Wesdome Reports Second Quarter 2025 Financial Results
Wesdome Gold Mines Ltd
TSX: WDO
OTCQX: WDOFF
www.wesdome.com
WESDOME REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
Toronto, Ontario – August 13, 2025 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome”
or the “Company”) today announced its financial results for the three and six months ended June 30, 2025 (“Q2
2025” and “H1 2025”). Preliminary operating results for Q 2 2025 were disclosed in the Company’s press release
dated July 14, 2025. Management will host a conference call tomorrow, August 14, 2025 at 10:00 a.m. ET to discuss
its results. All amounts are expressed in Canadian dollars unless otherwise indicated.
Highlights
• Improving Safety Performance: Total Classified Incident Frequency Rate was 0.00 in Q2 2025 and 0.19
for H1 2025, a significant improvement from the 2024 average of 1.34.
• Production and costs: Consolidated gold production was 42,781 ounces; a 3% decrease compared to Q2
2024. Cost of sales per ounce sold decreased by 1% to US$9 32, while all-in sustaining costs (“AISC”) per
ounce sold1 increased 6% to US$1,528. The average realized price of gold sold in Q2 2025 was US$3,279
per ounce.
• Expanding margins: Gross profit increased by 146% year-over-year to $132.2 million and cash margin 1
grew by 96% to $149.4 million.
• Record quarterly net income: Net income increased to $82.7 million, or $0.55 earnings per share, a nearly
threefold increase from Q2 2024.
• Record quarterly EBITDA 1: EBITDA 1 increased by 1 04% to $ 138.4 million relative to the comparative
quarter in 2024.
• Record net cash from operating activities and free cash flow1: Net cash from operating activities was
$100.9 million, or $0.67 per share3, while free cash flow1 was $52.9 million, or $0.35 per share.
• Record liquidity: As at June 30, 2025, liquidity stood at $530.0 million, including $187.6 million in cash
and US$250.0 million of undrawn full capacity available under its recently upsized revolving credit facility,
compared to liquidity of $273.1 million (including $123.1 million in cash) as at December 31, 2024.
• Amended and Restated Credit Agreement : On June 19, 2025, the Company amended and restated its
credit agreement, extending the maturity of its secured revolving credit facility by three years to June 19,
2028, and upsizing it to US$250 million, with an option to increase the available credit by US$50 million
through an accordion feature, for total availability of up to US$300 million.
• Completed acquisition of Angus Gold: The strategic addition of Angus Gold has quadrupled Eagle
River’s land package. In total, exploration spending will increase by about $5 million in 2025 due to Angus.
Anthea Bath, President and Chief Executive Officer, commented: “Eagle River delivered a strong second quarter,
despite a planned 18-day mill maintenance shutdown. Ongoing improvements in development and dilution control
practices are continuing to result in stronger grade s, while growing surface stockpiles are contributing to more
consistent mill throughput.
“At Kiena, production slightly exceeded first -quarter levels, reflecting continuing equipment constraints and
consequently limited access to stopes , as well as underperformance in one high -grade stope due to limited
delineation. To improve reliability and production flexibility, efforts remain focused on developing additional mining
horizons, with the completion of the second and third mining areas in the Presqu’île Zone and level 136 in Kiena
Deep targeted before year-end. In addition, the team is actively resourcing open positions and building operational
redundancy. Key initiatives include expanding the maintenance team and workshop infrastructure , introducing
additional shifts, and improving short-interval control practices and spare parts management.
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“Given performance to date and the expectation of stronger results in the second half of the year across our
operations, we have updated our full-year outlook to reflect performance to date at both assets. At Eagle River, we
are raising the upper end of our production guidance and lowering cost expectations . At Kiena, while the team is
actively implementing measures to support second-half production and we continue to see improvements in mining
execution, we have prudently updated our targets for production and unit costs. Updated cost guidance for 2025
also reflects strategic investments in additional technical studies and infrastructure, enabled by the strength of our
balance sheet. For example, additional growth capital has been earmarked to enhance ventilation infrastructure
linked to the Presqu’île exploration ramp and to accelerate development activiti es.
“Wesdome continues to strengthen its financial foundation, underpinned by higher gold prices, robust cash
generation, and a debt‑free balance sheet. With liquidity now exceeding $500 million, Wesdome is in its strongest
position in company history and is developing a capital framework that will balance growth with a disciplined capital
return to shareholders.”
Consolidated Financial and Operating Highlights
In 000s, except per unit and per share amounts Q2 2025 Q2 2024 H1 2025 H1 2024
Financial results
Revenue2 208,548 127,799 396,166 228,721
Cost of sales 59,181 51,560 119,205 105,858
Gross profit 132,172 53,689 235,546 75,932
Cash margin1 149,367 76,239 276,961 122,863
EBITDA1 138,399 67,863 257,758 108,538
Net income 82,696 29,135 145,169 39,843
Earnings per share 0.55 0.19 0.97 0.27
Adjusted net income1 78,856 29,135 141,329 39,843
Adjusted net earnings per share1 0.52 0.19 0.94 0.27
Net cash from operating activities 100,920 57,083 181,076 103,585
Operating cash flow per share3 0.67 0.38 1.21 0.69
Net cash (used in) from financing activities (1,303) (29,330) 43 (39,499)
Net cash used in investing activities (79,987) (25,308) (116,652) (54,760)
Free cash flow1 52,924 28,437 100,428 47,885
Free cash flow per share1 0.35 0.19 0.67 0.32
Average 1 USD → CAD exchange rates 1.3841 1.3684 1.4095 1.3586
Operating results
Gold produced (ounces) 42,781 44,035 88,473 77,357
Gold sold (ounces) 45,900 40,000 91,200 75,700
Per ounce of gold sold1
Cost of sales4 ($/oz) 1,289 1,289 1,307 1,398
Cost of sales4 (US$/oz) 932 942 927 1,029
Cash costs1 ($/oz) 1,285 1,286 1,302 1,395
Cash costs1 (US$/oz) 929 940 924 1,027
AISC1 ($/oz) 2,115 1,977 2,038 2,095
AISC1 (US$/oz) 1,528 1,445 1,446 1,542
Average realized price1 ($/oz) 4,539 3,192 4,339 3,018
Average realized price1 (US$/oz) 3,279 2,333 3,078 2,221
Financial position
Cash 187,564 50,697 187,564 50,697
Working capital5 199,273 31,204 199,273 31,204
Total assets 932,996 644,288 932,996 644,288
Current liabilities 71,166 64,398 71,166 64,398
Total liabilities 197,577 172,407 197,577 172,407
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Eagle River (Ontario, Canada)
Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground
mine (producing since 1995) and a mineral processing facility with a permitted capacity of 1,200 tonnes per day.
Operational and Financial Results
Q2 2025 Q2 2024 H1 2025 H1 2024
Eagle River Operating Results
Ore milled (tonnes) 48,623 52,552 108,633 104,184
Head grade (g/t) 16.9 11.8 16.2 13.6
Average mill recoveries (%) 96.7 96.3 96.5 96.7
Gold production (oz) 25,612 19,272 54,611 44,171
Gold sold (ounces) 27,000 17,500 54,700 44,860
Production costs per tonne milled1 ($) 598 596 597 584
Costs per oz sold ($/oz)
Cash margin1 3,332 1,498 3,083 1,563
Cost of sales 1,211 1,698 1,272 1,413
Cash costs1 1,207 1,695 1,268 1,410
All-in sustaining costs1 1,929 2,545 1,924 2,006
Costs per oz sold (US$/oz)
Cash margin1 2,407 1,094 2,188 1,151
Cost of sales 875 1,241 903 1,040
Cash costs1 872 1,239 899 1,038
All-in sustaining costs1 1,394 1,860 1,365 1,477
1. Refer to the section entitled “Non -IFRS Performance Measures” for the reconciliation of non -IFRS measurements to the financial
statements.
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In 000s, except per unit and per share amounts Q2 2025 Q2 2024 H1 2025 H1 2024
Gold revenue from mining operation 122,551 55,875 238,000 133,370
Cost of sales
Mining 16,439 13,642 33,091 27,844
Processing 6,535 5,827 12,930 11,100
Site administration and camp costs 12,087 11,282 24,121 22,412
Change in inventories (4,627) (2,231) (5,141) (514)
Royalties 2,265 1,200 4,595 2,542
32,699 29,720 69,596 63,384
Silver revenue (114) (52) (255) (148)
Total cash costs 32,585 29,668 69,341 63,236
Cost of sales per ounce of gold sold 1,211 1,698 1,272 1,413
Cash cost per ounce of gold sold1 1,207 1,695 1,268 1,410
Cash margin1 89,966 26,207 168,659 70,134
All-in sustaining costs1
Sustaining mine exploration and development 8,850 7,395 16,417 14,501
Sustaining mine capital equipment 6,676 3,549 11,710 5,282
Sustaining tailings management facility 499 190 624 374
Corporate and general allocation 3,240 2,979 6,563 4,939
Payment of lease liabilities 233 754 569 1,663
52,083 44,535 105,224 89,995
All-in sustaining costs per ounce of gold1 1,929 2,545 1,924 2,006
Cost of sales per tonne milled1 673 566 641 608
Production costs per tonne milled1 598 596 597 584
Total capital expenditures 16,387 11,134 29,114 20,157
1. Refer to the section entitled “Non -IFRS Performance Measures” for the reconciliation of non -IFRS measurements to the financial
statements.
Operating Highlights
During Q2 2025, Eagle River produced 25,612 ounces of gold as compared to 19,272 ounces in Q2 2024 primarily
due to a 44% increase in average grade. As planned, during Q2 2025, a major portion of tonnes produced were
from two zones: 300 and 720F.
In the first half of 2025 , Eagle River has produced 54,611 ounces, a 24% increase over 44,171 ounces in the first
half of 2024. The increase relative to the prior period reflects a 19% increase in average grade and a 4% increase
in mill throughput, supported by reduced dilution , higher grade reconciliation and consistent tonnage yielding
increased ounces from the 300 Zone. These results demonstrate continued progress in optimizing stope design,
improving execution, and refining grade control.
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Mill throughput of 48,623 tonnes was 7% lower than the second quarter of 2024, impacted by an 18 -day planned
shutdown in May and June 2025 for mill maintenance and part s replacement to support growth plans. Mill
throughput of 108,633 tonnes during the first half of 2025 was 4% higher when compared to the same period in
2024 as initiatives to increase drilled and developed inventories started to deliver results. Daily throughput rose 5%
year-over-year to 600 tonnes in the first half of 2025 up from 572 tonnes in the comparative period in 2024.
Q2 2025 production costs of $598 per tonne were largely unchanged compared to the comparative quarter in 2024
despite a planned maintenance shutdown, which resulted in a greater share of fixed costs spread over lower
throughput. For the first six months of 2025, production costs per tonne increased by 2% to $597, reflecting similar
factors.
Financial Highlights
In Q2 2025, Eagle River’s gold revenue increased by 119% to $122.6 million from $55.9 million in Q2 2024 due
to a higher average realized price of gold sold and a 54% increase in ounces sold. During the first half of 2025,
Eagle River’s gold revenue increased by 78% when compared to the same period in 2024 due to a higher average
realized price of gold sold and a 22% increase in ounces sold.
Cost of sales in Q2 2025 was $32.7 million, an increase of 10% relative to the comparative period in 2024 primarily
due to a $4.3 million increase in mine and mill operating costs and increased royalties mainly due to more ounces
produced, partially offset by a change in inventory levels of $2.4 million. Cost of sales for the first half of 2025 totaled
$69.6 million, a 10% increase compared to the same period in 2024. This was principally driven by an $8.8 million
increase in mine and mill operating costs, reflecting higher throughput and increased royalties from greater gold
production. The impact was partially offset by a $4.6 million change in inventory levels.
Cash costs per ounce of gold sold declined to $1,207 (US$872) in Q2 2025 from $1,695 (US$1,239) in Q2 2024
due to an increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,268 (US$899) in
the first half of 2025 from $1,410 (US$1,038) in the comparative period in 2024 due to an increase in ounces sold.
In Q2 2025, AISC per ounce of gold sold decreased by 24% to $1,929 (US$1,394) as compared to Q2 2024, due
to a 54% increase in ounces sold partially offset by 10% higher cash costs and 44% growth in sustaining capital
expenditures. During the first half of 2025, AISC per ounce of gold sold decreased by 4% to $1,924 (US$1,365) as
compared to the same period in 2024, due to a 22% increase in ounces sold partially offset by 10% higher cash
costs and 43% growth in sustaining capital expenditures. In H2 2025, the rate of capital expenditures is expected
to increase as Eagle River accelerates deferred development and new equipment is received.
Exploration Update
Drilling Continues to Delineate 300 Zone and Expand 6 Central Zone
Drill results at the 300-Fold Zone in the second quarter confirm the updated interpretation of a sub-parallel structure
with mineralization plunging at a shallower angle than the main 300 Zone mineralization. Gaps in the interpreted
mineralization wireframe will be targeted with infill drilling in the coming quarter.
In the 6 Central Zone, drilling continues to confirm the down -plunge continuity of mineralization, demonstrating
similar thickness and grade. Located near existing infrastructure, the zone remains open at depth and provides the
potential opportunity to establish another new high-grade mining front at intermediate depths.
Near Surface Opportunities for 720 Falcon
A combination of surface holes and underground holes were drilled to evaluate the lateral and up-plunge continuity
of the 720 Falcon Zone mineralization. Logging of quartz veining in core at the target depths gives visual
confirmation of the continuation of the host structure, with assays pending.
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Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge
The year-end 2024 resource model identified growth opportunities at the Falcon 311 Zone, with mineralization open
to the east, west, and down -plunge. Drilling during the quarter focused on evaluating the continuity of the
mineralization to the east and down-plunge to the southeast in areas closer to existing development. Assays remain
pending with further drilling planned to evaluate the continuity to the west and down -plunge to the southwest.
Global Model
Four underground rigs will be drilling global model targets between now and November, representing nearly 40,000
metres. These global model targets are advanced, a block model mixture of geologic potential with some locally
inferred material. The drill pro gram will enable category conversion of the target material. The global model drill
results will contribute to the updated technical report, which has a new cut-off date of December 31, 2025.
Surface drilling at the Mishi deposit commenced in the second quarter with one rig, with a second rig scheduled to
commence in September. The drill program has been designed to twin existing holes as part of a geological and
structural review including eva luating continuity between mineralized zones and potential controls on deep
mineralization beneath the existing open pit. Drilling at Mishi will contribute to the global model initiative, with the
aim of evaluating potential to support the fill-the-mill strategy.
Surface Exploration
Falcon 720 drill core was prioritized in the second quarter and will remain a key focus, together with core and
surface geochemical samples from the Birch Vein during the third quarter. Birch Vein is located approximately two
kilometres northeast of the intrusive diorite that hosts the Eagle River Mine.
Surface drilling during the quarter also evaluated potential parallel structure between 6 zone and 2 zone in the Eagle
River Mine intrusive diorite. Assays are expected in quarter three, where follow -up drilling may be executed after
the Mishi-Magnacon drill programs.
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Kiena (Québec, Canada)
Kiena is a fully permitted integrated mining and milling operation located on a 75 km 2 land package in Val -d’Or,
Québec. The site features a mill with a permitted capacity of 2,040 tonnes per day.
Operational and Financial Results
Q2 2025 Q2 2024 H1 2025 H1 2024
Kiena Operating Results
Ore milled (tonnes) 50,299 57,669 98,989 103,013
Head grade (g/t) 10.7 13.5 10.8 10.1
Average mill recoveries (%) 98.8 99.0 98.8 98.8
Gold production (oz) 17,169 24,763 33,862 33,186
Gold sold (oz) 18,900 22,500 36,500 30,840
Production costs per tonne milled1 ($) 494 391 492 424
Costs per oz sold ($/oz)
Cash margin1 3,143 2,224 2,967 1,710
Cost of sales 1,401 971 1,359 1,377
Cash costs1 1,397 967 1,354 1,374
All-in sustaining costs1 2,380 1,536 2,209 2,223
Costs per oz sold (US$/oz)
Cash margin1 2,271 1,625 2,105 1,258
Cost of sales 1,012 709 964 1,014
Cash costs1 1,009 707 961 1,011
All-in sustaining costs1 1,720 1,123 1,567 1,636
1. Refer to the section entitled “Non -IFRS Performance Measures” for the reconciliation of non -IFRS measurements to the financial
statements.
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In 000s, except per unit and per share amounts Q2 2025 Q2 2024 H1 2025 H1 2024
Gold revenue from mining operation 85,804 71,798 157,729 95,091
Cost of sales
Mining 15,628 13,915 30,794 27,434
Processing 3,815 3,873 7,351 7,242
Site administration and camp costs 5,426 4,513 10,673 8,291
Change in inventories 1,612 (461) 791 (493)
26,481 21,840 49,609 42,474
Silver revenue (79) (74) (181) (112)
Total cash costs 26,402 21,766 49,428 42,362
Cost of sales per ounce of gold sold 1,401 971 1,359 1,377
Cash cost per ounce of gold sold1 1,397 967 1,354 1,374
Cash margin1 59,402 50,032 108,301 52,729
All-in sustaining costs1
Sustaining mine exploration and development 6,191 8,097 13,548 16,934
Sustaining mine capital equipment 8,896 1,701 10,266 4,241
Sustaining tailings management facility 253 21 828 92
Corporate and general allocation 3,240 2,979 6,563 4,939
44,982 34,564 80,633 68,568
All-in sustaining costs per ounce of gold1 2,380 1,536 2,209 2,223
Cost of sales per tonne milled 526 379 501 412
Production costs per tonne milled1 494 391 492 424
Total capital expenditures 31,520 16,758 51,108 33,880
1. Refer to the section entitled “Non -IFRS Performance Measures” for the reconciliation of non -IFRS measurements to the financial
statements.
Operating Highlights
In Q2 2025, Kiena produced 17,169 ounces, a 31% decrease from 24,763 ounces in Q2 2024. Lower production
levels reflect a 13% reduction in throughput and a 20% decline in average grade, due to continued equipment
constraints that limited access to planned stopes as well as underperformance in one high -grade stope due to
limited delineation . Improved key mobile fleet availability and utilization through enhancements to maintenance
resources and practices, together with access to new mining horizons and recent changes to site leadership point
to a stronger second half.
Production in the first half of 2025, which was entirely sourced from Kiena Deep, totaled 33,862 ounces compared
to 33,186 ounces in the first half of 2024. As previously indicated, production is expected to be weighted toward the
second half of the year, with Q4 representing about 40% of production for the year.
Average grade for the quarter was 10.7 g/t, down from 13.5 g/t in Q2 2024. Access to higher -grade areas was
impacted by continued equipment availability constraints that limited access to planned stopes and several high -
grade stopes originally scheduled for Q2 were deferred. As a result, similar to the first quarter, several recovered
stopes at lower grade were mined.