Wesdome Extends Reserve Life to 8 Years at Both Mines, Establishes Robust Free Cash Flow Profile, and Outlines Significant Organic Growth Pipeline
Wesdome Gold Mines Ltd
TSX: WDO OTCQX: WDOFF www.wesdome.com
WESDOME EXTENDS RESERVE LIFE TO 8 YEARS AT BOTH MINES, ESTABLISHES ROBUST FREE CASH FLOW PROFILE, AND OUTLINES SIGNIFICANT ORGANIC GROWTH PIPELINE
HIGHLIGHTS
- Proven and Probable Mineral Reserves Up 17% to a Record 1.4 Million Ounces (“Moz”): Proven and probable mineral reserves increased to 5.4 million tonnes (“Mt”) at 7.9 g/t for 1.4 Moz, led by 39% reserve growth at Eagle River, where the global model initiative converted near-mine tonnes at a US$1,800/oz gold price. This additional material improves mill utilization and extends mine life, while preserving flexibility to re-sequence the mine plan as higher-grade zones are delineated. Eagle River’s high-margin profile remains fully intact as it more than replaced high-grade tonne depletion, added mineral reserves and extended its mine life.
- Eight-Year Reserve Mine Life at Both Operations Through 2033: This is the first time in the Company’s history that both assets are concurrently underpinned by 8-year reserve plans, providing the foundation for sustained production, disciplined capital allocation and ongoing reserve replacement.
- Production Profile Expected to Increase to up to 230,000 Ounces by 2028: Consolidated production is underpinned by stable output from Eagle River and growing levels of production from Kiena. Consolidated all-in sustaining costs1 are expected to remain broadly in line with 2026 guidance of US$1,525 - US$1,700/oz, with industry cost pressures expected to be largely offset by higher output and ongoing productivity initiatives.
- Over $1 Billion in Free Cash Flow1 Over Three Years at US$4,000/oz Gold: The reserve-based plans demonstrate the strong cash-generating capacity of Wesdome’s high-margin asset base, with resilient margins supporting growth initiatives and shareholder returns across a range of gold price environments.
- Dividend Initiated, Share Buyback Expanded: The initiation of a quarterly dividend and expansion of the Company’s share buyback program, alongside a fully funded growth profile, reflects a disciplined capital allocation framework designed to balance reinvestment and capital returns.
- Inferred Mineral Resources Increased 87%, Expanding the Conversion Pipeline: Inferred mineral resources increased to 15.1 Mt at 2.5 g/t Au for a total of 1.2 Moz, led by a fourfold increase at Mishi. This provides an expanded base of inventory available for potential conversion to reserves.
- Significant Upside Potential Beyond Reserves: Opportunities not included in mineral reserves include productivity, execution and optimization initiatives at both operations, conversion of mineral resources to reserves; and systematic testing of a potential mineralization exploration target of 2.4 to 6.3 Moz2 across both mines. These opportunities are expected to leverage existing infrastructure and provide multiple pathways to extend mine life and support potential future growth. The potential quantity of the exploration targets is conceptual in nature. There has been insufficient exploration to estimate and define a mineral resource, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Toronto, ON – June 24, 2026 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) is pleased to announce the results of its updated mineral reserve and mineral resource (“MRMR”)
statement effective December 31, 2025 as well as the results of its upcoming independent technical reports (the “Technical Reports”) for the Eagle River Mine (“Eagle River”) and the Kiena Mine (“Kiena”), outlining an 8-year consolidated reserve mine life with robust upside potential. All amounts are expressed in Canadian dollars unless otherwise indicated.
The Technical Reports for both Eagle River and Kiena are being prepared in accordance with NI 43-101. The Technical Reports will be filed within the next 45 days on SEDAR+ at www.sedarplus.ca and posted on the Company’s website www.wesdome.com.
The Company will be hosting a conference call and webcast tomorrow, June 25, 2026 at 8:30 a.m. ET, to discuss its updated mineral reserves and mineral resources, Technical Report highlights and organic growth opportunities beyond the current mine plan.
Anthea Bath, President and Chief Executive Officer, stated “Today marks a defining milestone in Wesdome’s evolution. We have increased mineral reserves, extended mine life across the portfolio and established mine plans that support a growing production profile, stronger operating performance and significant free cash flow generation. Importantly, we have strengthened the foundation from which we can continue to grow the business for many years to come.
“At Eagle River, we have delivered on our strategy to transition the operation into a larger, more resilient and longerlife mining complex. By incorporating additional tonnes into the mine plan, we are better utilizing existing mill capacity, while continuing to advance the high-grade exploration opportunities that have always differentiated the asset. The results demonstrate success on both fronts. Wesdome replaced the high-grade component of its reserve base while adding incremental tonnes that are economic at a US$1,800/oz gold price, supporting a stronger and more durable production profile. At the same time, ongoing exploration continues to demonstrate continuity of highgrade structures, supporting our confidence in the potential to discover and convert additional high-grade resources, extend mine life and enhance the reserve plan over time. Just as importantly, we are beginning to unlock a broader regional opportunity, including at Mishi, where open pit inferred material increased fourfold and remain at an early stage of delineation. We believe this represents the next phase of long-term growth for Eagle River and provides a pathway to materially increasing the scale of the operation over time.
“At Kiena, we have established a high-grade reserve base averaging 8.7 grams per tonne and a mine plan that provides a strong, executable platform for growth. While the current plan delivers attractive economics and operational flexibility, management believes it represents only a portion of the asset’s potential. Opportunities exist to improve productivity within Kiena Deep while systematically advancing additional mineralized zones closer to surface. Our exploration programs continue to demonstrate the scale and continuity of mineralization both at depth and across the broader property, reinforcing our confidence that Kiena can continue to grow production, extend mine life and create substantial value over the long term.
“A significant portion of the opportunity remains outside mineral reserves today. Through resource conversion, operational optimization, productivity initiatives and continued exploration success across both districts, we see multiple pathways to unlock additional value. Each of these opportunities leverages infrastructure that is already in place, allowing us to pursue growth in a disciplined and capital-efficient manner.
“We are building Wesdome into a high-margin Canadian gold producer with long-life assets, increasing production, expanding free cash flow1 and a deep pipeline of organic growth opportunities. The Board’s decision to initiate a quarterly dividend reflects our confidence in the durability of that cash flow by both investing in growth and returning capital to shareholders.”
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 Costs1 (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, which is expected to achieve commercial production in fall 2026.
- Margin Resilience: Consolidated all-in sustaining costs1 per ounce of gold sold is expected to be US$1,600
- US$1,750 per ounce in 2027 and 2028, largely in line with 2026 guidance of US$1,525 – US$1,700 per
ounce, inclusive of expected corporate G&A, capitalized sustaining exploration, study costs, and other corporate-level adjustments not included in the reserve-based site-level cost profiles presented in the Technical Reports.
- Capital Profile: As outlined in the Company's 2026 guidance, total capital costs are projected to be $205 million, comprising $45 million in growth capital at Eagle River and $50 million at Kiena. Looking ahead to 2027 and 2028, growth capital at Eagle River is expected to taper, while at Kiena, capital is expected to moderate from the elevated levels associated with Presqu’île, with future growth capital primarily directed toward advancing Dubuisson into production. Total exploration expenditures are expected to remain consistent with 2026 guidance of $55 million, inclusive of capitalized sustaining exploration and expensed exploration.
TECHNICAL REPORT HIGHLIGHTS
For additional information on annual production, unit cost, and capital cost estimates, please see the Technical Reports, which will be filed within 45 days of this press release and available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.wesdome.com.
| Units | Eagle River | Kiena |
| Production Mineral reserve mine life years Ore processed kt Grade processed g/t Average recovery % Gold production koz Operating and Capital Costs Mining cost $/t processed Processing cost $/t processed Site administration cost $/t processed Capital Investments Sustaining capital (excluding closure) $M Growth capital $M Total Capital Investment $M | 8 2,895 7.3 95.7 647 $216 $87 $112 $242 $150 $392 | 8 2,554 8.7 98.4 700 $248 $51 $91 $247 $106 $353 |
Please refer to the Appendix for detailed annual plan summaries.
EAGLE RIVER
- Proven and probable mineral reserves at Eagle River increased 39% to 2.9 million tonnes at 7.3 grams per tonne (“g/t”) for 676,000 ounces, adding approximately 1.7 million tonnes of reserve material and extending the reserve-based mine plan to 2033.
- The updated Eagle River mine plan supports a stable production profile of approximately 100,000 ounces per year through 2028, based on a planned ramp-up to just over 1,000 tonnes per day, equivalent to approximately 80% utilization of the permitted 1,200 tonnes per day mill capacity.
- The initial phase of the global model initiative materially expanded Eagle River’s mineral reserve base by adding incremental tonnes near existing development at a gold price of US$1,800 per ounce. While these additions reduced the overall average reserve grade relative to year-end 2024, the added tonnes are expected to improve mill utilization, extend mine life and support strong margins through lower incremental costs and fixed-cost leverage, with flexibility to re-sequence as higher-grade zones are further delineated.
- In order to support higher throughput levels, planned development rates are expected to increase materially over the life-of-mine plan, supporting a higher number of active mining fronts, improved face availability and greater flexibility in mine sequencing.
- The updated mine plan is expected to facilitate continued productivity and cost improvements, including through material handling improvements, larger trucks, contractor-to-owner conversion, mechanization and processing improvements to support reliable operation at higher throughput rates.
- Additional upside not included in mineral reserves includes ongoing productivity and execution improvements, remnant and opportunistic non-reserve material, continued mineral resource conversion,
and testing of identified exploration targets across near-mine extensions, including high-grade corridors, Mishi-Magnacon, Cameron Lake, Abbey Lake and other prospective targets. See Exploration Targets.
KIENA
- Proven and probable mineral reserves at Kiena totaled 2.6 million tonnes at 8.7 g/t for 711,000 ounces gold at year-end 2025, consistent with mineral reserves at year-end 2024, with increased tonnes at Dubuisson offsetting depletion.
- The updated Kiena mine plan provides a more reliable and executable reserve-based foundation through a fully integrated mine plan incorporating updated geology, mine design, geotechnical inputs, operating assumptions and cost estimates.
- The feasibility level technical report reflects a higher-confidence mining method and design basis relative to the previous 2021 pre-feasibility study, including detailed geotechnical analysis, redefined design parameters across all zones, crown pillar assessment and hydrogeological review.
- Kiena’s cost structure has been rebased to reflect current operating conditions, engineering design and productivity assumptions, replacing legacy benchmark assumptions with a bottom-up cost build across mining, processing and site G&A.
- The inclusion of Presqu’île and Dubuisson improves mine plan flexibility by expanding production beyond Kiena Deep into shallower mining areas, linking new zones to existing infrastructure and supporting a more diversified multi-zone operating approach.
- Dubuisson has been advanced as a new shallow mining area, with probable mineral reserves increasing to 285,000 tonnes at 6.37 g/t for 58,000 ounces gold at year-end 2025 at a cut-off grade of 4.6 g/t. Additional mineralization at lower cut-off grades highlights the potential to evaluate alternative mining scenarios, including lower-cost bulk mining methods and processing through the existing Kiena mill or other regional milling options.
- The updated reserve-based plan supports a stable production profile to 2033, while preserving meaningful upside through improved operating execution, continued resource conversion and additional near-mine and depth extension targets.
- As identified in the opportunities section of the Technical Report, Kiena may have the potential to support higher production levels than those contemplated in the reserve-based mine plan. With available mill and hoisting capacity, existing underground infrastructure, the addition of a new portal, and opportunities to increase mining fronts, equipment utilization, and overall productivity, management believes gold production could be increased by 10 to 15% over time. These opportunities were not evaluated as part of the Technical Report and are not incorporated into the mineral reserve estimate, reserve-based mine plan, or economic analysis presented in the Technical Report.
- Kiena has a three-to-five-year exploration target, which is not included in mineral reserves. Kiena Deep, Presqu'île, Dubuisson, the VC Zone, and the B Zone remain open along strike and down-plunge, with further drilling required to determine the extent of mineralization. Dubuisson East and broader regional opportunities represent potential additional upside. See section titled Exploration Targets.
MINERAL RESERVE ESTIMATE (AS AT DECEMBER 31, 2025)
| Mineral Reserve Summary | As at December 31, 2025 | As at December 31, 2024 Tonnes Grade Ounces (000s) (g/t Au) (000s) | ||
|---|---|---|---|---|
| Tonnes | Grade | Ounces | ||
| (000s) | (g/t Au) | (000s) | ||
| Eagle River Proven Probable Stockpile and inventory (proven) | 433 15.6 217 794 10.4 265 8 17.8 5 | |||
| 296 | 12.9 | 123 | ||
| 2,596 | 6.6 | 553 | ||
| 3 | 5.3 | 1 | ||
| Proven & Probable Reserves Kiena Proven Probable Stockpile and inventory (proven) | 2,895 | 7.3 | 676 | 1,235 12.3 487 305 11.0 107 2,076 8.9 592 10 5.6 2 |
| 463 | 9.6 | 143 | ||
| 2,090 | 8.5 | 568 | ||
| - | - | - | ||
| Proven & Probable Reserves Wesdome Proven Probable Stockpile and inventory (proven) | 2,553 | 8.7 | 711 | 2,391 9.1 701 738 13.7 324 2,870 9.3 857 18 10.9 6 |
| 760 | 10.9 | 266 | ||
| 4,686 | 7.4 | 1,121 | ||
| 3 | 5.3 | 1 | ||
| Proven & Probable Reserves | 5,448 | 7.9 | 1,387 | 3,626 10.2 1,188 |
Notes to Mineral Reserve Statement
Eagle River
1. Mineral reserves are in addition to the mineral resources in the Eagle River Mine, with an effective date of December 31, 2025.
2. Mineral reserves were developed in accordance with the "CIM Definition Standards for Mineral Resources & Mineral Reserves" (May 10, 2014) and the "CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines" (November 29, 2019), using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. Mineral reserves are based on estimates of long-term gold prices of US$1,800/oz, and a US dollar exchange rate of US$1.00 = $1.35.
3. Mining cut-off for reserves has been derived from current operating cost performance, incorporating historical mine operating data and expected changes in production rates and cost assumptions consistent with the Lifeof-Mine plan.
4. Underground Eagle River mineral reserves are reported at a mill head cut-off grade of 6.2 g/t Au, with an incremental cut-off grade of 3.0 g/t Au. Cut-off grades are based on a gold price of US$1,800/oz, a process recovery of 97.7%, and operating cost assumptions of $162.82/t mined, $75.12/t processed, and $112.42/t for general and administrative costs. Costs to sustain the operation of $113.50/t have been included in the cut-off grade determination.
5. Mineral reserves are the economic portion of the measured and indicated mineral resources. Mineral reserve estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods.
6. The reference point of the mineral reserves in the Eagle River Mine mill head.
7. The qualified person for the Eagle River Mine mineral reserve estimate is Benny Zhang, PEng, SRK Consulting (Canada) Inc. employee.
8. Rounding may result in apparent summation differences between tonnes, grade and contained metal.
1. The Qualified Person responsible for the mineral reserve estimate is Eric Lecomte, P.Eng. of Norda Stelo Inc. The effective date of the mineral reserve estimate is December 31, 2025. Mineral reserves have been estimated in accordance with the “CIM Definition Standards for Mineral Resources and Mineral Reserves” adopted by the CIM Council and incorporated by reference into NI 43-101.
2. Mineral reserves are estimated from measured and indicated mineral resources that have demonstrated economic viability.
3. Mineral reserves were estimated using a gold price of US$1,800/oz, an exchange rate of US$1.00 = $1.35, and refining costs of US$5.65/oz. The reserve estimate incorporates modifying factors including mine design, mine planning, mine scheduling, operating costs, metallurgical recovery, mining recovery, planned dilution, backfill dilution, geotechnical constraints, and economic considerations.
4. Mineral reserves were estimated assuming longitudinal longhole stoping with paste backfill in the Kiena Deep, Presqu'île, and Dubuisson zones. Mineral reserves include planned internal and external dilution as well as mining recovery factors consistent with the selected mining method. Mining recovery factors applied to production stopes range from 87% to 92% depending on mining zone, lithology and stope geometry. Sill pillar stopes were assigned a recovery factor of 80%.
5. Mineral reserves are reported within mineable stope shapes generated using zone-specific base cut-off grades ("BCOG") and marginal cut-off grades (“MCOG”) were applied to portions of stopes located within otherwise economic mining shapes where no additional development or mining access was required. The applied cut-off grades were 4.25 g/t Au (BCOG) and 3.95 g/t Au (MCOG) for the Presqu'île Zone, 4.85 g/t Au (BCOG) and 4.55 g/t Au (MCOG) for the Kiena Deep Zone, and 4.55 g/t Au (BCOG) and 4.15 g/t Au (MCOG) for the Dubuisson Zone.
6. The mining costs used for cut-off grade determination were estimated at $240.98/t milled for the Kiena Deep Zone, $188.72/t milled for the Presqu’île Zone, and $210.50/t milled for the Dubuisson Zone. Processing and General and Administrative costs were estimated at $50.20/t milled and $80.00/t milled, respectively, for all zones. Metallurgical recoveries applied in the cut-off grade calculations were derived from the process plant recovery assumptions and were estimated at 98.5% for Kiena Deep and 97.0% for the Presqu’île and Dubuisson zones.
7. Contained gold ounces are calculated from diluted tonnes and diluted grades and do not account for metallurgical recovery losses. Mineral reserves are reported as mill feed delivered to the processing plant. Tonnage, grade and contained metal have been rounded to reflect the accuracy of the estimate and totals may not sum due to rounding.
MINERAL RESOURCE ESTIMATE (AS AT DECEMBER 31, 2025)
| Mineral Resource Summary | As at December 31, 2025 | As at December 31, 2024 Tonnes Grade Ounces (000s) (g/t Au) (000s) | |||||
|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Ounces | |||||
| (000s) | (g/t Au) | (000s) | |||||
| Eagle River Measured Indicated | 250 11.6 93 557 7.5 135 | ||||||
| 59 | 9.1 | 17 | |||||
| 796 | 6.3 | 162 | |||||
| M+I Resources Inferred Underground – Eagle River Mine Inferred Open Pit – Mishi Inferred Underground – Mishi Inferred Total | 855 | 6.5 | 179 | 806 8.8 228 431 7.9 109 2,318 1.6 120 - - - 2,749 2.6 229 | |||
| 512 | 7.3 | 120 | |||||
| 11,487 | 1.4 | 523 | |||||
| 152 | 6.5 | 32 | |||||
| 12,151 | 1.7 | 674 | |||||
| Kiena Measured Indicated | 58 10.2 19 789 5.4 138 | ||||||
| 85 | 8.4 | 23 | |||||
| 893 | 5.7 | 163 | |||||
| M+I Resources Inferred Wesdome Measured Indicated | 977 | 5.9 | 186 | 847 5.8 158 2,536 5.0 411 308 11.3 112 1,346 6.3 271 | |||
| 2,977 | 5.5 | 525 | |||||
| 143 | 8.7 | 40 | |||||
| 1,689 | 6.0 | 325 | |||||
| M+I Resources Inferred Underground – Eagle River Mine & Kiena Inferred Open Pit – Mishi Inferred Underground – Mishi Inferred Total | 1,833 | 6.2 | 365 | 1,653 7.3 386 2,967 5.5 520 2,318 1.6 120 - - - 5,285 3.8 640 | |||
| 3,489 | 5.7 | 645 | |||||
| 11,487 | 1.4 | 523 | |||||
| 152 | 6.5 | 32 | |||||
| 15,128 | 2.5 | 1,199 | |||||
| Notes to Mineral Resource Statement |
1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
2. Mineral resources are reported exclusive of mineral reserves.
3. Mineral resource estimates have been prepared in accordance with the CIM Definition Standards (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019).
4. Mineral resource estimates are based on a long-term gold price of US$2,100/oz.
5. Totals may not add due to rounding.
Eagle River
6. Eagle River underground mineral resources are reported within fully diluted mineable stope shapes using an Au cut-off grade of 4.0 g/t.
7. Mishi open pit mineral resources are reported within a conceptual pit shell using an Au cut-off grade of 0.55 g/t Au.
8. Mishi underground mineral resources are reported within fully diluted mineable stope shapes using an Au cut-off grade of 4.36 g/t Au.
9. Assumed metallurgical recoveries are 97.68% for Eagle River and 82% for Mishi.
6. Mineral resources are estimated using cut-off grades of 3.15 g/t Au for Kiena Deep, S50, and B Zone; 2.97 g/t Au for VC Zone and K109; 2.42 g/t Au for Martin, Wish, and Shawkey 22; 3.20 g/t Au for North West, Zone 134, Wesdome, and South Zone; 2.70 g/t Au for Dubuisson; and 2.60 g/t Au for Presqu’île.
7. Underground Mineral resources are reported within underground constraining shapes. Reported tonnages and grades reflect only mineralized material contained within the constraining shapes; internal waste and unmineralized material are excluded from the reported Mineral resources.
8. Minimum mining widths range from 1.5 m to 3.0 m depending on the deposit.
9. A bulk density of 2.80 t/m³ was applied.
10. Ounces contain prior to recovery from the mill.
EXPLORATION TARGETS
In addition to the updated mineral resources and mineral reserves, Wesdome has identified a series of exploration targets with potential gold mineralization of between 2.4 – 6.3 million ounces, comprising 27.1 to 40.0 Mt with weighted-average grades ranging from 2.7 to 4.9 g/t Au, across its Eagle River and Kiena properties. These exploration targets represent areas considered prospective for the discovery or expansion of gold mineralization based on geological interpretation, drilling results, historical mining activity, geophysical data, and other exploration information.
The potential quantity and grade of the exploration targets are conceptual in nature. There has been insufficient exploration to estimate and define a mineral resource, as defined by NI 43-101, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
An exploration target is used to provide a conceptual estimate of the potential quantity and grade of a mineral deposit, based on known and limited geological evidence. It is an early-stage assessment that will help to guide further exploration, but it is not a mineral resource or mineral reserve and should not be treated as such.
The exploration targets are based on the Company’s interpretation of multiple datasets across 227 identified targets. These datasets include but are not limited to core logs from diamond drilling, drillhole assay results, rock chip samples, surface and subsurface geological mapping, induced polarization geophysical studies, airborne magnetic studies, detailed LiDAR surface topography, and geochemical surveys (soil, bark, rock chip and trench channel samples).
The following table summarizes selected exploration targets identified across the Eagle River and Kiena properties. These targets have been categorized and ranked based on geological confidence and exploration maturity to support the prioritization of future exploration programs and the evaluation of opportunities for mineral resource growth.
Tonnage Grade Ounces (Mt) (g/t Au) (Moz)
Eagle River
12.5-15.5 Near Mine Exploration Targets 2.2-3.7 0.9-1.8 2.2-4.2 Historical Mine and Advanced Exploration Targets 4.8-7.0 0.3-0.9 0.7-1.1 Greenfield Exploration Targets 13.2-19.0 0.3-0.7
2.4-3.6 TOTAL EAGLE RIVER 20.2-29.6 1.5-3.4
Kiena
4.5-10.8 Near Mine Exploration Targets 2.4-3.8 0.3-1.3 3.7-7.7 Historical Mine and Advanced Exploration Targets 4.3-6.1 0.5-1.5 2.0-5.4 Greenfield Exploration Targets 0.4-0.5 0.0-0.1
3.8-8.7 TOTAL KIENA 7.0-10.4 0.9-2.9 2.7-4.9 TOTAL WESDOME 27.1-40.0 2.4-6.3
Notes:
1. The reported ranges represent the aggregation of multiple individual exploration targets that may be spatially separated and are not intended to represent a single continuous mineral deposit. Detailed tonnage, grade, and contained gold ranges for the individual exploration targets included in each category are provided in more detailed tables below.
2. Grade ranges reported for the subtotal and total exploration targets lines were calculated as tonnage-weighted average grades using the corresponding minimum and maximum tonnage and grade estimates for the individual exploration targets included in each aggregation. Grade ranges for each individual exploration target are presented in the detailed tables below in accordance with NI 43-101 disclosure requirements.
Exploration Target Categories
The Company has developed a three to five-year exploration strategy to systematically evaluate and prioritize its exploration targets. This strategy is dynamic and is updated every year based on exploration results and geological interpretation.
The exploration targets have been grouped into three categories:
1. Near Mine Exploration Targets: located within or adjacent to existing mining infrastructure and represent opportunities for mineral resource growth near current operations.
2. Historical Mine and Advanced Exploration Targets: comprise of historic mines and advanced-stage exploration areas where mineralization remains open beyond previously defined limits.
3. Greenfield Exploration Targets: associated with underexplored geological corridors and regional-scale exploration opportunities with potential for new discoveries.
In addition to these categories, the Company ranks exploration opportunities using a six-tier framework that reflects the level of geological confidence and available supporting information. For block models, tiers 1 to 3 correspond to measured and indicated, and inferred mineral resources. Exploration targets are classified as Tiers 4 to 6. Tier 4 targets represent mineralized areas within interpreted mineralized domains that are not currently classified as Mineral resources due to insufficient drill spacing or geological confidence. Tier 5 targets comprise interpreted extensions of known mineralized domains supported by limited drilling and/or geological continuity beyond currently defined mineralization. Tier 6 targets represent conceptual exploration opportunities based primarily on geological interpretation, structural continuity, geophysical data, geochemical data, and regional targeting criteria, with limited or no direct drilling support. As the tier number increases, the uncertainty associated with the conceptual tonnage and grade ranges increases and therefore the level of geological confidence generally decreases.
The targets do not encompass all prospective areas identified across the Company's operating mines, as several mineralized systems remain open along strike and at depth beyond the limits of current drilling. In certain areas, the evaluation of exploration potential is further constrained by limitations on drill access from existing underground infrastructure, resulting in portions of prospective mineralized corridors remaining only partially tested.
The reported exploration targets, including the potential tonnage, quantity and grade ranges, are conceptual in nature. There has been insufficient exploration to estimate a mineral resource for these target areas, and it is uncertain whether further exploration will result in the estimation or delineation of a mineral resource. The exploration targets are based on the available geological information, limited drilling and sampling data, and reasonable geological interpretations, and are presented solely to illustrate the potential scale of exploration opportunities identified within the Company's land package. Exploration targets are not mineral resources or mineral reserves and should not be interpreted as such.
Additional information regarding the methodology, assumptions, target categorization, and supporting geological rationale used in the estimation of the exploration targets will be provided in the Company's upcoming NI 43-101 Technical Report.
Eagle River
The Eagle River property hosts multiple exploration opportunities, including mine-proximal extensions of known mineralized systems, historical mining areas with open mineralization beyond previous development, and regional targets along prospective structural corridors across the broader land package. (Figure 1).
Figure 1: Eagle River Exploration Targets