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Wesdome Announces Fourth Quarter and Full Year 2023 Financial Results; Provides Annual Mineral Reserve and Resource Update

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Wesdome Announces Fourth Quarter and Full Year 2023 Financial Results; Provides Annual Mineral Reserve and Resource Update

 

 

 

 

 

Wesdome Gold Mines Ltd. (TSX: WDO) announces its results for the fourth quarter and year ended December 31, 2023. The Company is also providing its updated Mineral Reserve and Resource statements. Preliminary operating results for the fourth quarter and year ended 2023 as well as multi-year production and operating guidance were disclosed on January 15, 2024. Management will host a conference call tomorrow, Wednesday March 13 at 10:00 a.m. Eastern time to discuss the results.

 

All figures are expressed in Canadian dollars unless otherwise indicated.

 

Fourth Quarter and Full Year 2023 Highlights

  • Gold production in the fourth quarter was 36,216 ounces at cash costs of $1,451 per ounce1 (US$1,065) and all-in sustaining costs of $2,082 per ounce1 (US$1,529).
  • For the full year 2023, gold production was 123,336 ounces at cash costs of $1,579 per ounce1 (US$1,170) and all-in sustaining costs of $2,231 per ounce1 (US$1,653). Production and costs both compare favourably relative to 2023 guidance ranges.
  • Cash margins1 for the fourth quarter and full year 2023 was $47.6 million and $132.9 million respectively, representing a 80% and 39% increase relative to corresponding periods in 2022 mainly due to a higher Canadian dollar realized gold price and increase in ounces sold.
  • Net income and adjusted net income for the fourth quarter of 2023 of $2.4 million ($0.02 per share). The quarter included a non-cash deferred tax impact of $8.6 million but was still $5.9 million higher than the corresponding period in 2022.
  • Operating cash flow in the fourth quarter and full year 2023 of $37.2 million ($0.25 per share) and $101.4 million ($0.69 per share) was 262% and 55% higher than the corresponding periods in 2022 mainly due to the higher cash margin.
  • Free cash flow in the fourth quarter and full year 2023 was $39.4 million and $83.8 million higher than the corresponding periods in 2022 mainly due to the higher cash margin and overall decrease in capital expenditures.
  • Available liquidity of $152.6 million, including $41.4 million in cash and $111.0 million of undrawn availability under the Company’s revolving credit facility. Cash net of the revolver increased by $24.2 million in 2023.

 

Anthea Bath, President and CEO, commented, “We closed 2023 with a stronger balance sheet and performed well relative to our 2023 operating targets. With the release of our multi-year guidance earlier this year, we are now focused on delivering significantly higher production and free cash flow in 2024 and 2025. At Kiena, development continues to advance, successfully addressing the challenges of mining in schist material. Consequently, we look forward to accessing and processing higher-grade material in the second quarter. At Eagle River, we are evaluating potential initiatives to optimize the operation and reduce costs while advancing development towards the 300 Zone at depth.

 

Accompanying our results, we announced our Mineral Reserves and Resources for year-ended 2023, including a 12% increase in total gold Mineral Reserves as compared to year-end 2022. The additions were driven primarily by the initial Mineral Reserve at Presqu’île Zone along with additions to Kiena Deep, and Zone 6 Central at Eagle River. We have an ambitious exploration program in 2024, which we expect to yield high quality resource additions and new discoveries, evidenced most recently by the rapid growth of the Falcon 311 Zone at Eagle River.

 

As we approach a free cash flow inflection point this year, we remain dedicated to meeting our performance targets, and pursuing strategic activities that drive high return growth in the jurisdictions in which we operate.”

 

Financial and Operating Highlights

 

A summary of the Company’s consolidated financial and operating results for the twelve months ended December 31, 2023 are presented below:

 

(in thousands of Canadian dollars, unless otherwise indicated) Q4 2023 Q4 2022 FY 2023 FY 2022
 Financial Results        
         
Revenues 102,221   75,035   333,173   265,483  
Cost of sales 78,506   61,997   295,422   214,371  
Cash margin1 47,576   26,466   132,939   95,674  
EBITDA1 38,256   21,309   99,333   55,617  
Net loss attributable to shareholders 2,420   (3,527)   (6,187)   (14,706)  
Net income ($/sh) 0.02   (0.02)   (0.04)   (0.10)  
Adjusted attributable net loss1 2,420   (3,527)   (1,910)   (5,856)  
Adjusted attributable net loss1 ($/sh) 0.02   (0.02)   (0.01)   (0.04)  
Operating cash flow 37,176   10,267   101,351   65,206  
Operating cash flow ($/sh) 0.25   0.07   0.69   0.46  
Cash flow from financing activities (1,946)   37,307   5,421   57,435  
Cash flow from investing activities (25,441)   (39,130)   (98,586)   (146,220)  
Free cash flow1 7,799   (31,609)   (6,405)   (90,174)  
Free cash flow1 ($/sh) 0.05   (0.22)   (0.04)   (0.63)  
         
Operating Results        
Gold produced (oz) 36,216   35,116   123,336   110,850  
Gold sold (oz) 37,620   31,500   126,620   113,000  
         
Average realized gold price1 ($/oz) 2,715   2,380   2,629   2,347  
Average realized gold price1 (US$/oz) 1,994   1,753   1,948   1,804  
         
Cash costs1 ($/oz) 1,451   1,540   1,579   1,500  
All-in sustaining costs1 ($/oz) 2,082   2,136   2,231   2,020  
All-in sustaining costs1 (US$/oz) 1,529   1,573   1,653   1,552  
         
Financial Position        
Cash and cash equivalents 41,371   33,185   41,371   33,185  
Working capital (6,894)   (38,044)   (6,894)   (38,044)  
Total assets 618,956   619,127   618,956   619,127  
Current liabilities 89,115   115,591   89,115   115,591  
Total liabilities 191,656   220,608   191,656   220,608  
         

Notes:

  1. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements

 

Eagle River, Ontario

 

  Q4 2023 Q4 2022 FY 2023 FY 2022
         
Ore milled (tonnes)        
Eagle River 54,669 58,306 222,627 223,734
Mishi 6,150 23,153
Total Ore Milled 54,669 58,306 228,777 246,887
         
Head grade (grams per tonne, “g/t”)        
Eagle River 14.1 14.0 12.6 11.5
Mishi 2.3 3.2
Total head grade 14.1 14.0 12.4 10.7
         
Recoveries (%)        
Eagle River 97.0 97.4 96.9 96.9
Mishi 72.5 83.5
Total Gold recovery 97.0 97.4 96.7 96.5
         
Gold production (ounces)        
Eagle River 24,072 25,502 87,467 79,997
Mishi 0 0 332 2,005
Total Gold Production 24,072 25,502 87,799 82,002
         
Production sold (ounces) 25,600 21,650 91,700 79,250
         
Production costs per tonne milled1 526 515 502 436
         
Cash margin1 ($/oz) 1,462 1,083 1,275 998
Cash costs1 ($/oz) 1,261 1,302 1,347 1,356
All-in sustaining costs1 ($/oz) 1,902 2,039 2,001 2,003
         

 

For the three months ended December 31, 2023 and 2022, Eagle River produced 24,072 ounces and 25,502 ounces, respectively, which reflects a decrease of 6% due to a decrease in throughput at Eagle River as Mishi stockpiles were depleted and all ore was sourced from the Eagle River underground subsequent to the first quarter of 2023. During the fourth quarter of 2023, cash costs were $1,261 (US$926) per ounce of gold sold while all-in sustaining costs were $1,902 (US$1,397) per ounce of gold sold.

 

For the full year 2023 and 2022, Eagle River produced 87,799 ounces and 82,002 respectively, which reflects increase in head grade, offset partly by lower throughput as Mishi stockpiles were depleted. The 2023 Eagle River head grade of 12.4 g/t is in the higher range of guidance due to processing additional high-grade ore from the Falcon Zone combined with positive reconciliation from the 300 Zone. During the full year 2023, AISC of $2,001 (US$1,483) per ounce of gold sold was comparable to $2,003 (US$1,539) in 2022, reflecting higher operating costs and sustaining capital expenditure offset by higher ounces sold.

 

In 2024, Eagle River is expected to produce 80,000 to 90,000 ounces at cash costs of $1,275 to $1,425 per ounce and all-in sustaining costs of $2,050 to $2,250 (US$1,550 to US$1,700) per ounce. While production levels are in-line with the prior year, contribution of tonnes and ounces is expected to shift away from 720F Falcon Zone and towards the higher grade 300 Zone at depth.

 

Kiena, Quebec

 

  Q4 2023 Q4 2022 FY 2023 FY 2022
         
Ore milled (tonnes) 49,649 51,419 191,148 115,171
         
Head grade (grams per tonne, “g/t”) 7.7 5.9 5.9 7.9
         
Recoveries (%) 98.5 98.1 98.3 98.3
         
Gold production (ounces) 12,144 9,614 35,537 28,848
         
Production sold (ounces) 12,020 9,850 34,920 33,750
         
Production costs per tonne milled1 417 352 405 518
         
Cash margin1 ($/oz) 845 308 460 492
Cash costs1 ($/oz) 1,854 2,063 2,189 1,839
All-in sustaining costs1 ($/oz) 2,466 2,348 2,834 2,059
         

 

For the three months ended December 31, 2023 and 2022, Kiena produced 12,144 ounces and 9,614 ounces respectively, reflecting higher grade processed. During the fourth quarter of 2023, cash costs were $1,854 (US$1,361) per ounce of gold sold while all-in sustaining costs were $2,466 (US$1,811) per ounce.

 

For the full year 2023 and 2022, Kiena produced 35,537 ounces and 28,848 ounces respectively, reflecting more tonnes processed, offset in part by lower grade. The 2023 Kiena head grade of 5.9 g/t is above the 2023 Kiena guidance of 3.7 – 4.7 g/t, due to an overall positive reconciliation of recovered diluted material from previous mining, and a higher proportion of ore sourced from the higher grade Kiena Deep. During the full year 2023, AISC of $2,834 (US$2,100) per ounce of gold sold was higher compared to $2,059 (US$1,582) in 2022, reflecting the inclusion of capital expenditures previously classified as Growth capital after the declaration of commercial production on December 1, 2022. Please refer to the Company’s management’s discussion & analysis dated March 12, 2024 for a detailed description of growth capital and sustaining capital.

 

In 2024, Kiena is expected to produce 80,000 to 90,000 ounces at cash costs of $875 to $975 per ounce and all-in sustaining costs of $1,475 to $1,625 (US$1,100 to US$1,225) per ounce. Higher annual production levels reflect declining production contribution from the Martin Zone relative to higher grade ore from the Kiena Deep 129L horizon. Overall development performance subsequent to quarter end has met internal expectations, with higher grade ore expected to be processed in the second quarter.

 

Updated Mineral Reserve and Resources for Year-End 2023

  • At December 31, 2023, Wesdome’s combined proven and probable mineral reserves totalled 1.1 million ounces (2.8 million tonnes grading 12.7 grams per tonne gold); combined measured and indicated mineral resources (exclusive of reserves) were 327 thousand ounces (1.3 million tonnes grading 7.8 g/t gold); and combined inferred mineral resources were 808 thousand ounces (3.8 million tonnes grading 6.7 g/t gold).
  • Cutoff grade calculations for resources reflect an increase in the gold price assumption to US$1,700 per ounce (from US$1,500 previously) and a slightly weaker Canadian dollar assumption of 1.32 (from 1.30 previously). The gold price assumption used for reserve calculations remains unchanged at US$1,400 per ounce. Changes to the mineral resources and reserves methodology included applying more conservative estimation parameters and optimized interpolation techniques at both Eagle and Kiena.
  • Reserves and Resource estimates at both sites reflect reduced exploration spend in 2023. Drilling was therefore focused on improving geometric understanding of orebodies and conversion of resources to Measured and Indicated categories at both operations.
  • The drilling program in 2024 has been doubled compared to 2023 to approximately $30 million, or 185,000m across underground delineation and exploration, as well as surface drilling. The program will aim to increase reserves and resources adjacent to mine infrastructure and to test conceptual targets.

 

The Company’s gold mineral reserves effective December 31, 2023 are set out in the table below, and are compared with the gold mineral reserves for the prior corresponding period.

 

  2023 Reserves 2022 Reserves
  Tonnes Grade Ounces Tonnes Grade Ounces
  (000)​ (g/t Au)​ (000)​ (000)​ (g/t Au)​ (000)​
Eagle River            
Proven 247 20.43 162 139 14.10 63
Probable 452 15.94 232 614 16.70 331
Stockpile & Inventory 17 11.27 6 9 22.20 6
Total 716 17.38 400 762 16.33 400
             
Kiena            
Proven 62 9.57 19 53 8.49 14
Probable 1,995 11.08 711 1,605 11.47 592
Stockpile & Inventory 4 6.94 1
Total 2,061 11.03 731 1,658 11.38 606
             
Wesdome            
Proven 309 18.25 182 192 12.59 78
Probable 2,447 11.98 943 2,219 12.93 923
Stockpile & Inventory 21 10.41 7 9 22.23 6
Total 2,778 12.67 1,131 2,412 12.98 1,007
             

 

Note:

  1. Mineral Reserves are reported above 4.01 g/t cut-off grade for Kiena Deep, 3.35g/t cut-off grade for Presqu’île and 6.58 g/t for Eagle River.
  2. Mineral Reserves demonstrated economic viability with the following parameters:
    • A gold price of $1,848 (US$1,400) per ounce for the Reserves, with a USD:CAD exchange rate of 1.32.
    • The minimum mining width used at Kiena is 2.1m and Eagle River is 1.5m.
    • External dilution at Kiena varied from 0.25m to 2.0m for stope walls depending on the host rock type. At Eagle River, an additional 0.5m to 0.75m is external to the footwall and hanging wall stopes.
    • A dilution grade is used outside the vein only at Eagle River at 0.16g/t.
    • A mining recovery factor 90% is applied at Kiena and 95% at Eagle River.
    • The total cost per tonne at Kiena is $234/t and $370/t at Eagle River.
    • 97% Mill recovery for Martin Zone is 97% and 98.3% for the Kiena Deep Zones. At Eagle River, mill recovery is 97.0%.
    • A bulk density factor of 2.8 tonnes per cubic m (t/m3) at Kiena and 2.7 (t/m3) at Eagle River.
  3. The Kiena Deep Zone incorporates, A, A1, A2, H1ZA, BZA1, BZA2 and Sneak lenses.
  4. At Kiena, stopes including 50% or more of Measured Resources were classified as a Proven Reserves. At Eagle River, Proven and Probable reserves are based on the block model classification.
  5. Mineral Reserves are classified and have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (the “CIM Definition Standards”, adopted by CIM Council on May 10, 2014).
  6. Mineral Reserves have been depleted for mining as of December 31, 2023.
  7. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.

 

The Company’s gold mineral resources effective December 31, 2023 are set out in the table below, and are compared with the gold mineral resources for the prior corresponding period.

 

2023 Resources 2022 Resources
Tonnes​ Grade​ Ounces​ Tonnes​ Grade​ Ounces​
  (000)​ (g/t Au)​ (000)​ (000)​ (g/t Au)​ (000)​
Eagle River
Measured​ 201 10.8 70 176 14.2 80
Indicated​ 570 9.6 176 290 11.3 106
Total M&I 771 9.9 246 466 12.4 186
Inferred​ 2,858 3.8 349 2,883 4.4 402
             
Kiena
Measured​ 52 7.0 12 45 7.8 11
Indicated​ 472 4.6 70 926 5.1 153
Total M&I 525 4.8 81 971 5.3 164
Inferred​ 3,213 5.6 579 3,498 5.9 668
             
Wesdome
Measured​ 253 10.1 82 221 12.8 91
Indicated​ 1,042 7.3 246 1,216 6.6 259
Total M&I 1,296 7.8 327 1,437 7.6 350
Inferred​ 6,071 6.7 928 6,381 5.2 1,070
             

 

Note:

  1. Mineral resources are reported exclusive of mineral reserves; mineral resources that are not mineral reserves do not have demonstrated economic viability.
  2. Mineral resources at Kiena and Eagle River Mine are considered for underground extraction and include ore grade and waste material within potentially mineable volumes. Kiena’s mineral resource is reported below the 100m crown pillar.
  3. Eagle River Inferred Resources include a Mishi open pit inventory of 120koz at 1.6 g/t constrained within a conceptual pit design.
  4. A bulk density factor of 2.8 tonnes per cubic m (t/m3) was applied at Kiena and 2.7 tonnes per cubic m (t/m3) at Eagle River and Mishi
  5. Resources at Kiena Mine are reported using a 2.97 g/t Au cut-off grade for Kiena Deep, S50, Zone B and K109 zones; at Presqu’île, Dubuisson, Martin and Wish Zones, a cut-off grade of 2.42g/t was applied with Northwest, South, VC and Wesdome zones being reported at a cut-off grade of 3.2g/t.
  6. The cut-off grade for resources reported at Eagle River mine was 4.38g/t and 0.52g/t at Mishi.
  7. Economic parameters for the determination of the resource cut-off grade for Kiena include:
    • Gold price of $2,244 (US$1,700) per ounce, a USD/CAD exchange rate of 1.32.
    • Cost per tonne of $172/t milled for Presqu’île and $211/t milled for all other zones at Kiena.
    • 98.5% mill recovery.
  8. Economic parameters for the determination of the cut-off grade for Eagle River include:
    • Gold price of $2,244 (US$1,700) per ounce, a USD/CAD exchange rate of 1.32.
    • Cost per tonne of $299/t milled.
    • 97% mill recovery.
    • Royalty of 2%.
    • Mishi resources remain unchanged from December 31, 2022.
  9. Mineral resources are classified and have been estimated in accordance with CIM Definition Standards .
  10. As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.

 

Exploration Updates

 

Eagle River

 

Ongoing underground drilling of the 300 East Zone has continued to confirm the continuity of the geometry and the consistency of the high-grade mineralization has now been extended to the 1,600 m-level and remains open down plunge. Recent drilling along the eastern margin of the 300 East Zone has returned wider widths, including 77.6 g/t Au over 9.4 m core length and 42.6 g/t Au over 4.9 m core length.

 

In October 2023, the Company announced the discovery of a second zone within the volcanic rocks west of the mine diorite. This new Falcon 311 Zone has been delineated to extend at least 200 meters along plunge and nearly 100 meters along strike, and interpreted to extend 900 metres to surface, similar to the neighbouring Falcon 7 Zone. Recent drilling returned 269.6 g/t Au over 2.3 m core length (26.7 g/t Au capped,1.5 m true width), including 1,261 g/t Au over 0.5 m and 53.0 g/t Au over 2.9 m core length (28.6 g/t Au capped, 1.9 m true width).

 

Additionally, gold mineralization was identified along the eastern margin of the mine diorite with limited drilling near the historic 6 Zone, confirming our theory that volcanic rocks along this trend are a host for gold mineralization, particularly in proximity to the diorite contact. Recent drilling returned 22.5 g/t Au over 1.7 m core length (93.5 g/t Au capped, 1.5 m true width).

 

Both new volcanic-hosted zones have the potential to extend from surface and down plunge to depths equal to that of the neighbouring 300E Zone that has been tested to 1,500 vertical metres below surface.

 

In 2024, the Company increased the exploration program at Eagle River and set the following objectives:

  • Deep drilling below 300E Zone with large step-outs to provide initial indication of mineralization at depth to optimize future drilling and development, as well as convert the large Inferred Resource base at 300E Zone to the Indicated category and subsequently into Reserves.
  • Define and extend the recently discovered Falcon 311 Zone.
  • Test volcanic rocks east of the mine diorite having similar potential to the Falcon zones previously discovered west of the mine diorite proximal to the historic 2 Zone.
  • Test the depth potential of zones adjacent to 300E, including 808, 811, 818, 711 and 7 East.
  • Expand the recently drilled 6 Zone in the eastern portion of the mine diorite.
  • Test regional targets Fork and Birch veins from surface. Year to date, warm weather conditions have deferred this drilling, which may be reallocated to exploration targets immediately east of the mine diorite.

 

Kiena

 

During 2023, exploration drilling was focused on converting Inferred resources to the Indicated category at Presqu’île and at Kiena Deep, and subsequently into the Reserve category.

 

At Kiena Deep, drilling was focused on better defining and extending the South Limb and has confirmed the continuity and high grade of this zone. At Presqu’île, drilling has confirmed not only the continuity of the gold mineralization and the validity of the geologic model, but also the potential for down plunge extensions towards the east. Highlights of recent in-fill drilling include 32.5 g/t over 3.0 m core length. The development of an exploration ramp from surface to access the shallow Presqu’île Zone is underway now that the necessary permits have been secured. The Presqu’île Zone is just one of several zones having the potential to offer a supplementary source of mill feed in the upper mine area for the underutilized Kiena mill. Previous drilling results from the Shawkey and Dubuisson Zones, both adjacent to the existing 33-level track drift development that extends over three kilometres east of the Kiena mine shaft, further reinforces the potential of this area.

 

Additionally, underground drills on the rehabilitated portion of the 33 level continued to test historic zones and anomalous drill results further to the east along strike from the Kiena mine, particularly around the Martin and Wish Zones. Rehabilitation work is progressing eastwards.

 

In 2024, the Company increased the exploration program at Kiena and set the following objectives:

  • Follow up on prospective areas proximal to Martin, Wish and Shawkey zones from the 33-level track drift where recent drilling results have intersected shearing and quartz veining with visible gold.
  • Define and extend Kiena Deep Footwall and Hanging Wall Zones. Both zones have previously returned high grade results and require further definition and expansion. The amount of drilling in this area will increase gradually over the medium term as more optimal drill platforms become available.
  • Drill test the depth potential of the Presqu’île Zone from surface.
  • Convert existing Inferred resources at Dubuisson zone into the Indicated category. Additional structural information will be collected to improve the 3D model.

 

Technical Disclosure

The technical and geoscientific content of this release including the Mineral Resource and Mineral Reserve estimates have been compiled, reviewed, and approved by Michael Michaud, P.Geo, Vice President, Exploration of the Company and Frédéric Langevin, Eng, Chief Operating Officer of the Company, each a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

 

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.

 

For the above reasons, information contained in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

 

About Wesdome

 

Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer.

 

Posted March 13, 2024

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