Wesdome Gold Mines Ltd. (TSX:WDO) (OTCQX:WDOFF) announced its results for the three and twelve months ended December 31, 2024. Preliminary operating results for Q4 2024 and FY 2024 were disclosed in the Company’s press release dated January 14, 2025. All amounts are expressed in Canadian dollars unless otherwise indicated.

Q4 & FY 2024 Highlights

• Improving health & safety performance: The Company’s lost time incident frequency rate declined to 0.10 in FY 2024 from 0.76 in FY 2023 (based on OHSA 200,000 hours frequency calculation).
• Record annual production: Consolidated gold production in Q4 2024 and FY 2024 increased year-over-year by 37% to 49,567 ounces and 39% to 172,033 ounces, respectively.
• Record annual revenue: FY 2024 revenue increased by 68% compared to FY 2023 to $558.2M driven by strong Q4 2024 revenue of $182.6M.
• Record annual net income: Q4 2024 net income of $56.6 million, or $0.38 earnings per share, drove FY 2024 net income of $135.7 million, or $0.91 earnings per share.
• Record net cash from operating activities and free cash flow¹: Net cash from operating activities in FY 2024 was $241.0 million, or $1.61 per share, including $76.4 million, or $0.51 per share³, in Q4 2024. FY 2024 free cash flow¹ was $118.6 million, or $0.79 per share, reflecting a robust fourth quarter contribution of $39.9 million, or $0.27 per share.
• Debt-free balance sheet and significant growth in liquidity: Cash of $123.1 million as at December 31, 2024 nearly tripled since the end of the prior fiscal year. The balance on the Company’s revolving credit facility of $39.0 million as at December 31, 2023 was fully repaid in 2024, resulting in available liquidity of $273.1 million, including $123.1 million in cash and $150.0 million of undrawn full capacity available under the revolving credit facility.
• Driving organic growth initiatives: Commenced development of an exploration ramp at Kiena, which will establish a secondary mine egress and facilitate access to near-surface deposits, a crucial component of the fill-the-mill strategy. At Eagle River, completion of the first phase of the global resource model initiative has enhanced the Company’s understanding of the ore body and will support strategic life-of-mine planning.
• Mineral reserves grow 5% post depletion; resource confidence strengthened: The Company increased its total proven and probable gold reserves by 5% to 1.2 million ounces, successfully replacing depletion. Measured and indicated resources grew by 18%, reflecting a focus on conversion and delineation drilling in 2024. The Company’s 185,000 metre exploration program delivered strong results across both assets, expanding key zones close to existing infrastructure, identifying new targets and advancing geological understanding.

Anthea Bath, President and Chief Executive Officer, commented: “2024 marked a significant milestone for Wesdome, and I am extremely proud of the progress made. Our safety record has shown consistent improvement, and our achievements this year are a testament to the hard work of our team. We saw sequential growth in output throughout the year, which led to record annual production, margins and free cash flow. This financial success resulted in a clean year-end balance sheet, and a fast-growing cash balance in excess of $120 million.

“A key highlight of 2024 was achieving first ore production from the 129-level at Kiena and ramping-up production throughout the year with the fourth quarter marking the highest quarterly throughput since Kiena’s restart in 2021. We also made progress towards creating a two-mine structure at Kiena, completing the 33-level drift rehabilitation in 2024, which now provides drill access to several zones expected to be tested in 2025. In addition, the development of an exploration ramp began in Q2 and is progressing well, with first stope ore from the near-surface Presqu’île Zone expected by the end of 2025.

“At Eagle River, we had a stellar fourth quarter, exceeding the upper end of updated annual production guidance. Sequencing of higher-grade stopes and the exploration program delivered exciting results, including high-grade extensions and the identification of new targets. In addition to completing the digitization of historical data to support our global resource model initiative, induced polarization surveys yielded promising results, with the first anomaly drilled before the end of the year and the results to be considered in 2025.

“As we move into 2025, Wesdome has established clear initiatives to support our organic growth strategy to fill-the-mills, while demonstrating the long mine life potential of our assets. Our focus remains on operational execution, progressing the global resource model initiative and advancing our long-term strategic exploration program. We plan to incorporate the various strategic initiatives across our portfolio into updated technical reports, which are expected to be released in Q1 2026.”

Consolidated Financial and Operating Highlights

Eagle River – Ontario

Operating Highlights

Eagle River produced 26,702 and 94,561 ounces of gold in Q4 and FY 2024, respectively. The operation exceeded the upper end of its updated 2024 production guidance range of between 89,000 and 93,000 ounces primarily due to high processed grades that exceeded guidance. Average head grade processed in Q4 2024 was 14.3 g/t and 13.7 g/t for FY 2024. During 2024, 85% of the processed ore was sourced from the high-grade 300, 311 and 720F zones.

In Q4 2024, mill throughput increased by 10% to 60,358 tonnes at a production cost per tonne of $509, a decrease of 3% over Q4 2023. In FY 2024, ore milled was 222,526 tonnes while production costs per tonne milled increased by 10% to $554 compared to FY 2023. Costs per tonne milled for FY 2024 increased mainly due to higher labour and maintenance costs.

Financial Highlights

Revenue at Eagle River increased by 48% to $103.4 million in Q4 2024 and by 29% to $310.3 million for FY 2024 compared to Q4 2023 and FY 2023, respectively. The increase in both Q4 2024 and FY 2024 is due to a higher average realized price of gold sold and an increase in ounces sold compared to the prior year periods.

Cost of sales in Q4 2024 was $34.3 million, an increase of 6% compared to the corresponding period in 2023 primarily due to a $1.7 million increase in mine operating costs driven by an 11% increase in ounces produced and a 10% increase in throughput. Cost of sales in FY 2024 was higher by 4% compared to FY 2023 primarily due to an 8% increase in ounces produced driven by a 10% increase in head grade offset by slightly lower throughput.

In Q4 2024, cash costs per ounce of gold sold were $1,245 (US$890), compared to $1,261 (US$926) in Q4 2023 primarily due to an increase in ounces sold. Cash costs per ounce of gold sold in FY 2024 were $1,370 (US$1,000), an increase of 2%, compared to $1,347 (US$998) in FY 2023, primarily due to an increase in mine operating costs driven by higher ounces produced.

In Q4 2024, AISC per ounce of gold sold were $2,116 (US$1,512), a 11% increase, compared to $1,902 (US$1,397) in Q4 2023. This was primarily due to an increase in mine operating costs driven by higher ounces produced and higher sustaining capital expenditures. AISC per ounce of gold sold in the FY 2024 were $2,109 (US$1,540), an increase of 5%, compared to $2,001 (US$1,483) in FY 2023, primarily due to higher operating costs driven by higher ounces produced and an increase in sustaining capital expenditures.

Growth Opportunities

Fill-the-Mill Strategy

Wesdome’s organic growth strategy aims to fully utilize available mill capacity at both operations. The mills were originally built decades ago when the profile of the ore fed into them were lower grade and higher tonnage, in contrast to the current primarily high-grade feed. In 2024, the Eagle River mill operated at an average capacity of 610 tonnes per day, representing 51% of its permitted capacity of 1,200 tonnes per day.

Global Model Initiative

To enhance both the mine life and throughput at Eagle River, the Company has launched a multi-phase global resource modeling initiative. The first phase, which was completed in 2024, involved digitizing all of Eagle River’s exploration data, providing an enhanced view for resource estimation, mine planning and exploration targeting. In 2025, the Company aims to create a comprehensive unconstrained geological model for the entire Eagle River mine and conduct confirmation and conversion drilling to support a new technical study, which is underway.

Exploration

Exploration of its largely unexplored 100 km² land package is the second pillar of Eagle River’s fill-the-mill strategy. In recent years, the majority of Eagle River’s exploration budget has been allocated towards infill and conversion drilling. In 2025, as part of a strategic long-term exploration plan, the Company is undertaking a 120,000-metre exploration program at Eagle River, approximately 60% of which will be directed to brownfield and greenfield activities.

Cost Optimization

In addition to the benefits of leveraging its high fixed cost base as mill capacity utilization increases, cost structure reviews at Eagle River are ongoing, focusing on productivity and planning, supply chain and contractor management as well as technology and automation.

Kiena – Quebec

Operating Highlights

In Q4 2024, Kiena produced 22,865 ounces of gold as compared to 12,144 ounces in Q4 2023, an increase of 88%, driven by a 49% increase in head grade due to the ramp-up in the mining and processing of high-grade Kiena Deep ore from the 129-level horizon in mid-April and a 26% increase in throughput. For the full year 2024, Kiena produced 77,472 ounces of gold, a 118% increase over FY 2023 due to a 90% increase in head grade and a 13% increase in throughput.

Mill throughput increased 26% in the fourth quarter relative to the prior year period, with 62,421 tonnes processed as compared to 49,649 tonnes in Q4 2023. In 2024, the mill processed 216,755 tonnes, a 13% increase from 2023. Processing of higher-grade Kiena Deep material from the 129-level horizon continued for the duration of 2024 achieving three full quarters of production. In 2025, it is expected that the 121-level to 129-level mining block will be the primary source of ore together with some material being sourced from Presqu’ile Zone at the end of the year.

Financial Highlights

Revenue at Kiena was $79.1 million in Q4 2024, a 144% increase compared to Q4 2023 due to higher ounces sold and a higher average realized Canadian dollar gold price. Revenue for the full year was $247.2 million, a 167% increase over 2023. Ounces of gold sold increased by 76% and 111% compared to the fourth quarter and full-year 2023, respectively.

Cost of sales in Q4 2024 was $23.6 million, an increase of 6% over the corresponding period in 2023 primarily due to a $3.1 million increase in mine operating costs, which was due to 26% higher throughput partially offset by a change in inventory levels of $1.8 million. Cost of sales for FY 2024 was $87.3 million, 14% higher than the corresponding period in 2023 primarily due to an increase in aggregate mine operating costs as a result of a 13% increase in throughput.

Cash costs per ounce of gold sold in Q4 2024 were $1,111 (US$794), a decrease of 40% from Q4 2023 primarily due to a 76% increase in ounces sold. Cash costs per ounce of gold sold in FY 2024 decreased by 46% to $1,183 (US$863) relative to FY 2023.

AISC per ounce of gold sold decreased by 32% in Q4 2024 to $1,667 (US$1,191) relative to Q4 2023 primarily due to a 76% increase in ounces sold, partially offset by an increase in mine operating costs and sustaining capital expenditures. For the full-year 2024, AISC per ounce of gold sold decreased by 34% to $1,859 (US$1,357) relative to 2023.

Growth Opportunities

Fill-the-Mill Strategy

The fill-the-mill strategy at Kiena continues to advance with drilling programs in 2024 confirming the geological model at Dubuisson and testing other near-surface areas potentially accessible from the 33-level drift. Rehabilitation of 33-level was completed in Q4 2024, marking the first milestone in the development of the two-mine structure at Kiena, providing a platform for ore movement to surface and for drilling from underground. Kiena’s mill has a permitted capacity of 2,040 tonnes per day.

Global Model Initiative

The global model initiative at Kiena will follow a similar approach to that at Eagle River, starting with data digitization, flowing through to an unconstrained resource model workflow. While this initiative at Kiena is in early stages, the plan is to progress the program in 2025.

Exploration

Exploration at Kiena in 2025 will take advantage of the newly rehabilitated 33-level track drift, as well as the 109-level exploration drift completed in 2024, to drill deposits from underground. Drill access to the Dubuisson deposit will be available year-round from underground, and the 109-level drift will allow for testing of the VC Zone, a zone with limited drilling to date, but which has returned high-grades in the past. Approximately 5,000 metres of drilling is planned at Dubuisson, Shawkey and other near-surface targets in 2025.

Cost Optimization

Kiena will also aim to leverage its high fixed cost base as capacity utilization increases to enhance operating margins. Cost optimization initiatives focused on productivity and planning, supply chain, contractor management, technology and automation are also underway.

Exploration Update

Eagle River

Drilling Continues to Delineate 300 Zone at Depth and Expand 6 Central Zone

In 2024 more than 105,000 metres were drilled as part of the exploration program at Eagle River, focused on surface and underground drilling, delineating and expanding key zones close to existing infrastructure, as well as identifying new targets and advancing geological understanding. Several high-priority areas were tested in 2024, including the 6 Central Zone, 300 Zone, Falcon 7 Zone, 311 Zone, 5 Zone and 711 Zone, with the primary objective of resource conversion and infill drilling in support of the 2025 production plan.

Drilling in the 6 Central Zone was successful in extending the resource envelope down-plunge by approximately 70%, or 250 metres, while also identifying a parallel structure now known as the 6 Central Parallel Zone. Located near existing development with strong grades and continuity and open down-plunge, the 6 Central Zone offers the opportunity to establish a new mining front at intermediate depths in support of Eagle River’s fill-the-mill strategy.

In 2024, the exploration focus at the 300 Zone, which accounts for the majority of Eagle River’s high-grade reserves, has been on infill drilling and testing continuity down-plunge below the 1,400 m level. Drilling confirmed the continuity of high-grade mineralization and provided critical geological insights regarding the zone’s structural controls at depth. Furthermore, step-out drilling down-plunge targeting the northeast-dipping extension of the structure successfully demonstrated continuity of mineralization, reinforcing the 300 Zone’s continued exploration and resource conversion potential.

Surface Exploration Identifies New Targets

As part of the ongoing surface exploration program, an induced polarization survey was completed late in 2024 that identified multiple anomalies closely associated with known deposits, indicating the potential for additional mineralization to the west of the diorite. These findings confirm the long-term potential at Eagle River and outline several targets for further exploration in the coming year, with drilling of the first anomaly commencing before the end of the year. A larger IP program further to the west of the mine diorite is scheduled for 2025.

Expanded Exploration Program in 2025

The exploration budget at Eagle River has been expanded to approximately $15 million in 2025 and will include an incremental 10,000 metres of drilling, the completion of an additional IP survey, as well as extensive surface and structural mapping work. Additionally, work to advance the global resource model initiative is ongoing following the completion of data digitization in 2024. The 2025 exploration program will support the global resource model with confirmation drilling for QA / QC processes and drilling at Mishi and Magnacon, as well as testing of regional targets that have not been drilled previously.

Kiena

VC Zone Drilling Now Accessible from Levels 109 and 134 Expected

Drilling in 2024 focused on testing Kiena Deep A Zone at depth, as well as targeting the Footwall Zone and Hanging Wall Zone. Drilling over the year continued to intercept high grades over mineable widths. While not yet included in resources or reserves, results to date are encouraging and the understanding of the geological complexity of the deposit at depth continues to improve.

The 134-level exploration drift is scheduled to be ready in Q2 2025. This represents a significant milestone as drill holes collared from the drift will cut the Kiena Deep and Footwall mineralization at a more optimal intersection angle, enabling a more robust geostatistical support of the high grades. The infill and extension drilling from the platform will also facilitate targeting high-grade production replacement from 2027 onwards. Drilling from the drift is a top priority in the second half of the year.

An exploration drift completed in 2024 on the 109-level will allow drilling to test the down-plunge extension of the VC Zone, a zone which in 2019 returned an intercept of 43.6 g/t Au uncapped over 5.1 m core length, including 178.5 g/t uncapped over 1.1 m core length with visible gold present. With the style of mineralization in the VC Zone analogous to Kiena Deep, testing of the VC Zone is a top priority for 2025.

33-Level Accessible for Drilling

Rehabilitation of the 33-level drift to the east was completed in 2024 and is expected to provide optimal drilling platforms for evaluating Dubuisson, Duchesne, and other 33-level targets going forward.

Surface Exploration Drilling Delivers High Grades at Numerous Targets

The 2024 surface barge drilling program targeted the Dubuisson, Duchesne, Northwest and Northeast deposits with encouraging results at all four targets. The programs at Duchesne, Northwest and Northeast each generated positive results with high grades intercepted in each of the three areas. Follow-up drilling is planned for 2025 to further test the prospectivity of these targets.

At Dubuisson, the continuity of the deposit was confirmed and drilling provided better geological context for interpretation and planning of the 2025 program. The deposit remains open laterally and down-plunge and is a key focus for drilling from 33-level and surface in 2025.

Presqu’île Zone Infill Drilling Intersects High Grades with Visible Gold

The 2024 surface drill program at Presqu’île Zone consisted of 6,600 metres across 20 holes drilled from surface platforms. The purpose of the program was to test the lateral and down-plunge extensions of zones No. 2 and No. 2A, with seven of the holes specifically targeting inferred resources for potential category upgrade. Preliminary assay results revealed high-grade mineralization, showcasing visible gold and yielding impressive grades over mineable widths.

The 2025 drill program will continue targeting lateral and depth extensions from the surface. In the first half of 2025, it is anticipated that development of the Presqu’île exploration ramp will have progressed sufficiently to establish a drilling platform to commence underground delineation of the zone. The Presqu’île Zone remains open down-plunge and further testing at depth is planned for 2025.

Lateral development of the exploration ramp commenced mid-April 2024 following portal construction and advanced more than 1,000 metres through December, with the remainder of the development to be completed in 2025. Major ventilation and crushing equipment have been ordered and first ore is expected from the Presqu’île deposit before year-end. A bulk sample mining permit application has been submitted, with the mining permit application to be submitted in June in anticipation of ramp breakthrough in the fourth quarter.

2024 Guidance vs Actual Performance

The Company’s performance for the year 2024 was within revised guidance (see press release dated November 6, 2024), with Eagle River’s annual production and average head grade exceeding guidance.

2025 Guidance

The following table outlines Wesdome’s 2025 guidance:

Notes:

1. Consolidated 2025 guidance for corporate and general costs excludes an estimated $4 million in stock-based compensation. Corporate G&A of $24 million is allocated equally to each mine and is included in the Company’s all-in sustaining cost calculation.
2. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses.
3. This is a financial measure or ratio that is a non-IFRS financial measure or ratio. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional details can be found at the end of this press release and in the section ‘Non-IFRS Performance Measures’ in the Company’s management discussion and analysis for the three and twelve months ended December 31, 2024.
4. Total capital expenditures are the sum of sustaining and growth capital expenditures and are reported under investing activities on the statements of cash flows in the Company’s consolidated financial statements.

2026 Production Guidance

Updated Mineral Reserve and Mineral Resource Estimates (as of December 31, 2024)

• Mineral reserves more than replace depletion on back of conversion drilling: Total gold contained in proven and probable reserves increased by 5% to 1.2 Moz (3.6 Mt grading 10.2 g/t Au).
  • Total proven reserves increased by 79% (324koz from 182koz) compared to a decrease in probable reserves of 9%. Proven reserves increased by 462% and 34% at Kiena and Eagle River, respectively, due to delineation drilling, providing detailed criteria for optimal mine planning.
  • At Eagle River, proven and probable reserves increased by 22% driven by additions across all zones, including 711, 720F, 700, 600 and 311. Updated reserve grades reflect additional drill hole data and the transition to a new litho-structural model.
  • At Kiena, proven and probable reserves decreased by 4% driven by the addition of reserves from shallower zones such as Dubuisson and Presqu’île zones that are more amenable to lower cut-off grades relative to the Kiena Deep zones.

• Improved resource confidence: The Company’s measured and indicated resources increased by 18% to a total of 386koz (1.7 Mt tonnes grading 7.3 g/t Au), providing more clarity into future mine planning. The 37% increase of the measured resources to 112koz (0.3 Mt tonnes grading 11.3 g/t Au) highlights that the modeling process is allocating the highest confidence classification to areas that have the most data (channel samples, grade control drilling) and underground development. Inferred resources declined by 31% primarily due to the upgrade of mineral resources to reserves and new geological models incorporated into block modeling.
• New integrated approach including 3D modelling: Adopted a holistic methodology to better align with industry best practices and support an improved understanding of the structural architecture of deposits and potential controls of mineralized shoots. Ongoing implementation of oriented core drilling and artificial intelligence are expected to improve productivity and efficiency of exploration activities.
• Updated pricing: For 2024, mineral reserves are based on an updated gold price assumption of $2,025 (US$1,500). Mineral resources are reported exclusive of mineral reserves. For 2024, resource estimates at Kiena have been updated based on a gold price of $2,430 (US$1,800) per ounce, while Eagle River continues to use $2,295 (US$1,700) per ounce.
• Near-term opportunities: In 2025, the Company expects to allocate nearly $40 million towards capitalized and expensed exploration, as part of its focus on investing in high return organic growth initiatives. This year’s 200,000-metre exploration program currently contemplates six drill rigs at Eagle River and nine rigs – five underground and four barge-based – at Kiena. This year’s drill program is designed to compliment strategic technical initiatives ultimately supporting the fill-the-mill strategy.
  • Grade optimization and resource enhancement: Ongoing optimization indicates that grade domaining refinements are expected to lead to higher grades at Eagle River, potentially reversing some of the decline seen in this 2024 mineral reserve and mineral resource update.
  • Eagle River global resource model initiative: The results of the global resource model are expected to be reflected in an updated technical report in Q1 2026. By integrating updated geological modeling and domaining, as well as cut-off-grade analysis best practices, this initiative aims to meaningfully extend mine life while also advancing the fill-the-mill strategy.
  • Increased proportion of expansion drilling: Step-out drilling to drive long-term growth will be a priority in 2025. The first dedicated exploration drift built at Kiena since 2020 – level 109 – will be used to focus on the VC Zone (along strike and down-dip), as well as footwall structures that have shown continuity of high-grade mineralization in recent drilling.
  • Down-dip high-grade extensions to be explored: Mineralization encountered in down-dip drilling indicates the potential for continuity of higher-grade material at Kiena Deep and 300 zones, as well as the identification of new targets at 6 Central and VC zones, underscoring the potential for further resource expansion and mine life extension.
  • Unlocking near-surface potential: Follow-up lateral drilling and conversion efforts at Dubuisson are expected to better define additional mineralization. The first year of down-dip continuity testing from the new exploration drive at Presqu’île will assess high grade extension potential.

Mineral Reserve Estimates

The Company’s gold mineral reserves effective December 31, 2024 are set out in the table below and are compared with the gold mineral reserves for the prior corresponding period.

Notes

1. Mineral reserves are reported above 4.53 g/t cut-off grade for Kiena Deep, 3.35g/t for Presqu’île, 3.95 g/t for Dubuisson, and 5.14 g/t for Eagle River.
2. Mineral reserves demonstrated economic viability with the following parameters:
   • a gold price of $2,025 (US$1,500) per ounce for mineral reserves with a USD: CAD exchange rate of 1.35
   • the minimum mining width used at Kiena is 2.0 m and Eagle River is 1.5 m
   • external dilution at Kiena varied from 0.25 m to 2.0 m for stope walls depending on the host rock type. At Eagle River, an additional 0.5 m to 0.75 m is external to the footwall and hanging wall stopes
   • a dilution grade is used outside the vein only at Eagle River at 0.16 g/t
   • a mining recovery factor of 90% is applied at Kiena and 95% at Eagle River
   • total cost per tonne at Kiena ranges from $240/t to $290/t, and $370/t at Eagle River
   • mill recovery is 97% and 98.5% for Presqu’île and Kiena Deep zones, respectively. At Eagle River, mill recovery is 97.7%
   • 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, and BZA2.
4. At Kiena, proven mineral reserves are classified from measured mineral resources when 50% of the tonnes/grade are confirmed by development. At Eagle River, proven and probable mineral reserves are based on the block model classification.
5. Mineral reserves are classified and have been estimated in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”).
6. Mineral reserves have been depleted for mining as of December 31, 2024.
7. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.

Mineral Resource Estimate (Exclusive of Mineral Reserve Estimate)

The Company’s gold mineral resources effective December 31, 2024 are set out in the table below and are compared with the gold mineral resources for the prior corresponding period.

Notes

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 are considered for underground extraction and include ore grade and waste material within potentially mineable volumes. Kiena’s mineral resource is reported below the 100 m 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 metre (t/m³) was applied at Kiena and 2.7 tonnes per cubic metre (t/m³) at Eagle River and Mishi.
5. Resources at Kiena are reported using a 3.14 g/t Au cut-off grade for Kiena Deep, S50, VC, B and K109 zones at 2.97g/t Au cut-off; at Presqu’île, a cut-off grade of 2.52g/t Au with Dubuisson at 2.62g/t Au; for Martin and Wish zones, a cut-off grade of 2.42g/t was applied, with Northwest, South, 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:

• a gold price of $2,430 (US$1,800) per ounce, a USD: CAD exchange rate of 1.35
• cost per tonne of $190/t milled for Presqu’île, $197/t milled for Dubuisson, and $240/t milled at Kiena Deep
• 98.5% mill recovery for Kiena Deep; 97.0% for Presqu’île and Dubuisson

8. Economic parameters for the determination of the cut-off grade for Eagle River include:

• a gold price of $2,295 (US$1,700) per ounce, a USD/CAD exchange rate of 1.35
• cost per tonne of $299/t milled
• 97.7% mill recovery
• royalty of 2%
• Mishi resources remain unchanged from December 31, 2023.

9. Mineral resources are classified and have been estimated in accordance with the CIM Standards.
10. As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.

The financial statements and management’s discussion and analysis will be available on the Company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of March 19, 2025.

About Wesdome

Wesdome is a Canadian-focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the 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.