WESDOME REPORTS STRONG THIRD QUARTER 2025 FINANCIAL RESULTS New quarterly records for net income, EBITDA, net cash from operating activities and free cash flow 1
Wesdome Gold Mines Ltd
TSX: WDO
OTCQX: WDOFF
www.wesdome.com
WESDOME REPORTS STRONG THIRD QUARTER 2025 FINANCIAL RESULTS
New quarterly records for net income, EBITDA, net cash from operating activities and free cash flow 1
Toronto, Ontario – November 4, 2025 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome”
or the “Company”) today announced its financial results for the three and nine months ended September 30, 2025
(“Q3 2025” and “ YTD 2025”). Preliminary operating results for Q3 2025 were disclosed in the Company’s press
release dated October 21, 2025 . Management will host a conference call tomorrow, November 5, 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 (“ TCIFR”), a key safety
performance indicator, was 0.72 in Q3 2025, marking a significant improvement from 1.62 in Q3 2024.
TCIFR was 0.00 and 0.40 for Q2 2025 and Q1 2025, respectively.
• Production and costs : Consolidated gold production was 50,465 ounces; a 12% increase compared to
Q3 2024 and a quarterly record for the Company. Cost of sales per ounce of gold sold increased by 6% to
US$947, while all-in sustaining costs (“AISC”) per ounce of gold sold 1 increased by 1% to US$1,419. The
average realized price of gold sold in Q3 2025 was US$3,523 per ounce.
• Expanding margins: Gross profit increased by 112% year-over-year to $149.0 million and operating cash
margin1 grew by 78% to $168.4 million.
• Record quarterly net income: Net income more than doubled to $86.9 million, or $0.58 earnings per share
(basic), compared to Q3 2024.
• Record quarterly EBITDA1: EBITDA1 increased by 77% to $149.6 million relative to Q3 2024.
• Record net cash from operating activities and free cash flow 1: Net cash from operating activities was
$118.2 million, or $0.78 per share3, while free cash flow1 was $79.0 million, or $0.52 per share.
• Record liquidity: As at September 30, 2025, liquidity stood at $615.0 million, including $265.9 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.
• Normal course issuer bid (“NCIB”) : Subsequent to the end of the quarter, the Company received
approval from the Toronto Stock Exchange to buy back up to 3,013,315 of Wesdome’s common shares,
representing approximately 2% of its current public float, pursuant to an NCIB in the open market through
the facilities of the TSX or alternative Canadian trading systems over the next 12 months.
Anthea Bath, President and Chief Executive Officer commented: “In the third quarter, we achieved multiple
operating and financial records, significant margin expansion, and a 34% free cash flow margin. With the current
gold price providing a strong tailwind, we are well positioned this year to continue capturing marg in, achieve the
mid to upper end of revised consolidated guidance, and deliver one of the strongest free cash flow yields in the gold
sector.
“Eagle River delivered another outstanding quarter, surpassing expectations and setting records across several
metrics, reflecting higher grades, improved dilution control, and stronger operating practices. Eagle River is on track
to deliver production at the high end of its 2025 guidance, which was previously revised upwards in August.
“Kiena is on the cusp of demonstrating improved operational flexibility as it transitions from one mining horizon to
three in the fourth quarter. While we have seen a gradual strengthening of Kiena’s performance in the last three
months, including more than 9,500 ounces produced in October, we are adjusting Kiena’s production and cost
guidance to reflect a more prudent risk assessment for the balance of the year given inconsistent execution and
operational challenges year-to-date. Fourth quarter production will be primarily driven by ore from high-grade Kiena
Deep, supplemented by Presqu’île and 136-level.”
2
Consolidated Financial and Operating Highlights
In 000s, except per units and per share amounts Q3 2025 Q3 2024 YTD 2025 YTD 2024
Financial results
Revenues2 230,284 146,852 626,450 375,573
Cost of sales 61,841 52,217 181,046 158,075
Gross profit 149,005 70,340 384,551 146,272
Operating cash margin1 168,443 94,635 445,404 217,498
EBITDA1 149,554 84,600 407,312 193,138
Net income 86,923 38,999 232,092 78,842
Earnings per share 0.58 0.26 1.54 0.53
Adjusted net income1 86,923 39,196 228,252 79,039
Adjusted net earnings per share1 0.58 0.26 1.52 0.53
Net cash from operating activities 118,213 60,976 299,289 164,561
Operating cash flow per share3 0.78 0.41 1.99 1.10
Net cash (used in) from financing activities (445) 449 (402) (39,050)
Net cash used in investing activities (39,439) (29,607) (156,091) (84,367)
Free cash flow1 78,964 30,838 179,392 78,723
Free cash flow per share1 0.52 0.21 1.19 0.53
Average USD/CAD exchange rates 1.3775 1.3637 1.3989 1.3603
Operating results
Gold produced (ounces) 50,465 45,109 138,938 122,466
Gold sold (ounces) 47,400 42,900 138,600 118,600
Per ounce of gold sold1
Cost of sales4 ($/oz) 1,305 1,217 1,306 1,333
Cost of sales4 (US$/oz) 947 893 934 980
Cash costs1 ($/oz) 1,300 1,214 1,301 1,329
Cash costs1 (US$/oz) 944 890 930 977
AISC1 ($/oz) 1,954 1,920 2,009 2,032
AISC1 (US$/oz) 1,419 1,408 1,436 1,493
Average realized price1 ($/oz) 4,853 3,420 4,515 3,163
Average realized price1 (US$/oz) 3,523 2,508 3,228 2,325
Financial position
Cash 265,893 82,515 265,893 82,515
Working capital5 274,495 69,413 274,495 69,413
Total assets 1,035,161 684,736 1,035,161 684,736
Current liabilities 72,371 61,062 72,371 61,062
Total liabilities 204,849 171,331 204,849 171,331
3
Eagle River (Ontario, Canada)
Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground
mine and a mineral processing facility with a permitted capacity of 1,200 tonnes per day.
Operating and Financial Results
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Eagle River Operating Results
Ore milled (tonnes) 71,575 57,984 180,208 162,168
Head grade (g/t) 15.3 13.1 15.9 13.4
Average mill recoveries (%) 97.3 97.0 96.8 96.8
Gold production (oz) 34,296 23,688 88,907 67,859
Gold sold (ounces) 32,700 21,340 87,400 66,200
Production costs per tonne milled1 ($) 509 545 562 570
Costs per oz of gold sold ($/oz)
Operating cash margin1 3,673 2,000 3,304 1,704
Cost of sales 1,181 1,452 1,238 1,425
Cash costs1 1,176 1,449 1,233 1,422
All-in sustaining costs1 1,657 2,318 1,824 2,107
Costs per oz of gold sold (US$/oz)
Operating cash margin1 2,666 1,467 2,362 1,253
Cost of sales 857 1,065 885 1,048
Cash costs1 853 1,062 882 1,046
All-in sustaining costs1 1,203 1,700 1,304 1,549
4
In 000s, except per unit and per share amounts Q3 2025 Q3 2024 YTD 2025 YTD 2024
Gold revenue from mining operation 158,539 73,600 396,540 206,970
Cost of sales
Mining 16,242 13,456 49,333 41,301
Processing 6,334 5,166 19,264 16,266
Site administration and camp costs 12,922 10,942 37,043 33,354
Change in inventories (71) (156) (5,212) (671)
Royalties 3,185 1,570 7,780 4,112
38,612 30,978 108,208 94,362
Silver revenue (170) (63) (425) (211)
Total cash costs 38,442 30,915 107,783 94,151
Cost of sales per ounce of gold sold 1,181 1,452 1,238 1,425
Cash cost per ounce of gold sold1 1,176 1,449 1,233 1,422
Operating cash margin1 120,097 42,685 288,757 112,819
All-in sustaining costs1
Sustaining mine exploration and development 8,370 6,613 24,787 21,115
Sustaining mine capital equipment 3,360 4,292 15,071 9,574
Sustaining tailings management facility 469 4,027 1,093 4,401
Corporate and general allocation 3,435 3,013 9,998 7,952
Payment of lease liabilities 107 615 676 2,278
54,183 49,475 159,408 139,471
All-in sustaining costs per ounce of gold1 1,657 2,318 1,824 2,107
Cost of sales per tonne milled1 539 534 600 582
Production costs per tonne milled1 509 545 562 570
Total capital expenditures 12,836 14,932 41,950 35,090
Operating Highlights
During Q3 2025, Eagle River produced 34,296 ounces of gold as compared to 23,688 ounces in Q3 2024 primarily
due to a 17% increase in average grade. As planned, a major portion of tonnes produced during the quarter were
from two zones: 300 and 720 Falcon.
In the first three quarters of 2025, Eagle River produced 88,907 ounces, a 31% increase over the 67,859 ounces
produced in the first three quarters of 2024. The increase relative to the prior period reflects an 18% increase in
average grade and an 11% incr ease in mill throughput, primarily influenced by mine sequence and improved
operational performance, enhanced by a meaningful reduction in dilution, and positive reconciliation on specific
stoping blocks in the 300 Zone. These results demonstrate continued advancements made in optimizing stope
design, improving execution, and refining grade control.
Mill throughput of 71,575 tonnes was 23% higher than the third quarter of 2024. Tonnage rates increased during
the quarter, benefitting from recent mill upgrades. Mill throughput of 180,208 tonnes during the first three quarters
of 2025 was 11% higher when compared to the same period in 2024 as a result of improved mill utilization.
5
Q3 2025 production costs of $509 per tonne were 7% lower than the third quarter of 2024, primarily driven by higher
throughput and cost saving initiatives. For the first nine months of 2025, production costs per tonne decreased by
2% to $562, reflecting similar factors.
Financial Highlights
In Q3 2025, Eagle River’s gold revenue increased by 115% to $158.5 million from $73.6 million in Q3 2024 due to
a higher average realized price of gold sold and a 53% increase in ounces sold. During the first three quarters of
2025, Eagle River’s gold reve nue increased by 92% when compared to the same period in 2024 due to a higher
average realized price of gold sold and a 32% increase in ounces sold.
Cost of sales in Q3 2025 were $38.6 million, an increase of 25% relative to the comparative period in 2024 primarily
due to a $5.9 million increase in mine and mill operating costs and increased royalties mainly due to more tonnes
processed and ounces prod uced. Cost of sales for the first three quarters of 2025 totaled $108.2 million, a 15%
increase compared to the same period in 2024. This was principally driven by a $14.7 million increase in mine and
mill operating costs, reflecting higher throughput and increased royalties from increased gold production. The impact
was partially offset by a $4.5 million change in inventory levels.
Cash costs per ounce of gold sold declined to $1,176 (US$853) in Q3 2025 from $1,449 (US$1,062) in Q3 2024
primarily due to the increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,233
(US$882) in the first three quarters of 2025 from $1,422 (US$1,046) in the comparative period in 2024 due primarily
to the increase in ounces sold.
In Q3 2025, AISC per ounce of gold sold decreased by 29% to $1,657 (US$1,203) as compared to Q3 2024, due
to a 53% increase in ounces sold and an 18% decrease in sustaining capital expenditures, partially offset by a 24%
increase in total cash costs due to higher gold ounces sold. During the first three quarters of 2025, AISC per ounce
of gold sold decreased by 13% to $1,824 (US$1,304) as compared to the same period in 2024, due to a 32%
increase in ounces sold partially offset by 14% higher total cash cost s and 17% growth in sustaining capital
expenditures due to increased spending on mine infrastructure. Eagle River’s capital expenditures have steadily
increased during the first three quarters of 2025 and are expected to rise in Q4 2025 with increased defe rred
development and the arrival of new equipment.
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. 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 and underground holes were drilled during the quarter to evaluate the lateral and up -
plunge continuity of the 720 Falcon Zone mineralization. Initial results were positive, with further assays pending.
Follow-up holes are planned for the fourth quarter.
Drilling in Falcon 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.
6
Global Model
Four underground rigs commenced drilling global model targets in the third quarter. These targets are a mixture of
predominantly geologic potential material and are well advanced. The drill program has been designed to facilitate
conversion of the target m aterial, with a total of 32 targets defined to date. Of the 32 targets, drilling has been
completed on six, with a further fourteen in progress, and twelve remaining to be drilled in early 2026. Approximately
45% of the drill metres required for the first 20 targets have been completed, with the remaining drilling planned for
the fourth quarter. Approximately 60% of the total targets are expected to be included in Eagle River’s 2026 NI 43 -
101 technical report, which will have a drilling cutoff date of December 31, 2025. The remaining targets will be drilled
in 2026.
Surface Exploration
Along with testing the up -plunge extension of 720 Falcon, surface drilling during the quarter evaluated a potential
parallel structure between 6 Zone and 2 Zone in the Eagle River mine intrusive diorite. Follow-up drilling is planned
for early 2026.
Two rigs are currently active, one at the Mishi and one at the Magnacon deposits, twinning historic holes and testing
geologic and structural concepts as part of a geological and structural review. At Mishi, holes were also designed
to evaluate 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 at year end.
On the former Angus Gold Inc. (“Angus”) mineral exploration claim areas, resource validation and delineation drilling
was completed at the Dorset and Dorset West deposits in the third quarter. Geotechnical holes are planned for
completion in the fourth quarter, along with Leachwell bottle roll tests on select mineralized samples. Multi-element
information from portable XRF analysis is in progress, designed to aid in the definition of geologic units and styles
of alteration and mineralization.
Helicopter supported drilling continued at the Cameron Lake Iron Formation, advancing the evaluation of a potential
large tonnage, lower grade deposit.
7
Kiena (Quebec, Canada)
Kiena is a fully permitted integrated mining and milling operation located on a 75 km 2 land package in Val -d’Or,
Quebec. The site features a mill with a permitted capacity of 2,040 tonnes per day.
Operating and Financial Results
Q3 2025 Q3 2024 YTD 2025 YTD 2024
Kiena Operating Results
Ore milled (tonnes) 50,147 51,321 149,136 154,334
Head grade (g/t) 10.2 13.1 10.6 11.1
Average mill recoveries (%) 98.7 99.0 98.8 98.9
Gold production (oz) 16,169 21,421 50,031 54,607
Gold sold (oz) 14,700 21,560 51,200 52,400
Production costs per tonne milled1 ($) 506 426 496 424
Costs per oz of gold sold ($/oz)
Operating cash margin1 3,289 2,410 3,060 1,998
Cost of sales 1,580 985 1,423 1,216
Cash costs1 1,576 981 1,418 1,212
All-in sustaining costs1 2,615 1,526 2,326 1,937
Costs per oz of gold sold (US$/oz)
Operating cash margin1 2,387 1,767 2,187 1,469
Cost of sales 1,147 722 1,017 894
Cash costs1 1,144 719 1,014 891
All-in sustaining costs1 1,899 1,119 1,663 1,424
8
In 000s, except per unit and per share amounts Q3 2025 Q3 2024 YTD 2025 YTD 2024
Gold revenue from mining operation 71,512 73,099 229,242 168,190
Cost of sales
Mining 16,140 13,634 46,932 41,067
Processing 3,686 3,645 11,037 10,888
Site administration and camp costs 5,766 4,360 16,439 12,651
Change in inventories (2,362) (400) (1,571) (893)
23,230 21,239 72,837 63,713
Silver revenue (64) (90) (245) (202)
Total cash costs 23,166 21,149 72,592 63,511
Cost of sales per ounce of gold sold 1,580 985 1,423 1,216
Cash cost per ounce of gold sold1 1,576 981 1,418 1,212
Operating cash margin1 48,346 51,950 156,650 104,679
All-in sustaining costs1
Sustaining mine exploration and development 7,052 6,804 20,600 23,739
Sustaining mine capital equipment 3,294 1,721 13,559 5,964
Sustaining tailings management facility 1,498 220 2,326 312
Corporate and general allocation 3,435 3,013 9,998 7,952
38,445 32,907 119,075 101,478
All-in sustaining costs per ounce of gold1 2,615 1,526 2,326 1,937
Cost of sales per tonne milled 463 414 488 413
Production costs per tonne milled1 506 426 496 424
Capital expenditures 26,306 14,590 77,414 48,469
Operating Highlights
In Q3 2025, Kiena produced 16,169 ounces, a 25% decrease from 21,421 ounces in Q3 2024. A 22% reduction in
grade drove most of the decline in production compared to the third quarter of 2024. The 22% change in average
grade was planned and primarily due to higher grade in the comparative quarter of 2024 that was well above Kiena
Deep’s reserve grade of 10.1 grams per tonne. Tonnes milled were lower than planned in Q3 2025 due to contractor
execution issues and underperformance at Presqu’île, which negatively impacted the quarter’s production.
Production in the first three quarters of 2025 totaled 50,031 ounces compared to 54,607 ounces in the first three
quarters of 2024. Year-over-year grades were 0.5 g/t lower in 2025 but were aligned with the current reserve grade
of 10.1 grams per tonne for Kiena Deep. Relative to plan, tonnage for the first three quarters of the year was lower,
reflecting inconsistent execution and unplanned downtime resulting in a slower mining sequence. Several stopes
were deferred into Q4 2025 and 2026. Kiena’s fourth quarter is expected to be its strongest of the year, with ore
coming from three mining horizons: Kiena Deep, Presqu’île and 136-level.
Average grade for the quarter of 10.2 g/t was in line with Kiena’s 2025 guidance and Kiena’s Deep’s reserve grade
but down from 13.1 g/t in Q3 2024. The longer than planned hoist shutdown and other infrastructure downtime
during the quarter restricted unde rground mining activities. Fewer planned stopes were mined, resulting in lower
tonnes processed, an impact on sequencing and the deferral of stopes into Q4 2025 and 2026.