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Wesdome Announces Record Production in Q2 2024; Repays Remaining Balance on Revolving Credit Facility

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Wesdome Announces Record Production in Q2 2024; Repays Remaining Balance on Revolving Credit Facility

 

 

 

 

 

Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) announces its production results for the second quarter ended June 30, 2024. The Company is also providing notice that it will release its Q2 2024 financial results after markets close on Wednesday, August 14, 2024 and host a conference call and webcast the following morning.

 

Q2 2024 Production Performance

 

  Q2 2024 Q2 2023 H1 2024 H1 2023
Ore milled (tonnes)        
Eagle River 52,552 64,672 104,184 118,955
Kiena 57,669 51,824 103,013 94,148
         
Head grade (grams per tonne)        
Eagle River 11.8 11.4 13.6 11.8
Kiena 13.5 5.0 10.1 5.4
         
Gold production (ounces)        
Eagle River 19,272 22,845 44,171 43,336
Kiena 24,763 8,147 33,186 16,024
Total production 44,035 30,992 77,357 59,360
         
Production sold (ounces) 40,000 32,000 75,700 62,000
         

 

Anthea Bath, President and CEO of Wesdome, commented, “The second quarter marked a milestone for Wesdome, delivering the highest consolidated quarterly production output to date.

 

At Kiena, production nearly tripled compared to the first quarter due to the ramp-up in mining of high-grade Kiena Deep ore from the 129-level horizon in mid-April, which was processed at record throughput levels. This is a proud moment for all involved, and I extend my congratulations to the entire site team. At Eagle River, the mine delivered on plan despite a maintenance shutdown in late June.

 

With solid performance in the first half of the year, we are on track to achieve our 2024 annual production guidance of between 160,000 and 180,000 ounces of gold.

 

As both high-grade mines continue to generate strong operating cash flow, we paid down the remaining $29 million balance on our revolving credit facility on schedule at the end of June. Wesdome is now debt-free, an important step as we position the Company for long-term sustainable growth.”

 

The financial statements and management discussion and analysis will be available on the Company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.ca.

 

About Wesdome Gold Mines Ltd.

 

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 July 9, 2024

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