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Wesdome Reports Third Quarter 2026 Financial Results

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Wesdome Reports Third Quarter 2026 Financial Results

 

 

 

 

 

Reaffirms 2026 production and AISC guidance

 

Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) announced its financial results for the three and nine months ended September 30, 2026. Preliminary operating results for Q3 2026 were disclosed in the Company’s press release dated October 13, 2026.

 

Q3 2026 Highlights

  • Strong safety performance: High Potential Incident Frequency Rate declined 63% year-over-year to 0.79, reflecting the strong commitment to safety across the organization.
  • Production and costs: Consolidated gold production for the third quarter was 41,287 ounces, an 18% decrease compared to Q3 2025. In Q3 2026, cash costs per ounce of gold sold1 increased by 36% to US$1,287, and all-in sustaining costs per ounce sold1 increased 26% to US$1,789 compared to Q3 2025.
  • Revenue growth: Consolidated Q3 2026 revenue2 increased by 9% to $251 million compared to Q3 2025. The average realized price of gold sold was US$4,279 per ounce in Q3 2026.
  • Gross profit and cash margin growth: In Q3 2026, gross profit increased by 4% year-over-year to $155 million and operating cash margin1 grew by 4% to $175 million.
  • Net income: Q3 2026 net income increased to $89.7 million, or $0.62 earnings per share, an increase of $2.8 million compared to Q3 2025.
  • EBITDA1: EBITDA1 was $157 million in Q3 2026, a 5% increase relative to Q3 2025.
  • Cash flow1: Q3 2026 net cash from operating activities was $102 million, or $0.71 per share3, while free cash flow1 was $52 million, or $0.36 per share.
  • Strong liquidity position: As at September 30, 2026, the Company had liquidity of $735 million, including $380 million in cash and US$250 million of fully undrawn capacity available under its revolving credit facility.

 

Anthea Bath, President and Chief Executive Officer, commented: “We reiterate full-year production guidance and expect a strong fourth quarter, with both Eagle River and Kiena finishing within their respective guidance ranges, albeit below the midpoint. Higher throughput at Eagle River, additional mining fronts at Kiena and exploration success underpin our longer-term growth opportunity.

 

“At Eagle River, our fill-the-mill strategy delivered record quarterly throughput and a 19% reduction in production costs per tonne compared with Q2. Third-quarter grade was affected by lower than expected grade in one stope and incomplete mining of one sill. Key Q4 stopes are already drilled off, and high-grade ore continues to reconcile well with our reserve model, supporting our confidence in a stronger finish.

 

“At Kiena, seasonal workforce planning gaps reduced equipment utilization and productivity, delaying the mining sequence. Two higher-grade Kiena Deep stopes originally scheduled for Q3 are now planned for Q4, while lower-grade Presqu’île development ore represented a larger share of third-quarter mill feed. We have identified the resourcing planning gaps and have a plan in place to improve execution. Positive grade reconciliation and Presqu’île’s transition to stope production further support our Q4 outlook.

 

“Nearly $220 million in year-to-date free cash flow and $735 million in quarter-end liquidity give us the capacity to advance development and exploration while continuing to return capital to shareholders.”

 

Consolidated Financial and Operating Highlights

 

In 000s, except per units and per share amounts
Q3 2026 Q3 2025 YTD 2026 YTD 2025
Financial results
   Revenues² 250,588 230,284 817,145 626,450
   Cost of sales 75,641 61,841 235,873 181,046
   Gross profit 155,447 149,005 511,474 384,551
   Operating cash margin¹ 174,947 168,443 581,272 445,404
   EBITDA¹ 157,491 149,509 539,343 407,178
   Net income 89,723 86,923 302,560 232,092
   Earnings per share 0.62 0.58 2.06 1.54
   Adjusted net income¹ 89,723 86,923 305,331 228,252
   Adjusted net income per share¹ 0.62 0.58 2.07 1.52
   Net cash from operating activities 102,347 118,168 351,650 299,155
   Operating cash flow per share³ 0.71 0.78 2.39 1.99
   Net cash used in financing activities (51,171) (400) (181,267) (268)
   Net cash used in investing activities (62,169) (39,439) (144,314) (156,091)
   Free cash flow¹ 51,548 78,919 219,126 179,258
   Free cash flow per share¹ 0.36 0.52 1.49 1.19
   Average USD/CAD exchange rates 1.3989 1.3775 1.3847 1.3989
Operating results
   Gold produced (ounces) 41,287 50,465 130,414 138,938
   Gold sold (ounces) 41,800 47,400 131,500 138,600
Per ounce of gold sold¹
   Cost of sales⁴ ($/oz) 1,810 1,305 1,794 1,306
   Cost of sales⁴ (US$/oz) 1,294 947 1,295 934
   Cash costs¹ ($/oz) 1,801 1,300 1,783 1,301
   Cash costs¹ (US$/oz) 1,287 944 1,288 930
   AISC¹ ($/oz) 2,503 1,954 2,420 2,009
   AISC¹ (US$/oz) 1,789 1,419 1,748 1,436
   Average realized price¹ ($/oz) 5,986 4,853 6,203 4,515
   Average realized price¹ (US$/oz) 4,279 3,523 4,480 3,228
Financial position
   Cash 379,934 265,893 379,934 265,893
   Working capital⁵ 410,298 274,495 410,298 274,495
   Total assets 1,289,574 1,035,161 1,289,574 1,035,161
   Current liabilities 65,821 72,371 65,821 72,371
   Total liabilities 223,174 204,849 223,174 204,849

 

 

Eagle River (Ontario, Canada)

 

The Eagle River Mine, a wholly-owned subsidiary of Wesdome, is an underground operation situated on approximately 400 square kilometres in northern Ontario, approximately 50 kilometres west of Wawa within the Mishibishu Greenstone Belt. Built in 1995, Eagle River has produced more than two million ounces of gold since commissioning and has an 8-year reserve mine life as at December 31, 2025.

 

Operational and Financial Results

 

Q3 2026 Q3 2025 YTD 2026 YTD 2025
Ore milled (tonnes) 79,820 71,575 223,990 180,208
Head grade (g/t) 10.1 15.3 10.7 15.9
Average mill recoveries (%) 95.9 97.3 96.3 96.8
Gold production (oz) 24,758 34,296 74,402 88,907
Gold sold (ounces) 24,500 32,700 74,150 87,400
Production costs per tonne milled¹ ($) 511 495 574 557
Costs per oz of gold sold ($/oz)
Operating cash margin¹ 4,200 3,673 4,318 3,304
Cost of sales 1,807 1,181 1,883 1,238
Cash costs¹ 1,798 1,176 1,873 1,233
All-in sustaining costs¹ 2,578 1,657 2,507 1,824
Costs per oz of gold sold (US$/oz)
Operating cash margin¹ 3,002 2,666 3,119 2,362
Cost of sales 1,292 857 1,361 885
Cash costs¹ 1,285 853 1,352 882
All-in sustaining costs¹ 1,843 1,203 1,810 1,304

 

In $000s, except per unit and per share amounts Q3 2026 Q3 2025 YTD 2026 YTD 2025
Gold revenue from mining operation 146,941 158,539 459,113 396,540
Cost of sales
Mining 19,157 16,242 57,226 49,333
Processing 7,545 6,334 22,604 19,264
Site administration and camp costs 14,360 12,920 45,331 37,042
Change in inventories (287) (71) 3,341 (5,212)
Royalties 3,497 3,185 11,098 7,780
44,272 38,610 139,600 108,207
Silver revenue (230) (169) (701) (424)
Total cash costs 44,042 38,441 138,899 107,783
Cost of sales per ounce of gold sold 1,807 1,181 1,883 1,238
Cash cost per ounce of gold sold1 1,798 1,176 1,873 1,233
Operating cash margin1 102,899 120,098 320,214 288,757
All-in sustaining costs1
Sustaining mine exploration and development 9,792 8,370 24,512 24,787
Sustaining mine capital equipment 6,193 3,360 12,981 15,071
Sustaining tailings management facility (47) 469 102 1,093
Corporate and general allocation 3,054 3,435 8,975 9,998
Payment of sustaining lease liabilities 139 107 392 676
63,173 54,182 185,861 159,408
All-in sustaining costs per ounce of gold1 2,578 1,657 2,507 1,824
Cost of sales per tonne milled1 555 539 623 600
Production costs per tonne milled1 511 495 574 557
Total capital expenditures 21,010 12,836 48,021 41,950

 

 

Operating Highlights

 

Eagle River gold production decreased by 28% to 24,758 ounces in Q3 2026 from 34,296 ounces in Q3 2025, reflecting the initial phase of the mine’s transition to a longer-life higher tonnage mine operating model as part of its fill-the-mill strategy. Tonnes increased 12%, setting a new quarterly record. Higher throughput was more than offset by a 34% decrease in average head grade, which reflects the mining sequence and the updated reserve plan. That plan brings lower-grade stopes and incremental-cut-off development ore into the mill feed alongside high-grade production. Mined grades continue to reconcile well with the reserve model.

 

In the first three quarters of 2026, Eagle River produced 74,402 ounces, a 16% decrease from 88,907 ounces in the same period of 2025. Tonnes processed increased 24% and grade decreased 33%.

 

Mill throughput of 79,820 tonnes in Q3 2026 was 12% higher than Q3 2025, reflecting improved mine and mill availability. Year-to-date throughput of 223,990 tonnes was 24% higher than in the same period in 2025, as productivity initiatives deliver more consistent tonnage to the mill.

 

Despite a 12% increase in tonnes processed in Q3 2026, production costs increased slightly to $511 per tonne from $495 per tonne in Q3 2025 due to inflationary pressure on wages, supplies, fuel, and insurance that have been broadly felt across the industry as well as advancing production drilling to create stope inventory, offsetting fixed cost leverage. Production costs per tonne in the first three quarters of 2026 increased by 3% to $574 per tonne compared to $557 per tonne in the first three quarters of 2025, reflecting similar factors and increased focus on maintenance in both the mine and the mill to improve availability. Production costs per tonne declined by 19% from Q2 2026 due to the increased productivity and removal of one-off items. As throughput continues to increase, we expect higher volumes to further reduce production costs per tonne.

 

Financial Highlights

 

In Q3 2026, Eagle River’s gold revenue decreased by 7% to $146.9 million from $158.5 million in Q3 2025 due to a 25% decrease in ounces sold, offset by the higher average realized price of gold. During the first three quarters of 2026, Eagle River’s gold revenue increased by 16% to $459.1 million from $396.5 million in the same period in 2025 due to the increase in the average realized price of gold sold, partly offset by a 15% decrease in ounces sold.

 

Cost of sales in Q3 2026 was $44.3 million, an increase of 15% relative to the comparative period in 2025 primarily due to a $4.1 million increase in volume-driven costs in the mine and mill operating costs, inflationary impacts, contractors and maintenance costs, costs associated with increased royalties mainly due to higher average gold price, partially offset by a change in inventory levels of $0.2 million.

 

Cost of sales for the first three quarters of 2026 totaled $139.6 million, a 29% increase compared to the same period in 2025. This was principally driven by an $11.2 million increase in mine and mill operating costs due to similar factors described above and increased royalties from higher gold prices, further elevated by an $8.6 million change in inventory levels.

 

Cash costs per ounce of gold sold increased by 53% to $1,798 (US$1,285) per ounce sold in Q3 2026 from $1,176 (US$853) per ounce sold in Q3 2025 largely due to a 25% decrease in ounces sold, inflationary impacts, contractors and maintenance costs. Similarly, cash costs per ounce of gold sold increased by 52% to $1,873 (US$1,352) per ounce sold in the first three quarters of 2026 from $1,233 (US$882) per ounce sold in the comparative period in 2025 due to increased cost of sales and a 15% decrease in ounces sold.

 

In Q3 2026, AISC per ounce of gold sold increased by 56% to $2,578 (US$1,843) from $1,657 (US$1,203) in Q3 2025, due to higher cash costs per ounce sold, a 31% increase in sustaining capital expenditures, and a 25% decrease in ounces sold.

 

During the first three quarters of 2026, AISC per ounce of gold sold increased by 37% to $2,507 (US$1,810) per ounce sold from $1,824 (US$1,304) per ounce sold in the same period in 2025, due to higher cash cost per ounce sold and a 15% decrease in ounces sold, partially offset by an 8% reduction in sustaining capital expenditures. Capital expenditures are expected to remain elevated in Q4 2026 as Eagle River advances deferred development and capital projects. Higher gold production in Q4 2026 is expected to partially offset the continued sustaining capital expenditures, resulting in lower AISC per ounce sold. Eagle River’s full-year AISC per ounce sold is expected to remain within its guidance range of US$1,525 – US$1,675.

 

Exploration Update

 

Expanding the 6 Central Zone

 

The 6 Central Zone continues to be a priority exploration area given its intermediate depth, proximity to existing mine infrastructure and geological similarities to the 300 Zone at comparable elevations. Drilling during the third quarter continued testing down-plunge opportunities, with recent results supporting the interpretation that the high-grade trend extends at depth. Infill and conversion drilling within existing block model domains was also completed in preparation for the Company’s year-end resource model updates.

 

Growing the 720 Falcon Zone

 

The 720 Falcon Zone remains a key area of focus given its shallow depth, proximity to existing mine infrastructure, down-plunge potential and opportunity for continuation further west where surface IP surveys have highlighted resistivity and chargeability anomalies. Infill and conversion drilling within existing block model domains was completed during the third quarter and are expected to be included in the Company’s year-end resource model updates.

 

Targeting Up-Plunge Continuity at the 800 Zone

 

Assay results from infill drilling targeting a gap in the interpreted up-plunge continuity of mineralization support the geological interpretation and potential continuity of the 800 Zone. These results, together with higher-grade intercepts from holes testing down-plunge extensions, have further highlighted the exploration potential of the 800 Zone and increased its priority within the exploration program. Follow-up drilling is planned for the fourth quarter to further evaluate the extent and continuity of mineralization.

 

Growth Drilling in the 700 Zone

 

Assay results from growth drilling in the shallow parts of the mine continued to demonstrate thickness and grades, confirming continuation of the mineralization. Infill drilling as part of conversion has commenced and will continue for the balance of the year.

 

Global Model and the 300 Zone

 

The global model is an important component of the mine’s exploration strategy, identifying opportunities to extend known mineralized zones, improve geological confidence and support future mineral resource growth and conversion. The global model is continuously updated as new geological, drilling, and other technical information becomes available. New prospective areas are added for both conversion and growth as the geological understanding of the Eagle River system evolves, while areas that have been sufficiently drill tested, or are no longer considered priorities based on technical or geological considerations, are reprioritized.

 

Global model targets are integrated into Eagle River’s ongoing underground drilling programs, with typically three to four of the mine’s five underground exploration drill rigs testing these areas. During the quarter, drilling continued across several global model targets in the deeper portions of the 300 Zone.

 

Surface Exploration

 

At the Eagle River Mine area, surface holes continued testing an area of mineralization to the east of No Name Lake, where historic widely spaced drill holes intersected mineralization. The surface holes were designed to infill and confirm continuation of No Name Lake mineralization. Results will be reported in the next quarter.

 

At 200 Zone, surface holes commenced a program testing the potential continuation of high-grade mineralization to the west and down plunge. Results will be reported next quarter.

 

At Dorset Main, Dorset West, and Cameron Iron Formation, drilling for geometallurgical sampling for leach and recovery test work, and deportment studies, was completed, with test work planned for next quarter.

 

Surface drilling continued at Mishi open pit, evaluating the down-plunge potential of mineralization, and expanding the continuation of near-surface mineralization as part of overall resource evaluation. Results are expected to be reported in Q4 2026.

 

Partial results were received from helicopter-supported scout holes drilled at Magnacon East to evaluate the sub-surface potential of quartz veins that returned high-grade assays from rock chip samples collected during semi-regional structural mapping. The assays to date support surface results, with full results to be reported next quarter.

 

Assay results are pending for helicopter-supported scout holes drilled at Feather River, located approximately 8 kilometres east of the Magnacon Mine, to evaluate the continuation of quartz veins and sulphide-rich horizons highlighted by previous work which included geologic mapping, local IP surveys, and scout drilling which returned anomalous intercepts.

 

The Mishi Deposit, Magnacon Deposit, Magnacon East target, and Feather River target are all located along the Mishibishu Deformation Zone, a 10 kilometre long under explored structural trend that remains prospective for hosting mineralization.

 

Kiena (Quebec, Canada)

 

Kiena is a high-grade underground gold mine located in Val-d’Or within the prolific Abitibi Greenstone Belt of northwestern Quebec. The operation is 100% owned and operated by Wesdome Gold Mines Ltd. and features a fully permitted processing mill with a capacity of approximately 2,040 tonnes per day.

 

Operational and Financial Results

 

Q3 2026 Q3 2025 YTD 2026 YTD 2025
Ore milled (tonnes) 63,797 50,147 180,962 149,136
Head grade (g/t) 8.2 10.2 9.8 10.6
Average mill recoveries (%) 98.5 98.7 98.7 98.8
Gold production (oz) 16,529 16,169 56,012 50,031
Gold sold (oz) 17,300 14,700 57,350 51,200
Production costs per tonne milled1 ($) 492 463 532 488
Costs per oz of gold sold ($/oz)
Operating cash margin1 4,165 3,289 4,552 3,060
Cost of sales 1,813 1,580 1,679 1,423
Cash costs1 1,805 1,576 1,666 1,418
All-in sustaining costs1 2,396 2,615 2,309 2,326
Costs per oz of gold sold (US$/oz)
Operating cash margin1 2,977 2,387 3,287 2,187
Cost of sales 1,296 1,147 1,212 1,017
Cash costs1 1,290 1,144 1,204 1,014
All-in sustaining costs1 1,713 1,899 1,667 1,663

 

In $000s, except per unit and per share amounts Q3 2026 Q3 2025 YTD 2026 YTD 2025
Gold revenue from mining operation 103,277 71,512 356,631 229,241
Cost of sales
Mining 18,672 16,140 60,179 46,932
Processing 4,286 3,686 12,932 11,037
Site administration 7,413 5,767 22,159 16,441
Change in inventories 998 (2,362) 1,003 (1,571)
31,369 23,231 96,273 72,839
Silver revenue (140) (64) (700) (245)
Total cash costs 31,229 23,167 95,573 72,594
Cost of sales per ounce of gold sold 1,813 1,580 1,679 1,423
Cash cost per ounce of gold sold1 1,805 1,576 1,666 1,418
Operating cash margin1 72,048 48,345 261,058 156,647
All-in sustaining costs1
Sustaining mine exploration and development 6,214 7,052 19,805 20,600
Sustaining mine capital equipment 891 3,294 4,984 13,559
Sustaining tailings management facility – 1,498 456 2,326
Corporate and general allocation 3,060 3,435 11,460 9,998
Payment of lease liabilities 58 – 142 –
41,452 38,446 132,420 119,077
All-in sustaining costs per ounce of gold1 2,396 2,615 2,309 2,326
Cost of sales per tonne milled 492 463 532 488
Production costs per tonne milled1 492 463 532 488
Capital expenditures 29,210 26,306 83,661 77,414

 

 

Operating Highlights

 

In Q3 2026, Kiena produced 16,529 ounces, a 2% increase from 16,169 ounces in Q3 2025. Ore milled increased by 27%, reflecting additional tonnes from Presqu’île, which mined its first stope in July 2026, partially offset by lower Kiena Deep production due to the impact of seasonal workforce availability on operations in the quarter. The increase in tonnage was partially offset by a 20% decrease in average grade compared with Q3 2025 reflecting the addition of development ore from Presqu’île and the deferral of two higher-grade stopes into Q4 2026. Grade continues to reconcile well at Kiena and the Presqu’île Zone is expected to ramp up through Q4 2026, with commercial production anticipated in Q1 2027. Kiena remains focused on adherence to the mining sequence, implementing its operating model and addressing maintenance performance and workforce availability to ramp up production in Q4 2026.

 

Production in the first three quarters of 2026 totaled 56,012 ounces compared to 50,031 ounces in the first three quarters of 2025, reflecting contributions from Presqu’île together with increased mine sequencing flexibility at Kiena Deep from the addition of a new mining horizon. With the flexibility provided by mining two zones in Kiena Deep, the addition of Presqu’île stope ore augmented by two stopes deferred from Q3 to Q4 2026, Kiena is expected to have a strong fourth quarter.

 

Production costs per tonne increased to $492 in Q3 2026 from $463 in Q3 2025, due to inflationary pressure on wages, supplies, fuel, and insurance that have been broadly felt across the industry, as well as higher maintenance and contractor costs. Production costs per tonne increased to $532 in the first three quarters of 2026 from $488 in the comparative prior year period, primarily driven by similar factors, partially offset by higher tonnage throughput.

 

Financial Highlights

 

In Q3 2026, Kiena’s gold revenue increased by 44% to $103.3 million from $71.5 million in Q3 2025, primarily due to a higher average realized price per ounce of gold sold and an 18% increase in ounces of gold sold. In the first three quarters of 2026, Kiena’s gold revenue increased by 56% to $356.6 million from $229.2 million in the comparative period in 2025, due to the higher average realized price of gold and a 12% increase in ounces sold.

 

Cost of sales in Q3 2026 was $31.4 million, an increase of 35% over the comparative period in 2025 primarily due to a $3.1 million increase in volume related mine operating costs, higher maintenance and contractor costs, and inflationary pressures. Cost of sales in the first three quarters of 2026 was $96.3 million, an increase of 32% over the comparative period in 2025 primarily due to a $15.1 million increase resulting from similar factors.

 

Cash costs per ounce of gold sold in Q3 2026 were $1,805 (US$1,290), an increase of 15% compared to $1,576 (US$1,144) in Q3 2025 primarily due to similar factors noted in cost of sales. Cash costs per ounce of gold sold in the first three quarters of 2026 were $1,666 (US$1,204), an increase of 18% compared to $1,418 (US$1,014) in the comparative period in 2025 primarily due to higher mine unit operating costs impacted by higher maintenance and contractor costs.

 

AISC per ounce of gold sold decreased by 8% in Q3 2026 to $2,396 (US$1,713) from $2,615 (US$1,899) in Q3 2025 due to a 40% decrease in sustaining capital expenditures due to timing and higher ounces sold. AISC per ounce of gold sold decreased by 1% in the first three quarters of 2026 to $2,309 (US$1,667) from $2,326 (US$1,663) in the first three quarters of 2025 due to a 12% increase in ounces sold and a decrease in sustaining capital expenditures, partially offset by higher operating costs. Sustaining capital is expected to remain elevated in Q4 2026 as additional development and key projects continue to advance alongside planned production ramp-up, with full-year 2026 guidance remaining on track.

 

Progress at Presqu’île Zone

 

Development at the Presqu’île Zone progressed as anticipated during Q3 2026, with the first stope blasted in mid-July and production ramping up throughout the quarter. The production ramp-up is expected to continue through Q4 2026, with commercial production anticipated in Q1 2027.

 

Ramp Breakthrough

 

Kiena achieved a major milestone in Q2 2026 with the breakthrough of the new ramp to surface, establishing continuous ramp access and providing greater flexibility for underground material and equipment movement as mining activity increases. Completion of the ramp enables the ongoing ventilation expansion project, which is expected to double mine ventilation capacity and support increased mining activity and future productivity improvements.

 

Exploration Update

 

134 Level

 

Growth drilling from the 134-level exploration drift continued to evaluate the recently discovered Norbenite Footwall mineralized zone, with drill holes designed to better define its geometry, assess the continuity of mineralization and guide future drilling. Assay results are expected to be reported in the next quarter.

 

A combination of conversion and growth drilling from the 134-level, with two rigs targeting the ZA lenses at the top of the Footwall Zone lenses, as well as deeper inferred high-grade resource conversion. The program is focused on improving geological confidence in known mineralized zones to support potential Mineral Resource conversion, while also testing opportunities for further extensions. Results will be reported in the next quarter.

 

109-Level Exploration Drift

 

Exploration drilling from the 109-level continued to advance the VC Zone and the recently reported VZ Zone and evaluate the broader mineralized potential of this area. The rig was relocated down to the 134-level at the end of the quarter to continue the Norbenite Footwall drilling program. All Q3 assay results for the VC and VZ Zones have been received, with the most significant intercepts included in the September press release. An additional rig is planned to be mobilized back to the 109-level in early Q4 2026 to resume the VC and VZ growth and conversion drilling program.

 

33-Level Exploration Drift

 

Drilling on 33-Level was significantly slowed down during the quarter, as crews were re-tasked to other rigs as part of seasonal leave schedules. Drilling recommenced late in the quarter, and results will be reported in Q4 2026. For next quarter, the rig will be moved toward Shawkey 22 for a growth focused drill program to increase mineral inventory.

 

Presqu’île

 

Drilling shifted from delineation to growth drilling late in Q3. The current program aims to test extensions of the main PI2 lens within the 60-to-100-metre depth tranche below surface, testing the up-dip continuation of the mineralized lenses in an area that is currently outside of mineral reserve.

 

Surface Exploration

 

Barge drilling programs at Dubuisson, Tarmac/Siscoe, Northwest, and Wesdome are expected to be completed in early Q4 2026 prior to lake freeze-up. Results are expected to be reported in Q1 2027.

 

Following the completion of the Tarmac drill program, the barge rig was moved northwest of Siscoe Island to complete the first hole beneath the historical Siscoe Mine trend.

 

Drilling with a land-based rig continued at Shawkey South/Shawkey 10, evaluating the bulk tonnage style of mineralization at depth. Initial holes were successful with results recently reported. Further drilling is in progress, and a further two rigs will join and expand the drill program in Q4 2026 to expedite the delineation of the geometry and scale of the mineralized potential.

 

Outlook

 

2026 Consolidated Guidance Commentary

 

The following updates the Company’s 2026 guidance as of the date of this document.

 

Consolidated Gold Production: 180,000 to 205,000 ounces (midpoint 192,500 ounces)

  • The Company is maintaining its initial 2026 consolidated production guidance of 180,000 to 205,000 ounces, with results expected to be below the midpoint of the range. Q4 2026 is anticipated to be the strongest quarter of the year, driven by increased throughput and ounces at Eagle River, the continued ramp-up of the Presqu’île Zone and further operational improvements at Kiena Deep.
  • Eagle River is expected to achieve its full-year production guidance range of 105,000 to 115,000 ounces at an average grade of 11.5-12.5 g/t. In the first three quarters of 2026, the continued integration of Global Model ore into the mine plan contributed to a 24% increase in mill throughput compared with the same period in 2025. Higher throughput is expected to drive an increase in production in Q4 2026 as the operation continues to advance its fill-the-mill strategy.
  • Based on year-to-date production of 56,012 ounces, Kiena is expected to achieve its production guidance of 75,000-to-90,000 ounces at an average grade of 8.0-9.5 g/t. Q4 2026 production is expected to be supported by improved operational stability at Kiena Deep and the continued ramp-up of Presqu’île.

 

Depreciation and Depletion: $100 million (previously $130 million)

  • Based on the latest technical reports and the mineral reserves published on June 24, 2026, the Company is lowering its guidance for depreciation and depletion from $130 million to $100 million.

 

Corporate and General

  • Based on current forecasts, corporate G&A could track up to 10% higher than the initial guidance of $30 million, primarily due to unplanned initiatives and pre-feasibility studies in 2026.

 

Cash Costs Per Ounce Sold: US$1,050 to US$1,150 (midpoint: US$1,100)

  • Based on our most recent forecast, full-year cash costs could track up to 10% higher than the 2026 guidance range of US$1,050 to US$1,150, primarily due to inflationary pressures.
  • As outlined in its original guidance (see the Company’s release dated January 20, 2026), Eagle River’s cash costs per ounce sold are expected to increase in 2026 over the prior year, primarily reflecting higher royalties from higher revenue.
  • Kiena’s cash costs per ounce sold are expected to be at the upper end of guidance due to higher input costs and labour, including contractors.

 

All-in Sustaining Costs Per Ounce Sold: US$1,525 to US$1,700 (midpoint: US$1,613)

  • Consolidated AISC per ounce sold is expected to fall near the top end of the 2026 guidance range of US$1,525 to US$1,700.
  • While Eagle River’s YTD 2026 AISC of US$1,810 per ounce sold is above its full-year guidance range of US$1,525 to US$1,675 per ounce sold, AISC per ounce sold is expected to decrease in Q4 2026 due to higher production and lower operating costs.
  • With YTD 2026 AISC of US$1,667 per ounce sold, Kiena remains on track to achieve its annual AISC guidance of US$1,525 to US$1,750 per ounce sold.

 

Total Capital Investments: $205 million

  • Based on our most recent forecast, full-year consolidated capital spend remains on track with guidance of $205 million.

 

The following table outlines Wesdome’s updated 2026 guidance compared to its initial guidance set forth in the Company’s press release dated January 20, 2026:

 

 

5

 

 

 

.0 – 9.5

2026 Guidance Eagle River Kiena Consolidated Guidance
Previous Jan 20, 2026 Updated Aug 13, 2026 Previous Jan 20, 2026 Updated Aug 13, 2026 Previous Jan 20, 2026 Updated Aug 13, 2026
Production
Head grade (g/t) 13.0 – 14.0   11.5 – 12.   8   8.0 – 9.5 10.0 – 12.0 10.0 – 11.0
Gold production (oz) 105,000 – 115,000 105,000 – 115,000 75,000 – 90,000 75,000 – 90,000 180,000 – 205,000 180,000 – 205,000
Operating Costs
Depreciation and depletion ($M) $55 $40 $75 $60 $130 $100
Corporate and general1 ($M) $15 $15 $15 $15 $30 $30
Exploration and evaluation2 ($M) $15 $15 $15 $15 $30 $30
Cash costs3,4 (US$/oz) $1,050 – $1,150 $1,050 – $1,150 $1,025 – $1,175 $1,025 – $1,175 $1,050 – $1,150 $1,050 – $1,150
All-in sustaining costs3,4 (US$/oz) $1,525 – $1,675 $1,525 – $1,675 $1,525 – $1,750 $1,525 – $1,750 $1,525 – $1,700 $1,525 – $1,700
Capital Investment3
Sustaining capital3 ($M) $60 $60 $50 $50 $110 $110
Growth capital3 ($M) $45 $45 $50 $50 $95 $95
Total capital investment ($M) $105 $105 $100 $100 $205 $205

 

 

Consolidated Three-Year Outlook

 

2026 2027 2028
Gold Production (ounces)
Eagle River 105,000 – 115,000 100,000 – 120,000 100,000 – 120,000
Kiena 75,000 – 90,000 85,000 – 100,000 85,000 – 110,000
Total Gold Production 180,000 – 205,000 185,000 – 220,000 185,000 – 230,000
All-in Sustaining Costs (US$/oz) 1,525 – 1,700 1,600 – 1,750

 

 

Gold Production: Consolidated gold production is expected to increase from 180,000 to 205,000 ounces in 2026 to 185,000 to 230,000 ounces in 2028, reflecting stable production at Eagle River and growing contribution from Kiena.

 

At Eagle River, production is expected to be 100,000 to 120,000 ounces per year in 2027 and 2028, supported by increased mill utilization and a more consistent grade profile, with additional potential upside from material not included in the reserve-based mine plan.

 

At Kiena, production is expected to increase to 85,000 to 110,000 ounces by 2028, supported by improved execution at Kiena Deep, greater flexibility across multiple mining levels, including the Presqu’île Zone.

 

Margin Resilience: Consolidated AISC per ounce of gold sold is expected to be US$1,600 to US$1,750 per ounce sold in 2027 and 2028, inclusive of expected capitalized sustaining exploration, study costs, corporate G&A, and other corporate-level adjustments not included in the reserve-based site-level cost profiles presented in the technical reports.

 

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.

 

Technical Disclosure

 

The technical and geoscientific content of this press release have been reviewed, and approved by Peter Gula, P. Eng and General Manager of Eagle River Mine (wholly owned by Wesdome), a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

Posted November 5, 2026

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