Wesdome Reports Record 2025 Financial Results and Strengthened Balance Sheet
Wesdome Gold Mines Ltd
TSX: WDO OTCQX: WDOFF www.wesdome.com
WESDOME REPORTS RECORD 2025 FINANCIAL RESULTS AND STRENGTHENED BALANCE SHEET
Operational improvements and expanded exploration programs expected to unlock value in 2026
Toronto, Ontario – March 11, 2026 – Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announced its financial results for the three and twelve months ended December 31, 2025 (“Q4 2025” and “FY 2025”). Preliminary operating results for Q4 2025 were disclosed in the Company’s press release dated January 20, 2026. Management will host a webcast tomorrow, March 12, 2026 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.
FY 2025 Highlights
- Improving safety performance: Total Recordable Incident Frequency Rate, a key safety performance indicator, was 1.02 in Q4 2025 and 1.00 for 2025, marking a significant improvement from 3.23 in Q4 2024 and 2.68 for 2024.
- Production and costs: Consolidated gold production for the fourth quarter was 46,638 ounces, a 6% decrease compared to Q4 2024, while 2025 production was 185,576 ounces, 8% higher than 2024. Q4 2025 cash costs per ounce of gold sold1 increased by 30% and all-in sustaining costs (“AISC”) per ounce of gold sold1 increased by 27%. FY 2025 cash costs per ounce of gold1 sold increased by 4% to US$976, while AISC per ounce of gold sold1 was US$1,518, 4% higher than 2024.
- Record revenues: Consolidated Q4 2025 revenue increased by 58% to $288 million compared to Q4 2024, and full-year revenue of $914 million increased by 64% compared to 2024. The average realized price of gold sold was US$4,169 per ounce in Q4 2025 and US$3,475 per ounce for 2025.
- Expanding margins: Gross profit increased by 93% year-over-year in Q4 2025 to $185 million and operating cash margin1 grew by 69% to $211 million. Full-year gross profit more than doubled year-overyear to $569 million and operating cash margin1 grew by 92% to $657 million.
- Record net income: Q4 2025 net income more than doubled to $117 million, or $0.78 earnings per share (basic), compared to Q4 2024. Full-year net income increased 2.5x to $349 million, or $2.32 earnings per share (basic), compared to 2024.
- Record EBITDA1: EBITDA1 was a record $195 million in Q4 2025, a 70% increase relative to Q4 2024 and was $602 million during 2025, a 96% increase relative to 2024.
- Record net cash from operating activities and free cash flow1: Q4 2025 net cash from operating activities was $156 million, or $1.04 per share3, while free cash flow1 was $97 million, or $0.65 per share in the fourth quarter. For 2025, net cash from operating activities was $457 million, or $3.04 per share3, while free cash flow1 was $278 million, or $1.85 per share.
- Record liquidity: As at December 31, 2025, liquidity stood at $697 million, including $354 million in cash and US$250 million of undrawn full capacity available under its revolving credit facility, compared to liquidity of $273 million (including $123 million in cash) as at December 31, 2024.
- Normal course issuer bid: In the fourth quarter, the Company purchased and cancelled 706,100 common shares for approximately $14 million at an average price of $20.37 per share.
Anthea Bath, President and Chief Executive Officer, commented: "2025 was a record year for Wesdome, as strong gold prices combined with continued improvements in operational execution. Both operations met their restated guidance, resulting in robust financial performance and a strong balance sheet while continuing to progress operational initiatives aimed at improving consistency and cost efficiency. During the year, our free cash flow margin expanded to 31%, enabling continued investment in the long-term potential of the business while increasing balance sheet strength, acquiring Angus Gold, initiating a return of capital to shareholders through a share buyback program and maintaining financial flexibility to support future opportunities.
“At the site level, Eagle River made meaningful progress toward fully utilizing mill capacity during the year, achieving average daily mill throughput of 70% of permitted capacity, a material improvement over 2024. All-in sustaining costs per ounce in the fourth quarter at Eagle River were the highest of the year due to higher tonnes milled at lower grade as we opportunistically extended development into a lower-grade area of the 300 Zone that was not included in our existing resources.
“At Kiena, the team focused on enhancing operational flexibility through the development of two new mining horizons and the advancement of two new exploration drifts designed to optimize drilling effectiveness. Kiena remains focused on strengthening operational stability with initiatives underway to improve mining sequence execution and cost performance and is expected to deliver more consistent results starting in the second half of 2026. All-in sustaining costs per ounce at Kiena increased in the fourth quarter relative to 2024 primarily due to higher sustaining capital expenditures, resulting from timing of equipment deliveries.
“2026 is expected to be a pivotal year for exploration at our operations. We plan to release results from our 270,000metre exploration program at regular intervals throughout the year, providing ongoing insight into the potential across our portfolio. In June, we also expect to publish updated technical report summaries on both assets, which we believe will give the market greater visibility into the longevity of our assets. Together, these milestones should further demonstrate the long-term growth potential in our asset base."
Consolidated Financial and Operating Highlights
| In 000s, except per unit and per share amounts Q4 2025 Q4 2024 | 2025 2024 |
| Financial results Revenues2 287,875 182,611 Cost of sales 76,636 57,974 Gross profit 184,717 95,589 Operating cash margin1 211,239 124,637 EBITDA1 195,041 114,868 Net income 117,403 56,629 Earnings per share 0.78 0.38 Adjusted net income1 117,403 56,629 Adjusted net earnings per share1 0.78 0.38 Net cash from operating activities 156,104 76,411 Operating cash flow per share3 1.04 0.51 Net cash used in financing activities (15,037) (884) Net cash used in investing activities (53,096) (34,945) Free cash flow1 97,363 39,874 Free cash flow per share1 0.65 0.27 Average USD/CAD exchange rates 1.3950 1.3990 Operating results Gold produced (ounces) 46,638 49,567 Gold sold (ounces) 49,430 48,700 Per ounce of gold sold1 Cost of sales4 ($/oz) 1,550 1,190 Cost of sales4 (US$/oz) 1,111 851 Cash costs1 ($/oz) 1,541 1,187 Cash costs1 (US$/oz) 1,105 848 AISC1 ($/oz) 2,441 1,920 AISC1 (US$/oz) 1,750 1,373 Average realized price1 ($/oz) 5,815 3,746 Average realized price1 (US$/oz) 4,169 2,678 Financial position Cash 353,865 123,097 Working capital5 342,521 131,261 Total assets 1,146,986 746,654 Current liabilities 71,324 53,883 Total liabilities 210,014 175,836 | 914,325 558,184 257,682 216,049 569,268 241,861 656,643 342,135 602,353 308,006 349,495 135,471 2.32 0.91 345,655 135,668 2.30 0.91 456,766 240,972 3.04 1.61 (15,438) (39,934) (210,560) (119,312) 278,064 118,597 1.85 0.79 1.3979 1.3700 185,576 172,033 188,030 167,300 1,370 1,291 980 943 1,364 1,288 976 940 2,122 1,999 1,518 1,459 4,857 3,333 3,475 2,433 353,865 123,097 342,521 131,261 1,146,986 746,654 71,324 53,883 210,014 175,836 |
Eagle River (Ontario, Canada)
| Q4 2025 Q4 2024 | 2025 2024 |
| Eagle River Operating Results Ore milled (tonnes) 77,240 60,358 Head grade (g/t) 10.0 14.3 Average mill recoveries (%) 96.3 96.5 Gold production (oz) 23,861 26,702 Gold sold (ounces) 26,200 27,500 Production costs per tonne milled1 ($) 557 509 Costs per oz of gold sold ($/oz) Operating cash margin1 4,075 2,514 Cost of sales 1,754 1,249 Cash costs1 1,745 1,245 All-in sustaining costs1 2,687 2,116 Costs per oz of gold sold (US$/oz) Operating cash margin1 2,921 1,797 Cost of sales 1,258 893 Cash costs1 1,251 890 All-in sustaining costs1 1,926 1,512 | 257,448 222,526 14.1 13.7 96.7 96.8 112,768 94,561 113,600 93,700 560 554 3,482 1,942 1,357 1,374 1,351 1,370 2,021 2,109 2,491 1,417 971 1,003 967 1,000 1,446 1,540 |
| In 000s, except per unit and per share amounts Q4 2025 Q4 2024 | 2025 2024 |
| Gold revenue from mining operation 152,486 103,361 Cost of sales Mining 17,484 14,003 Processing 6,847 6,103 Site administration and camp costs 14,863 12,440 Change in inventories 4,081 (127) Royalties 2,687 1,926 45,962 34,345 Silver revenue (246) (116) Total cash costs 45,716 34,229 Cost of sales per ounce of gold sold 1,754 1,249 Cash cost per ounce of gold sold1 1,745 1,245 Operating cash margin1 106,770 69,132 All-in sustaining costs1 Sustaining mine exploration and development 7,999 7,271 Sustaining mine capital equipment 12,598 9,195 Sustaining tailings management facility 352 3,651 Corporate and general allocation 3,677 3,214 Payment of sustaining lease liabilities 62 625 70,404 58,185 All-in sustaining costs per ounce of gold1 2,687 2,116 Cost of sales per tonne milled1 595 569 Production costs per tonne milled1 557 509 Total capital expenditures 23,218 20,117 | 549,026 310,331 66,817 55,303 26,112 22,368 51,906 45,794 (1,131) (797) 10,467 6,039 |
| 154,171 128,707 (671) (326) | |
| 153,500 128,381 | |
| 1,357 1,374 1,351 1,370 | |
| 395,526 181,950 32,787 28,385 27,668 18,769 1,444 8,052 13,675 11,166 535 2,903 | |
| 229,609 197,656 | |
| 2,021 2,109 | |
| 599 578 560 554 | |
| 65,168 55,206 |
Operating Highlights
During Q4 2025, Eagle River produced 23,861 ounces of gold as compared to 26,702 ounces in Q4 2024 as a result of lower-grade development ore which was opportunistically incorporated into the plan to open up additional future stopes, partially offset by a drawdown from the higher-grade surface stockpile. As a result, these additional stopes will be included in the 2026 plan, along with the carryover of the original planned stopes from Q4 2025.
For 2025, Eagle River produced 112,768 ounces, a 19% increase over the 94,561 ounces produced in 2024. The increase relative to the prior year reflects a 3% increase in average grade and a 16% increase in mill throughput. The increase in mill throughput and mine productivity is largely driven by the optionality created with the expansion and addition of new mining zones year over year, facilitating elevated levels of operational performance. In addition, continuous improvement initiatives are resulting in meaningful reductions in dilution and positive reconciliation on specific stoping blocks in the 300 Zone. These results in the year demonstrate continued advancements made in optimizing stope design, improving execution, and refining grade control.
Mill throughput of 77,240 tonnes in Q4 2025 was 28% higher than the fourth quarter of 2024 benefiting from replacement of trunnion gear mid-year. For the year, mill throughput of 257,448 tonnes during 2025 was 16% higher when compared to the prior year 2024, as a result of a debottleneck study, improved reliability through maintenance practices, and specific mechanical replacements such as the trunnion gear mid-year
Q4 2025 production costs of $557 per tonne were 10% higher than the fourth quarter of 2024, primarily due to a higher ratio of ore development to stope production, and an increased reliance on contractors to address vacancies in operations personnel. For 2025, production costs per tonne of $560 per tonne were comparable to 2024.
Financial Highlights
In Q4 2025, Eagle River’s gold revenue increased 48% to $152.5 million from $103.4 million in Q4 2024 due to a higher average realized price of gold sold, partially offset by a 5% reduction in ounces sold. During 2025, Eagle River’s gold revenue increased by 77% to $549.0 million when compared to the previous year due to a higher average realized price of gold sold and a 21% increase in ounces sold.
Cost of sales in Q4 2025 were $46.0 million, an increase of 34% relative to the comparative period in 2024 primarily due to a $6.6 million increase in mine and mill operating costs due to higher tonnes processed, a $4.2 million change in inventory levels and increased royalties mainly due to more tonnes processed. Cost of sales for 2025 totaled $154.2 million, a 20% increase compared to the prior year. This was principally driven by a $21.4 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from increased gold production.
Q4 2025 cash costs per ounce of gold sold increased to $1,745 (US$1,251) per ounce sold from $1,245 (US$890) per ounce sold in Q4 2024 primarily due to fewer ounces sold in Q4 2025. Full year cash costs per ounce of gold sold decreased to $1,351 (US$967) per ounce sold in 2025 from $1,370 (US$1,000) per ounce sold in the prior year primarily due to higher ounces sold in 2025.
| In Q4 2025, AISC per ounce of gold sold increased by | 27% | to | $2,687 (US$1,926) | per ounce sold as compared to | ||||||
| Q4 2024, due to a | 5% decrease | in ounces sold in Q4 2025, a 34% increase in total cash costs and a 4% increase | ||||||||
| in sustaining capital expenditures. For 2025, AISC per ounce of gold sold decreased by 4 | % | to | ||||||||
| per ounce sold as compared to the prior year, due to a 21% increase in ounces sold partially offset by 20 | higher | |||||||||
| total cash costs and 12% | increase in sustaining capital expenditures due to increased investment in mine | |||||||||
| infrastructure. Investments in new equipment and increased development supported the steady increase in mill | ||||||||||
| throughput at Eagle River in 2025. |
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 to previously reported intercepts. 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.
Drilling in 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. Results will be incorporated into a resource update to be issued in June 2026.
Global Model
Four underground rigs continued drilling global model targets in the fourth quarter. These targets are well advanced and are a mixture of inferred material and geologic potential. A total of eight global model targets were drilled during the quarter. Results will be incorporated into the Company’s annual mineral reserve and mineral resource estimate in June 2026.
Surface Exploration
Surface drilling continued in the fourth quarter with two rigs at the Mishi and Magnacon deposits. Holes were designed to test concepts as part of a geological and structural review that included surface mapping. At Mishi, drilling twinned historic holes for validation purposes, and evaluated 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 in Q1 2026 with additional drilling and modelling work to be completed at Magnacon by Q4 2026.
Resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third quarter, and geotechnical holes were completed in the fourth quarter. Initial metallurgical test work was completed in the fourth quarter and further sampling and deportment studies have commenced as part of the geometallurgical program for the deposits.
Helicopter supported drilling continued at both the Cameron Lake Iron Formation and Eagle River Splay Targets. At Cameron Lake, drilling continued to evaluate a potential large tonnage, lower grade deposit. Approximately 80% of assays had been received by year end 2025 and further drilling is planned in 2026 after receipt of all assays and an updated project review.
At the Eagle River Splay, scout drilling evaluated the source of several IP anomalies close to previously reported drilling. Reported assays were weakly anomalous and further drilling is planned in 2026 following reviews incorporating all drilling, geophysics, geochemical, and mapping results received to date.
Soil geochemical samples were also collected from survey grid lines cut at the Birch target and north diorite areas. These areas are interpreted to be the continuation of the Eagle River Splay structures further to the southeast. Assay results are expected early 2026 and will be reviewed in conjunction with the results of IP survey data. Followup scout drilling will be included in helicopter supported drill programs this summer.
Kiena (Quebec, Canada)
| Q4 2025 Q4 2024 | 2025 2024 |
| Kiena Operating Results Ore milled (tonnes) 70,030 62,421 Head grade (g/t) 10.2 11.5 Average mill recoveries (%) 98.9 99.1 Gold production (oz) 22,777 22,865 Gold sold (oz) 23,230 21,200 Production costs per tonne milled1 ($) 417 392 Costs per oz of gold sold ($/oz) Operating cash margin1 4,497 2,618 Cost of sales 1,320 1,115 Cash costs1 1,312 1,111 All-in sustaining costs1 2,163 1,667 Costs per oz of gold sold (US$/oz) Operating cash margin1 3,224 1,871 Cost of sales 947 797 Cash costs1 940 794 All-in sustaining costs1 1,551 1,191 | 219,166 216,755 10.5 11.2 98.8 98.9 72,808 77,472 74,430 73,600 471 415 3,508 2,176 1,391 1,187 1,385 1,183 2,276 1,859 2,510 1,589 995 866 991 863 1,628 1,357 |
| In 000s, except per unit and per share amounts Q4 2025 Q4 2024 | 2025 2024 |
| Gold revenue from mining operation 134,940 79,059 Cost of sales Mining 19,460 15,813 Processing 4,060 3,306 Site administration and camp costs 5,664 5,411 Change in inventories 1,490 (901) 30,674 23,629 Silver revenue (202) (75) Total cash costs 30,472 23,554 Cost of sales per ounce of gold sold 1,320 1,115 Cash cost per ounce of gold sold1 1,312 1,111 Operating cash margin1 104,468 55,505 All-in sustaining costs1 Sustaining mine exploration and development 7,728 6,113 Sustaining mine capital equipment 7,313 2,455 Sustaining tailings management facility 1,016 - Corporate and general allocation 3,677 3,214 Payment of sustaining lease liabilities 40 - 50,246 35,336 All-in sustaining costs per ounce of gold1 2,163 1,667 Cost of sales per tonne milled 438 379 Production costs per tonne milled1 417 392 Capital expenditures 38,651 15,795 | 364,182 247,249 66,392 56,882 15,098 14,193 22,103 18,062 (81) (1,794) |
| 103,512 87,343 (447) (278) | |
| 103,065 87,065 1,391 1,187 1,385 1,183 | |
| 261,117 160,184 28,326 29,853 20,872 8,424 3,342 307 13,675 11,166 128 - | |
| 169,408 136,815 | |
| 2,276 1,859 | |
| 472 403 471 415 | |
| 116,129 64,266 |
Operating Highlights
In Q4 2025, Kiena produced 22,777 ounces, in line with the 22,865 ounces produced in Q4 2024. Average grade in Q4 2025 was 10.2 g/t, lower than 11.5 g/t in Q4 2024, and consistent with the reserve grade.
Production in 2025 was 72,808 ounces compared to 77,472 ounces produced in the prior year. Year-over-year grades were 7% 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 second half of the year increased by 21% against the first half, with a further improvement in Q4 relative to Q3 by 40%. Continued efforts are gaining momentum related to operational execution, in particular, planning and dilution control, maintenance practices and general productivity.
Mill throughput of 70,030 tonnes in Q4 2025 was 12% higher than the fourth quarter of 2024 due to higher availability of mill feed from Kiena Deep and Presqu’île. For the year, mill throughput of 219,166 tonnes during 2025 was 1% higher when compared to the prior year 2024 as a result of higher feed tonnes available.
Production costs per tonne were $417 per tonne in Q4 2025, an increase from $392 per tonne in Q4 2024, driven primarily by ongoing competitive pressures on labour, including higher wages and additional contractors to support operations, as well as higher maintenance expenses. 2025 production costs per tonne increased to $471 per tonne in 2025 from $415 per tonne in the prior year reflecting similar factors. In 2026, management initiatives are focused on reducing contractor reliance, increasing the proportion of company employees, and driving productivity improvements to mitigate unit cost pressures.
Financial Highlights
In Q4 2025, Kiena’s gold revenue increased by 71% to $134.9 million from $79.1 million in Q4 2024, primarily due to a higher average realized price per ounce of gold sold and a 10% increase in ounces sold. In 2025, Kiena’s gold revenue increased by 47% to $364.2 million from $247.2 million in the prior year due primarily to a higher average realized price per ounce of gold sold.
Cost of sales in Q4 2025 were $30.7 million, an increase of 30% over the comparative period in 2024. This increase was primarily due to a $4.7 million increase in mine operating costs due to higher tonnes milled in Q4 2025. Cost of sales in 2025 were $103.5 million, an increase of 19% over the prior year primarily due to a $14.5 million increase in mine operating costs.
Cash costs per ounce of gold sold in Q4 2025 were $1,312 (US$940) per ounce sold, an increase of 18% compared to $1,111 (US$794) per ounce sold in Q4 2024 primarily due to an increase in mine operating costs from higher tonnes milled in Q4 2025, partially offset by a slight increase in ounces sold. Cash costs per ounce of gold sold in 2025 were $1,385 (US$991) per ounce sold, an increase of 17% compared to $1,183 (US$863) per ounce sold in the prior year primarily due to an increase in mine operating costs, partially offset by a slight increase in ounces sold.
AISC per ounce of gold sold increased by 30% in Q4 2025 to $2,163 (US$1,551) per ounce sold from $1,667 (US$1,191) per ounce sold in Q4 2024 due to a 29% increase in total cash costs from higher tonnes milled in Q4 2025 and an 87% increase in sustaining capital expenditures, partially offset by a 10% increase in ounces sold. AISC per ounce of gold sold in 2025 increased by 22% to $2,276 (US$1,628) per ounce sold from $1,859 (US$1,357) per ounce sold in 2024 due to an 18% increase in total cash costs and a 36% increase in sustaining capital expenditures.
Progress at Presqu’île Zone
Presqu’île zone largely exhausted its bulk mining permit in Q4, as it transitioned to the full mining permit in January 2026, with a total of 3,055 ounces produced for the year. Ramp access to the Presqu’île orebody is well developed with access below level 15 (150 metres vertical depth) with several levels now in ore as preparation for stoping accelerates toward first production. The certificate of authorization from the Ministry of Environment and mining lease from Ministry of Natural Resources were both received in January 2026.
Exploration ramp development toward Kiena Deep progressed at a slower pace than originally planned during Q4. The pace of development was affected by the transition through the Marbenite Fault and the allocation of resources to ore production, which reduced development activity during the period. Advance rates have improved since the beginning of 2026, and breakthrough is expected shortly. Based on information currently available, management does not expect this to have a material impact on the Company’s operational outlook.Exploration drilling programs are underway in 2026 with early delineation drilling of the first stopes intersecting visible gold in areas of highergrade block model designs, giving early-stage confidence in the modelling work. Surface drilling to evaluate the down-plunge continuity of mineralization has commenced.
Exploration Update
Extension of 109-Level Exploration Drift
Development of the 109-level exploration drift extension commenced in the third quarter and continued into the fourth quarter. 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 remains 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
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 modelling continue to support the initial interpretation that additional lenses may be delineated with further drilling, and some existing lenses can locally be extended laterally. Drill information will be 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 continued during the quarter. The second platform is enabling holes to evaluate the up-plunge and down-plunge continuity of the lenses and modelling of assay results has identified three new mineralized lenses. Several of the up-plunge and infill holes drilled on the main lens were logged as locally having small amounts of visible gold. Further drilling and an updated mineral resource estimate are planned for 2026.
33-Level Accessible for Drilling, Delineation of Presqu'île Underway
Exploration drilling on 33-level in the fourth quarter targeted infill and down-plunge continuation of the No.22 Shawkey Zone, with one hole extended to continue evaluating the northwest continuation of Shawkey Main mineralization. The hole testing continuation of Shawkey Main hole cut a thin, low grade intersect confirming the trend. The Shawkey No.22 drill results will be incorporated into an updated mineral resource in 2026.
Surface Exploration
There were three rigs active during Kiena’s summer barge drilling program, with barge drilling terminating at the end of October due to weather conditions. During Q4 2025, one rig was based at Dubuisson focused on infill, geometallurgical, and geotechnical drilling in support of reserve studies, and evaluation of the continuity of the mineralization. The program successfully intersected a new diorite hosted zone of quartz-tourmaline mineralization approximately 250 metres vertically beneath and between the existing mineralization wireframes of the North and South Lenses. Barge drilling will recommence in summer 2026.
The other two rigs evaluated the potential of two regional targets – the 134 Zone located to the northwest of Dubuisson, and the Northwest target located between Presqu’île and Kiena. At Northwest, drilling targeted a combination of infill, and continuity testing laterally and down-plunge. Results are expected to be incorporated in the 2026 resource update. Holes at 134 Zone were focused on step out and growth, assays pending.
During the third quarter, a high-resolution drone magnetic survey conducted by Abitibi Geophysics was completed. Results of the modelling and interpretive work, including 3D inversion modelling, were received in the fourth quarter. The results highlight an intrusive between Wesdome and Siscoe deposits starting at approximately 900 metres below surface, that has so far been untested by drilling. Interpretations also show some anomalous features beneath Dubuisson that will be drill tested from level 33 early in 2026. The new survey data is currently under review as part of an overall target generation exercise, with several new targets to be drilled in the 2026 surface drill program.
2026 Guidance
Consolidated
For the full year 2026, Wesdome expects to produce between 180,000 and 205,000 ounces, with the midpoint representing a 4% increase over 2025. Consolidated cash costs are expected to be between US$1,050 to US$1,150 per ounce of gold sold, and AISC is expected to be between US$1,525 to US$1,700 per ounce of gold sold.
In 2026, Wesdome will continue to invest in high-return initiatives to improve operational flexibility, increase mine life and execute on its fill-the-mill strategy, spending approximately $205 million in total capital expenditures, including $110 million in sustaining capital and $95 million in growth capital.
Based on an average realized gold price of US$3,900 per ounce, Wesdome expects to generate approximately $350 million in free cash flow in 2026. A US$100 per ounce change in realized gold prices is estimated to impact annual free cash flow by approximately $20 million.
Eagle River
Eagle River’s production in 2026 is expected to total 105,000 to 115,000 ounces, with output split evenly between the first and second half of the year. Processed ore is planned to be slightly higher than 2025. With the 300 and 700 zones supplying the majority of mill feed, Eagle River’s average processed grade is expected to range from 13.0 to 14.0 g/t, consistent with reserve grades. Cash costs are expected to increase to between US$1,050 to US$1,150 per ounce, primarily reflecting higher royalties as well as payments to First Nations.
AISC is expected to increase to between US$1,525 to $1,675 per ounce of gold sold, mainly driven by higher cash costs associated with royalties and payments to First Nations. Sustaining capital expenditures are largely consistent year-over-year.
Eagle River’s total capital investment is expected to be $105 million in 2026, including sustaining capital of $60 million related to deferred development, fixed and mobile equipment, tailings and infrastructure and delineation drilling. Eagle River’s growth capital is expected to be $45 million and includes:
- $15 million to increase camp capacity and improve surface infrastructure
- $12 million for fixed equipment improvements to support higher production rates
- $10 million for incremental mobile equipment to drive higher production rates
- $8 million on exploration drilling and tailings engineering studies
Kiena
Kiena’s 2026 production guidance is 75,000 to 90,000 ounces, with the midpoint representing a 13% increase over 2025. This growth will be driven by improving operational stability at Kiena Deep and incremental production from Presqu’île following receipt of an updated Certificate of Authorization as well as a mine lease for this new zone in February 2026. As a result, production is expected to be weighted toward the second half of the year, accounting for nearly 60% of total annual output.
Processed ore is anticipated to increase by 30% to 40% in 2026, with Kiena Deep contributing up to three-quarters of total mill feed. The average processed grade of 8.0 to 9.5 g/t reflects a higher relative contribution from Presqu’île, with processed grades from both Kiena Deep and Presqu’île broadly aligned with reserve grades.
Cash costs are expected to increase to between US$1,025 to US$1,175 per ounce, largely due to higher input costs, including labour.