |
| 77,414 48,469 |
Operating Highlights
In Q3 2025, Kiena produced 16,169 ounces, a 25% decrease from 21,421 ounces in Q3 2024. A 22% reduction in grade drove most of the decline in production compared to the third quarter of 2024. The 22% change in average grade was planned and primarily due to higher grade in the comparative quarter of 2024 that was well above Kiena Deep’s reserve grade of 10.1 grams per tonne. Tonnes milled were lower than planned in Q3 2025 due to contractor execution issues and underperformance at Presqu’île, which negatively impacted the quarter’s production.
Production in the first three quarters of 2025 totaled 50,031 ounces compared to 54,607 ounces in the first three quarters of 2024. Year-over-year grades were 0.5 g/t lower in 2025 but were aligned with the current reserve grade of 10.1 grams per tonne for Kiena Deep. Relative to plan, tonnage for the first three quarters of the year was lower, reflecting inconsistent execution and unplanned downtime resulting in a slower mining sequence. Several stopes were deferred into Q4 2025 and 2026. Kiena’s fourth quarter is expected to be its strongest of the year, with ore coming from three mining horizons: Kiena Deep, Presqu’île and 136-level.
Average grade for the quarter of 10.2 g/t was in line with Kiena’s 2025 guidance and Kiena’s Deep’s reserve grade but down from 13.1 g/t in Q3 2024. The longer than planned hoist shutdown and other infrastructure downtime during the quarter restricted underground mining activities. Fewer planned stopes were mined, resulting in lower tonnes processed, an impact on sequencing and the deferral of stopes into Q4 2025 and 2026.
Production costs per tonne were $506 in Q3 2025, up from $426 in Q3 2024, driven by competitive pressures on labour, including wages and additional contractor support to strengthen operational redundancy, and maintenance expenses partially offset by inventory adjustments. Production costs per tonne increased to $496 in the first three quarters of 2025 from $424 in the comparative prior year period, reflecting similar factors as well as lower throughput volumes.
Financial Highlights
In Q3 2025, Kiena’s gold revenue decreased by 2% to $71.5 million from $73.1 million in Q3 2024, primarily due to a 32% decrease in ounces sold, partially offset by a higher average realized price per ounce of gold sold. In the first three quarters of 2025, Kiena’s gold revenue increased by 36% to $229.2 million from $168.2 million in the comparative period in 2024, due to a higher average realized price per ounce of gold sold, partially offset by a 2% decrease in ounces sold.
Cost of sales in Q3 2025 were $23.2 million, an increase of 9% over the comparative period in 2024. This increase was primarily due to a $3.9 million increase in mine operating costs, which was driven by higher maintenance costs, as well as the acquisition of additional equipment to strengthen operational redundancy. Cost of sales in the first three quarters of 2025 were $72.8 million, an increase of 14% over the comparative period in 2024 primarily due to a $9.8 million increase in mine operating costs as a result of higher than normal mobile-equipment repairs during the period.
Cash costs per ounce of gold sold in Q3 2025 were $1,576 (US$1,144), an increase of 61% compared to $981 (US$719) in Q3 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs. Cash costs per ounce of gold sold in the first three quarters of 2025 were $1,418 (US$1,014), an increase of 17% compared to $1,212 (US$891) in the comparative period in 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs.
AISC per ounce of gold sold increased by 71% in Q3 2025 to $2,615 (US$1,899) from $1,526 (US$1,119) in Q3 2024 due to a 32% decrease in ounces sold, an increase in total cash costs and a 35% increase in sustaining capital expenditures, which includes the cost of a rebuilt scoop as well as ventilation system enhancements. AISC per ounce of gold sold in the first three quarters of 2025 increased by 20% to $2,326 (US$1,663) from $1,937 (US$1,424) in the first three quarters of 2024 due to a 2% decrease in ounces sold, an increase in total cash costs and a 22% increase in sustaining capital expenditures.
Progress at Presqu’île Zone and Exploration Ramp
Ramp access to the Presqu’île orebody is well established and level development is advancing, albeit at a slower pace than planned, extending the mine footprint. The plan is to transition from a contractor to an owner managed model by year end, which is expected to positively impact performance and costs. Under the bulk sample permit, the first batch of Presqu’île ore was successfully processed in Q3 2025, in line with anticipated results. The mining permit application process is well advanced, with the permit expected to be received in Q4 2025. Development remains on track with initial stope production expected in Q1 2026.
Exploration and delineation drilling programs are underway with early delineation drilling of the first stopes intersecting visible gold in areas of higher-grade block model designs, giving early-stage confidence in the modelling work. Surface drilling to evaluate the down-plunge continuity of mineralization has commenced.
The exploration ramp development is now forecasted for breakthrough in Q1 2026 due to slower than planned performance in Q3 2025.
Exploration Update
Extension of 109-Level Exploration Drift
Development of the 109-level exploration drift extension commenced in the third quarter, and drilling of the VC Zone and the nearby North Zone target will recommence in the first quarter of 2026 after the new development is completed. The VC Zone is a top priority for exploration as it historically returned a high-grade intercept at the base of the mineralization wireframe, is open at depth and demonstrates a mineralization style analogous to Kiena Deep.
Kiena Deep Continues to Deliver; Drilling From 134-Level
The ongoing exploration of the Kiena Deep A and Kiena Deep Footwall zones from the 134-level ramp and remuck is confirming the continuity of the zone. Assays and geological modeling continue to support the initial interpretation that additional lenses may be delineated with further drilling, and some existing lenses can be extended laterally. Drill information is being incorporated into an updated lithostructural model and an updated mineral resource, both of which will form a basis for the 2026 technical report.
Drilling from a second drill bay on the 134-level exploration drift targeting the B Zone lenses commenced in September. The second platform is enabling holes to evaluate the down-plunge continuity of the lenses, with drilling planned to continue for the remainder of the year.
33-Level Accessible for Drilling, Delineation of Presqu'île Underway
Exploration drilling on 33-level in the third quarter targeted lateral extensions and the down-plunge continuation of the No.22 Shawkey Zone and the historic Shawkey Main mine. Drilling intersected mineralization in positions that could represent the northwest continuation of Shawkey Main mineralization. Drilling of one hole at Dubuisson was completed during the third quarter, evaluating the down plunge continuity of mineralization. The underground program at Dubuisson was placed on hold pending data review, after structural information from a barge surface hole defined quartz-tourmaline vein zones having a shallow dip to the north. If validated, these results suggest that optimal drill intersection angles would be achieved by surface drilling oriented from north to south. Test holes to validate the model will be drilled in the fourth quarter.
Surface Exploration
There were three rigs active during Kiena’s summer barge drilling program. At Dubuisson, one drill rig focused on infill and geotechnical drilling in support of reserve growth and evaluation of the lateral continuity of the mineralization. The other two rigs evaluated the potential of two regional targets at Wesdome – the 134 Zone located to the northwest of Dubuisson, and the NW target located between Presqu’île and Kiena. During the third quarter, a high-resolution drone magnetic survey conducted by Abitibi Geophysics was completed. Modelling and interpretive work is in progress, with results expected early in the fourth quarter.
2025 Outlook
During the first three quarters of 2025, Wesdome continued to execute on its strategic plan, increasing gold production by 13% year-over-year while reducing cash costs and AISC per ounce of gold sold by 2% and 1%, respectively. In the first nine months of the year, the Company delivered record year-to-date revenue, net income, net cash from operating activities, and free cash flow.
Eagle River is expected to deliver the high-end of its previously revised full-year 2025 production guidance and achieve its cost guidance.
Due to inconsistent execution and operational challenges that drove lower than anticipated results for the first three quarters of the year, the Company believes it is prudent to adjust Kiena’s full-year production guidance to between 72,000 and 78,000 ounces and adjust its site cash costs to between $1,350 (US$980) and $1,450 (US$1,050) per ounce of gold sold and AISC to $2,175 (US$1,575) to $2,350 (US$1,700) per ounce of gold sold. The fourth quarter is expected to be Kiena’s strongest of the year, with ore coming from three mining horizons: Kiena Deep, Presqu’île and 136-level.
The Company is on track to meet the mid to upper range of its revised full-year consolidated production guidance of between 177,000 and 193,000 ounces. Consolidated cost guidance has been updated to reflect changes at Kiena with cash costs of $1,275 (US$925) to $1,375 (US$995) per ounce of gold sold and AISC of $2,025 (US$1,450) to $2,175 (US$1,575) per ounce of gold sold.
The following table outlines Wesdome’s updated 2025 guidance compared to the revised guidance set forth in its press release dated August 13, 2025:
2025 Guidance Eagle River Kiena Consolidated Guidance
| Previous Jan 14, 2025 Production Head grade (g/t) 13.0 – 15.0 Gold production (oz) 100,000 – 110,000 Operating Costs | Updated | Previous Aug 13, 2025 10.0 – 11.0 80,000 – 90,000 | Updated | Previous Aug 13, 2025 12.0 – 13.0 185,000 – 205,000 | Updated |
|---|---|---|---|---|---|
| Aug 13, 2025 | Nov 4, 2025 | Nov 4, 2025 | |||
| 14.0 - 15.0 | 10.0 – 10.5 | 12.0 - 13.0 | |||
| 105,000 - 115,000 | 72,000 - 78,000 | 177,000 - 193,000 | |||
| Depreciation and depletion ($M) $55 Corporate and general1 ($M) $12 Exploration and evaluation2 ($M) $5 Cash costs3 ($/oz) $1,225 - $1,350 All-in sustaining costs3 ($/oz) $1,875 - $2,075 All-in sustaining costs3 (US$/oz) $1,400 - $1,550 Capital Investment3 | $45 | $60 $15 $10 $1,200 - $1,375 $1,925 - $2,200 $1,400 - $1,575 | $60 | $105 $30 $20 $1,225 - $1,350 $1,925 - $2,125 $1,375 - $1,525 | $105 |
| $15 | $15 | $30 | |||
| $10 | $10 | $20 | |||
| $1,225 - $1,325 | $1,350 - $1,450 | $1,275 - $1,375 | |||
| $1,925 - $2,075 | $2,175 - $2,350 | $2,025 - $2,175 | |||
| $1,375 - $1,500 | $1,575 - $1,700 | $1,450 - $1,575 | |||
| Total capital ($M) $65 Sustaining capital ($M) $60 Growth capital ($M) $5 | $70 | $120 $55 $65 | $120 | $190 $120 $70 | $190 |
| $65 | $55 | $120 | |||
| $5 | $65 | $70 |
1. Consolidated 2025 guidance for corporate and general costs excludes an estimated $7 million in stock-based compensation. Corporate G&A of $30 million is allocated equally to each mine and is included in the Company’s AISC calculation.
2. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses.
3. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.
2026 Production Guidance
In mid-January 2026, the Company plans to update its 2026 guidance, including production, costs, expenses, capital expenditures and depreciation. Wesdome is targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in the 2026 calendar year, ensuring alignment with industry standards and improved comparability for investors.
Conference Call and Webcast
Management will host a conference call and webcast to discuss the Company’s Q3 2025 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, November 5, 2025 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 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 during the evening of Tuesday, November 4, 2025.
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.
For Further 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: [email protected] E-mail: [email protected]
Technical Disclosure
The technical and geoscientific content of this press release have been reviewed, and approved by Guy Belleau, P.Eng, Chief Operating Officer of the Company, 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 or information with respect to: the Company being well-positioned to continue capturing margin, achieving the mid to upper end of revised consolidated guidance and deliver one of the strongest free cash flow yields in the gold sector; Eagle River being on track to deliver production at the high end of its 2025 guidance; Q4 2025 production being driven by ore from high-grade Kiena Deep, Presqu’île and 136-level; the 6 Central Zone at Eagle River remaining open at depth and providing the potential opportunity to establish another new high-grade mining front at intermediate depths; follow-up holes at the 720 Falcon Zone at Eagle River planned for the fourth quarter; the remaining drilling of the first 20 targets of the global model planned for the fourth quarter; approximately 60% of the total targets of the global model expected to be included in the Eagle River 2026 NI 43-101 technical report (which will have a cutoff date of December 31, 2025), with the remaining targets being drilled in 2026; resource reviews and updates for the Mishi deposit expected at 2025 year end; geotechnical holes and Leachwell bottle roll tests for the former Angus mineral exploration claim areas planned for completion in Q4 2025; Kiena’s Q4 2025 expected to be the strongest of the year, along with the three expected mining horizons that ore will be coming from; the plan to transition from a contractor to an owner managed model at Presqu’île by end of year 2025 and the expectation that the change will positively impact performance and costs; the expectation that the Presqu’île mining permit will be received in Q4 2025; initial stope production at Presqu’île in Q1 2026; the Presqu’île exploration ramp development breakthrough forecasted in Q1 2026; drilling on the 134-level exploration drift at Kiena deep being planned to continue for the remainder of the year; the results of exploration drilling on 33-level at Kiena potentially suggesting that it could represent the northwest continuation of Shawkey Main mineralization; the suggestion that the results (if validated) from the drilling at Dubuisson showing that the optimal drill intersection angles would be achieved by surface drilling oriented from north to south; test holes to validate the model at Dubuisson scheduled to be drilled in Q4 2025; results from the modelling and interpretive work from Kiena’s surface exploration expected in Q4 2025; the expectation that Eagle River will deliver the high-end of its previously revised full-year 2025 production guidance and achieve its cost guidance; Kiena’s adjusted full-year production guidance, site cash costs and AISC; the Company’s updated consolidated cost guidance; the plan for the Company to update its 2026 guidance in mid-January 2026; the Company targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in 2026; and the Company’s planned conference call and webcast to discuss its Q3 2025 financial and operation results.
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