WESDOME DELIVERS RECORD ANNUAL GOLD PRODUCTION AND PROVIDES 2026 GUIDANCE 2026 consolidated gold production expected to be 180,000 to 205,000 ounces as the Company executes on its fill-the-mill strategy and prepares to showcase the potential upside and opportunity associated
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Wesdome Gold Mines Ltd
TSX: WDO
OTCQX: WDO
www.wesdome.com
WESDOME DELIVERS RECORD ANNUAL GOLD PRODUCTION
AND PROVIDES 2026 GUIDANCE
2026 consolidated gold production expected to be 180,000 to 205,000 ounces as the Company
executes on its fill-the-mill strategy and prepares to showcase the potential upside and opportunity associated
with its June mineral reserve and mineral resource update
Toronto, Ontario – January 20, 2026 – Wesdome Gold Mines Ltd. (TSX: WDO , OTCQX: WDOFF) (“Wesdome”
or the “Company”) today announces its operating results for the fourth quarter and full year ended December 31,
2025 as well as its 2026 guidance. The Company plans to release its fourth quarter and full year 2025 financial
results after market s close on Wednesday, March 11, 2026 and host a webcast the following morning. All dollar
amounts are expressed in Canadian dollars unless otherwise indicated.
Q4 2025 and Full Year 2025 Operating Results
Q4 2025 Q4 2024 FY2025 FY2024
Ore milled (tonnes)
Eagle River 77,240 60,358 257,447 222,526
Kiena 70,030 62,421 219,167 216,754
Total ore milled 147,270 122,779 476,614 439,280
Head grade (grams per tonne)
Eagle River 10.0 14.3 14.1 13.7
Kiena 10.2 11.5 10.5 11.2
Gold production (ounces)
Eagle River 23,861 26,702 112,767 94,562
Kiena 22,777 22,865 72,808 77,472
Total production 46,638 49,567 185,575 172,034
Production sold (ounces) 49,430 48,700 188,031 167,300
Anthea Bath, President and CEO of Wesdome, commented, “I am pleased to report that we met our revised 2025
production guidance, marking another year of record production with exceptional safety performance – a clear
testament to the discipline and commitment of our team. Strong free cash flow generation also strengthened our
balance sheet, nearly tripling our cash position year-over-year to more than $350 million and providing exceptional
flexibility heading into 2026.
“Importantly, we enter this year with confidence and upward momentum. While we have been prudent with our 2026
guidance, we anticipate another year of record production and robust free cash flow margins. Each of our operations
is focused on delivering consistent execution and predictable results as well as looking at opportunities to reduce
costs through improved productivity and initiatives such as supply chain management . Eagle River will continue
advancing its ongoing continuous improvement program while investing in infrastructure that will set the stage for
future growth. Kiena stands to benefit from an increase in the number of m ining areas as well as a second portal,
more predictable production from Kiena Deep, and incremental ore from the Presqu’île Zone, pending final permit
approval. In 2026, we expect to capitalize on last year’s enhancements to provide greater operational flexibility and
drive consistently strong, predictable performance across the business.
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“Building on our exciting exploration results in 2025, we are embarking on the second year of a multi-year program
aimed at unlocking long-term sustainable production at Eagle River and Kiena. Our $55 million exploration budget
will focus on step-out drilling to drive new discoveries and meaningfully grow our resource base. Updated technical
report summaries in June will highlight our longer -term growth profile and the significant potential of our
underexplored assets, incorporating initial results from mine plan optimization and efficiency initiatives.
“We expect to generate significant free cash flow in 2026 while investing strategically in high -return initiatives that
position the Company for its next phase of growth and long-term value creation. At the same time, we will continue
to opportunistically repurchase shares under our normal course issuer bid, reflecting our confidence in the intrinsic
value of our company. Since initiating the program last fall, we have repurchased 706,100 shares for a total of $14.4
million.”
2026 Guidance
Unit Eagle River Kiena Consolidated Guidance
Production
Gold production (oz) 105,000 – 115,000 75,000 – 90,000 180,000 – 205,000
Grade (g/t) 13.0 – 14.0 8.0 – 9.5 10.0 – 12.0
Operating Costs & Expenses
Depreciation and depletion ($M) $55 $75 $130
Corporate and general1 ($M) $15 $15 $30
Exploration and evaluation2 ($M) $15 $15 $30
Cash costs3,4 (US$/oz) $1,050 – 1,150 $1,025 – 1,175 $1,050 – 1,150
All-in sustaining costs3,4 (US$/oz) $1,525 – 1,675 $1,525 – 1,750 $1,525 – 1,700
Capital Investment
Sustaining capital3 ($M) $60 $50 $110
Growth capital3 ($M) $45 $50 $95
Total capital investment ($M) $105 $100 $205
Notes:
1. Consolidated 202 6 guidance for corporate and general costs excludes an estimated $9 million in stock -based
compensation. Corporate G&A of $30 million is allocated equally to each mine and is included in the Company’s
calculation of all-in sustaining costs.
2. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses and are not
included in the Company’s calculation of all-in sustaining costs.
3. This is a financial measure or ratio that is a non-IFRS financial measure or ratio. Certain additional disclosures for non-
IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end
of this press release and in the section ‘Non-IFRS Performance Measures’ in the Company’s management discussion
and analysis for the three and nine months ended September 30, 2025.
4. Based on a USD/CAD exchange rate of $1.34.
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2026 Consolidated Guidance Commentary
• Consolidated Gold Production: 180,000 to 205,000 ounces (midpoint 192,500 ounces)
o Eagle River’s production in 2026 is expected to total 105,000 to 115,000 ounces, with output split
evenly between the first and second half of the year. Processed ore is planned to be slightly higher
than 2025. With the 300 and 700 zones supplying the majority of mill feed, Eagle River’s average
processed grade is expected to range from 13.0 to 14.0 g/t, consistent with reserve grades.
o Kiena’s 2026 production guidance is 75,000 to 90,000 ounces, with the midpoint representing a 13%
increase over 2025. This growth will be driven by improving operational stability at Kiena Deep and
incremental production from Presqu’île following receipt of the final mining permit, expected in Q1
2026. As a result, production is expected to be weight ed toward the second half of the year,
accounting for nearly 60% of total annual output. Processed ore is anticipated to increase by 30% to
40% in 2026, with Kiena Deep contributing up to three -quarters of total mill feed. The average
processed grade of 8.0 to 9.5 g/t reflects a higher relative contribution from Presqu’île, with processed
grades from both Kiena Deep and Presqu’île broadly aligned with reserve grades.
• Cash Costs Per Ounce: US$1,050 to US$1,150 (midpoint: US$1,100)
o Eagle River’s cash costs per ounce are expected to increase, primarily reflecting higher royalties
as well as payments to First Nations.
o Kiena’s cash costs per ounce are expected to increase largely due to higher input costs, including
labour.
• All-in Sustaining Costs Per Ounce: US$1,525 to US$1,700 (midpoint: US$1,612)
o Eagle River’s all-in sustaining costs are expected to increase, mainly driven by higher cash costs
associated with royalties and payments to First Nations. Sustaining capital expenditures are largely
consistent year-over-year.
o Kiena’s all -in sustaining costs in 2026 are expected to decrease marginally, as higher gold
production is anticipated to offset increased input costs, while sustaining capital expenditures are
expected to decline year-over-year.
• Total Capital Investments: $205 million
In 2026, Wesdome will continue to invest in high-return initiatives to improve operational flexibility, increase
mine life and execute on its fill-the-mill strategy.
o Eagle River’s total capital investment is expected to be $ 105 million in 2026, including sustaining
capital of $60 million related to deferred development , fixed and mobile equipment , tailings and
infrastructure and delineation drilling. Eagle River’s growth capital of $45 million in 2026 includes:
▪ $15 million to increase camp capacity and improve surface infrastructure
▪ $12 million for fixed equipment improvements to support higher production rates
▪ $10 million for incremental mobile equipment to drive higher production rates
▪ $8 million on exploration drilling and tailings engineering studies
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o Kiena’s total capital investment is expected to be $ 100 million in 2026 , including $50 million of
sustaining capital related to deferred development, mobile and fixed equipment, infrastructure, and
delineation and definition drilling. Kiena’s growth capital is expected to be $50 million and includes:
▪ $21 million in development to complete the exploration ramp
▪ $21 million to complete ventilation system upgrades, including the purchase and installation
of electrical infrastructure and ventilation fans
▪ $8 million on exploration drilling and equipment purchases
• Other Information
o 2026 Free Cash Flow and Liquidity
At current gold prices, the Company is well positioned to generate strong free cash flow and further
enhance liquidity in 2026, supported by higher production and expanding margins. This solid
financial outlook underpins the Company’s continued focus on hi gh-return, long -term organic
growth opportunities and its commitment to delivering first -quartile returns on invested capital to
shareholders. A US$100 per ounce change in realized gold prices is estimated to impact annual
free cash flow by approximately $20 million.
o Capital Allocation and Share Buyback
Since launching its normal course issuer bid in the fall of 2025, the Company has repurchased
706,100 common shares at an average price of $20.37 per share, for a total consideration of $14.4
million. This represents approximately 25% of the $60 million authorized for share repurchases
over the 12-month program. The Company will continue to opportunistically repurchase shares in
2026.
o 2026 Effective Corporate Tax Rate
Consistent with 2025, the Company expects its effective corporate tax rate to be 35%.
2026 Milestones and Catalysts
Updated Technical Reports to Reflect Global Model Work and Extensive Drilling in 2025
The Company is targeting to announce the results of its independent technical reports for Eagle River and Kiena
(the “Technical Reports” ) in June 2026 as well as an updated Mineral Reserve and Mineral Resource Statement
for the Company as of December 31, 2025. The Technical Reports will be prepared in accordance with National
Instrument 43 -101 – Standards of Disclosure for Mineral Projects and will summarize the Company’s view on
production and operating and capital costs over the life-of-mine and provide a perspective of the long-term potential
at both assets. The Technical Reports will be filed within 45 days of the announcement on SEDAR+ at
www.sedarplus.com and on the Company’s website www.wesdome.com.
Record $55 Million Exploration Program Planned for 2026
In 2026, the Company will execute its largest exploration program to date, with a $55 million budget and more than
270,000 metres of planned underground and surface drilling, an approximately 20% increase over 2025. Building
on exciting results and foundational work achieved in 2025, a multi-year program has been designed to extend
reserve life and demonstrate the potential for a longer-term sustainable production profile at both Eagle River and
Kiena. Key objectives include replacing and growing reserves, materially expanding resource inventories, and
testing a robust pipeline of near -mine growth opportunities with a focus on discovery . The scale of the program
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demonstrates Wesdome’s commitment to growth through exploration and is expected to deliver a consistent flow
of results, with regular updates expected throughout the year. Excitement is building around testing down-plunge
extensions of high-grade domains at Kiena Deep and at the Eagle River Mine, assessing down-plunge potential of
bulk-tonnage deposits at Kiena, and assessing open pit potential of satellite targets at Eagle River.
• Eagle River ’s exploration program for 2026 totals $25 million and 145,000 metres of drilling , of which
approximately 50% is allocated to testing growth targets both underground and regionally, with the
remaining 50% allocated to delineation and conversion.
• Kiena’s exploration program for 2026 totals $30 million and 125,000 metres of drilling, of which
approximately 60% is allocated to testing growth targets both underground and regionally , with the
remaining 40% allocated to delineation and conversion.
Presqu’île Ramp-Up, Ventilation Upgrade and Completion of Ramp to 33-Level
Receipt of the mining permit for Presqu’île in 2026 represents a key milestone , enabling the first near -surface
deposit to be brought into full production as part of Kiena’s fill-the-mill strategy. Once ramped up, Presqu’île is
expected to deliver 250 to 400 tonnes per day of incremental mill feed , complementing high er-grade production
from Kiena Deep.
The Kiena surface ramp , which is expected to be completed in Q1 2026 , will debottleneck underground
infrastructure and improve material handling efficiency. The ventilation upgrade is expected to be completed in the
fourth quarter and will provide additional ventilation capacity for Kiena Deep.
Webcast
Management will host a webcast to discuss the Company’s fourth quarter and 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: Thursday, March 12, 2026 at 10:00 a.m. ET
Webcast link: https://events.q4inc.com/attendee/520147221
Registration: Pre-registration is required for this event. It is recommended you join 10 minutes prior to
the start of the event. The webcast can also be accessed from the home page of the
Company’s website at www.wesdome.com.
The Company’s financial statements and management’s discussion and analysis will be available at
www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of Wednesday March 11, 2026.
Technical Disclosure
The technical and scientific information relating to exploration activities disclosed in this document was prepared
under the supervision of and verified and reviewed by Wesdome employees Barbara Rose , P. Eng, Director,
Engineering and Operations and Breanne Beh, PGeo., Wesdome’s Director, Geology – Near Mine Surface and
Greenfield Exploration , each a "Qualified Person" as defined in National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects.
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About Wesdome
Wesdome is a Canadian-focused gold producer with two high -grade underground assets, Eagle River in Northern
Ontario and Kiena in Val -d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating
platform and high -quality brownfield and greenfield exploration pipeline to build a value -driven mid -tier gold
producer.
For More Information
Raj Gill Trish Moran
SVP, Corporate Development & Investor Relations Vice President, Investor Relations
Phone: +1.416.360.3743 Phone: +1.416.564.4290
E-mail: [email protected] E-mail: [email protected]
Forward-Looking Statements
This news release contains “forward -looking information” which may include, but is not limited to, statements with
respect to the future financial and 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 res ults and future events could differ materially from those anticipated in such
statements.
Forward-looking statements or information contained in this press release include, but are not limited to, statements
or information with respect to: the Company’s 2026 guidance, including expected production and grade, operating
costs and expenses figures and amounts, and capital investment figures and amounts; the timing of the release of
the Company’s fourth quarter and full year 2025 financial results; the anticipation that 2026 will have record
production and high margins; the expectation of higher thr oughput at Eagle River; the expectation that Kiena will
benefit from an increase in the number of mining areas, a second portal, more predictable production from Kiena
Deep and incremental ore from Presqu’île; the expectation to capitalize on operational enhancements in 2026
implemented in 2025 to drive better performance; the focus and objectives of the Company’s 2026 exploration
budget and planned program; the timing of the release of the Company’s updated technical reports and what they
are expected to h ighlight; and the expected timing of the release of an updated Mineral Reserve and Resource
Statement for the Company as at December 31, 2025; the expectation to generate robust free cash flow in 2026,
while investing strategically in high -return growth initiatives; the expected continuation of t he Company
opportunistically repurchasing shares under its NCIB; the expected timing of when the expected 2026 production
will be achieved (i.e., first half vs. second half) for Eagle River and Kiena; the expected sources of the expected
2026 production (i.e. which zone or areas of the mine) for Eagle River and Kiena; the expected reasons for the
expected increase in 2026 costs at Eagle River and Kiena; the expected components of the planned 2026 capital
investments amount at Eagle River and Kiena; the Co mpany’s expected effective corporate tax rate for 2026; the
expected level of incremental mill feed that Presqu’île is expected to deliver once ramped up; the expected
completion time of the Kiena surface ramp and what it will accomplish once operational; the expected completion
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time of the Kiena ventilation upgrade and what it will accomplish once operational; and the expected timing and
details of Management’s hosting of a conference call and webcast to discuss the Company’s fourth quarter and
2025 financial and operating results.
The Company has made certain assumptions about the forward -looking statements and information, including
assumptions about: production and cost profile expectations; the ability to execute our development plans, including
the timing thereof; our ability to obtain all required approvals and permits; cost estimates in respect of operating
and exploration activities; changes in the Company’s input costs; geotechnical risk; the impact of inflation; the
geopolitical, economic, permitting and legal climate that w e operate in; potential disruptions relating to natural
disasters such as forest fires; operational exposure to diseases, epidemics and pandemics; timing, cost and results
of our construction, improvements and exploration; rising costs or availability of labour, electricity, supplies, fuel and
equipment; the future price of gold and other commodities; exchange rates; relationships with communities,
governments and other stakeholders; compliance with debt obligations; anticipated values, costs, expenses and
working capital requirements; production and metallurgical recoveries; mineral reserves and resources; and the
impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In
addition, except where other wise stated, we have assumed a continuation of existing business operations on
substantially the same basis as exists at the time of this press release. Even though our management believes that
the assumptions made and the expectations represented by such statements or information are reasonable in the
circumstances, there can be no assurance that the forward -looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are beyond the Company’s control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements
or information. These risks, u ncertainties and other factors including those risk factors discussed in the sections
titled “Cautionary Note Regarding Forward Looking Information” and “Risks and Uncertainties” in the Company’s
most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most
recent Annual Information Form which is available on SEDAR+ and on the Company’s website.
There can be no assurance that forward -looking statements or information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. The Company
undertakes no obligation to update forwar d-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.
Non-IFRS Performance Measures
Wesdome uses non-IFRS performance measures throughout this press release as it believes that these generally
accepted industry performance measures provide a useful indication of the Company’s operational performance.
These non-IFRS performance measures do not have standardized meanings defined by IFRS and may not be
comparable to information in other gold producers’ reports and filings. Accordingly, it is intended to provide
additional information and should not be considered in isolation or as a substitut e for measures of performance
prepared in accordance with IFRS.
Cash Costs and Cash Costs per Ounce of Gold Sold
Cash costs per ounce of gold sold is a non -IFRS performance measure and does not constitute a measure
recognized by IFRS and does not have a standardized meaning defined by IFRS, as well it may not be
comparable to information in other gold producers’ reports and filings. The Company has included this non-IFRS
performance measure throughout this document as it believes that this generally accepted industry performance
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measure provides a useful indication of the Company’s operational performance. The Company believes that,
in addition to conventional measures prepared in accordance with IFRS, certain investors use this information
to evaluate the Company’s operating perf ormance and ability to generate cash flow. Accordingly, it is intended
to provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
All-in Sustaining Costs and All-in Sustaining Costs Per Ounce of Gold Sold
AISC includes mine site operating costs incurred at the Company’s mining operations, sustaining mine capital and
development expenditures, mine site exploration and evaluation expenditures and equipment lease payments
related to the mine operations and cor porate and general expenses. The Company believes that this measure
represents the total cash costs of producing gold from current operations and provides the Company and other
stakeholders with additional information that illustrates its operational performance and ability to generate cash flow.
This cost measure seeks to reflect the total cost of gold production from current operations on a per ounce of gold
sold basis. New project and growth capital are not included.
Sustaining Capital and Growth Capital
Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the
asset or business without any associated increase in capacity, life of assets or future earnings. This measure is
being used by management to understand the ongoing capital cost required to maintain operations at current levels.
Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase
life of assets and/or increase future earnings. This measure is used by management to understand the costs of
developing new operations or maj or projects at existing operations where these projects will materially increase
production from current levels.