Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) today announced its financial results for the three and nine months ended September 30, 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, 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 sold¹increased 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 flow¹: 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: 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 margin, 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.”

Consolidated Financial and Operating Highlights

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

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% increase 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, benefiting 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.

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 revenue 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 produced. 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 costs 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 deferred 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.

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 material, 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.

Kiena (Quebec, Canada)

Kiena is a fully permitted integrated mining and milling operation located on a 75 km² 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

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 underground 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.

Production costs per tonne were $506 in Q3 2025, up from $426 in Q3 2024, driven by competitive pressures on labour, including wages and additional contractor support to strengthen operational redundancy, and maintenance expenses partially offset by inventory adjustments. Production costs per tonne increased to $496 in the first three quarters of 2025 from $424 in the comparative prior year period, reflecting similar factors as well as lower throughput volumes.

Financial Highlights

In Q3 2025, Kiena’s gold revenue decreased by 2% to $71.5 million from $73.1 million in Q3 2024, primarily due to a 32% decrease in ounces sold, partially offset by a higher average realized price per ounce of gold sold. In the first three quarters of 2025, Kiena’s gold revenue increased by 36% to $229.2 million from $168.2 million in the comparative period in 2024, due to a higher average realized price per ounce of gold sold, partially offset by a 2% decrease in ounces sold.

Cost of sales in Q3 2025 were $23.2 million, an increase of 9% over the comparative period in 2024. This increase was primarily due to a $3.9 million increase in mine operating costs, which was driven by higher maintenance costs, as well as the acquisition of additional equipment to strengthen operational redundancy. Cost of sales in the first three quarters of 2025 were $72.8 million, an increase of 14% over the comparative period in 2024 primarily due to a $9.8 million increase in mine operating costs as a result of higher than normal mobile-equipment repairs during the period.

Cash costs per ounce of gold sold in Q3 2025 were $1,576 (US$1,144), an increase of 61% compared to $981 (US$719) in Q3 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs. Cash costs per ounce of gold sold in the first three quarters of 2025 were $1,418 (US$1,014), an increase of 17% compared to $1,212 (US$891) in the comparative period in 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs.

AISC per ounce of gold sold increased by 71% in Q3 2025 to $2,615 (US$1,899) from $1,526 (US$1,119) in Q3 2024 due to a 32% decrease in ounces sold, an increase in total cash costs and a 35% increase in sustaining capital expenditures, which includes the cost of a rebuilt scoop as well as ventilation system enhancements. AISC per ounce of gold sold in the first three quarters of 2025 increased by 20% to $2,326 (US$1,663) from $1,937 (US$1,424) in the first three quarters of 2024 due to a 2% decrease in ounces sold, an increase in total cash costs and a 22% increase in sustaining capital expenditures.

Progress at Presqu’île Zone and Exploration Ramp

Ramp access to the Presqu’île orebody is well established and level development is advancing, albeit at a slower pace than planned, extending the mine footprint. The plan is to transition from a contractor to an owner managed model by year end, which is expected to positively impact performance and costs. Under the bulk sample permit, the first batch of Presqu’île ore was successfully processed in Q3 2025, in line with anticipated results. The mining permit application process is well advanced, with the permit expected to be received in Q4 2025. Development remains on track with initial stope production expected in Q1 2026.

Exploration drilling programs are underway with early delineation drilling of the first stopes intersecting visible gold in areas of higher-grade block model designs, giving early-stage confidence in the modelling work. Surface drilling to evaluate the down-plunge continuity of mineralization has commenced.

The exploration ramp development is now forecasted for breakthrough in Q1 2026 due to slower than planned performance in Q3 2025.

Exploration Update

Extension of 109-Level Exploration Drift

Development of the 109-level exploration drift extension commenced in the third quarter, and drilling of the VC Zone and the nearby North Zone target will recommence in the first quarter of 2026 after the new development is completed. The VC Zone is a top priority for exploration as it historically returned a high-grade intercept at the base of the mineralization wireframe, is open at depth and demonstrates a mineralization style analogous to Kiena Deep.

Kiena Deep Continues to Deliver; Drilling From 134-Level

The ongoing exploration of the Kiena Deep A and Kiena Deep Footwall zones from the 134-level ramp and remuck is confirming the continuity of the zone. Assays and geological modeling continue to support the initial interpretation that additional lenses may be delineated with further drilling, and some existing lenses can be extended laterally. Drill information is being incorporated into an updated lithostructural model and an updated mineral resource, both of which will form a basis for the 2026 technical report.

Drilling from a second drill bay on the 134-level exploration drift targeting the B Zone lenses commenced in September. The second platform is enabling holes to evaluate the down-plunge continuity of the lenses, with drilling planned to continue for the remainder of the year.

33-Level Accessible for Drilling, Delineation of Presqu’île Underway

Exploration drilling on 33-level in the third quarter targeted lateral extensions and the down-plunge continuation of the No.22 Shawkey Zone and the historic Shawkey Main mine. Drilling intersected mineralization in positions that could represent the northwest continuation of Shawkey Main mineralization. Drilling of one hole at Dubuisson was completed during the third quarter, evaluating the down plunge continuity of mineralization. The underground program at Dubuisson was placed on hold pending data review, after structural information from a barge surface hole defined quartz-tourmaline vein zones having a shallow dip to the north. If validated, these results suggest that optimal drill intersection angles would be achieved by surface drilling oriented from north to south. Test holes to validate the model will be drilled in the fourth quarter.

Surface Exploration 

There were three rigs active during Kiena’s summer barge drilling program. At Dubuisson, one drill rig focused on infill and geotechnical drilling in support of reserve growth and evaluation of the lateral continuity of the mineralization. The other two rigs evaluated the potential of two regional targets at Wesdome – the 134 Zone located to the northwest of Dubuisson, and the NW target located between Presqu’île and Kiena. During the third quarter, a high-resolution drone magnetic survey conducted by Abitibi Geophysics was completed. Modelling and interpretive work is in progress, with results expected early in the fourth quarter.

2025 Outlook

During the first three quarters of 2025, Wesdome continued to execute on its strategic plan, increasing gold production by 13% year-over-year while reducing cash costs and AISC per ounce of gold sold by 2% and 1%, respectively. In the first nine months of the year, the Company delivered record year-to-date revenue, net income, net cash from operating activities, and free cash flow.

Eagle River is expected to deliver the high-end of its previously revised full-year 2025 production guidance and achieve its cost guidance.

Due to inconsistent execution and operational challenges that drove lower than anticipated results for the first three quarters of the year, the Company believes it is prudent to adjust Kiena’s full-year production guidance to between 72,000 and 78,000 ounces and adjust its site cash costs to between $1,350 (US$980) and $1,450 (US$1,050) per ounce of gold sold and AISC to $2,175 (US$1,575) to $2,350 (US$1,700) per ounce of gold sold. The fourth quarter is expected to be Kiena’s strongest of the year, with ore coming from three mining horizons: Kiena Deep, Presqu’île and 136-level.

The Company is on track to meet the mid to upper range of its revised full-year consolidated production guidance of between 177,000 and 193,000 ounces. Consolidated cost guidance has been updated to reflect changes at Kiena with cash costs of $1,275 (US$925) to $1,375 (US$995) per ounce of gold sold and AISC of $2,025 (US$1,450) to $2,175 (US$1,575) per ounce of gold sold.

The following table outlines Wesdome’s updated 2025 guidance compared to the revised guidance set forth in its press release dated August 13, 2025:

1. Consolidated 2025 guidance for corporate and general costs excludes an estimated $7 million in stock-based compensation. Corporate G&A of $30 million is allocated equally to each mine and is included in the Company’s AISC calculation.
2. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses.
3. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.

2026 Guidance

In mid-January 2026, the Company plans to update its 2026 guidance, including production, costs, expenses, capital expenditures and depreciation. Wesdome is targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in the 2026 calendar year, ensuring alignment with industry standards and improved comparability for investors.

Conference Call and Webcast

Management will host a conference call and webcast to discuss the Company’s Q3 2025 financial and operating results. A question-and-answer session will follow management’s prepared remarks. Details of the webcast are as follows:

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 during the evening of Tuesday, November 4, 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 Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer.

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