Wesdome Announces 2022 Fourth Quarter and Full Year Financial Results
Wesdome Announces 2022 Fourth Quarter and Full Year Financial Results
TORONTO, Feb. 22, 2023 -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth
quarter (“Q4 2022”) and full year financial results. All figures are stated in Canadian dollars unless otherwise noted.
Key Highlights:
Eagle River
• Eagle River underground mine processed 223,735 tonnes at an average grade of 11.5 gpt to produce 79,997 ounces
with the underground producing 231,000 tonnes of broken ore.
• Completed additional drilling and ore development at the Falcon Zone which is improving production and grade
forecasting; results in 2023 so far are showing positive reconciliation at the Falcon Zone
Kiena
• Successfully commissioned the pastefill plant and declared commercial production
• Drilling expanded the size of the A Zones and Footwall Zones, which supports future mine life extension potential
• Drilling better defined and expanded the Presqu’ile Zone potentially justifying the installation of an exploration ramp
Other
• Named to the Globe & Mail's 2022 Report on Business Women Lead Here list. This annual editorial benchmark
identifies best-in-class executive gender diversity in corporate Canada
• Placed 6 th out of 34 TSX-listed materials companies in the annual Globe and Mail Board Games report on corporate
governance
Warwick Morley-Jepson, Interim CEO commented, “2022 was a challenging year for Wesdome, and we have leveraged our
experiences to ensure better operational and financial performance going forward. Production misses at both mines resulted in
a net loss of $14.7 million or ($0.10) per share.
Previously disclosed grade reconciliation issues at the Falcon zone that impacted 2022 production have been addressed
through additional ore development and drilling. Eagle operations are recovering well, with 2023 grade so far reconciling higher
than guidance.
At Kiena, despite the challenging backdrop of the fractured supply chains we are very pleased to have put a second mine into
production, financed almost entirely from internally generated cash flow. The delays encountered in 2022 are behind us, and all
required equipment is on site. The next milestone is the continued development of the ramp giving access to mining operations
in the A zone. Ramp advancement will position us to mine in the areas where the ounces per vertical metre significantly
increase, and grade is expected to improve. Year to date, this project is tracking slightly ahead of schedule. As well, 2022
saw the hiring of key technical personnel including a Director, Engineering and Operations who will support daily mine
operations.
Production guidance for 2023 is expected to range between 110,000 – 130,000 ounces with production back end weighted
through the year. Until the ramp reaches the 129 metre level at Kiena, lower processed grades are expected to continue into
2023. We will continue to supply the mill with lower grade ore from the Martin, S50, and VC zones to supplement the Kiena
Deep material that will be available to mine, which is mostly lower grade fringe material and diluted ore from previously mined
areas.
We consider this year to be a transition year as we get Kiena back on schedule, setting up 2024 to be a stronger year
operationally, as well as financially. In this regard, an at-the-market equity program was established in December to accelerate
balance sheet de-levering.”
Key operating and financial performance of the full year 2022 results include:
• Gold production of 110,850 ounces is a 10% decrease over the same period in the previous year (2021: 123,843
ounces):
◦ Eagle River underground processed 223,734 tonnes at a head grade of 11.5 grams per tonne for 79,997 ounces
produced, 19% decrease over the previous year (2021: 99,120 ounces).
◦ Mishi Open Pit 23,153 tonnes at a head grade of 3.2 grams per tonne for 2,005 ounces produced (2021: 2,283
ounces).
◦ Kiena 115,171 tonnes at a head grade of 7.9 grams per tonne for 28,848 ounces produced, 29% increase over
previous year (2021: 22,440)
• Revenue2 of $265.5 million, a 1% increase over the previous year (2021: $262.9 million).
• Ounces sold3 were 113,000 at an average sales price of $2,347/oz (2021: 116,708 ounces at an average price of
$2,250/oz).
• Cash margin1,2,4 of $95.7 million, a 34% decrease over the previous year (2021 - $145.4 million).
• Operating cash flows2,4 decreased by 50% to $65.2 million or $0.46 per share1 as compared to $131.0 million or $0.93
per share for the same period in 2021.
• Free cash outflow of $90.2 million, net of an investment of $108.9 million in Kiena, or ($0.63) per share1 (2021: free cash
outflow of $21.3 million or ($0.15) per share).
• Net loss of $14.7 million or ($0.10) per share (2021: Net income2,4 $131.3 million or $0.94 per share) and Net loss
(adjusted)1 of $5.9 million or ($0.04) per share (2021: Net income (adjusted)1,2,4 $69.9 million or $0.50 per share).
• Cash position at the end of the year of $33.2 million, with total borrowings of $54.7 million drawn on the senior secured
revolving credit facility.Cash costs1,4,5 of $1,500/oz or US$1,153/oz, a 52% increase over the same period in 2021
(2021: $990/oz or US$789/oz) due to a 9% increase in aggregate operating costs at Eagle River and the costs of
ramping up operations at Kiena in anticipation of declaring commercial production;
• AISC1,5 increased by 43% to $2,020/oz or US$1,552/oz (2021: $1,408 or US$1,123 per ounce) due to a 9% increase in
aggregate operating costs and increased spending at Eagle River to replace aging infrastructure and the costs of
ramping up operations at Kiena in anticipation of declaring commercial production.
Key operating and financial performance of Q4 2022 results include:
• Gold production of 35,116 ounces, which includes a 16% decrease over the same period in the previous year (Q4 2021:
41,559 ounces):
◦ Eagle River underground 58,306 tonnes at a head grade of 14.0 grams per tonne for 25,502 ounces produced,
5% increase over the previous year (Q4 2021: 24,267 ounces).
◦ Kiena 51,419 tonnes at a head grade of 5.9 grams per tonne for 9,614 ounces produced, 43% decrease over the
previous year (Q4 2021: 16,929 ounces).
• Revenue of $75.1 million, a 12% decrease over the previous year (Q4 2021: $85.5 million).
• Ounces sold were 31,500 at an average sales price of $2,380/oz (Q4 2021: 37,544 ounces at an average price of
$2,275/oz).
• Cash margin1 of $26.5 million, an 44% decrease over the previous year (Q4 2021 - $47.7 million).
• Operating cash flows decreased by 79% to $10.3 million or $0.07 per share1 as compared to $48.2 million or $0.34 per
share for the same period in 2021.
• Free cash outflow of $31.6 million, net of an investment of $26.5 million in Kiena, or ($0.22) per share1 (Q4 2021: free
cash outflow of $3.2 million or ($0.02) per share).
• Net loss and Net loss (adjusted) 1of $3.5 million or ($0.02) per share (2021: Net income and Net income (adjusted)1
$24.8 million or $0.18 per share).
• Cash costs 1 of $1,540/oz or US$1,134/oz, a 53% increase over the same period in 2021 (Q4 2021: $1,005/oz or
US$797/oz);
• AISC1 increased by 51% to $2,136/oz or US$1,573/oz (Q4 2021: $1,412 or US$1,121 per ounce).
1. Refer to the Company’s 2022 Annual Management Discussion and Analysis section entitled “Non-IFRS
Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
2. FY 2021 excludes $3.9 million of revenue from the Kiena bulk sample, which was processed in Q4 2020 and
sold in Q1 2021. The incidental revenue was credited against the cost of the Kiena exploration asset.
3. FY 2021 excludes 1,793 ounces from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1
2021.
4. Includes a $0.4 million charge for product inventory costs from the sale of 1,793 ounces of gold from the Kiena
bulk sample, which was processed in Q4 2020 and sold in Q1 2021.
5. In determining the Cash cost per ounce and AISC per ounce, the total ounces sold includes 1,793 ounces of
gold from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.
Production
Metrics and
Exploration
Updates
Performance
Eagle River
Complex • FY 2022 gold production from the Eagle River Complex decreased by 19% from FY 2021 to 82,002
ounces of gold, primarily due to lower realized head grade, as the newly developed Falcon Zone
grade was not as high as expected. Gold production from Mishi was also lower than in 2021 as the
stockpiled ore nears depletion. Head grade at the Eagle River Complex in 2022 averaged 10.7 g/t.
• FY 2022 cash cost of $1,356 (US$1,042) per ounce of gold sold 1 increased by 39% or $378 from
FY 2021 due to a 21% decrease in ounces sold and a 9% increase in overall aggregate site
operating costs resulting from higher operating costs incurred due to more ore development metres,
waste movement, improvements made to strengthen the technical and mine management team at
site, general maintenance improvements and inflationary pressures, driven by higher labour costs
and an increase in commodity inputs, including higher fuel and energy costs.
• FY 2022 AISC of $2,003 (US$1,539) per ounce of gold sold 1 increased by 38% or $547 from FY
2021 due to the higher cash costs, combined with the replacement of aging site infrastructure and
raising of the tailings storage facility.
• Generated $79.1 million in cash margin in FY 2022 compared to $127.7 million in FY 2021 due to
the 21% decrease in ounces sold and the 9% increase in overall aggregate site operating costs.
• The new 355 m level development is now complete along the western extent of the mine
infrastructure. The development extends 400 m west of the mine into the volcanic rocks that host
the Falcon 7 zone. This development provides drill platforms to test for gold mineralization near the
Falcon 7 zone further along strike, and for parallel zones. In the future it will provide access for
mining and will improve operational planning, as it is situated away from the main mining area at
depth.
• Most recently, surface, and underground drilling from the newly established 355 m level exploration
drift, has defined the up-plunge extent of the Falcon 7 zone. Highlights of the recent drilling include
11.1 g/t Au over 3.0 m core length and 26.5 g/t Au over 2.0 m core length (see press release dated
October 5, 2022).
• In addition, several drill holes have intersected mineralization in subparallel zones in the hanging
wall of the Falcon 7 zone, including a recent hole that returned 40.3 g/t Au over 1.5 m. One hole,
further to the west along strike from the Falcon 7 zone, near the historic 9 zone, returned 19.4 g/t
au over 0.7 m.
• Additionally, initial surface drilling within the volcanic rocks, 150 metres east and down dip of the
previously mined 2 Zone intersected altered volcanic rocks with quartz veining and VG. One hole
returned 233.0 g/t Au over 0.4 metres.
Kiena
• With the successful completion of a test pastefill pour on November 30, 2022, commercial
production at the Kiena Mine was declared effective December 1, 2022. The pastefill plant has been
performing well and in line with expectations.
• FY 2022 Kiena ore production increased by 29% from FY 2021 to 28,848 ounces of gold, primarily
due to higher throughput; partially offset by lower head grade as less ore was sourced from Kiena
Deep. Head grade at Kiena in 2022 averaged 7.9 g/t.
• The 2022 cash cost of $1,839 (US$1,413) per ounce of gold sold increased by 75% or $786 per
ounce as compared to $1,052 (US$839) in 2021 and the AISC of $2,059 (US$1,582) per ounce of
gold sold increased by 81% or $922 per ounce as compared to $1,138 (US$908) in 2021 primarily
due to ramping up operations in anticipation of declaring commercial production, which was delayed
until December 1, 2022 due to supply chain challenges in sourcing vital equipment necessary to
deal with challenging ground conditions within the Kiena Deep A zone. Once a sufficient level of
developed reserves is achieved through the development of the ramp to the higher grade A zone, the
cash cost and AISC are expected to align with the life of mine cash costs and AISC in the
Preliminary Feasibility Study (“PFS”), excluding the industry-wide cost escalations that have
occurred since its publishing in 2021.
• Generated $16.6 million in cash margin despite the low ounces produced and the high cash costs
of $1,839 per ounce of gold sold 1 as commercial production was delayed until December 1, 2022
due to supply chain challenges in sourcing vital equipment necessary to deal with challenging
ground conditions within the Kiena Deep A zone.
• The recent discovery of the South Limb and Footwall zones show the underexplored exploration
potential of the Kiena Deep zone.`
• Most recently, drilling intersected two new zones in the hanging wall basalt. This zone consists of
disseminated sulfides in basalt associated with a stockwork of veinlets composed of quartz ± gold.
The second zone consists of a quartz-cabonate vein with visible gold that returned 2,850 g/t Au over
1.5 m core length. The discovery of these zones highlights the potential to add ounces within the
basalt, where the rock quality is significantly better than in the A Zone allowing for increased
development rates (see press release dated November 16,2022).
• From surface, drilling has focused on the Presqu'île Zone located 2 kilometres west of the Kiena
Mine. Highlights include 24.3 g/t over 3.3 m core length and 30.0 g/t Au over 9.4 m core length.
Given the significant upside that the Presqu'île zone could represent for Kiena, the Company is
currently evaluating options to fast-track an exploration ramp from surface. It could also easily be
connected to Kiena's existing underground ramp network, providing access to surface for the
existing operation and enhancements to the mine’s ventilation network (see press release dated
September 8, 2022).
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Frédéric Langevin, Eng, Chief Operating
Officer of the Company 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 2022 Fourth Quarter and Full Year Financial Results Conference Call
February 23, 2023 at 10:00 am ET
• Participants may register for the call at the link below to obtain dial in details. Preregistration is required for this event. It
is recommended you join 10 minutes prior to the start of the event.
• Participant Registration Link:
https://register.vevent.com/register/BIcb64cd10b9f843d79897899900fca10c
• Webcast Link:
https://edge.media-server.com/mmc/p/oab6ykxp
• The webcast can also be accessed under the news and events section of the company’s website
ABOUT WESDOME
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and
the recently commissioned Kiena mine in Quebec. The Company also retains meaningful exposure to the Moss Lake gold
deposit in Ontario through its equity position in Goldshore Resources Inc. The Company’s primary goal is to responsibly
leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next
intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary
listing on the OTCQX under the symbol “WDOFF.”
For further information, please contact:
Warwick Morley-Jepson or Lindsay Carpenter Dunlop
Interim CEO VP Investor Relations
416-360-3743 ext. 2029 416-360-3743 ext. 2025
w.morley-
[email protected] [email protected]
220 Bay St, 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
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to
the benefits of achieving commercial production at Kiena, the Company’s expected capital expenditure in 2023, the timing
around reaching the Kiena Deep A Zone, the Company’s ability to be cash flow positive and its annual production run rate.
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.
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,
2022 2021 2022 2021
Operating data
Milling (tonnes)
Eagle River 58,306 56,159 223,734 228,759
Mishi 0 6,215 23,153 36,508
Kiena 51,419 38,000 115,171 68,470
Throughput 2 109,725 100,374 362,058 333,737
Head grades (g/t)
Eagle River 14.0 13.7 11.5 13.8
Mishi 0.0 2.1 3.2 2.4
Kiena 5.9 14.1 7.9 10.4
Recovery (%)
Eagle River 97.4 97.8 96.9 97.5
Mishi 0.0 88.1 83.5 82.4
Kiena 98.1 98.1 98.3 98.0
Production (ounces)
Eagle River 25,502 24,267 79,997 99,120
Mishi 0 363 2,005 2,283
Kiena 9,614 16,929 28,848 22,440
Total gold produced 2 35,116 41,559 110,850 123,843
Total gold sales (ounces) 4 31,500 37,544 113,000 118,501
Eagle River Complex (per ounce of gold sold) 1
Average realized price $ 2,384 $ 2,279 $ 2,354 $ 2,250
Cash costs 1,302 1,017 1,356 978
Cash margin $ 1,082 $ 1,262 $ 998 $ 1,272
All-in Sustaining Costs 1 $ 2,039 $ 1,608 $ 2,003 $ 1,456
Mine operating costs/tonne milled 1 $ 515 $ 391 $ 436 $ 357
Average 1 USD → CAD exchange rate 1.3578 1.2603 1.3013 1.2535
Cash costs per ounce of gold sold (US$) 1 $ 959 $ 807 $ 1,042 $ 780
All-in Sustaining Costs ( US$) 1 $ 1,502 $ 1,276 $ 1,539 $ 1,162
Kiena Mine (per ounce of gold sold) 1
Average realized price $ 2,371 $ 2,267 $ 2,331 $ 2,249
Cash costs 3, 5 2,063 983 1,839 1,052
Cash margin $ 308 $ 1,284 $ 492 $ 1,197
All-in Sustaining Costs 1, 3, 5 $ 2,348 $ 1,051 $ 2,059 $ 1,138
Mine operating costs/tonne milled 1 $ 352 $ 335 $ 518 $ 325
Average 1 USD → CAD exchange rate 1.3578 1.2603 1.3013 1.2535
Cash costs per ounce of gold sold (US$) 1 $ 1,519 $ 780 $ 1,413 $ 839
All-in Sustaining Costs ( US$) 1 $ 1,729 $ 834 $ 1,582 $ 908
Financial Data
Cash margin 1 $ 26,466 $ 47,681 $ 95,674 $ 145,354
Net income $ (3,527) $ 24,762 $ (14,706) $ 131,288
Net income adjusted 1 $ (3,527) $ 24,762 $ (5,856) $ 69,903
Earnings before interest, taxes, depreciation and
amortization 1 $ 21,309 $ 44,235 $ 55,617 $ 132,199
Operating cash flow $ 10,267 $ 48,160 $ 65,206 $ 130,958
Free cash flow $ (31,609) $ (3,172) $ (90,174) $ (21,291)
Per share data
Net income $ (0.02) $ 0.18 $ (0.10) $ 0.94
Adjusted net income 1 $ (0.02) $ 0.18 $ (0.04) $ 0.50
Operating cash flow 1 $ 0.07 $ 0.34 $ 0.46 $ 0.93
Free cash flow 1 $ (0.22) $ (0.02) $ (0.63) $ (0.15)
1. Refer to the Company’s 2022 Annual Management Discussion and Analysis section entitled “Non-IFRS Performance
Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
2. Totals for tonnage and gold ounces may not add due to rounding.
3. FY 2021 includes a $0.4 million charge for product inventory costs from the sale of 1,793 ounces of gold from the Kiena
bulk sample, which was processed in Q4 2020.
4. FY 2021 includes 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020
5. In determining the Cash cost per ounce and AISC per ounce, the total ounces sold includes 1,793 ounces of gold from
the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.
Wesdome Gold Mines Ltd.
Statements of Financial Position
(Expressed in thousands of Canadian dollars)
As at December
31, 2022 As at December 31,
2021
Assets
Current
Cash and cash equivalents $ 33,185 $ 56,764
Receivables and prepaids 12,755 13,793
Inventories 22,119 17,918
Income and mining tax receivable 6,494 -
Share consideration receivable 2,994 4,560
Total current assets 77,547 93,035
Restricted cash 1,176 657
Deferred financing costs 1,411 758
Mining properties, plant and equipment 525,860 212,394
Mines under development - 214,089
Exploration properties 1,139 1,139
Marketable securities 960 1,860
Share consideration receivable 2,576 10,729
Investment in associate 8,458 19,058
Total assets $ 619,127 $ 553,719
Liabilities
Current
Payables and accruals $ 54,734 $ 40,093
Borrowings 54,697 -
Income and mining tax payable - 5,490
Current portion of lease liabilities 6,160 7,789
Total current liabilities 115,591 53,372
Lease liabilities 3,126 6,786
Deferred income and mining tax liabilities 82,950 77,195
Decommissioning provisions 18,941 21,191
Total liabilities 220,608 158,544
Equity
Equity attributable to owners of the Company
Capital stock 205,361 187,911
Contributed surplus 7,359 5,859
Retained earnings 186,939 201,645
Accumulated other comprehensive loss (1,140) (240)
Total equity attributable to owners of the Company 398,519 395,175
Total liabilities and equity $ 619,127 $ 553,719
Wesdome Gold Mines Ltd.
Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited, expressed in thousands of Canadian dollars except for per share amounts)
Three Months Ended Years Ended
December 31, December 31,
2022 2021 2022 2021
Revenues $ 75,035 $ 85,505 $ 265,483 $ 262,907
Cost of sales (61,997) (45,945) (214,371) (145,619)
Gross profit 13,038 39,560 51,112 117,288
Other expenses
Corporate and general 2,309 2,817 11,823 10,614
Stock-based compensation 857 533 3,311 2,604
Exploration and evaluation 1,926 471 14,369 471
Reversal of impairment charges - - - (58,563)
Impairment charge on exploration properties - - - 7,507
Loss (gain) on disposal of mining equipment 242 - 303 (3)
Total other expenses (income) 5,334 3,821 29,806 (37,370)
Operating income 7,704 35,739 21,306 154,658
Gain on sale of Moss Lake exploration properties - - - 34,330
Impairment of investment in associate - - (11,800) -
Fair value adjustment on share consideration receivable 1,005 1,038 (6,386) 1,947
Interest expense (1,279) (339) (2,446) (1,194)
Accretion of decommissioning provisions (242) (146) (860) (556)
Share of loss of associate (1,264) (393) (1,652) (497)
Loss on dilution of ownership 188 - (481) -
Other income (expenses) 490 (124) (872) (363)
Income (loss) before income and mining taxes 6,602 35,775 (3,191) 188,325
Income and mining tax expense
Current 999 4,720 5,600 13,375
Deferred 9,130 6,293 5,915 43,662
Total income and mining tax expense 10,129 11,013 11,515 57,037
Net (loss) income $ (3,527) $ 24,762 $ (14,706) $ 131,288
Other comprehensive income (loss)
Change in fair value of marketable securities 360 (240) (900) (240)
Total comprehensive (loss) income $ (3,167) $ 24,522 $ (15,606) $ 131,048
(Loss) Earnings per share
Basic $ (0.02) $ 0.18 $ (0.10) $ 0.94
Diluted $ (0.02) $ 0.17 $ (0.10) $ 0.92
Weighted average number of common
shares (000s)
Basic 142,782 141,156 142,391 140,195
Diluted 142,782 143,200 142,391 142,787
Wesdome Gold Mines Ltd.
Statements of Total Equity
(Expressed in thousands of Canadian dollars)
Accumulated
Other
Capital Contributed Retained Comprehensive Total
Stock Surplus Earnings Loss Equity
Balance, December 31, 2020 $ 179,540 $ 6,472 $ 70,357 $ - $ 256,369
Net income for the year ended - - 131,288 - 131,288
December 31, 2021
Other comprehensive loss - - - (240) (240)
Exercise of options 5,154 - - - 5,154
Value attributed to options exercised 2,431 (2,431) - - -
Value attributed to RSUs exercised 786 (786) - - -
Stock-based compensation - 2,604 - - 2,604
Balance, December 31, 2021 $ 187,911 $ 5,859 $ 201,645 $ (240) $ 395,175
Net loss for the year ended $ - $ - $ (14,706) $ - $ (14,706)
December 31, 2022
Other comprehensive loss - - - (900) (900)
At-the-Market offering:
Common shares issued for cash 13,080 - - - 13,080
Agents' fees and issuance costs (472) - - - (472)
Exercise of options 3,031 - - - 3,031
Value attributed to options exercised 1,173 (1,173) - - -
Value attributed to RSUs exercised 638 (638) - - -
Stock-based compensation - 3,311 - - 3,311
Balance, December 31, 2022 $ 205,361 $ 7,359 $ 186,939 $ (1,140) $ 398,519
Wesdome Gold Mines Ltd.
Statements of Cash Flows
(Unaudited, expressed in thousands of Canadian dollars)
Three Months Ended
December 31, Years Ended
December 31,
2022 2021 2022 2021
Operating Activities
Net (loss) income $ (3,527) $ 24,762 $ (14,706) $ 131,288
Depreciation and depletion 13,428 8,121 44,562 28,066
Stock-based compensation 857 533 3,311 2,604