Wesdome Extends Reserve Life to 8 Years at Both Mines, Establishes Robust Free Cash Flow Profile, and Outlines Significant Organic Growth Pipeline
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Wesdome Gold Mines Ltd
TSX: WDO
OTCQX: WDOFF
www.wesdome.com
WESDOME EXTENDS RESERVE LIFE TO 8 YEARS AT BOTH MINES,
ESTABLISHES ROBUST FREE CASH FLOW PROFILE, AND
OUTLINES SIGNIFICANT ORGANIC GROWTH PIPELINE
HIGHLIGHTS
• Proven and Probable Mineral Reserves Up 17% to a Record 1.4 Million Ounces (“Moz”): Proven and
probable mineral reserves increased to 5.4 million tonnes (“Mt”) at 7.9 g/t for 1.4 Moz, led by 39% reserve
growth at Eagle River, where the global model initiative converted near-mine tonnes at a US$1,800/oz gold
price. This additional material improves mill utilization and extends mine life, while preserving flexibility to
re-sequence the mine plan as higher-grade zones are delineated. Eagle River’s high-margin profile remains
fully intact as it more than replaced high -grade tonne depletion, added mineral reserves and extended its
mine life.
• Eight-Year Reserve Mine Life at Both Operations Through 2033: This is the first time in the Company’s
history that both assets are concurrently underpinned by 8-year reserve plans, providing the foundation for
sustained production, disciplined capital allocation and ongoing reserve replacement.
• Production Profile Expected to Increase to up to 230,000 Ounces by 2028: Consolidated production is
underpinned by stable output from Eagle River and growing levels of production from Kiena. Consolidated
all-in sustaining costs 1 are expected to remain broadly in line with 2026 guidance of US$1,525 -
US$1,700/oz, with industry cost pressures expected to be largely offset by higher output and ongoing
productivity initiatives.
• Over $1 Billion in Free Cash Flow 1 Over Three Years at US$4,000/oz Gold: The reserve-based plans
demonstrate the strong cash -generating capacity of Wesdome’s high -margin asset base, with resilient
margins supporting growth initiatives and shareholder returns across a range of gold price environments.
• Dividend Initiated, Share Buyback Expanded: The initiation of a quarterly dividend and expansion of the
Company’s share buyback program, alongside a fully funded growth profile, reflects a disciplined capital
allocation framework designed to balance reinvestment and capital returns.
• Inferred Mineral Resources Increased 87%, Expanding the Conversion Pipeline: Inferred mineral
resources increased to 15.1 Mt at 2.5 g/t Au for a total of 1.2 Moz, led by a fourfold increase at Mishi. This
provides an expanded base of inventory available for potential conversion to reserves.
• Significant Upside Potential Beyond Reserves: Opportunities not included in mineral reserves include
productivity, execution and optimization initiatives at both operations, conversion of mineral resources to
reserves; and systematic testing of a potential mineralization exploration target of 2.4 to 6.3 Moz 2 across
both mines . These opportunities are expected to leverage existing infrastructure and provide multiple
pathways to extend mine life and support potential future growth . The potential quantity of t he exploration
targets is conceptual in nature. There has been insufficient exploration to estimate and define a mineral
resource, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”), and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Toronto, ON – June 24, 2026 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ( “Wesdome” or the
“Company”) is pleased to announce the results of its updated mineral reserve and mineral resource ( “MRMR”)
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statement effective December 31, 2025 as well as the results of its upcoming independent technical reports (the
“Technical Reports”) for the Eagle River Mine (“Eagle River”) and the Kiena Mine (“Kiena”), outlining an 8-year
consolidated reserve mine life with robust upside potential. All amounts are expressed in Canadian dollars unless
otherwise indicated.
The Technical Reports for both Eagle River and Kiena are being prepared in accordance with NI 43 -101. The
Technical Reports will be filed within the next 45 days on SEDAR+ at www.sedarplus.ca and posted on the
Company’s website www.wesdome.com.
The Company will be hosting a conference call and webcast tomorrow, June 25, 2026 at 8:30 a.m. ET, to discuss
its updated mineral reserves and mineral resources, Technical Report highlights and organic growth opportunities
beyond the current mine plan.
Anthea Bath, President and Chief Executive Officer, stated “Today marks a defining milestone in Wesdome’s
evolution. We have increased mineral reserves, extended mine life across the portfolio and established mine plans
that support a growing production profile, stronger operating performance and significant free cash flow generation.
Importantly, we have strengthened the foundation from which we can continue to grow the business for many years
to come.
“At Eagle River, we have delivered on our strategy to transition the operation into a larger, more resilient and longer-
life mining complex. By incorporating additional tonnes into the mine plan , we are better utilizing existing mill
capacity, while continuing to advance the high -grade exploration opportunities that have always differentiated the
asset. The results demonstrate success on both fronts. Wesdome replaced the high-grade component of its reserve
base while adding incremental tonnes that are economic at a US$1,800/oz gold price, supporting a stronger and
more durable production profile. At the same time, ongoing exploration continues to demonstrate continuity of high-
grade structures, supporting our confidence in the potential to discover and convert additional high-grade resources,
extend mine life and enhance the reserve plan over time. Just as importantly, we are beginning to unlock a broader
regional opportunity, including at Mishi, where open pit inferred material increased fourfold and remain at an early
stage of delineation. We believe this represents the next phase of long-term growth for Eagle River and provides a
pathway to materially increasing the scale of the operation over time.
“At Kiena, we have established a high -grade reserve base averaging 8.7 grams per tonne and a mine plan that
provides a strong , executable platform for growth. While the current plan delivers attractive economics and
operational flexibility, management believes it represents only a portion of the asset’s potential. Opportunities exist
to improve productivity within Kiena Deep while systematically advancing additional mineralized zones closer to
surface. Our exploration programs continue to demonstrate the scale and continuity of mineralization both at depth
and across the broader property, reinforcing our confidence that Kiena can continue to grow production, extend
mine life and create substantial value over the long term.
“A significant portion of the opportunity remains outside mineral reserves today. Through resource conversion,
operational optimization, productivity initiatives and continued exploration success across both districts, we see
multiple pathways to unlock additional value. Each of these opportunities leverages infrastructure that is already in
place, allowing us to pursue growth in a disciplined and capital-efficient manner.
“We are building Wesdome into a high-margin Canadian gold producer with long-life assets, increasing production,
expanding free cash flow1 and a deep pipeline of organic growth opportunities. The Board’s decision to initiate a
quarterly dividend reflects our confidence in the durability of that cash flow by both investing in growth and returning
capital to shareholders.”
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CONSOLIDATED THREE-YEAR OUTLOOK
2026 2027 2028
Gold Production (ounces)
Eagle River 105,000 – 115,000 100,000 – 120,000 100,000 – 120,000
Kiena 75,000 – 90,000 85,000 – 100,000 85,000 – 110,000
Total Gold Production 180,000 – 205,000 185,000 – 220,000 185,000 – 230,000
All-in Sustaining Costs1 (US$/oz) 1,525 – 1,700 1,600 – 1,750
• Gold Production: Consolidated gold production is expected to increase from 180,000 to 205,000 ounces
in 2026 to 185,000 to 230,000 ounces in 2028, reflecting stable production at Eagle River and growing
contribution from Kiena.
o At Eagle River, production is expected to be 100,000 to 120,000 ounces per year in 2027 and 2028,
supported by increased mill utilization and a more consistent grade profile, with additional potential
upside from material not included in the reserve-based mine plan.
o At Kiena, production is expected to increase to 85,000 to 110,000 ounces by 2028, supported by
improved execution at Kiena Deep, greater flexibility across multiple mining levels including the
Presqu’île Zone, which is expected to achieve commercial production in fall 2026.
• Margin Resilience: Consolidated all-in sustaining costs1 per ounce of gold sold is expected to be US$1,600
– US$1,750 per ounce in 2027 and 2028, largely in line with 2026 guidance of US$1,525 – US$1,700 per
ounce, inclusive of expected corporate G&A, capitalized sustaining exploration, study costs, and other
corporate-level adjustments not included in the reserve -based site -level cost profiles presented in the
Technical Reports.
• Capital Profile: As outlined in the Company's 2026 guidance, total capital costs are projected to be $205
million, comprising $45 million in growth capital at Eagle River and $50 million at Kiena. Looking ahead to
2027 and 2028, growth capital at Eagle River is expected to taper, while at Kiena, capital is expected to
moderate from the elevated levels associated with Presqu’île, with future growth capital primarily directed
toward advancing Dubuisson into production. Total exploration expenditures are expected to remain
consistent with 2026 guidance of $55 million, inclusive of capitalized sustaining exploration and expensed
exploration.
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TECHNICAL REPORT HIGHLIGHTS
For additional information on annual production, unit cost, and capital cost estimates, please see the Technical
Reports, which will be filed within 45 days of this press release and available on SEDAR+ at www.sedarplus.ca and
on the Company’s website at www.wesdome.com.
Units Eagle River Kiena
Production
Mineral reserve mine life years 8 8
Ore processed kt 2,895 2,554
Grade processed g/t 7.3 8.7
Average recovery % 95.7 98.4
Gold production koz 647 700
Operating and Capital Costs
Mining cost $/t processed $216 $248
Processing cost $/t processed $87 $51
Site administration cost $/t processed $112 $91
Capital Investments
Sustaining capital (excluding closure) $M $242 $247
Growth capital $M $150 $106
Total Capital Investment $M $392 $353
Please refer to the Appendix for detailed annual plan summaries.
EAGLE RIVER
• Proven and probable mineral reserves at Eagle River increased 39% to 2.9 million tonnes at 7.3 grams per
tonne (“g/t”) for 676,000 ounces, adding approximately 1.7 million tonnes of reserve material and extending
the reserve-based mine plan to 2033.
• The updated Eagle River mine plan supports a stable production profile of approximately 100,000 ounces
per year through 2028, based on a planned ramp -up to just over 1,000 tonnes per day, equivalent to
approximately 80% utilization of the permitted 1,200 tonnes per day mill capacity.
• The initial phase of the global model initiative materially expanded Eagle River’s mineral reserve base by
adding incremental tonnes near existing development at a gold price of US$1,800 per ounce. While these
additions reduced the overall average reserve grade relative to year -end 2024, the added tonnes are
expected to improve mill utilization, extend mine life and support strong margins through lower incremental
costs and fixed-cost leverage, with flexibility to re-sequence as higher-grade zones are further delineated.
• In order to support higher throughput levels, planned development rates are expected to increase materially
over the life-of-mine plan, supporting a higher number of active mining fronts, improved face availability and
greater flexibility in mine sequencing.
• The updated mine plan is expected to facilitate continued productivity and cost improvements, including
through material handling improvements, larger trucks, contractor-to-owner conversion, mechanization and
processing improvements to support reliable operation at higher throughput rates.
• Additional upside not included in mineral reserves includes ongoing productivity and execution
improvements, remnant and opportunistic non -reserve material, continued mineral resource conversion,
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and testing of identified exploration targets across near -mine extensions, including high -grade corridors,
Mishi-Magnacon, Cameron Lake, Abbey Lake and other prospective targets. See Exploration Targets.
KIENA
• Proven and probable mineral reserves at Kiena totaled 2.6 million tonnes at 8.7 g/t for 711,000 ounces gold
at year-end 2025, consistent with mineral reserves at year -end 2024, with increased tonnes at Dubuisson
offsetting depletion.
• The updated Kiena mine plan provides a more reliable and executable reserve -based foundation through
a fully integrated mine plan incorporating updated geology, mine design, geotechnical inputs, operating
assumptions and cost estimates.
• The feasibility level technical report reflects a higher -confidence mining method and design basis relative
to the previous 2021 pre -feasibility study, including detailed geotechnical analysis, redefined design
parameters across all zones, crown pillar assessment and hydrogeological review.
• Kiena’s cost structure has been rebased to reflect current operating conditions, engineering design and
productivity assumptions, replacing legacy benchmark assumptions with a bottom -up cost build across
mining, processing and site G&A.
• The inclusion of Presqu’île and Dubuisson improves mine plan flexibility by expanding production beyond
Kiena Deep into shallower mining areas, linking new zones to existing infrastructure and supporting a more
diversified multi-zone operating approach.
• Dubuisson has been advanced as a new shallow mining area, with probable mineral reserves increasing
to 285,000 tonnes at 6.37 g/t for 58,000 ounces gold at year-end 2025 at a cut-off grade of 4.6 g/t. Additional
mineralization at lower cut -off grades highlights the potential to evaluate alternative mining scenarios,
including lower-cost bulk mining methods and processing through the existing Kiena mill or other regional
milling options.
• The updated reserve-based plan supports a stable production profile to 2033, while preserving meaningful
upside through improved operating execution, continued resource conversion and additional near-mine and
depth extension targets.
• As identified in the opportunities section of the Technical Report, Kiena may have the potential to support
higher production levels than those contemplated in the reserve -based mine plan. With available mill and
hoisting capacity, existing underground inf rastructure, the addition of a new portal, and opportunities to
increase mining fronts, equipment utilization, and overall productivity, management believes gold
production could be increased by 10 to 15% over time. These opportunities were not evaluated as part of
the Technical Report and are not incorporated into the mineral reserve estimate, reserve-based mine plan,
or economic analysis presented in the Technical Report.
• Kiena has a three-to-five-year exploration target, which is not included in mineral reserves. Kiena Deep,
Presqu'île, Dubuisson, the VC Zone, and the B Zone remain open along strike and down -plunge, with
further drilling required to determine the extent of mineralization. Dubuisson East and broader regional
opportunities represent potential additional upside. See section titled Exploration Targets.
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MINERAL RESERVE ESTIMATE (AS AT DECEMBER 31, 2025)
Mineral Reserve Summary
As at December 31, 2025 As at December 31, 2024
Tonnes
(000s)
Grade
(g/t Au)
Ounces
(000s)
Tonnes
(000s)
Grade
(g/t Au)
Ounces
(000s)
Eagle River
Proven 296 12.9 123 433 15.6 217
Probable 2,596 6.6 553 794 10.4 265
Stockpile and inventory (proven) 3 5.3 1 8 17.8 5
Proven & Probable Reserves 2,895 7.3 676 1,235 12.3 487
Kiena
Proven 463 9.6 143 305 11.0 107
Probable 2,090 8.5 568 2,076 8.9 592
Stockpile and inventory (proven) - - - 10 5.6 2
Proven & Probable Reserves 2,553 8.7 711 2,391 9.1 701
Wesdome
Proven 760 10.9 266 738 13.7 324
Probable 4,686 7.4 1,121 2,870 9.3 857
Stockpile and inventory (proven) 3 5.3 1 18 10.9 6
Proven & Probable Reserves 5,448 7.9 1,387 3,626 10.2 1,188
Notes to Mineral Reserve Statement
Eagle River
1. Mineral reserves are in addition to the mineral resources in the Eagle River Mine, with an effective date of
December 31, 2025.
2. Mineral reserves were developed in accordance with the "CIM Definition Standards for Mineral Resources &
Mineral Reserves" (May 10, 2014) and the "CIM Estimation of Mineral Resources & Mineral Reserves Best
Practice Guidelines" (November 29, 2019), using g eostatistical and/or classical methods, plus economic and
mining parameters appropriate to the deposit. Mineral reserves are based on estimates of long-term gold prices
of US$1,800/oz, and a US dollar exchange rate of US$1.00 = $1.35.
3. Mining cut-off for reserves has been derived from current operating cost performance, incorporating historical
mine operating data and expected changes in production rates and cost assumptions consistent with the Life -
of-Mine plan.
4. Underground Eagle River mineral reserves are reported at a mill head cut -off grade of 6.2 g/t Au, with an
incremental cut-off grade of 3.0 g/t Au. Cut -off grades are based on a gold price of US$1,800/oz, a process
recovery of 97.7%, and operating cost assumptions of $162.82/t mined, $75.1 2/t processed, and $112.42/t for
general and administrative costs. Costs to sustain the operation of $113.50/t have been included in the cut-off
grade determination.
5. Mineral reserves are the economic portion of the measured and indicated mineral resources. Mineral reserve
estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific
reserve sources and are influenced by several factors including deposit type, deposit shape and mining
methods.
6. The reference point of the mineral reserves in the Eagle River Mine mill head.
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7. The qualified person for the Eagle River Mine mineral reserve estimate is Benny Zhang, PEng, SRK Consulting
(Canada) Inc. employee.
8. Rounding may result in apparent summation differences between tonnes, grade and contained metal.
Kiena
1. The Qualified Person responsible for the mineral reserve estimate is Eric Lecomte, P.Eng. of Norda Stelo Inc.
The effective date of the mineral reserve estimate is December 31, 2025. Mineral reserves have been estimated
in accordance with the “CIM Definition Standards for Mineral Resources and Mineral Reserves” adopted by the
CIM Council and incorporated by reference into NI 43-101.
2. Mineral reserves are estimated from measured and indicated mineral resources that have demonstrated
economic viability.
3. Mineral reserves were estimated using a gold price of US$1,800/oz, an exchange rate of US$1.00 = $1.35, and
refining costs of US$5.65/oz. The reserve estimate incorporates modifying factors including mine design, mine
planning, mine scheduling, operating c osts, metallurgical recovery, mining recovery, planned dilution, backfill
dilution, geotechnical constraints, and economic considerations.
4. Mineral reserves were estimated assuming longitudinal longhole stoping with paste backfill in the Kiena Deep,
Presqu'île, and Dubuisson zones. Mineral reserves include planned internal and external dilution as well as
mining recovery factors consistent wit h the selected mining method. Mining recovery factors applied to
production stopes range from 87% to 92% depending on mining zone, lithology and stope geometry. Sill pillar
stopes were assigned a recovery factor of 80%.
5. Mineral reserves are reported within mineable stope shapes generated using zone-specific base cut-off grades
("BCOG") and marginal cut-off grades (“ MCOG”) were applied to portions of stopes located within otherwise
economic mining shapes where no additional development or mining access was required. The applied cut -off
grades were 4.25 g/t Au (BCOG) and 3.95 g/t Au (MCOG) for the Presqu'île Zone, 4.85 g/t A u (BCOG) and
4.55 g/t Au (MCOG) for the Kiena Deep Zone, and 4.55 g/t Au (BCOG) and 4.15 g/t Au (MCOG) for the
Dubuisson Zone.
6. The mining costs used for cut -off grade determination were estimated at $240.98/t milled for the Kiena Deep
Zone, $188.72/t milled for the Presqu’île Zone, and $210.50/t milled for the Dubuisson Zone. Processing and
General and Administrative costs were es timated at $50.20/t milled and $80.00/t milled, respectively, for all
zones. Metallurgical recoveries applied in the cut -off grade calculations were derived from the process plant
recovery assumptions and were estimated at 98.5% for Kiena Deep and 97.0% fo r the Presqu’île and
Dubuisson zones.
7. Contained gold ounces are calculated from diluted tonnes and diluted grades and do not account for
metallurgical recovery losses. Mineral reserves are reported as mill feed delivered to the processing plant.
Tonnage, grade and contained metal have been rounded to reflect the accuracy of the estimate and totals may
not sum due to rounding.
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MINERAL RESOURCE ESTIMATE (AS AT DECEMBER 31, 2025)
Mineral Resource Summary
As at December 31, 2025 As at December 31, 2024
Tonnes
(000s)
Grade
(g/t Au)
Ounces
(000s)
Tonnes
(000s)
Grade
(g/t Au)
Ounces
(000s)
Eagle River
Measured 59 9.1 17 250 11.6 93
Indicated 796 6.3 162 557 7.5 135
M+I Resources 855 6.5 179 806 8.8 228
Inferred Underground
– Eagle River Mine 512 7.3 120 431 7.9 109
Inferred Open Pit – Mishi 11,487 1.4 523 2,318 1.6 120
Inferred Underground – Mishi 152 6.5 32 - - -
Inferred Total 12,151 1.7 674 2,749 2.6 229
Kiena
Measured 85 8.4 23 58 10.2 19
Indicated 893 5.7 163 789 5.4 138
M+I Resources 977 5.9 186 847 5.8 158
Inferred 2,977 5.5 525 2,536 5.0 411
Wesdome
Measured 143 8.7 40 308 11.3 112
Indicated 1,689 6.0 325 1,346 6.3 271
M+I Resources 1,833 6.2 365 1,653 7.3 386
Inferred Underground
– Eagle River Mine & Kiena 3,489 5.7 645 2,967 5.5 520
Inferred Open Pit – Mishi 11,487 1.4 523 2,318 1.6 120
Inferred Underground – Mishi 152 6.5 32 - - -
Inferred Total 15,128 2.5 1,199 5,285 3.8 640
Notes to Mineral Resource Statement
1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
2. Mineral resources are reported exclusive of mineral reserves.
3. Mineral resource estimates have been prepared in accordance with the CIM Definition Standards (2014)
and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019).
4. Mineral resource estimates are based on a long-term gold price of US$2,100/oz.
5. Totals may not add due to rounding.
Eagle River
6. Eagle River underground mineral resources are reported within fully diluted mineable stope shapes using
an Au cut-off grade of 4.0 g/t.
7. Mishi open pit mineral resources are reported within a conceptual pit shell using an Au cut-off grade of 0.55
g/t Au.