Wesdome Announces 2022 Third Quarter Production Results
Wesdome Announces 2022 Third Quarter Production Results
TORONTO, Oct. 13, 2022 -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces third
quarter (“Q3”) 2022 production results. All figures are in Canadian dollars unless otherwise stated.
Duncan Middlemiss, President and CEO commented, “Eagle River production for the quarter was in line with revised guidance.
During Q3, there was a planned shut down in July to complete mill upgrades and refurbishment work, which went according to
plan and has already yielded operational gains such as reduced reagents consumption.
At Kiena, the mine also had a planned shutdown in July for necessary hoist upgrades. As well, the critical components of the
paste fill plant were delivered and installed in Q3, with plant commissioning on track for later in Q4. Once the paste fill system
is fully operational, we will have the ability to focus on mine development which will result in increased operational flexibility,
and be better positioned to operate successfully in the challenging ground conditions encountered in Kiena Deep. We are
currently tracking to produce towards the lower end of the 120,000 – 140,000 combined guidance range this year.”
Amounts are denominated in Canadian
dollars Third Quarter Year-to-Date
2022 2021 Variance % +/(-) 2022 2021 Variance % +/(-)
Ore milled (tonnes)
Eagle River 52,247 56,003 (3,756) (7%) 165,428 172,600 (7,172) (4%)
Mishi 3,595 3,727 (132) (4%) 23,153 30,293 (7,140) (24%)
Kiena 16,112 30,470 (14,358) (47%) 63,752 30,470 33,282 109%
71,954 90,200 (18,246) (20%) 252,333 233,363 18,970 8%
Head grade (grams per tonne, “g/t”)
Eagle River 10.7 13.4 (2.7) (20%) 10.6 13.8 (3.2) (23%)
Mishi 2.8 2.3 0.5 22% 3.2 2.4 0.8 33%
Kiena 10.2 5.8 4.4 76% 9.5 5.8 3.7 64%
Gold production (ounces)
Eagle River 17,405 23,621 (6,216) (26%) 54,495 74,853 (20,358) (27%)
Mishi 270 212 58 27% 2,005 1,920 85 4%
Kiena 5,208 5,511 (303) (5%) 19,234 5,511 13,723 249%
Total Gold Production 22,883 29,344 (6,461) (22%) 75,734 82,284 (6,550) (8%)
Production sold (ounces)3 27,500 30,000 (2,500) (8%) 81,500 80,957 543 1%
Revenue from gold sales ($ millions)4 $61.8 $67.5 ($5.7) (8%) $190.2 $177.2 $13.0 7%
Average realized price per ounce2 $2,246 $2,249 (3) (0%) $2,334 $2,239 95 4%
Notes:
1. Numbers may not add due to rounding.
2. Average realized price per ounce is a non-IFRS measure and is calculated by dividing the reported revenue from gold
sales by the number of ounces sold for a given period. Please reference the Company's interim management
discussion and analysis for the period ended June 30, 2022 filed on SEDAR for their calculations.
3. YTD 2021 production sold includes 1,793 ounces of gold sold from the Kiena bulk sample which was processed in Q4
2020 and sold in Q1 2021.
4. YTD 2021 revenue 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.
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Frederic Langevin, Eng, Chief Operating
Officer, a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
ABOUT WESDOME
Wesdome is a Canadian focused gold producer with two high grade underground assets in Canada, the Eagle River mine in
Ontario and the recently re-started 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.”
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
statements 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 the Company’s 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.
For further information, please contact:
Duncan Middlemiss
President and CEO
416-360-3743 ext. 2029
or Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 2025
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
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