WESDOME REPORTS RECORD 2025 FINANCIAL RESULTS AND STRENGTHENED BALANCE SHEET Operational improvements and expanded exploration programs expected to unlock value in 2026
Wesdome Gold Mines Ltd
TSX: WDO
OTCQX: WDOFF
www.wesdome.com
WESDOME REPORTS RECORD 2025 FINANCIAL RESULTS
AND STRENGTHENED BALANCE SHEET
Operational improvements and expanded exploration programs expected to unlock value in 2026
Toronto, Ontario – March 11, 2026 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or
the “Company”) today announced its financial results for the three and twelve months ended December 31, 2025
(“Q4 2025” and “ FY 2025”). Preliminary operating results for Q 4 2025 were disclosed in the Company’s press
release dated January 20, 2026. Management will host a webcast tomorrow, March 12, 2026 at 10:00 a.m. ET to
discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.
FY 2025 Highlights
• Improving safety performance : Total Recordable Incident Frequency Rate, a key safety performance
indicator, was 1.02 in Q4 2025 and 1.00 for 2025, marking a significant improvement from 3.23 in Q4 2024
and 2.68 for 2024.
• Production and costs : Consolidated gold production for the fourth quarter was 46,638 ounces, a 6%
decrease compared to Q4 2024 , while 2025 production was 185,576 ounces, 8% higher than 2024. Q4
2025 cash costs per ounce of gold sold 1 increased by 30% and all-in sustaining costs (“AISC”) per ounce
of gold sold1 increased by 27%. FY 2025 cash costs per ounce of gold1 sold increased by 4% to US$976,
while AISC per ounce of gold sold1 was US$1,518, 4% higher than 2024.
• Record revenues: Consolidated Q4 2025 revenue increased by 58% to $288 million compared to Q4 2024,
and full-year revenue of $914 million increased by 64% compared to 2024. The average realized price of
gold sold was US$4,169 per ounce in Q4 2025 and US$3,475 per ounce for 2025.
• Expanding margins : Gross profit increased by 9 3% year -over-year in Q4 2025 to $18 5 million and
operating cash margin 1 grew by 69% to $211 million. Full-year gross profit more than doubled year-over-
year to $569 million and operating cash margin1 grew by 92% to $657 million.
• Record net income: Q4 2025 net income more than doubled to $117 million, or $0.78 earnings per share
(basic), compared to Q4 2024 . Full-year net income increased 2.5x to $349 million, or $2.32 earnings per
share (basic), compared to 2024.
• Record EBITDA1: EBITDA1 was a record $195 million in Q4 2025, a 70% increase relative to Q4 2024 and
was $602 million during 2025, a 96% increase relative to 2024.
• Record net cash from operating activities and free cash flow 1: Q4 2025 n et cash from operating
activities was $156 million, or $1.04 per share3, while free cash flow1 was $97 million, or $0.65 per share in
the fourth quarter. For 2025, net cash from operating activities was $457 million, or $3.04 per share3, while
free cash flow1 was $278 million, or $1.85 per share.
• Record liquidity: As at December 31, 2025, liquidity stood at $ 697 million, including $354 million in cash
and US$250 million of undrawn full capacity available under its revolving credit facility, compared to liquidity
of $273 million (including $123 million in cash) as at December 31, 2024.
• Normal course issuer bid: In the fourth quarter, the Company purchased and cancelled 706,100 common
shares for approximately $14 million at an average price of $20.37 per share.
Anthea Bath, President and Chief Executive Officer, commented: "2025 was a record year for Wesdome, as strong
gold prices combined with continued improvements in operational execution. Both operations met their restated
guidance, resulting in robust financial performance and a strong balance sheet while continuing to progress
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operational initiatives aimed at improving consistency and cost efficiency. During the year, our free cash flow margin
expanded to 31%, enabling continued investment in the long-term potential of the business while increasing balance
sheet strength, acquiring Angus Gold, initiating a return of capital to shareholders through a share buyback program
and maintaining financial flexibility to support future opportunities.
“At the site level, Eagle River made meaningful progress toward fully utilizing mill capacity during the year, achieving
average daily mill throughput of 70% of permitted capacity, a material improvement over 2024. All-in sustaining
costs per ounce in the fourth quarter at Eagle River were the highest of the year due to higher tonnes milled at lower
grade as we opportunistically extended development into a lower-grade area of the 300 Zone that was not included
in our existing resources.
“At Kiena, the team focused on enhancing operational flexibility through the development of two new mining
horizons and the advancement of two new exploration drifts designed to optimize drilling eff ectiveness. Kiena
remains focused on strengthening operational stability with initiatives underway to improve mining sequence
execution and cost performance and is expected to deliver more consistent results starting in the second half of
2026. All-in sustaining costs per ounce at Kiena increased in the fourth quarter relative to 2024 primarily due to
higher sustaining capital expenditures, resulting from timing of equipment deliveries.
“2026 is expected to be a pivotal year for exploration at our operations. We plan to release results from our 270,000-
metre exploration program at regular intervals throughout the year, providing ongoing insight into the potential
across our portfolio. In June, we also expect to publish updated technical report summaries on both assets , which
we believe will give the market greater visibility into the longevity of our assets. Together, these milestones should
further demonstrate the long-term growth potential in our asset base."
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Consolidated Financial and Operating Highlights
In 000s, except per unit and per share amounts Q4 2025 Q4 2024 2025 2024
Financial results
Revenues2 287,875 182,611 914,325 558,184
Cost of sales 76,636 57,974 257,682 216,049
Gross profit 184,717 95,589 569,268 241,861
Operating cash margin1 211,239 124,637 656,643 342,135
EBITDA1 195,041 114,868 602,353 308,006
Net income 117,403 56,629 349,495 135,471
Earnings per share 0.78 0.38 2.32 0.91
Adjusted net income1 117,403 56,629 345,655 135,668
Adjusted net earnings per share1 0.78 0.38 2.30 0.91
Net cash from operating activities 156,104 76,411 456,766 240,972
Operating cash flow per share3 1.04 0.51 3.04 1.61
Net cash used in financing activities (15,037) (884) (15,438) (39,934)
Net cash used in investing activities (53,096) (34,945) (210,560) (119,312)
Free cash flow1 97,363 39,874 278,064 118,597
Free cash flow per share1 0.65 0.27 1.85 0.79
Average USD/CAD exchange rates 1.3950 1.3990 1.3979 1.3700
Operating results
Gold produced (ounces) 46,638 49,567 185,576 172,033
Gold sold (ounces) 49,430 48,700 188,030 167,300
Per ounce of gold sold1
Cost of sales4 ($/oz) 1,550 1,190 1,370 1,291
Cost of sales4 (US$/oz) 1,111 851 980 943
Cash costs1 ($/oz) 1,541 1,187 1,364 1,288
Cash costs1 (US$/oz) 1,105 848 976 940
AISC1 ($/oz) 2,441 1,920 2,122 1,999
AISC1 (US$/oz) 1,750 1,373 1,518 1,459
Average realized price1 ($/oz) 5,815 3,746 4,857 3,333
Average realized price1 (US$/oz) 4,169 2,678 3,475 2,433
Financial position
Cash 353,865 123,097 353,865 123,097
Working capital5 342,521 131,261 342,521 131,261
Total assets 1,146,986 746,654 1,146,986 746,654
Current liabilities 71,324 53,883 71,324 53,883
Total liabilities 210,014 175,836 210,014 175,836
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Eagle River (Ontario, Canada)
Operating and Financial Results
Q4 2025 Q4 2024 2025 2024
Eagle River Operating Results
Ore milled (tonnes) 77,240 60,358 257,448 222,526
Head grade (g/t) 10.0 14.3 14.1 13.7
Average mill recoveries (%) 96.3 96.5 96.7 96.8
Gold production (oz) 23,861 26,702 112,768 94,561
Gold sold (ounces) 26,200 27,500 113,600 93,700
Production costs per tonne milled1 ($) 557 509 560 554
Costs per oz of gold sold ($/oz)
Operating cash margin1 4,075 2,514 3,482 1,942
Cost of sales 1,754 1,249 1,357 1,374
Cash costs1 1,745 1,245 1,351 1,370
All-in sustaining costs1 2,687 2,116 2,021 2,109
Costs per oz of gold sold (US$/oz)
Operating cash margin1 2,921 1,797 2,491 1,417
Cost of sales 1,258 893 971 1,003
Cash costs1 1,251 890 967 1,000
All-in sustaining costs1 1,926 1,512 1,446 1,540
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In 000s, except per unit and per share amounts Q4 2025 Q4 2024 2025 2024
Gold revenue from mining operation 152,486 103,361 549,026 310,331
Cost of sales
Mining 17,484 14,003 66,817 55,303
Processing 6,847 6,103 26,112 22,368
Site administration and camp costs 14,863 12,440 51,906 45,794
Change in inventories 4,081 (127) (1,131) (797)
Royalties 2,687 1,926 10,467 6,039
45,962 34,345 154,171 128,707
Silver revenue (246) (116) (671) (326)
Total cash costs 45,716 34,229 153,500 128,381
Cost of sales per ounce of gold sold 1,754 1,249 1,357 1,374
Cash cost per ounce of gold sold1 1,745 1,245 1,351 1,370
Operating cash margin1 106,770 69,132 395,526 181,950
All-in sustaining costs1
Sustaining mine exploration and development 7,999 7,271 32,787 28,385
Sustaining mine capital equipment 12,598 9,195 27,668 18,769
Sustaining tailings management facility 352 3,651 1,444 8,052
Corporate and general allocation 3,677 3,214 13,675 11,166
Payment of sustaining lease liabilities 62 625 535 2,903
70,404 58,185 229,609 197,656
All-in sustaining costs per ounce of gold1 2,687 2,116 2,021 2,109
Cost of sales per tonne milled1 595 569 599 578
Production costs per tonne milled1 557 509 560 554
Total capital expenditures 23,218 20,117 65,168 55,206
Operating Highlights
During Q4 2025, Eagle River produced 23,861 ounces of gold as compared to 26,702 ounces in Q4 2024 as a
result of lower-grade development ore which was opportunistically incorporated into the plan to open up additional
future stopes, partially offset by a drawdown from the higher -grade surface stockpile. As a result, these additional
stopes will be included in the 2026 plan, along with the carryover of the original planned stopes from Q4 2025.
For 2025, Eagle River produced 112,768 ounces, a 19% increase over the 94,561 ounces produced in 2024. The
increase relative to the prior year reflects a 3% increase in average grade and a 16% increase in mill throughput .
The increase in mill throughput and mine productivity is largely driven by the optionality created with the expansion
and addition of new mining zones year over year, facilitating elevated levels of operational performance. In addition,
continuous improvement initiatives are resulting in m eaningful reductions in dilution and positive reconciliation on
specific stoping blocks in the 300 Zone. These results in the year demonstrate continued advancements made in
optimizing stope design, improving execution, and refining grade control.
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Mill throughput of 77,240 tonnes in Q4 2025 was 28% higher than the fourth quarter of 2024 benefiting from
replacement of trunnion gear mid-year. For the year, mill throughput of 257,448 tonnes during 2025 was 16% higher
when compared to the prior year 2024, as a result of a debottleneck study, improved reliability through maintenance
practices, and specific mechanical replacements such as the trunnion gear mid-year
Q4 2025 production costs of $55 7 per tonne were 10% higher than the fourth quarter of 2024, primarily due to a
higher ratio of ore development to stope production, and an increased reliance on contractors to address vacancies
in operations personnel. For 2025, production costs per tonne of $560 per tonne were comparable to 2024.
Financial Highlights
In Q4 2025, Eagle River’s gold revenue increased 48% to $152.5 million from $103.4 million in Q4 2024 due to a
higher average realized price of gold sold, partially off set by a 5% reduction in ounces sold. During 2025, Eagle
River’s gold revenue increased by 77% to $549.0 million when compared to the previous year due to a higher
average realized price of gold sold and a 21% increase in ounces sold.
Cost of sales in Q4 2025 were $46.0 million, an increase of 34% relative to the comparative period in 2024 primarily
due to a $6.6 million increase in mine and mill operating costs due to higher tonnes processed, a $4.2 million change
in inventory levels and increased royalties mainly due to more tonnes processed. Cost of sales for 2025 totaled
$154.2 million, a 20% increase compared to the prior year. This was principally driven by a $21.4 million increase
in mine and mill operating costs, reflecting highe r throughput and increased royalties from increased gold
production.
Q4 2025 cash costs per ounce of gold sold increased to $1,745 (US$1,251) per ounce sold from $1,245 (US$890)
per ounce sold in Q4 2024 primarily due to fewer ounces sold in Q4 2025. Full year cash costs per ounce of gold
sold decreased to $1,3 51 (US$967) per ounce sold in 2025 from $ 1,370 (US$1,000) per ounce sold in the prior
year primarily due to higher ounces sold in 2025.
In Q4 2025, AISC per ounce of gold sold increased by 27% to $2,687 (US$1,926) per ounce sold as compared to
Q4 2024, due to a 5% decrease in ounces sold in Q4 2025, a 34% increase in total cash costs and a 4% increase
in sustaining capital expenditures. For 2025, AISC per ounce of gold sold decreased by 4 % to $2,021 (US$1,446)
per ounce sold as compared to the prior year, due to a 21% increase in ounces sold partially offset by 20% higher
total cash costs and 12% increase in sustaining capital expenditures due to increased investment in mine
infrastructure. Investments in new equipment and increased development supported the steady increase in mill
throughput at Eagle River in 2025.
Exploration Update
Drilling Continues to Expand 6 Central Zone
In the 6 Central Zone, drilling continues to confirm the down -plunge continuity of mineralization, demonstrating
similar thickness and grade to previously reported intercepts. Located near existing infrastructure, the zone remains
open at depth and provide s the potential opportunity to establish another new high -grade mining front at
intermediate depths.
Drilling in 311 Targeting Growth Along Strike and Down-Plunge
Drilling during the quarter focused on evaluating the continuity of mineralization to the west and down-plunge to the
southwest. Assays remain pending, but preliminary results confirm the continuation of the mineralized domain.
Results will be incorporated into a resource update to be issued in June 2026.
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Global Model
Four underground rigs continued drilling global model targets in the fourth quarter. These targets are well advanced
and are a mixture of inferred material and geologic potential. A total of eight global model targets were drilled during
the quarter. Results will be incorporated into the Company’s annual mineral reserve and mineral resource estimate
in June 2026.
Surface Exploration
Surface d rilling continued in the fourth quarter with two rigs at the Mishi and Magnacon deposits. Holes were
designed to test concepts as part of a geological and structural review that included surface mapping. At Mishi,
drilling twinned historic holes for validation purposes, and evaluated potential deep, higher -grade mineralization
beneath existing open pit designs. At Magnacon, holes were designed to confirm the accuracy of historic
underground development designs and evaluate the continuation of underground mineralization. Resource reviews
and updates for the Mishi deposit are expected in Q1 2026 with additional drilling and modelling work to be
completed at Magnacon by Q4 2026.
Resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third
quarter, and geotechnical holes were completed in the fourth quarter. Initial metallurgical test work was completed
in the fourth quarter and further sampling and deportment studies have commenced as part of the geometallurgical
program for the deposits.
Helicopter supported drilling continued at both the Cameron Lake Iron Formation and Eagle River Splay Targets.
At Cameron Lake, drilling continued to evaluate a potential large tonnage, lower grade deposit. Approximately 80%
of assays had been received by year end 2025 and further drilling is planned in 2026 after receipt of all assays and
an updated project review.
At the Eagle River Splay, scout drilling evaluated the source of several IP anomalies close to previously reported
drilling. Reported a ssays were weakly anomalous and further drilling is planned in 2026 following reviews
incorporating all drilling, geophysics, geochemical, and mapping results received to date.
Soil geochemical samples were also collected from survey grid lines cut at the Birch target and north diorite areas.
These areas are interpreted to be the continuation of the Eagle River Splay structures further to the southeast.
Assay results are expected early 2026 and will be reviewed in conjunction with the results of IP survey data. Follow-
up scout drilling will be included in helicopter supported drill programs this summer.
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Kiena (Quebec, Canada)
Operating and Financial Results
Q4 2025 Q4 2024 2025 2024
Kiena Operating Results
Ore milled (tonnes) 70,030 62,421 219,166 216,755
Head grade (g/t) 10.2 11.5 10.5 11.2
Average mill recoveries (%) 98.9 99.1 98.8 98.9
Gold production (oz) 22,777 22,865 72,808 77,472
Gold sold (oz) 23,230 21,200 74,430 73,600
Production costs per tonne milled1 ($) 417 392 471 415
Costs per oz of gold sold ($/oz)
Operating cash margin1 4,497 2,618 3,508 2,176
Cost of sales 1,320 1,115 1,391 1,187
Cash costs1 1,312 1,111 1,385 1,183
All-in sustaining costs1 2,163 1,667 2,276 1,859
Costs per oz of gold sold (US$/oz)
Operating cash margin1 3,224 1,871 2,510 1,589
Cost of sales 947 797 995 866
Cash costs1 940 794 991 863
All-in sustaining costs1 1,551 1,191 1,628 1,357