Wesdome Announces 2020 Fourth Quarter and Full Year Financial Results
Wesdome Announces 2020 Fourth Quarter and Full Year Financial Results
TORONTO, March 10, 2021 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”)
(“Q4 2020”) and full year 2020 financial results. The Company’s full consolidated financial statements and management
discussion & analysis are available on SEDAR at www.sedar.com and on the Company’s website at www.wesdome.com. All
figures are stated in Canadian dollars unless otherwise noted.
Key highlights of 2020:
• Production of 90,278 ounces.
• Company free cash flow 1 generation of $29.0 million, net of investing $40.5 million into the Kiena Complex,
an increase of 332% over 2019.
• Net income increased by 24% from 2019 and adjusted net income 1 increased by 31% from 2019.
• Operating cash flow increased by 44% from 2019.
• Increased Eagle River Reserves by 5% net of 93,132 ounces of depletion.
• Increased Eagle River inferred Resources by 22%.
• Kiena Mine Complex Mineral Resources total 796,000 ounces of indicated and 656,000 ounces inferred.
• Inferred Resources in the Kiena Deep A Zones of 120,400 ounces.
• Processed a portion of the bulk sample from Kiena generating $3.6 million.
1. Refer to the Company’s 2020 Annual Management Discussion and Analysis on pages 28 – 35, entitled “Non-IFRS
Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
Mr. Duncan Middlemiss, President and CEO commented, “2020 was a unique, and at times challenging year as we were
faced with the ongoing COVID-19 pandemic. First and foremost, I am very pleased to report that none of our sites or offices
had any reported cases of the COVID-19 virus. Despite having to operate both sites at reduced capacities in order to protect
our employees, we were able to achieve a number of important milestones this year, such as achieving our production
guidance at Eagle River, increasing free cash flow by $22.3 million over 2019, and advancing the Kiena Complex through to
mining and milling of a bulk sample.
Loss of operational efficiencies due to the evolving pandemic did have an impact on costs, and the volume of diamond drilling.
Both operating and AISC costs came in higher than guidance as a result of these measures and the inherent inefficiencies of
social distancing in underground operations. We have taken the continuing pandemic into account when forecasting our 2021
cost guidance. Production guidance for the year is 92,000 – 105,000 ounces with grades expecting to average between 13.0
and 15.0 g/t.
At the Eagle River mine, we completed 50,000 metres of drilling, replaced 93,132 ounces of depletion, and added an additional
30,000 ounces. As well, we increased the inferred resources by 22%, while slightly increasing grade to 12.5 g/t. Current
mineral reserves at Eagle River as of December 31, 2020 are 581,000 ounces of gold from 1.4 Mt at an overall grade of 13.4 g/t
Au; as compared to the mineral reserves as of December 31, 2019 of 1.2 Mt at a grade of 14.4 g/t Au containing 550,000
ounces of gold. In 2021, we plan to conduct significantly more drilling with metres budgeted to range between 164,000 and
174,000 metres. This is split out as 60,000 – 70,000 metres of underground exploration drilling, 50,000 metres of underground
definition drilling, and 54,000 metres of surface drilling. The exploration drilling will focus on the 300 E Zone, Falcon 7 Zone and
west of 7 Zone, and east of currently mined areas in the central area of the mine diorite.
At Kiena, while we were not able to generate the planned volume of drilling due to the Quebec government mandated shut
down of operations and the ongoing effects of regional quarantines, we were still able to convert a large portion of A Zone
inferred resources to indicated ounces, which has been used as the basis for our PFS, on track to be published in Q2 2021.
We expect to be in a position to make a restart decision shortly thereafter which would set us on a path in a short timeframe
to Wesdome realizing a second producing asset. We expect to have our final reconciliation of the bulk sample in the near term
and early indications are very positive in terms of grades and tonnes. We are also guiding first production for the Kiena mine
this year of 15,000 – 25,000 ounces.”
Operating and financial highlights of the full year 2020 results include:
• Gold production of 90,278 ounces from the Eagle River Complex (2019: 91,688 ounces):
◦ Eagle River Underground 196,441 tonnes at a head grade of 14.2 grams per tonne (“ g/t”) Au for 87,560 ounces
produced (2019: 88,617 ounces).
◦ Mishi Open Pit 39,856 tonnes at a head grade of 2.7 g/t Au for 2,718 ounces produced (2019: 3,072 ounces).
• Revenue of $215.5 million (2019: $164.0 million) from 91,229 ounces of gold sold at an average sales price of $2,360/oz
(2019: 88,423 ounces at an average price of $1,853/oz).
• Cash costs 1 of $1,053/oz or US$785/oz (2019: $825/oz or US$621/oz).
• All-in sustaining costs 1 (“AISC”) of $1,396/oz or US$1,040/oz (2019: $1,293/oz or US$975/oz).
• Earned mine profit1 of $119.3 million (2019 - $90.9 million).
• Operating cash flow of $102.3 million or $0.74 per share1 (2019: $71.2 million or $0.52 per share).
• Free cash flow1 of $29.0 million or $0.21 per share1 (2019: $6.7 million or $0.05 per share).
• Net income of $50.7 million or $0.36 per share (2019: $40.9 million or $0.30 per share).
• Adjusted net income1 of $50.7 million or $0.36 per share (2019: $38.6 million or $0.28 per share).
• Earnings before interest, taxes and depreciation and amortization (“ EBITDA”) for 2020 of $102.3 million (2019: $80.7
million).
• Cash position at the end of the year of $63.5 million.
Operating and financial highlights of Q4 2020 results include:
• Eagle River Complex gold production of 20,006 ounces (Q4 2019: 21,332 ozs).
◦ Eagle River Underground 53,551 tonnes at a head grade of 11.7 g/t Au for 19,667 ounces produced (Q4 2019:
20,894 ounces).
◦ Mishi Open Pit 3,555 tonnes at a head grade of 3.5 g/t Au for 339 ounces produced (Q4 2019: 438 ounces).
◦ Q4 production was negatively impacted by mechanical downtime associated with the cone crusher in the mill
and underground geotechnical challenges affecting the grade performance in one stope.
• 19,889 gold ounces sold (Q4 2019: 22,100 ozs).
• Cash costs 1 of $1,162/oz (US$892/oz) (Q4 2019: $786/oz or US$595/oz).
• AISC1 of $1,567/oz or US$1,203/oz (Q4 2019: $1,305/oz or US$988/oz).
• Earned mine profit1 of $25.2 million (Q4 2019: $25.8 million).
• Operating cash flow of $12.9 million or $0.09 per share1 (Q4 2019: $15.9 million or $0.12 per share).
• Free cash outflow1 of $8.8 million or $(0.06) per share (Q4 2019: free cash outflow of $3.2 million or $(0.02) per share).
• Net income1 of $8.5 million or $0.06 per share (Q4 2019: $12.1 million or $0.09 per share).
1. Refer to the Company’s 2020 Annual Management Discussion and Analysis on pages 28 – 35, entitled “Non-IFRS
Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
EAGLE RIVER COMPLEX RESERVES AND RESOURCES
MINERAL RESERVES –
EAGLE RIVER (see notes)
December 31, 2020 December 31, 2019
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
Eagle River Proven 370 12.6 150,000 331 15.5 165,000
Probable 982 13.7 431,000 855 14.0 385,000
Proven +
Probable 1,352 13.4 581,000 1,186 14.4 550,000
*Reported at 5.3 g/t Au cut off
MINERAL RESERVES – MISHI
(see notes)
December 31, 2020 December 31, 2019
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
MISHI Proven 52 2.5 4,200 8 1.9 500
Probable 50 3.4 5,500 108 2.9 10,000
Proven +
Probable 102 3.0 9,700 116 2.8 10,500
MINERAL RESOURCES
(Exclusive of Mineral
Reserves)
(see notes)
December 31, 2020 December 31, 2019
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
EAGLE RIVER Measured 23 12.1 9,000 25 10.1 8,000
Indicated 320 9.0 93,000 355 9.0 103,000
Measured +
Indicated
343 9.2 102,000 380 9.0 111,000
Inferred 510 12.5 205,000 403 12.3 159,000
MINERAL RESOURCES
(Exclusive of Mineral
Reserves) (see notes)
December 31, 2020 December 31, 2019
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
Tonnes
(000s)
Grade
(g/t Au)
Contained
ounces
MISHI
Open pit Indicated - - - - - -
Inferred 2,808 1.6 147,000 2,808 1.6 147,000
Underground Indicated - - - - - -
Inferred 373 5.4 65,000 373 5.4 65,000
MISHI TOTAL Indicated - - - - - -
Inferred 3,182 2.1 212,000 3,182 2.1 212,000
EAGLE RIVER PROVEN AND PROBABLE RESERVE BREAKDOWN BY ZONE1
The following table provides a breakdown of Mineral Reserves and Resources at Eagle River by structure to illustrate the
growing significance of these recent developments.
December 31, 2020 December 31, 2019
Zone Tonnes
(000s)
Grade
(g/t Au)
Contained
Ounces Percent
Tonnes
(000s)
Grade
(g/t Au)
Contained
Ounces Percent
No. 300 756 14.9 362,000 62 798 15.5 397,000 72
No. 7 394 12.6 160,000 28 267 12.9 110,500 20
No. 8 111 10.7 38,000 7 103 11.6 38,500 7
Other 91 7.2 21,000 3 18 6.9 4,000 1
TOTAL 1,352 13.4 581,000 100 1,186 14.4 550,000 100
1. Reported at 5.43 g/t Au cut off at the Eagle River Mine.
2. Numbers reflect rounding to nearest 1,000 tonnes and ounces.
3. Mineral Resources are exclusive of reserves.
4. Mineral Resources are not in the current mine plan and therefore do not have demonstrated economic viability.
5. All Mineral Reserves and Mineral Resources estimates have been made in accordance with the Standards of the
Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and NI 43-101 and assume a gold price of
$2,047 (US$1,599) per ounce for the reserves and a gold price of $2,191 (US$1,712) per ounce for the resources, with a
$1 USD → CAD exchange rate of $1.28).
6. Mineral Resources are reported in-situ with no dilution provision.
7. A density or tonnage factor of 2.7 tonnes per cubic m (t/m 3) is applied at both Eagle River Mine and Mishi Mine.
8. At Eagle River Mine, all high assays are cut to either 60.0 – 140.0 g/t Au for individual zones.
9. All Mineral Reserves at Eagle River employ a 1.5 m minimum width, a 3.0 g/t Au minimum grade for continuity and
include 1.0 m of external dilution and 10% lost ore and metallurgical recoveries of 97.0%.
10. At Mishi the 7 lenses considered in the Mineral Resource calculations are cut between 6.0 to 45.0 g/t Au. All high
blasthole assays are cut to 10 g/t Au.
11. All In-Pit Mineral Reserves at Mishi employ a 1.0 g/t cut-off grade and a 3.0 m minimum width. Estimates provide for
10% dilution, 10% lost ore and metallurgical recoveries of 83%.
12. Mishi Mineral Reserves currently have a life of mine stripping ratio of 13.0 tonnes of waste per tonne of ore.
13. Mishi In-Pit Mineral Resources extend to a depth of 110.0 m, employing a 0.5 g/t cut-off grade, a 3.0 m minimum width
and are reported in-situ with no dilution or lost ore provisions.
14. Mishi Underground Mineral Resources are reported in-situ employing a 3.0 g/t cut-off grade and a 1.5 m minimum
mining width.
15. Qualified Persons for the Mineral Reserves and Mineral Resources estimates as per NI 43-101 include Marc-André
Pelletier P. Eng, COO, and Michael Michaud, P.Geo., VP Exploration of Wesdome.
EXPLORATION HIGHLIGHTS
Production and
Exploration Highlights
Achievements
Eagle River
• Ongoing extension and definition drilling of the 300 East Zone has continued to return high
grade gold intersections. The 300 East Zone, previously defined from the 750 m-level to 1,000
m-level, has now been extended to the 1,400 m-level. The down plunge extension is a
relatively more tabular zone that now measures in excess of 100 metres along strike with
above average widths and grades, and remains open down plunge.
• In addition, limited drilling has intersected a new zone of mineralization approximately 40 m
north and in the hanging wall of the high grade 300 East zone. Hole 925-E-172 returned 43.1
g/t Au (29.0 g/t Au capped) over 1.5 m true width. This zone remains open down plunge and
along strike and highlights the potential of finding additional sub-parallel zones in this area
and will remain a priority throughout 2021.
• The Company is continuing to develop and explore the 311 West Zone along the western
margin of the mine diorite. The zone has transitioned from the diorite into the adjacent mafic
volcanics, again highlighting the potential of the volcanic rocks to host gold mineralization,
similar to that observed at the neighbouring Falcon 7 zone. The 311 West Zone remains open
up plunge and along strike to the west within the mafic volcanics, and will be a focus of 2021
drilling.
• Total metres drilled in 2021 are budgeted to range between 164,000 and 174,000 m for
five underground and three surface drill rigs, including underground exploration of
60,000 – 70,000 m, underground definition drilling of 50,000m, and surface exploration
drilling 54,000 m.
• The Company was able to replace the depletion of 2020 mined reserves and add 5%
more mineral reserves. Current mineral reserves at Eagle River Complex as of
December 31, 2020 are 591,000 ounces of gold from 1.5 Mt at an overall grade of 12.6
g/t Au; as compared to the mineral reserves as of December 31, 2019 of 1.3 Mt at a
grade of 13.4 g/t Au containing 560,000 ounces of gold.
Kiena
• Over the past year, underground drilling was focused on definition drilling of the A Zone, which
increased the Kiena Deep A Zones Indicated Resources by 77% from 405,100 ounces to
717,400 ounces of gold since 2019, at a similar cut-off grade of 3.0 g/t Au., (see press
release dated December 15, 2020). Drilling has since refocused on expansion drilling, not
only at the A Zone and VC Zone, but at other prospective targets within the mine area. As
part of this exploration focus, initial drilling has already successfully expanded the size of
known mineralized zones, with follow-up drilling expected to contribute to future resource
updates.
• Drilling of the VC1 zone has continued to return a number of high grade intersections and has
now confirmed the previous interpretation that the VC1 zone is a separate structure having a
different orientation than the A Zone. The mineralization of the VC1 zone has transitioned
from a more sulphide-rich variety found in the upper extents of the mine, to a quartz-rich
environment with visible gold present at depth. The VC1 zone extends 475 m down plunge
from 67 Level to 107 Level, where development and drilling are presently being completed.
The VC1 zone remains open at depth and will be a focus for ongoing drilling.
• Initial sill development was completed on the Kiena Deep A Zone on 111 Level. The
development has confirmed the continuity of the A Zone high grade gold mineralization along
strike. Visible gold is associated with folded quartz veins which are located within an overall
zone of strong amphibole alteration. The mill was restarted to process the A zone bulk
sample in December, of which a total of 1,500 ounces of gold have been sold. More gold from
the mill circuit clean-up has been recovered and will be refined later in Q1, followed by the
final reconciliation of the bulk sample, once all the information is available. The Kiena
infrastructure has been well-maintained, and will enable a quick restart once a production
decision is made.
• The Pre-Feasibility Study (“PFS”) is progressing well, and it is expected to be completed in
Q2, with a scheduled re-start decision shortly thereafter. The pre-production timeframe is
forecast to be less than six months, potentially driving the Kiena Mine into commercial
production in Q4 of this year.
• The 2021 exploration program at Kiena consists of 65,000 m of underground drilling and
42,000 m of surface drilling
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Marc-André Pelletier, P. Eng, Chief
Operating Officer, and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person"
as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
The mineral reserve and resource estimates reported in this news release were prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory
authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to
classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources,
as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities
regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the
SEC. Readers are cautioned not to assume that any part or all, of the mineral deposits in these categories constitute or will
ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral
resource.
Wesdome Gold Mines 2020 Fourth Quarter and Full Year Financial Results Conference Call: March 11, 2021 at 10:00
am ET
North American Toll Free: + 1 (844) 202-7109
International Dial-In Number: +1 (703) 639-1272
Conference ID: 6284876
Webcast link: https://edge.media-server.com/mmc/p/a8c7w7dc
ABOUT WESDOME
Wesdome Gold Mines is in its 30 th year of continuous gold mining operations in Canada. The Company is 100% Canadian
focused with a pipeline of projects in various stages of development. The Eagle River Complex in Wawa, Ontario is currently
producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill. Wesdome is
actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec. The Kiena Complex is a fully permitted former
mine with a 930 metre shaft and 2,000 tonne per day mill. The Company is in the process of divesting of its Moss Lake gold
deposit, located 100 kilometres west of Thunder Bay, Ontario, which is being explored and evaluated to be developed in the
appropriate gold price environment. The Company has approximately 139.4 million shares issued and outstanding and trades
on the Toronto Stock Exchange under the symbol “WDO.”
For further information, please contact:
Duncan Middlemiss or Lindsay Carpenter Dunlop
President and CEO VP Investor Relations
416-360-3743 ext. 2029 416-360-3743 ext. 2025
[email protected] [email protected]
220 Bay Street, Suite 1200
Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to
the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or
state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date
of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result
of new information, future events or results or otherwise. There can be no assurance that forward-looking statements 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. The Company has included in this news release certain non-IFRS performance
measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per
ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced. These
measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more
meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an
indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in
accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate
cash flow
Wesdome Gold Mines Ltd.
Summarized Operating and Financial Data
(Unaudited, expressed in thousands of Canadian dollars, except per share and per unit amounts and otherwise indicated)
Three Months Ended Years Ended
December 31, December 31,
2020 2019 2020 2019
Operating data
Milling (tonnes)
Eagle River 53,551 23,257 196,441 122,405
Mishi 3,555 9,108 39,856 46,405
Throughput 2 57,106 32,365 236,297 168,809
Head grades (g/t)
Eagle River 11.7 28.6 14.2 23.1
Mishi 3.5 1.9 2.7 2.5
Recovery (%)
Eagle River 98.0 97.6 97.7 97.3
Mishi 84.5 77.1 77.8 82.4
Production (ounces)
Eagle River 19,667 20,894 87,560 88,617
Mishi 339 438 2,718 3,072
Total gold produced 2 20,006 21,332 90,278 91,688
Total gold sales (ounces) 19,889 22,100 91,229 88,423
Eagle River Complex (per ounce of gold sold) 1
Average realized price $ 2,430 $ 1,954 $ 2,360$ 1,853
Cash costs 1,162 786 1,053 825
Cash margin $ 1,268 $ 1,168 $ 1,307$ 1,028
All-in Sustaining Costs 1 $ 1,567 $ 1,305 $ 1,396$ 1,293
Mine operating costs/tonne milled 1 $ 400 $ 470 $ 389$ 424
Average 1 USD → CAD exchange rate 1.3030 1.3200 1.3415 1.3269
Cash costs per ounce of gold sold (US$) 1 $ 892 $ 595 $ 785$ 621
All-in Sustaining Costs ( US$) 1 $ 1,203 $ 988 $ 1,040$ 975
Financial Data
Mine profit 1 $ 25,211 $ 25,816 $ 119,250$ 90,900
Net income $ 8,491 $ 12,077 $ 50,715$ 40,945
Net income adjusted 1 $ 8,491 $ 12,077 $ 50,715$ 38,576
Earnings before interest, taxes, depreciation and amortization 1 $ 18,017 $ 23,276 $ 102,342$ 80,722
Operating cash flow $ 12,893 $ 15,907 $ 102,292$ 71,163
Free cash flow $ (8,813) $ (3,211) $ 29,009$ 6,714
Per share data
Net income $ 0.06 $ 0.09 $ 0.36$ 0.30
Adjusted net income 1 $ 0.06 $ 0.09 $ 0.36$ 0.28
Operating cash flow 1 $ 0.09 $ 0.12 $ 0.74$ 0.52
Free cash flow 1 $ (0.06) $ (0.02) $ 0.21$ 0.05
Notes
1. Refer to the Company’s 2020 Annual Management Discussion and Analysis on pages 28 – 35, entitled “Non-IFRS
Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
2. Totals for tonnage and gold ounces information may not add due to rounding.
Wesdome Gold Mines Ltd.
Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
As at December
31, 2020 As at December
31, 2019
Assets
Current
Cash and cash equivalents $ 63,480 $ 35,657
Receivables and prepaids 4,243 1,996
Sales tax receivable 4,731 3,344
Inventories 12,451 19,667
Total current assets 84,905 60,664
Restricted cash 657 657
Deferred financing cost 827 988
Mineral properties, plant and equipment 128,670 116,765
Exploration properties 143,524 106,644
Total assets $ 358,583 $ 285,718
Liabilities
Current
Borrowings $ - $ 3,636
Payables and accruals 21,123 19,219
Income and mining tax payable 3,481 1,419
Current portion of lease liabilities 5,901 3,781
Total current liabilities 30,505 28,055
Lease liabilities 5,604 5,889
Deferred income and mining tax liabilities 37,354 23,829
Decommissioning provisions 22,270 21,443
Total liabilities 95,733 79,216
Equity
Equity attributable to owners of the Company
Capital stock 179,540 174,789
Contributed surplus 6,472 5,590
Retained earnings 76,838 26,123
Total equity attributable to owners of the Company 262,850 206,502
$ 358,583 $ 285,718
Wesdome Gold Mines Ltd.
Consolidated Statements of Income (loss) and Comprehensive Income (loss)
(Expressed in thousands of Canadian dollars except for per share amounts)
Three Months Ended Years Ended
December 31 December 31
2020 2019 2020 2019
Revenues $ 48,362 $ 43,223 $ 215,466 $ 163,974
Cost of sales (30,483) (22,804) (125,386) (94,806)
Gross profit 17,879 20,419 90,080 69,168
Other expenses
Corporate and general 2,231 1,745 7,378 6,668
Stock-based compensation 524 346 2,786 2,987
Write-down of exploration properties 2,034 - 2,034 -
Write-down of mining equipment 427 247 427 247
5,216 2,338 12,625 9,902
Operating income 12,663 18,081 77,455 59,266
Quebec exploration credits refund - - - 2,867
Interest expense (294) (315) (1,096) (679)
Accretion of decommissioning provisions (89) (71) (354) (372)
Interest and other income (902) (131) (1,105) 351
Income before income and mining taxes 11,378 17,564 74,900 61,433
Income and mining tax expense
Current 4,426 1,440 10,660 4,918
Deferred (1,539) 4,047 13,525 15,570
2,887 5,487 24,185 20,488
Net income and total
comprehensive income $ 8,491 $ 12,077 $ 50,715 $ 40,945
Earnings per share
Basic $ 0.06 $ 0.09 $ 0.36 $ 0.30
Diluted $ 0.06 $ 0.09 $ 0.36 $ 0.29
Weighted average number of common
shares (000s)
Basic 139,482 137,867 139,045 136,931
Diluted 142,874 141,670 142,569 140,550
Wesdome Gold Mines Ltd.
Consolidated Statements of Total Equity
(Expressed in thousands of Canadian dollars)
Retained
Capital Contributed Earnings/ Total
Stock Surplus (Deficit) Equity
Balance, December 31, 2018 $ 166,387 $ 5,777 $ (14,955) $ 157,209
Net income for the year ended
December 31, 2019 - - 40,945 40,945
Exercise of options 5,361 - - 5,361
Value attributed to options exercised 2,613 (2,613) - -
Value attributed to options expired - (133) 133 -