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Wesdome Reports Second Quarter 2025 Financial Results

Toronto Star

3 days ago

Business
Toronto Star

Wesdome Reports Second Quarter 2025 Financial Results

TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ('Wesdome' or the 'Company') today announced its financial results for the three and six months ended June 30, 2025 ('Q2 2025' and 'H1 2025'). Preliminary operating results for Q2 2025 were disclosed in the Company's press release dated July 14, 2025. Management will host a conference call tomorrow, August 14, 2025 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated. Highlights Improving Safety Performance: Total Classified Incident Frequency Rate was 0.00 in Q2 2025 and 0.19 for H1 2025, a significant improvement from the 2024 average of 1.34. Production and costs: Consolidated gold production was 42,781 ounces; a 3% decrease compared to Q2 2024. Cost of sales per ounce sold decreased by 1% to US$932, while all-in sustaining costs ('AISC') per ounce sold1 increased 6% to US$1,528. The average realized price of gold sold in Q2 2025 was US$3,279 per ounce. Expanding margins: Gross profit increased by 146% year-over-year to $132.2 million and cash margin1 grew by 96% to $149.4 million. Record quarterly net income: Net income increased to $82.7 million, or $0.55 earnings per share, a nearly threefold increase from Q2 2024. Record quarterly EBITDA1: EBITDA1 increased by 104% to $138.4 million relative to the comparative quarter in 2024. Record net cash from operating activities and free cash flow1: Net cash from operating activities was $100.9 million, or $0.67 per share3, while free cash flow1 was $52.9 million, or $0.35 per share. Record liquidity: As at June 30, 2025, liquidity stood at $530.0 million, including $187.6 million in cash and US$250.0 million of undrawn full capacity available under its recently upsized revolving credit facility, compared to liquidity of $273.1 million (including $123.1 million in cash) as at December 31, 2024. Amended and Restated Credit Agreement: On June 19, 2025, the Company amended and restated its credit agreement, extending the maturity of its secured revolving credit facility by three years to June 19, 2028, and upsizing it to US$250 million, with an option to increase the available credit by US$50 million through an accordion feature, for total availability of up to US$300 million. Completed acquisition of Angus Gold: The strategic addition of Angus Gold has quadrupled Eagle River's land package. In total, exploration spending will increase by about $5 million in 2025 due to Angus. Anthea Bath, President and Chief Executive Officer, commented: 'Eagle River delivered a strong second quarter, despite a planned 18-day mill maintenance shutdown. Ongoing improvements in development and dilution control practices are continuing to result in stronger grades, while growing surface stockpiles are contributing to more consistent mill throughput. 'At Kiena, production slightly exceeded first-quarter levels, reflecting continuing equipment constraints and consequently limited access to stopes, as well as underperformance in one high-grade stope due to limited delineation. To improve reliability and production flexibility, efforts remain focused on developing additional mining horizons, with the completion of the second and third mining areas in the Presqu'île Zone and level 136 in Kiena Deep targeted before year-end. In addition, the team is actively resourcing open positions and building operational redundancy. Key initiatives include expanding the maintenance team and workshop infrastructure, introducing additional shifts, and improving short-interval control practices and spare parts management. ARTICLE CONTINUES BELOW 'Given performance to date and the expectation of stronger results in the second half of the year across our operations, we have updated our full-year outlook to reflect performance to date at both assets. At Eagle River, we are raising the upper end of our production guidance and lowering cost expectations. At Kiena, while the team is actively implementing measures to support second-half production and we continue to see improvements in mining execution, we have prudently updated our targets for production and unit costs. Updated cost guidance for 2025 also reflects strategic investments in additional technical studies and infrastructure, enabled by the strength of our balance sheet. For example, additional growth capital has been earmarked to enhance ventilation infrastructure linked to the Presqu'île exploration ramp and to accelerate development activities. 'Wesdome continues to strengthen its financial foundation, underpinned by higher gold prices, robust cash generation, and a debt‑free balance sheet. With liquidity now exceeding $500 million, Wesdome is in its strongest position in company history and is developing a capital framework that will balance growth with a disciplined capital return to shareholders.' Consolidated Financial and Operating Highlights Eagle River (Ontario, Canada) Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground mine (producing since 1995) and a mineral processing facility with a permitted capacity of 1,200 tonnes per day. Operational and Financial Results Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Operating Highlights During Q2 2025, Eagle River produced 25,612 ounces of gold as compared to 19,272 ounces in Q2 2024 primarily due to a 44% increase in average grade. As planned, during Q2 2025, a major portion of tonnes produced were from two zones: 300 and 720F. In the first half of 2025, Eagle River has produced 54,611 ounces, a 24% increase over 44,171 ounces in the first half of 2024. The increase relative to the prior period reflects a 19% increase in average grade and a 4% increase in mill throughput, supported by reduced dilution, higher grade reconciliation and consistent tonnage yielding increased ounces from the 300 Zone. These results demonstrate continued progress in optimizing stope design, improving execution, and refining grade control. Mill throughput of 48,623 tonnes was 7% lower than the second quarter of 2024, impacted by an 18-day planned shutdown in May and June 2025 for mill maintenance and parts replacement to support growth plans. Mill throughput of 108,633 tonnes during the first half of 2025 was 4% higher when compared to the same period in 2024 as initiatives to increase drilled and developed inventories started to deliver results. Daily throughput rose 5% year-over-year to 600 tonnes in the first half of 2025 up from 572 tonnes in the comparative period in 2024. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Q2 2025 production costs of $598 per tonne were largely unchanged compared to the comparative quarter in 2024 despite a planned maintenance shutdown, which resulted in a greater share of fixed costs spread over lower throughput. For the first six months of 2025, production costs per tonne increased by 2% to $597, reflecting similar factors. Financial Highlights In Q2 2025, Eagle River's gold revenue increased by 119% to $122.6 million from $55.9 million in Q2 2024 due to a higher average realized price of gold sold and a 54% increase in ounces sold. During the first half of 2025, Eagle River's gold revenue increased by 78% when compared to the same period in 2024 due to a higher average realized price of gold sold and a 22% increase in ounces sold. Cost of sales in Q2 2025 was $32.7 million, an increase of 10% relative to the comparative period in 2024 primarily due to a $4.3 million increase in mine and mill operating costs and increased royalties mainly due to more ounces produced, partially offset by a change in inventory levels of $2.4 million. Cost of sales for the first half of 2025 totaled $69.6 million, a 10% increase compared to the same period in 2024. This was principally driven by an $8.8 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from greater gold production. The impact was partially offset by a $4.6 million change in inventory levels. Cash costs per ounce of gold sold declined to $1,207 (US$872) in Q2 2025 from $1,695 (US$1,239) in Q2 2024 due to an increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,268 (US$899) in the first half of 2025 from $1,410 (US$1,038) in the comparative period in 2024 due to an increase in ounces sold. In Q2 2025, AISC per ounce of gold sold decreased by 24% to $1,929 (US$1,394) as compared to Q2 2024, due to a 54% increase in ounces sold partially offset by 10% higher cash costs and 44% growth in sustaining capital expenditures. During the first half of 2025, AISC per ounce of gold sold decreased by 4% to $1,924 (US$1,365) as compared to the same period in 2024, due to a 22% increase in ounces sold partially offset by 10% higher cash costs and 43% growth in sustaining capital expenditures. In H2 2025, the rate of capital expenditures is expected to increase as Eagle River accelerates deferred development and new equipment is received. Exploration Update Drilling Continues to Delineate 300 Zone and Expand 6 Central Zone Drill results at the 300-Fold Zone in the second quarter confirm the updated interpretation of a sub-parallel structure with mineralization plunging at a shallower angle than the main 300 Zone mineralization. Gaps in the interpreted mineralization wireframe will be targeted with infill drilling in the coming quarter. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW In the 6 Central Zone, drilling continues to confirm the down-plunge continuity of mineralization, demonstrating similar thickness and grade. Located near existing infrastructure, the zone remains open at depth and provides the potential opportunity to establish another new high-grade mining front at intermediate depths. Near Surface Opportunities for 720 Falcon A combination of surface holes and underground holes were drilled to evaluate the lateral and up-plunge continuity of the 720 Falcon Zone mineralization. Logging of quartz veining in core at the target depths gives visual confirmation of the continuation of the host structure, with assays pending. Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge The year-end 2024 resource model identified growth opportunities at the Falcon 311 Zone, with mineralization open to the east, west, and down-plunge. Drilling during the quarter focused on evaluating the continuity of the mineralization to the east and down-plunge to the southeast in areas closer to existing development. Assays remain pending with further drilling planned to evaluate the continuity to the west and down-plunge to the southwest. Global Model Four underground rigs will be drilling global model targets between now and November, representing nearly 40,000 metres. These global model targets are advanced, a block model mixture of geologic potential with some locally inferred material. The drill program will enable category conversion of the target material. The global model drill results will contribute to the updated technical report, which has a new cut-off date of December 31, 2025. Surface drilling at the Mishi deposit commenced in the second quarter with one rig, with a second rig scheduled to commence in September. The drill program has been designed to twin existing holes as part of a geological and structural review including evaluating continuity between mineralized zones and potential controls on deep mineralization beneath the existing open pit. Drilling at Mishi will contribute to the global model initiative, with the aim of evaluating potential to support the fill-the-mill strategy. Surface Exploration Falcon 720 drill core was prioritized in the second quarter and will remain a key focus, together with core and surface geochemical samples from the Birch Vein during the third quarter. Birch Vein is located approximately two kilometres northeast of the intrusive diorite that hosts the Eagle River Mine. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Surface drilling during the quarter also evaluated potential parallel structure between 6 zone and 2 zone in the Eagle River Mine intrusive diorite. Assays are expected in quarter three, where follow-up drilling may be executed after the Mishi-Magnacon drill programs. Kiena (Québec, Canada) Kiena is a fully permitted integrated mining and milling operation located on a 75 km2 land package in Val-d'Or, Québec. The site features a mill with a permitted capacity of 2,040 tonnes per day. Operational and Financial Results Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Operating Highlights In Q2 2025, Kiena produced 17,169 ounces, a 31% decrease from 24,763 ounces in Q2 2024. Lower production levels reflect a 13% reduction in throughput and a 20% decline in average grade, due to continued equipment constraints that limited access to planned stopes as well as underperformance in one high-grade stope due to limited delineation. Improved key mobile fleet availability and utilization through enhancements to maintenance resources and practices, together with access to new mining horizons and recent changes to site leadership point to a stronger second half. Production in the first half of 2025, which was entirely sourced from Kiena Deep, totaled 33,862 ounces compared to 33,186 ounces in the first half of 2024. As previously indicated, production is expected to be weighted toward the second half of the year, with Q4 representing about 40% of production for the year. Average grade for the quarter was 10.7 g/t, down from 13.5 g/t in Q2 2024. Access to higher-grade areas was impacted by continued equipment availability constraints that limited access to planned stopes and several high-grade stopes originally scheduled for Q2 were deferred. As a result, similar to the first quarter, several recovered stopes at lower grade were mined. Subsequent to quarter end, a longer than planned hoist maintenance shutdown resulted in reduced mine production for ten days. An independent review of critical infrastructure at Kiena is currently underway as part of a risk assessment. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Production costs per tonne were $494 in Q2 2025, up from $391 in Q2 2024, driven by higher stockpile and inventory adjustments, including additional contractor support and maintenance expenses. Production costs per tonne increased to $492 in the first half of 2025 from $424 in the comparative prior year period, reflecting similar factors as well as lower throughput volumes. Financial Highlights In Q2 2025, Kiena's gold revenue increased by 20% to $85.8 million from $71.8 million in Q2 2024, primarily due to a higher average realized price per ounce of gold sold. In the first half of 2025, Kiena's gold revenue increased by 66% to $157.7 million from $95.1 million in the comparative period in 2024, due to an 18% increase in ounces sold and a higher average realized price per ounce of gold sold. Cost of sales in Q2 2025 was $26.5 million, an increase of 21% over the comparative period in 2024 primarily due to a $2.6 million increase in mine operating costs, which was driven by lower average grade. Cost of sales in the first half of 2025 was $49.6 million, an increase of 17% over the comparative period in 2024 primarily due to a $5.9 million increase in mine operating costs. Cash costs per ounce of gold sold in Q2 2025 were $1,397 (US$1,009), an increase of 44% compared to $967 (US$707) in Q2 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs. Cash costs per ounce of gold sold in the first half of 2025 were $1,354 (US$961), a decrease of 1% compared to $1,374 (US$1,011) in the comparative period in 2024 primarily due to an increase in ounces sold offset by higher mine operating costs. AISC per ounce of gold sold increased by 55% in Q2 2025 to $2,380 (US$1,720) from $1,536 (US$1,123) in Q2 2024 due to a 16% decrease in ounces sold, an increase in aggregate mine operating costs and a 56% increase in sustaining capital expenditures. AISC per ounce of gold sold decreased by $14 in the first half of 2025 to $2,209 (US$1,567) from $2,223 (US$1,636) in the first half of 2024 due to an 18% increase in ounces sold offset by increase in aggregate mine operating costs and increased sustaining capital expenditures. Progress at Presqu'île Zone and Exploration Ramp Ramp access to the Presqu'île orebody is well established. Exploration and delineation drilling programs are underway with early delineation drilling of the first stopes intersecting visible gold in areas of higher-grade block model designs, giving early-stage confidence in the modelling work. Surface drilling to evaluate the down-plunge continuity of the mineralization has commenced. Development remains on track with initial stope production expected in late 2025 or Q1 2026. Processing of stockpiled development ore has commenced under the bulk sample permit received in the second quarter. The mining permit has been submitted with approval expected in early fall. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The exploration ramp development is on schedule for completion with breakthrough to 33-level anticipated to be achieved by year end. The project cost is trending higher than budget, driven primarily by scope expansion to upgrade ventilation capacity and attain greater mining flexibility. Kiena is looking at options to reduce costs by bringing certain work in-house. Exploration Update Exploration Drift on 109-Level to be Extended Drilling of the VC Zone from the new 109-level exploration drift was suspended during the second quarter due to poor ground conditions between the drilling bay and the VC Zone resulting in difficulty reaching the target. A decision was made to extend the drift a further 200 metres to the northwest, thereby establishing a drill platform in favourable basaltic host rock. Drilling of the VC Zone and the nearby North Zone target will recommence in the fourth quarter after the new development is completed. The VC Zone is a top priority for exploration in 2025 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 Begins The ongoing exploration of the Kiena Deep A and Kiena Deep Footwall zones from the 127-level ramp and remuck is confirming the continuity of the zone. Drill assays and geological modeling continue to support the initial interpretation that additional lenses may be delineated with further drilling, and some existing lenses can be extended laterally. Drill information is being incorporated into an updated lithostructural model and an updated mineral resource, both of which will form a basis for the 2026 technical report. Drilling from the second drill bay on the 134-level exploration drift is commencing in August. The planned program will target Kiena Deep and Footwall mineralization, with the more optimal drill intersection angle expected to improve true width intercepts and provide stronger geostatistical support for grade continuity and resource modelling. 33-Level Accessible for Drilling, Delineation of Presqu'île Underway Rehabilitation of the 33-level development to the east has allowed the establishment of more optimal drilling platforms for the testing of Dubuisson, Duchesne, and other 33-level targets. Exploration drilling on 33-level in the second quarter targeted lateral extensions and the down-plunge continuation of the No.22 Shawkey Zone and the historic Shawkey Main mine. Drilling has intersected mineralization in positions that could represent the northwest continuation of Shawkey Main mineralization. Further holes are planned before the rig relocates to Dubuisson early in the third quarter, where underground drilling is planned to evaluate the down plunge continuity of mineralization. Surface Exploration The summer barge drilling program at Kiena commenced in June with three rigs currently active. At Dubuisson, one drill rig will initially focus on infill and geotechnical drilling in support of reserve growth, with evaluation of the lateral continuity of the mineralization and resource growth scheduled for later in the quarter. The other two rigs will evaluate the potential of regional targets at Wesdome and the 134 Zone located to the northwest of Dubuisson. A high-resolution drone magnetic survey led by Abitibi Geophysics has commenced, with modelling and interpretive work expected to be completed before end of the third quarter. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 2025 Outlook During the first half of 2025, Wesdome continued to execute on its strategic plan, increasing gold production by 14% year-over-year while reducing cost of sales and all-in sustaining costs (AISC) per ounce by 7% and 3%, respectively. The Company also delivered record half-year results for net income, net cash from operating activities, and free cash flow, which rose to $100.4 million. As outlined in the initial 2025 outlook, production remains weighted toward the second half of the year, with the fourth quarter expected to be the strongest quarter of the year. At Eagle River, production is trending toward the high end of its initial guidance range, supported by higher grades and improved productivity. As a result, the Company is increasing Eagle River's production guidance to 105,000 to 115,000 ounces from 100,000 to 110,000 previously and narrowing the grade guidance to 14 to 15 grams per tonne from 13 to 15 grams per tonne previously. Production at Eagle River in the second half of the year is expected to represent approximately 55% of its full year 2025 output. Cash costs per ounce sold are expected to remain essentially unchanged, while AISC is expected to improve to US$1,375 to US$1,500 from US$1,400 to US$1,550 previously, benefitting from ongoing cost optimization initiatives. Surface exploration expenses at Eagle River are expected to increase by $5 million, primarily due to the acquisition of Angus. At Kiena, production at mid-year is tracking at or slightly below the low end of the initial annual guidance range of 90,000 to 100,000 ounces, primarily due to equipment availability and utilization constraints that limited access to planned stopes. Following a comprehensive review of near term plans and risk mitigation strategies, the Company is updating Kiena's full-year 2025 production guidance to 80,000 to 90,000 ounces from 90,000 to 100,000 ounces previously. As previously indicated, production is expected to be weighted toward the second half of the year, with Q4 representing about 40% of production for the year. Grade expectations remain unchanged. Due to the lower volume of ounces expected to be sold and a temporary period of increased costs associated with enhanced maintenance and operational optimization, site cash costs per ounce have been revised to $1,200 to $1,375 from $1,025 to $1,150 and AISC per ounce is now expected to be US$1,400 to US$1,575 from US$1,225 to US$1,400 previously. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW While sustaining capital guidance for Kiena remains unchanged, growth capital guidance has been revised to $65 million, up from the previous $40 million, reflecting redesign of the ventilation infrastructure and associated development and services, providing an independent circuit for the Presqu'île orebody, further unlocking the potential. Additional to this, investment is planned in capital development to accelerate the development footprint, providing mining flexibility, as Presqu'île ramps up for higher tonnage in 2026. Both investments are reflecting increased development and infrastructure spending related to the Presqu'île exploration ramp, which remains on track for completion later this year. Corporate and general expenditures for 2025 are expected to be approximately $30 million, reflecting additional costs related to technical reporting and corporate process improvement initiatives. These expenditures are allocated equally across both operations and included in the Company's AISC calculations. The following table outlines Wesdome's updated 2025 guidance compared to its initial guidance set forth in the Company's press release dated January 14, 2025: Consolidated 2025 guidance for corporate and general costs excludes an estimated $7 million in stock-based compensation. Corporate G&A of $30 million is allocated equally to each mine and is included in the Company's AISC calculation. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses. Refer to the section entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Total capital expenditures are the sum of sustaining and growth capital expenditures and are reported under investing activities on the statements of cash flows in the Company's financial statements. 2026 Production Guidance The following table outlines Wesdome's fiscal 2026 production guidance: Conference Call and Webcast Management will host a conference call and webcast to discuss the Company's Q2 2025 financial and operating results. A question-and-answer session will follow management's prepared remarks. Details of the webcast are as follows: The financial statements and management's discussion and analysis will be available on the Company's website at and on SEDAR+ during the evening of Wednesday, August 13, 2025. About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW For further information, please contact: Technical Disclosure The technical and geoscientific content of this press release have been reviewed, and approved by Guy Belleau, Chief Operating Officer of the Company, a 'Qualified Person' as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, projections, and interpretations as of the date of this release. Forward-looking information includes, without limitation, statements or information with respect to: the Company's revised 2025 guidance, including revised expected gold production, revised cost and capital expenditure guidance, revised all-in sustaining costs, revised cash costs per ounce cost guidance, and revised capital investment guidance; key initiatives planned for Kiena; the expectation of stronger results in the second half of year across the Company's operations; items for which additional growth capital is earmarked in respect of; gaps in the interpreted mineralization wireframe at the 300-Fold Zone being targeted with infill drilling in Q3 2025; the 6 Central Zone providing the potential opportunity to establish another new high-grade mining front at intermediate depths; further planned drilling at the Falcon 311 Zone; the planned four underground rigs drilling global model targets between now and November 2025; the commencement of a second rig drilling at the Mishi deposit; the drilling at Mishi contributing to the global model initiative; Core from Falcon 720 and Birch Vein being scheduled to be prioritized for Q3 2025; assays from surface drilling evaluating potential parallel structure between 6 Zone and 2 Zone at Eagle River expected in Q3 2025, and the possibility of follow-up drilling; an expected stronger second half at Kiena; the expectation that production at Kiena will be weighted toward the second half of 2025, with Q4 2025 representing about 40% of production for 2025; Presqu'île development remaining on track with initial stope production expected in late 2025 or Q1 2026 and expected timing of the mining permit approval for the project; exploration ramp development at Kiena scheduled for completion with breakthrough to 33-level by end of year 2025 and the project cost trending toward being higher than budget; the planned timing of the recommencement of drilling of the VC Zone and North Zone target; additional lenses may be delineated at Kiena Deep with further drilling, along with some existing lenses being extended laterally; recent drill information from Kiena Deep forming the basis for the 2026 technical report; details, targets and timing of the planned drilling from the second drill bay on the 134-level exploration drift; details of and planned timing of further holes planned for the 33-level; the planned focus and objectives of the three rigs as part of the summer barge drilling program at Kiena; the expected completion time of the high-resolution drone magnetic survey at Kiena; planned investment in capital development to accelerate the Presqu'île development footprint, along with the planned higher tonnage at the project in 2026; expected production weighting for the second half of 2025; and the Company's planned conference call and webcast to discuss its Q2 2025 financial and operation results. These forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled 'Cautionary Note Regarding Forward Looking Information' and 'Risks and Uncertainties' in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Non-IFRS Performance Measures Wesdome uses non-IFRS performance measures throughout this news release as it believes that these generally accepted industry performance measures provide a useful indication of the Company's operational performance. These non-IFRS performance measures do not have standardized meanings defined by IFRS and may not be comparable to information in other gold producers' reports and filings. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-IFRS performance measures include: Average realized price per ounce of gold sold Cash costs and cash costs per ounce of gold sold Production costs and production costs per tonne milled Cash margin and cash margin per ounce of gold sold Sustaining capital and growth capital AISC and AISC per ounce of gold sold Free cash flow and free cash flow per share Adjusted net income (loss) and adjusted net income (loss) per share EBITDA Average Realized Price per Ounce of Gold Sold Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by dividing gold revenue from the Company's mining operations for the relevant period by the ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Cash Costs and Cash Costs per Ounce of Gold Sold Cash costs per ounce of gold sold is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, as well it may not be comparable to information in other gold producers' reports and filings. The Company has included this non-IFRS performance measure throughout this document as it believes that this generally accepted industry performance measure provides a useful indication of the Company's operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's operating performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table provides a reconciliation of total cash costs per ounce of gold sold to cost of sales per the financial statements: Production Costs and Production Costs per Tonne Milled Production costs per tonne milled is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, and as well it may not be comparable to information in other gold producers' reports and filings. As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tonnes processed through the mill. Management believes that production costs per tonne milled provides additional information regarding the performance of mining and milling operations and allows management to monitor operating costs on a more consistent basis as the per tonne milled measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne milled, the estimated revenue on a per tonne basis must be in excess of the production costs per tonne milled in order to be economically viable. Management is aware that this per tonne milled measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with cost of sales prepared in accordance with IFRS. This measure supplements cost of sales information prepared in accordance with IFRS and allows investors to distinguish between changes in cost of sales resulting from changes in production versus changes in operating performance. Cash Margin and Cash Margin per Ounce of Gold Sold Cash margin is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, and as well it may not be comparable to information in other gold producers' reports and filings. It is calculated as the difference between gold revenue from mining operations and cash mine site operating costs (see cash costs per ounce of gold sold section above) per the Company's financial statements. The Company believes cash margin illustrates the performance of the Company's operating mines and enables investors to better understand the Company's performance in comparison to other gold producers who present results on a similar basis. Sustaining Capital and Growth Capital Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is being used by management to understand the ongoing capital cost required to maintain operations at current levels. Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management to understand the costs of developing new operations or major projects at existing operations where these projects will materially increase production from current levels. AISC and AISC per Ounce of Gold Sold AISC includes mine site operating costs incurred at the Company's mining operations, sustaining mine capital and development expenditures, mine site exploration and evaluation expenditures and equipment lease payments related to the mine operations and corporate and general expenses. The Company believes that this measure represents the total cash costs of producing gold from current operations and provides the Company and other stakeholders with additional information that illustrates its operational performance and ability to generate cash flow. This cost measure seeks to reflect the total cost of gold production from current operations on a per ounce of gold sold basis. New project and growth capital are not included. Wesdome is targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in the 2026 calendar year, ensuring alignment with industry standards and improved comparability for investors. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Free Cash Flow and Free Cash Flow per Share Free cash flow is a non-IFRS measure and is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company's financial statements. Free cash flow is a useful indicator of the Company's ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period. Adjusted Net Income and Adjusted Net Earnings per Share Adjusted net income and adjusted net earnings per share are non-IFRS performance measures and do not constitute a measure recognized by IFRS and do not have standardized meanings defined by IFRS, and as well both measures may not be comparable to information in other gold producers' reports and filings. Adjusted net income is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to the current period's income, as detailed in the table below. The Company discloses this measure, which is based on its financial statements, to assist in the understanding of the Company's operating results and financial position. EBITDA Earnings before interest, taxes and depreciation and amortization ('EBITDA') is a non-IFRS financial measure which excludes the following items from net income (loss): interest expense, mining and income tax expense (recovery) and depletion and depreciation. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use EBITDA as an indicator of Wesdome's ability to generate liquidity from net cash from operating activities to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or net cash from operating activities as determined under IFRS. Other producers may calculate EBITDA differently. The following table provides a reconciliation of net income in the Company's financial statements to EBITDA: Endnotes Refer to the section in this press release entitled 'Non-IFRS Performance Measures' for the reconciliation of non-IFRS measurements to the financial statements. Revenue includes $0.2 million for Q2 2025, $0.1 million for Q2 2024, $0.4 million for H1 2025 and $0.3 million for H1 2024, from the sale of by-product silver. Operating cash flow per share is calculated by dividing net cash from operating activities by the weighted average number of shares. Costs of sales per ounce of gold sold is calculated by dividing the cost of sales by the number of ounces sold. Working capital is the sum of current assets less current liabilities on the statements of financial position. PDF available:

Wesdome Announces Second Quarter 2025 Production Results; On Track to Achieve Full-Year Consolidated Production Guidance

Yahoo

14-07-2025

Business
Yahoo

Wesdome Announces Second Quarter 2025 Production Results; On Track to Achieve Full-Year Consolidated Production Guidance

TORONTO, July 14, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ('Wesdome' or the 'Company') today announces its production results for the three and six months ended June 30, 2025 ('Q2 2025' and 'YTD 2025'). The Company is also providing notice that it will release its Q2 2025 financial results after markets close on Wednesday, August 13, 2025 and host a conference call and webcast the following morning. Q2 and YTD 2025 Performance Q2 2025 Q2 2024 % Change YTD 2025 YTD 2024 % Change Ore milled (tonnes) Eagle River 48,623 52,552 (7%) 108,633 104,184 4% Kiena 50,299 57,669 (13%) 98,989 103,013 (4%) Average grade (grams per tonne) Eagle River 16.9 11.8 44% 16.2 13.6 19% Kiena 10.7 13.5 (20%) 10.8 10.1 7% Gold production (ounces) Eagle River 25,612 19,272 33% 54,611 44,171 24% Kiena 17,169 24,763 (31%) 33,862 33,186 2% Total gold production 42,781 44,035 (3%) 88,473 77,357 14% Production sold (ounces) 45,900 40,000 15% 91,200 75,700 20% Anthea Bath, President and CEO of Wesdome, commented, 'We delivered a solid second quarter supported by safe and disciplined execution at both operations, keeping us on track to achieve our full-year consolidated production guidance with Eagle River's production trending to the high end of its guidance range and Kiena pacing at or slightly below the low end. As outlined in our 2025 outlook earlier this year, production remains weighted toward the second half, with the fourth quarter expected to contribute nearly one-third of total annual output. 'At Eagle River, stronger grades and improved productivity drove a meaningful increase in production, helped by reduced long-hole stope dilution. A planned two-week shutdown in May was completed safely, and maintenance carried out during this time is now enhancing mill performance. 'At Kiena, production was slightly ahead of the first quarter despite continued equipment availability constraints that limited access to planned stopes. Improved mobile fleet availability through enhancements to maintenance practices, and recent changes to site leadership point to a stronger second half. With one mining front currently in production, improving discipline in the planned mining sequence and priority development will be essential to support long-term performance. The addition of two new horizons, levels 136 and Presqu'île, are expected to provide increased flexibility over the coming year. 'It was also a strategically important quarter for Wesdome. We closed the acquisition of Angus Gold, expanding our footprint in Ontario, and strengthened our balance sheet by upsizing our credit facility to US$300 million, including a US$50 million accordion feature. These initiatives reflect our disciplined approach and demonstrate our ability to act on opportunities that align with our growth strategy and support continued investment in our asset base.' Conference Call and Webcast Management will host a conference call and webcast to discuss the Company's Q2 2025 financial and operating results. A question-and-answer session will follow management's prepared remarks. Details of the webcast are as follows: Date and time: Thursday, August 14, 2025 at 10:00 a.m. ET Dial-in numbers: To access the call by telephone, dial 1.646.968.2525 or 1.888.596.4144 (toll-free). The event passcode is: 8215935. Please allow up to 10 minutes to be connected. Webcast link: is required for this event. It is recommended you join 10 minutes prior to the start of the event. The webcast can also be accessed from the home page of the Company's website at The financial statements and management's discussion and analysis will be available on the Company's website at and on SEDAR+ the evening of Wednesday, August 13, 2025. About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer. For further information, please contact: Raj GillInterim Chief Financial OfficerPhone: +1.416.360.3743E-Mail: invest@ Trish MoranVP, Investor RelationsPhone: +1.416.564.4290E-mail: Technical Disclosure The technical and geoscientific content of this press release have been reviewed, and approved by Guy Belleau, Chief Operating Officer of the Company, a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Forward-Looking Statements This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, projections, and interpretations as of the date of this release. Forward-looking information includes, without limitation, statements regarding: the timing of the Company's financial Q2 2025 financial results and related conference call and webcast; the Company achieving its full-year consolidated 2025 production guidance; 2025 production trends for each of the Company's mines in respect of their respective guidance ranges; the 2025 annual production weighting toward the second half of 2025; Q4 2025's expected share or contribution to the 2025 annual production; the expected stronger second half for Kiena's production, along with the drivers of such expected increase; and the expected increase in flexibility at Kiena due to the addition of two new horizons. These forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled 'Cautionary Note Regarding Forward Looking Information' and 'Risks and Uncertainties' in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. PDF available: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Wesdome Gold Mines Completes Acquisition of Angus Gold

Hamilton Spectator

27-06-2025

Business
Hamilton Spectator

Wesdome Gold Mines Completes Acquisition of Angus Gold

All amounts are expressed in Canadian dollars unless otherwise indicated TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ('Wesdome' or the 'Company') and Angus Gold Inc. (TSX-V: GUS, OTC: ANGVF) ('Angus') are pleased to announce the successful acquisition by Wesdome of all of the issued and outstanding common shares of Angus not already owned by Wesdome pursuant to a plan of arrangement (the 'Arrangement'). The Arrangement became effective as of today's date, resulting in Angus becoming a wholly owned subsidiary of Wesdome. In accordance with the terms of the Arrangement, former Angus shareholders, excluding Wesdome, have received $0.62 in cash plus 0.0096 of a Wesdome share for each Angus common share previously held. 'The acquisition of the prospective Angus property adjacent to our Eagle River Mine represents an exciting addition to our portfolio, enhancing our long-term growth potential through greenfield opportunities,' said Anthea Bath, President and Chief Executive Officer. 'This regional land package consolidation supports our disciplined growth strategy, and we're pleased to welcome key members of the Angus team as we work to unlock meaningful value for our shareholders.' About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, 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. Forward-Looking Statements This news release contains 'forward-looking information' which may include, but is not limited to, statements with respect to the future financial and operating performance of Wesdome and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Wesdome to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Wesdome disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: (i) expectations for the effects of the Arrangement or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (ii) the potential benefits and synergies of the Arrangement, and (iii) expectations for other economic, business, and/or competitive factors. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled 'Cautionary Note Regarding Forward Looking Information' and 'Risks and Uncertainties' in Wesdome's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in Wesdome's most recent Annual Information Form which is available on SEDAR+ ( ). PDF available:

Yahoo

27-06-2025

Business
Yahoo

Wesdome Gold Mines Completes Acquisition of Angus Gold

All amounts are expressed in Canadian dollars unless otherwise indicated TORONTO, June 27, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ('Wesdome' or the 'Company') and Angus Gold Inc. (TSX-V: GUS, OTC: ANGVF) ('Angus') are pleased to announce the successful acquisition by Wesdome of all of the issued and outstanding common shares of Angus not already owned by Wesdome pursuant to a plan of arrangement (the 'Arrangement'). The Arrangement became effective as of today's date, resulting in Angus becoming a wholly owned subsidiary of Wesdome. In accordance with the terms of the Arrangement, former Angus shareholders, excluding Wesdome, have received $0.62 in cash plus 0.0096 of a Wesdome share for each Angus common share previously held. 'The acquisition of the prospective Angus property adjacent to our Eagle River Mine represents an exciting addition to our portfolio, enhancing our long-term growth potential through greenfield opportunities,' said Anthea Bath, President and Chief Executive Officer. 'This regional land package consolidation supports our disciplined growth strategy, and we're pleased to welcome key members of the Angus team as we work to unlock meaningful value for our shareholders.' About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, 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. Contacts Raj Gill Trish Moran Interim Chief Financial Officer Vice President, Investor Relations Phone: +1.416.360.3743 Phone: +1.416.564.4290 E-Mail: invest@ E-mail: Forward-Looking Statements This news release contains 'forward-looking information' which may include, but is not limited to, statements with respect to the future financial and operating performance of Wesdome and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Wesdome to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Wesdome disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: (i) expectations for the effects of the Arrangement or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (ii) the potential benefits and synergies of the Arrangement, and (iii) expectations for other economic, business, and/or competitive factors. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled 'Cautionary Note Regarding Forward Looking Information' and 'Risks and Uncertainties' in Wesdome's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in Wesdome's most recent Annual Information Form which is available on SEDAR+ ( PDF available: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Wesdome Provides Kiena Exploration Update; Reports High-Grade Mineralization Including 2,349.9 g/t Gold (Uncut) Over 2.9 Metres (Core Length)

Yahoo

25-06-2025

Business
Yahoo

Wesdome Provides Kiena Exploration Update; Reports High-Grade Mineralization Including 2,349.9 g/t Gold (Uncut) Over 2.9 Metres (Core Length)

TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) ('Wesdome' or the 'Company') today provides a comprehensive update on its underground exploration activities at its wholly-owned Kiena mine ('Kiena') in Val-d'Or, Québec (Figure 1). Anthea Bath, President and Chief Executive Officer, stated, 'With 21,000 metres of exploration drilling completed so far this year at Kiena alone, our 2025 exploration program is progressing exceptionally well. The completion of new underground drill platforms last year has significantly expanded our reach, improved drill angles, and provided access to targets that were previously unavailable to drill from underground. This is delivering exactly the flexibility and precision we need to ensure resource growth keeps up with higher production levels. 'In particular, drilling in Kiena Deep and the Kiena Deep Footwall Zone has delivered encouraging results. The intersection of high grades on the North Limb of the A1 and A2 lenses supports the conversion of high-grade inferred material and reinforces confidence in our ability to mine these zones effectively given their location within competent basalt. Importantly, drilling year-to-date has confirmed the validity of our geological models, further reinforcing the potential to expand existing resources. 'Advancing the fill-the-mill strategy is a key part of our exploration program, and early results from the B Zone and the Wish Area suggest these zones could provide future incremental sources of ore. Each of these areas is adjacent to existing infrastructure, allowing for efficient development should they meet required grade and tonnage thresholds. We continue to evaluate these and other opportunities, including Presqu'île and Dubuisson as we advance the broader exploration program. 'Looking forward, we are excited to ramp up the summer barge drilling program, targeting high priority areas identified in last year's summer program, including those at the Duchesne and Northwest zones. Surface drilling at Presqu'île and underground drilling at Dubuisson will also commence imminently. With both the underground and surface programs active, we look forward to highlighting the full upside potential at Kiena.' Highlights Kiena Deep – North Limb (Figures 2,3,4, Table 1)1,2 Hole N127-7035: 2,349.9 g/t Au uncapped over 2.9 m core length (32.6 g/t Au capped)3 Hole N127-7035: 89.0 g/t Au uncapped over 3.6 m core length (23.2 g/t Au capped, 3.3 m true width) Kiena Deep – Footwall Zone (Figures 2,3,4, Table 1)1,2 Hole N127-6948: 482.8 g/t Au over 4.3 m core length (53.7 g/t Au capped, 2.4 m true width) including: 1,460.0 g/t Au uncapped over 1.0 m core length (90.0 g/t Au capped, 0.5 m true width) 565.0 g/t Au uncapped over 1.0 m core length (90.0 g/t Au capped, 0.5 m true width) Hole N127-6949: 331.0 g/t Au uncapped over 15.1 m core length (44.8 g/t Au capped, 6.5 m true width) including: 1,515.0 g/t Au uncapped over 1.2 m core length (90.0 g/t Au capped, 0.5 m true width) 2,210.0 g/t Au uncapped over 0.8 m core length (90.0 g/t Au capped, 0.3 m true width) 677.0 g/t Au uncapped over 0.8 m core length (90.0 g/t Au capped, 0.3 m true width) 342.0 g/t Au uncapped over 1.2 m core length (90.0 g/t Au capped, 0.5 m true width) Hole N127-6950: 119.4 g/t Au uncapped over 9.2 m core length (33.2 g/t Au capped, 5.9 m true width) including: 619.0 g/t Au uncapped over 0.8 m core length (90.0 g/t Au capped, 0.3 m true width) 391.0 g/t Au uncapped over 0.8 m core length (90.0 g/t Au capped, 0.3 m true width) Hole N127-7053: 70.2 g/t Au uncapped over 3.8 m core length (52.3 g/t Au capped, 3.1 m true width) B Zone (Figure 5, Table 1)1,2 Hole N125-7039: 39.2 g/t Au uncapped over 3.5 m core length (25.7 g/t Au capped)3 Wish Area (Figures 6,7, Table 1)1,2,3 Hole N033-6998: 13.8 g/t Au uncapped over 3.3 m core length Hole N033-6998: 25.4 g/t Au uncapped over 3.5 m core length 1 Assays capped at 90 g/t. Assays for Wish Area capped at 35 g/t.2 Cut off grade of 3.14 g/t assigned for individual assays and no more than two continuous samples below cut off grade (internal dilution) were used within composite band for geological continuity.3 True width currently unavailable. Technical Details Kiena Deep and Footwall Zones The establishment of new drilling platforms on the 127-level in 2024 has provided significantly improved drilling angles towards Kiena Deep and the Kiena Deep Footwall zones. Results to date have continued to better define the Footwall Zone, extending known lenses and increasing confidence in the validity of the geological model. Concurrently, drilling has also confirmed the high-grade nature of the A1 and A2 lenses on the North Limb of Kiena Deep, returning high-grade results within the competent basalt hanging wall of the Kiena Deep Zone. Additional drilling is planned throughout the second half of 2025 with a focus on upgrading inferred resources in the Kiena Deep and Kiena Deep Footwall zones. Development of a new 300-metre exploration drift on the 134-level began in early March 2025 and the first two drilling platforms are now complete. This drift will provide at least five new drilling platforms and will further improve drilling angles for down-plunge exploration in Kiena Deep as well as testing the down-plunge extension of B Zone. B Zone The B Zone is a known area of mineralization, currently classified as an inferred resource, near existing infrastructure for Kiena Deep and S50. Previously modeled as a single lens of relatively low-grade material, conversion drilling at B Zone in the first half of 2025 has identified the presence of multiple stacked lenses with minor visible gold in certain areas. While gold grades to date in the B Zone are lower than the average grades seen in Kiena Deep, this area presents an important opportunity to advance Kiena's fill-the-mill strategy as it has the potential to provide incremental tonnage near existing infrastructure. Additionally, the mineralized lenses in the B Zone are hosted in basalt providing favourable ground conditions for future mining. The mineralization remains open at depth, and further drilling is planned to evaluate the potential for continuity and increasing grade with depth. Wish Zone Drilling from level 33 in the first half of 2025 has focused primarily on testing the Wish area. Conversion drilling in the main Wish Zone confirmed the down-plunge extension of the orebody, returning moderate grades and thicknesses. Larger-scale exploration to the east of the Wish Zone has identified several interesting gold-bearing intervals that merit follow-up with additional drilling. Hole N033-6998 intersected two intervals with high-grade mineralization in an area with no previous intercepts. One interval returned an average gold grade of 13.8 g/t Au uncapped over 3.3 m core length approximately 200 metres to the southeast of the Wish Zone. This mineralized zone consists of millimetre to centimetre veinlets of quartz-carbonate-chlorite with traces of very fine to very coarse disseminated cubic pyrite hosted in ultramafic rock, with visible gold noted. The second interval, near the northwestern extent of underground workings at the historic Shawkey mine, returned 25.4 g/t Au uncapped over 3.5 m core length within a dioritic dyke. The presence of a stockwork of 10-20% white to greyish quartz veinlets, millimetre to centimetre in size, with pyrite and visible gold suggests that this interval could be a northwest extension of the Shawkey Main mineralization. Follow up drilling is planned in the second half of 2025 from level 33 to the east of the Wish Zone, for optimal intersection angles. VC Zone In 2024, 300 metres of underground development was completed on the 109-level, providing two new drilling platforms to test the possible down-plunge extension of the VC Zone below 1,090 metres vertical depth. Since December 2024, nine holes have been drilled in an attempt to reach the VC Zone. Due to poor ground conditions between the drill bay and the target, only two of these holes reached the planned depth of 400 metres, and neither of those holes intercepted the target as planned. The seven remaining holes were abandoned before reaching the target depth. Recognizing the geological potential of the VC Zone, Wesdome will extend the 109-level exploration drift by 200 metres to reduce hole lengths and improve drill success rates by targeting competent basalt ground. Development will begin in the third quarter, and drilling is expected to recommence in the fourth quarter of 2025. About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, 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. Raj Gill Trish Moran Interim Chief Financial Officer Vice President, Investor Relations Phone: +1.416.360.3743 Phone: +1.416.564.4290 E-Mail: invest@ E-mail: Technical DisclosureThe technical and geoscientific content of this release has been compiled, reviewed, and approved by Bruno Turcotte, (OGQ #453) Geology Superintendent of the Kiena mine a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Analytical work was performed by ALS Minerals of Val-d'Or (Quebec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was completed at ALS Minerals in Val d'Or (Quebec). Assaying comprised fire assay methods with an atomic absorption finish. Any sample assaying >10 g/t Au was re-run using the fire assay method with gravimetric finish, and also with the metallic sieve method. In addition to laboratory internal duplicates, standards, and blanks, the geology department inserts blind duplicates, standards, and blanks into the sample stream at a frequency of one in twenty to monitor quality control. Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including but not limited to statements relating to the Kiena Mine regarding: the requirements needed to ensure resource growth keeps up with higher production levels; the drilling results in Kiena Deep and the Kiena Deep Footwall Zone; Wesdome's confidence in its ability to mine the Kiena Deep and the Kiena Deep Footwall Zone, along with the potential to expand their existing resources; the potential for the B Zone and the Wish Area to provide future incremental sources of ore; the development efficiency of the B Zone and the Wish Area based on their location to existing infrastructure; the timing of the commencement of surface drilling at Presqu'île and underground drilling at Dubuisson; the potential upside of the Kiena Mine; the confidence in the validity of the geological model of Kiena Deep and the Kiena Deep Footwall zones; the timing and focus of the planned additional drilling at Kiena Deep and the Kiena Deep Footwall zones; the benefits of the new 300-metre exploration drift on the 134-level that was recently completed; the potential for the B Zone to advance the fill-the-mill strategy and provide incremental tonnage; the planned further drilling in the B Zone; the prospectivity of certain intervals in the Wish Zone, and the potential for those intervals to represent extension of existing mineralization; the timing and details of the planned follow up drilling at the Wish Zone; and the timing and details of the planned extension of the 109-level exploration drift in the VC Zone and subsequent drilling. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements of Wesdome to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Wesdome has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Appendix Figure 1: Kiena Southern Corridor Plan ViewFigure 2: Kiena Deep and B Zone Plan View (Left) and Long Section Looking Southwest (Right)Figure 3: Kiena Deep Long Section Looking Southwest (1,200 m - 1,600 m)Figure 4: Kiena Deep Long Section Looking Southwest (1,500 m - 1,700 m)Figure 5: B Zone Long Section Looking SouthwestFigure 6: Wish Area Drilling Plan ViewFigure 7: Wish Zone Drilling Plan View (Left) and Long Section Looking Southwest (Right)Table 1: Kiena Drill Results (Previously Unreleased) Figures in table may not add due to rounding Hole No. From (m) To (m) Core Length (m) Estimated True Width (m) Grade(g/t Au) Cut Grade(90 g/t Au) Target Wish Area N033-6933 176.0 179.7 3.7 2.5 3.62 3.62 Wish N033-6935 231.1 234.0 2.9 - 5.51 5.51 - N033-6937 77.6 80.6 3.0 - 8.92 8.92 - N033-6937 134.5 138.5 4.0 3.5 8.14 8.14 Wish N033-6937 162.5 166.2 3.7 2.5 4.93 4.93 Wish N033-6961* 121.0 125.0 4.0 2.8 4.10 4.10 Wish N033-6962* 71.3 74.6 3.3 1.8 4.14 4.14 Wish N033-6963* 98.3 102.3 4.0 4.0 3.35 3.35 Wish N033-6965* 47.7 51.1 3.3 3.2 3.60 3.60 Wish N033-6971 63.3 68.2 4.9 4.8 5.85 5.85 Wish N033-6976 133.8 137.5 3.7 - 3.60 3.60 - N033-6998 294.4 297.7 3.3 - 13.81 13.81 - N033-6998 458.3 461.8 3.5 - 25.39 25.39 - N033-7081 79.0 82.1 3.1 - 6.21 6.21 - N033-7003 21.0 24.5 3.0 - 10.84 10.84 - Kiena Deep – North Limb N127-6955 139.1 143.0 3.9 3.6 24.03 24.03 A1 Zone N127-6957 106.8 110.8 4.0 3.5 6.18 6.18 A Zone N127-6988 79.9 83.8 3.9 2.3 3.24 3.24 A Zone N127-7008 53.3 57.6 4.3 - 7.59 7.59 - N127-7010 31.0 34.5 3.5 - 8.34 8.34 - N127-7033 21.3 24.8 3.5 3.0 24.86 15.51 A2 Zone N127-7035 76.6 79.5 2.9 - 2,349.88 32.63 - N127-7035 105.0 108.6 3.6 3.3 88.98 23.23 A1 Zone N127-7035 113.3 116.8 3.5 3.3 8.95 8.95 A2 Zone N127-7035 125.2 129.3 4.1 - 29.05 29.05 - N127-7035 136.8 140.0 3.2 - 12.55 12.55 - N127-7042 110.5 114.5 4.0 3.8 27.80 18.78 A Zone N127-7042 129.2 132.9 3.7 3.3 28.16 14.65 A1 Zone N127-7044 134.5 137.7 3.2 2.0 8.08 8.08 A Zone N127-7044 140.0 146.6 6.6 3.4 14.66 14.66 A1 Zone N127-7044 153.0 156.2 3.2 - 8.96 8.96 - N127-7065 115.7 119.0 3.3 - 4.35 4.35 - N127-7065 124.2 128.7 4.5 3.7 25.41 22.60 A Zone N127-7065 161.1 165.0 3.9 3.7 12.33 12.33 A1 Zone N127-7066 146.3 151.2 4.9 4.1 10.14 10.14 A ZoneHole No. From (m) To (m) Core Length (m) Estimated True Width (m) Grade(g/t Au) Cut Grade(90 g/t Au) Target B Zone N125-7037 157.0 169.0 12.0 - 4.26 4.26 - N125-7037 185.0 190.0 5.0 - 5.98 5.98 - N125-7039 138.0 141.5 3.5 - 39.17 25.74 - N125-7041 127.4 131.1 3.7 - 7.44 7.44 - N125-7041 163.0 173.0 10.0 - 3.60 3.60 - N125-7041 188.0 194.0 6.0 - 4.29 4.29 - N125-7071 235.0 240.3 5.3 - 5.58 5.58 - N125-7071 245.0 248.0 3.0 - 3.28 3.28 - N125-7071 292.0 296.1 4.1 - 3.17 3.17 - N125-7072 136.5 140.5 4.0 - 3.41 3.41 - N125-7072 186.7 189.8 3.1 - 3.17 3.17 - N125-7073 120.0 125.0 5.0 - 3.13 3.13 - N125-7073 182.3 190.5 8.2 - 3.26 3.26 - N125-7074 172.7 183.0 10.3 - 3.77 3.77 - N125-7074 187.7 194.5 6.8 - 3.99 3.99 - N125-7074 257.0 260.3 3.3 - 3.19 3.19 - Footwall Zone N127-6943 337.5 345.7 8.2 7.0 43.15 28.56 A Zone N127-6944 303.5 307.3 3.8 3.2 20.31 13.45 A Zone N127-6947 369.6 374.2 4.6 2.5 6.69 6.69 A Zone N127-6947 389.4 393.6 4.2 2.2 7.63 7.63 A1 Zone N127-6948 349.9 355.7 5.8 2.8 27.67 17.30 A Zone N127-6948 387.4 391.7 4.3 2.4 482.79 53.72 A1 Zone N127-6949 357.4 372.5 15.1 6.5 330.96 44.79 A1 Zone N127-6949 379.3 384.0 4.7 3.1 65.13 21.72 A2 Zone N127-6950 343.3 347.5 4.2 2.2 5.56 5.56 A Zone N127-6950 368.8 378.0 9.2 5.9 119.37 33.18 A1 Zone N127-6951 314.7 325.8 11.1 - 6.79 6.79 - N127-6951 368.0 371.7 3.7 3.0 3.80 3.80 BZA1 N127-6951 431.7 436.4 4.7 2.6 39.83 39.12 A2 Zone N127-6951 445.2 449.0 3.8 - 4.13 4.13 - N127-6953 314.7 327.0 12.3 4.5 29.07 16.63 A1 Zone N127-6954A 421.5 429.0 7.5 3.9 30.19 20.43 A Zone N127-6954A 449.9 471.0 21.1 3.6 49.98 32.95 A1 Zone N127-7053 332.8 340.3 7.5 7.1 4.27 4.27 A Zone N127-7053 421.2 425.0 3.8 3.1 70.23 52.29 BFW_4 Zone N127-7053 446.0 449.8 3.8 2.0 14.32 14.32 FW6A Zone N127-7053 459.3 462.7 3.4 - 3.18 3.18 - N127-7055 237.7 241.1 3.4 2.0 4.62 4.62 A Zone Hole No. From (m) To (m) Core Length (m) Estimated True Width (m) Grade(g/t Au) Cut Grade(90 g/t Au) Target VC Zone N109-7017 192.0 198.0 6.0 - 4.94 4.94 - Figures in table may not add due to rounding Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N033-6933 176.0 177.0 1.0 1.30 6.00 Wish Zone N033-6933 177.0 178.0 1.0 1.35 7.34 Wish Zone N033-6933 178.0 179.0 1.0 1.37 0.04 Wish Zone N033-6933 179.0 179.7 0.7 1.12 0.01 Wish Zone N033-6935 231.1 232.1 1.0 0.15 0.15 - N033-6935 232.1 233.0 0.9 17.55 17.55 - N033-6935 233.0 234.0 1.0 0.04 0.04 - N033-6937 77.6 78.6 1.0 0.19 0.19 - N033-6937 78.6 79.6 1.0 26.50 26.50 - N033-6937 79.6 80.6 1.0 0.06 0.06 - N033-6937 134.5 135.5 1.0 0.01 0.01 Wish Zone N033-6937 135.5 136.5 1.0 31.70 31.70 Wish Zone N033-6937 136.5 137.5 1.0 0.82 0.82 Wish Zone N033-6937 137.5 138.5 1.0 0.03 0.03 Wish Zone N033-6937 162.5 163.0 0.5 0.65 0.65 Wish Zone N033-6937 163.0 164.0 1.0 0.55 0.55 Wish Zone N033-6937 164.0 165.0 1.0 1.85 1.85 Wish Zone N033-6937 165.0 166.2 1.2 12.95 12.95 Wish Zone N033-6961* 121.0 122.0 1.0 0.82 0.82 Wish Zone N033-6961* 122.0 123.0 1.0 0.07 0.07 Wish Zone N033-6961* 123.0 124.0 1.0 0.01 0.01 Wish Zone N033-6961* 124.0 125.0 1.0 15.50 15.50 Wish Zone N033-6962* 71.3 71.85 0.55 0.07 0.07 Wish Zone N033-6962* 71.85 72.55 0.7 12.65 12.65 Wish Zone N033-6962* 72.55 73.1 0.55 1.3 1.3 Wish Zone N033-6962* 73.1 73.6 0.5 6.62 6.62 Wish Zone N033-6962* 73.6 74.1 0.5 1.45 1.45 Wish Zone N033-6962* 74.1 74.6 0.5 0.01 0.01 Wish Zone N033-6963* 98.3 99.3 1 5.12 5.12 Wish Zone N033-6963* 99.3 100.3 1 4.66 4.66 Wish Zone N033-6963* 100.3 101.3 1 1.88 1.88 Wish Zone N033-6963* 101.3 102.3 1 1.73 1.73 Wish Zone N033-6965* 47.7 48.2 0.5 2.98 2.98 Wish ZoneHole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N033-6965* 48.2 48.7 0.5 20.50 20.50 Wish Zone N033-6965* 48.7 49.6 0.9 0.03 0.03 Wish Zone N033-6965* 49.6 50.5 0.9 0.26 0.26 Wish Zone N033-6965* 50.5 51.1 0.5 0.11 0.11 Wish Zone N033-6971 63.3 64.8 1.5 8.62 8.62 Wish Zone N033-6971 64.8 65.8 1.0 0.05 0.05 Wish Zone N033-6971 65.8 66.8 1.0 4.37 4.37 Wish Zone N033-6971 66.8 67.7 1.0 8.70 8.70 Wish Zone N033-6971 67.7 68.2 0.5 6.54 6.54 Wish Zone N033-6976 133.8 134.8 1.0 2.48 2.48 - N033-6976 134.8 135.8 1.0 4.41 4.41 - N033-6976 135.8 136.8 1.0 5.11 5.11 - N033-6976 136.8 137.5 0.7 1.88 1.88 - N033-6998 294.4 295.3 0.9 22.50 22.50 - N033-6998 295.3 296.2 0.9 27.80 27.80 - N033-6998 296.2 297.7 1.5 0.20 0.20 - N033-6998 458.3 458.9 0.6 0.76 0.76 - N033-6998 458.9 459.6 0.7 0.19 0.19 - N033-6998 459.6 460.3 0.7 3.84 3.84 - N033-6998 460.3 461.0 0.7 0.04 0.04 - N033-6998 461.0 461.8 0.8 32.90 32.90 - N033-7003 21 22.2 1.2 0.92 0.92 - N033-7003 22.2 23.2 1 48.6 48.6 - N033-7003 23.2 24.5 1.3 0.02 0.02 - N033-7081 79.0 80.0 1.0 2.55 2.55 - N033-7081 80.0 80.5 0.5 3.97 3.97 - N033-7081 80.5 81.0 0.5 26.90 26.90 - N033-7081 81.0 81.6 0.6 9.89 9.89 - N033-7081 81.6 82.1 0.5 73.50 73.50 - N109-7017 192.0 193.0 1.0 6.61 6.61 - N109-7017 193.0 194.0 1.0 2.73 2.73 - N109-7017 194.0 195.0 1.0 3.55 3.55 - N109-7017 195.0 196.0 1.0 4.88 4.88 - N109-7017 196.0 197.0 1.0 5.18 5.18 - N109-7017 197.0 198.0 1.0 6.71 6.71 - N125-7037 157.0 158.0 1.0 4.02 4.02 - N125-7037 158.0 159.0 1.0 8.87 8.87 - N125-7037 159.0 160.0 1.0 0.48 0.48 - N125-7037 160.0 161.0 1.0 1.01 1.01 - N125-7037 161.0 162.0 1.0 2.94 2.94 - N125-7037 162.0 163.0 1.0 7.31 7.31 - N125-7037 163.0 164.0 1.0 0.55 0.55 -Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N125-7037 164.0 165.0 1.0 2.41 2.41 - N125-7037 165.0 166.0 1.0 2.91 2.91 - N125-7037 166.0 167.0 1.0 9.51 9.51 - N125-7037 167.0 168.0 1.0 4.68 4.68 - N125-7037 168.0 169.0 1.0 6.46 6.46 - N125-7037 185.0 186.0 1.0 7.34 7.34 - N125-7037 186.0 187.0 1.0 4.92 4.92 - N125-7037 187.0 188.0 1.0 7.65 7.65 - N125-7037 188.0 189.0 1.0 3.68 3.68 - N125-7037 189.0 190.0 1.0 6.32 6.32 - N125-7039 138.0 139.0 1.0 137.00 90.00 - N125-7039 139.0 140.0 1.0 0.08 0.08 - N125-7039 140.0 141.5 1.5 0.01 0.01 - N125-7041 127.4 128.2 0.8 1.38 1.38 - N125-7041 128.2 128.7 0.5 44.40 44.40 - N125-7041 128.7 129.4 0.7 1.13 1.13 - N125-7041 129.4 130.5 1.1 2.54 2.54 - N125-7041 130.5 131.1 0.6 1.08 1.08 - N125-7041 163.0 164.0 1.0 8.11 8.11 - N125-7041 164.0 165.0 1.0 0.56 0.56 - N125-7041 165.0 166.0 1.0 0.85 0.85 - N125-7041 166.0 167.0 1.0 2.00 2.00 - N125-7041 167.0 168.0 1.0 3.34 3.34 - N125-7041 168.0 169.0 1.0 5.38 5.38 - N125-7041 169.0 170.0 1.0 3.09 3.09 - N125-7041 170.0 171.0 1.0 5.72 5.72 - N125-7041 171.0 172.0 1.0 3.01 3.01 - N125-7041 172.0 173.0 1.0 3.91 3.91 - N125-7041 188.0 189.0 1.0 4.33 4.33 - N125-7041 189.0 190.0 1.0 2.45 2.45 - N125-7041 190.0 191.0 1.0 3.53 3.53 - N125-7041 191.0 192.0 1.0 4.69 4.69 - N125-7041 192.0 193.0 1.0 6.18 6.18 - N125-7041 193.0 194.0 1.0 4.57 4.57 - N125-7071 235.0 236.0 1.0 1.81 1.81 - N125-7071 236.0 237.0 1.0 1.80 1.80 - N125-7071 237.0 238.0 1.0 2.58 2.58 - N125-7071 238.0 239.0 1.0 19.20 19.20 - N125-7071 239.0 240.3 1.3 3.23 3.23 - N125-7071 245.0 246.0 1.0 2.67 2.67 - N125-7071 246.0 247.0 1.0 5.22 5.22 -Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N125-7071 247.0 248.0 1.0 1.95 1.95 - N125-7071 292.0 293.1 1.1 0.87 0.87 - N125-7071 293.1 294.1 1.0 0.73 0.73 - N125-7071 294.1 295.1 1.0 2.39 2.39 - N125-7071 295.1 296.1 1.0 8.91 8.91 - N125-7072 136.5 137.5 1.0 0.29 0.29 - N125-7072 137.5 139.0 1.5 1.53 1.53 - N125-7072 139.0 140.5 1.5 7.38 7.38 - N125-7072 186.7 187.5 0.8 7.08 7.08 - N125-7072 187.5 188.3 0.8 0.05 0.05 - N125-7072 188.3 189.8 1.5 2.64 2.64 - N125-7073 120.0 121.0 1.0 1.16 1.16 - N125-7073 121.0 122.0 1.0 3.79 3.79 - N125-7073 122.0 123.0 1.0 2.89 2.89 - N125-7073 123.0 124.0 1.0 3.09 3.09 - N125-7073 124.0 125.0 1.0 4.74 4.74 - N125-7073 182.3 183.0 0.7 2.54 2.54 - N125-7073 183.0 184.0 1.0 4.74 4.74 - N125-7073 184.0 184.6 0.6 0.96 0.96 - N125-7073 184.6 185.5 0.9 1.81 1.81 - N125-7073 185.5 186.0 0.5 0.04 0.04 - N125-7073 186.0 186.5 0.5 0.84 0.84 - N125-7073 186.5 187.5 1.0 2.82 2.82 - N125-7073 187.5 188.5 1.0 5.55 5.55 - N125-7073 188.5 189.5 1.0 7.77 7.77 - N125-7073 189.5 190.5 1.0 1.46 1.46 - N125-7074 172.7 173.6 0.9 3.98 3.98 - N125-7074 173.6 174.1 0.5 3.84 3.84 - N125-7074 174.1 174.7 0.6 1.18 1.18 - N125-7074 174.7 176.0 1.3 3.61 3.61 - N125-7074 176.0 177.0 1.0 2.16 2.16 - N125-7074 177.0 177.5 0.5 0.16 0.16 - N125-7074 177.5 178.0 0.5 0.79 0.79 - N125-7074 178.0 178.5 0.5 5.68 5.68 - N125-7074 178.5 179.0 0.5 5.14 5.14 - N125-7074 179.0 180.0 1.0 7.20 7.20 - N125-7074 180.0 181.0 1.0 2.85 2.85 - N125-7074 181.0 181.5 0.5 1.35 1.35 - N125-7074 181.5 183.0 1.5 6.13 6.13 - N125-7074 187.7 188.4 0.7 3.41 3.41 - N125-7074 188.4 189.0 0.6 2.68 2.68 - N125-7074 189.0 190.0 1.0 3.37 3.37 -Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N125-7074 190.0 191.0 1.0 4.13 4.13 - N125-7074 191.0 192.0 1.0 4.86 4.86 - N125-7074 192.0 193.0 1.0 1.53 1.53 - N125-7074 193.0 194.0 1.0 5.85 5.85 - N125-7074 194.0 194.5 0.5 6.83 6.83 - N125-7074 257.0 258.1 1.1 3.36 3.36 - N125-7074 258.1 259.2 1.1 3.74 3.74 - N125-7074 259.2 260.3 1.1 2.46 2.46 - N127-6943 337.5 338.5 1.0 7.00 7.00 - N127-6943 338.5 339.5 1.0 4.51 4.51 - N127-6943 339.5 340.5 1.0 1.53 1.53 - N127-6943 340.5 341.5 1.0 8.00 8.00 - N127-6943 341.5 342.5 1.0 14.10 14.10 - N127-6943 342.5 343.5 1.0 169.50 90.00 - N127-6943 343.5 344.6 1.1 126.50 90.00 - N127-6943 344.6 345.7 1.1 9.16 9.16 - N127-6944 303.5 304.8 1.3 0.72 0.72 A Zone N127-6944 304.8 305.8 1.0 1.74 1.74 A Zone N127-6944 305.8 306.3 0.5 138.00 90.00 A Zone N127-6944 306.3 307.3 1.0 0.23 0.23 A Zone N127-6947 369.6 370.6 1.0 24.20 24.20 A Zone N127-6947 370.6 371.5 0.9 0.05 0.05 A Zone N127-6947 371.5 372.4 0.9 4.12 4.12 A Zone N127-6947 372.4 373.3 0.9 0.18 0.18 A Zone N127-6947 373.3 374.2 0.9 2.94 2.94 A Zone N127-6947 389.4 390.5 1.1 0.56 0.56 A1 Zone N127-6947 390.5 391.6 1.1 0.33 0.33 A1 Zone N127-6947 391.6 392.6 1.0 28.30 28.30 A1 Zone N127-6947 392.6 393.6 1.0 2.77 2.77 A1 Zone N127-6948 349.9 350.8 0.9 137.50 90.00 A Zone N127-6948 350.8 351.7 0.9 2.53 2.53 A Zone N127-6948 351.7 352.7 1.0 8.54 8.54 A Zone N127-6948 352.7 353.7 1.0 0.99 0.99 A Zone N127-6948 353.7 354.7 1.0 3.36 3.36 A Zone N127-6948 354.7 355.7 1.0 4.16 4.16 A Zone N127-6948 387.4 388.4 1.0 565.00 90.00 A1 Zone N127-6948 388.4 389.4 1.0 1460.00 90.00 A1 Zone N127-6948 389.4 390.2 0.8 9.78 9.78 A1 Zone N127-6948 390.2 391.0 0.8 52.10 52.10 A1 Zone N127-6948 391.0 391.7 0.7 2.13 2.13 A1 Zone N127-6949 357.4 358.2 0.8 2210.00 90.00 A1 Zone N127-6949 358.2 359.0 0.8 677.00 90.00 A1 ZoneHole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-6949 359.0 359.8 0.8 3.57 3.57 A1 Zone N127-6949 359.8 360.6 0.8 0.23 0.23 A1 Zone N127-6949 360.6 361.3 0.7 10.40 10.40 A1 Zone N127-6949 361.3 362.4 1.1 34.60 34.60 A1 Zone N127-6949 362.4 363.2 0.8 0.27 0.27 A1 Zone N127-6949 363.2 364.0 0.8 0.08 0.08 A1 Zone N127-6949 364.0 365.2 1.2 342.00 90.00 A1 Zone N127-6949 365.2 366.4 1.2 1515.00 90.00 A1 Zone N127-6949 366.4 367.4 1.0 71.30 71.30 A1 Zone N127-6949 367.4 368.2 0.8 0.46 0.46 A1 Zone N127-6949 368.2 369.0 0.8 0.58 0.58 A1 Zone N127-6949 369.0 369.7 0.7 40.60 40.60 A1 Zone N127-6949 369.7 370.7 1.0 200.00 90.00 A1 Zone N127-6949 370.7 371.5 0.8 131.50 90.00 A1 Zone N127-6949 371.5 372.5 1.0 5.07 5.07 A1 Zone N127-6949 379.3 380.3 1.0 0.62 0.62 A2 Zone N127-6949 380.3 381.1 0.8 12.20 12.20 A2 Zone N127-6949 381.1 381.9 0.8 345.00 90.00 A2 Zone N127-6949 381.9 382.7 0.8 24.00 24.00 A2 Zone N127-6949 382.7 384.0 1.3 0.40 0.40 A2 Zone N127-6950 343.3 344.1 0.8 0.02 0.02 A Zone N127-6950 344.1 345.0 0.9 0.04 0.04 A Zone N127-6950 345.0 345.5 0.5 46.10 46.10 A Zone N127-6950 345.5 346.5 1.0 0.11 0.11 A Zone N127-6950 346.5 347.5 1.0 0.17 0.17 A Zone N127-6950 368.8 369.8 1.0 3.36 3.36 A1 Zone N127-6950 369.8 370.8 1.0 5.18 5.18 A1 Zone N127-6950 370.8 371.8 1.0 1.07 1.07 A1 Zone N127-6950 371.8 372.6 0.8 14.65 14.65 A1 Zone N127-6950 372.6 373.4 0.8 619.00 90.00 A1 Zone N127-6950 373.4 374.1 0.7 256.00 90.00 A1 Zone N127-6950 374.1 374.8 0.7 3.26 3.26 A1 Zone N127-6950 374.8 375.6 0.8 0.54 0.54 A1 Zone N127-6950 375.6 376.4 0.8 106.00 90.00 A1 Zone N127-6950 376.4 377.2 0.8 391.00 90.00 A1 Zone N127-6950 377.2 378.0 0.8 2.74 2.74 A1 Zone N127-6951 314.7 315.7 1.0 5.74 5.74 - N127-6951 315.7 316.7 1.0 3.04 3.04 - N127-6951 316.7 317.6 0.9 1.12 1.12 - N127-6951 317.6 318.3 0.7 1.72 1.72 - N127-6951 318.3 319.3 1.0 3.45 3.45 - N127-6951 319.3 320.3 1.0 4.86 4.86 -Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-6951 320.3 321.3 1.0 29.60 29.60 - N127-6951 321.3 322.3 1.0 22.50 22.50 - N127-6951 322.3 322.8 0.5 12.05 12.05 - N127-6951 322.8 323.6 0.8 6.86 6.86 - N127-6951 323.6 324.7 1.1 8.31 8.31 - N127-6951 324.7 325.8 1.1 3.11 3.11 - N127-6951 368.0 368.7 0.7 1.19 1.19 BZA1 Zone N127-6951 368.7 369.7 1.0 5.99 5.99 BZA1 Zone N127-6951 369.7 370.7 1.0 5.37 5.37 BZA1 Zone N127-6951 370.7 371.7 1.0 1.89 1.89 BZA1 Zone N127-6951 431.7 432.7 1.0 1.27 1.27 A2 Zone N127-6951 432.7 433.7 1.0 40.50 40.50 A2 Zone N127-6951 433.7 434.7 1.0 50.40 50.40 A2 Zone N127-6951 434.7 435.7 1.0 93.30 90.00 A2 Zone N127-6951 435.7 436.4 0.7 2.45 2.45 A2 Zone N127-6951 445.2 446.2 1.0 13.60 13.60 Footwall N127-6951 446.2 446.7 0.5 0.62 0.62 Footwall N127-6951 446.7 448.0 1.3 1.29 1.29 Footwall N127-6951 448.0 449.0 1.0 0.11 0.11 Footwall N127-6953 314.7 315.7 1.0 7.13 7.13 A1 Zone N127-6953 315.7 316.7 1.0 0.98 0.98 A1 Zone N127-6953 316.7 317.7 1.0 6.32 6.32 A1 Zone N127-6953 317.7 318.7 1.0 6.60 6.60 A1 Zone N127-6953 318.7 319.7 1.0 0.49 0.49 A1 Zone N127-6953 319.7 320.3 0.6 0.62 0.62 A1 Zone N127-6953 320.3 321.3 1.0 243.00 90.00 A1 Zone N127-6953 321.3 322.2 0.9 38.80 38.80 A1 Zone N127-6953 322.2 323.2 1.0 3.73 3.73 A1 Zone N127-6953 323.2 324.2 1.0 0.82 0.82 A1 Zone N127-6953 324.2 325.2 1.0 0.05 0.05 A1 Zone N127-6953 325.2 326.0 0.8 0.49 0.49 A1 Zone N127-6953 326.0 327.0 1.0 52.80 52.80 A1 Zone N127-6954A 421.5 422.6 1.1 14.55 14.55 A Zone N127-6954A 422.6 423.4 0.8 29.00 29.00 A Zone N127-6954A 423.4 424.2 0.8 181.50 90.00 A Zone N127-6954A 424.2 425.1 0.9 36.50 36.50 A Zone N127-6954A 425.1 426.1 1.0 0.14 0.14 A Zone N127-6954A 426.1 427.1 1.0 4.26 4.26 A Zone N127-6954A 427.1 428.0 0.9 0.77 0.77 A Zone N127-6954A 428.0 429.0 1.0 4.10 4.10 A Zone N127-6954A 449.9 450.6 0.7 3.55 3.55 A1 Zone N127-6954A 450.6 451.3 0.7 38.40 38.40 A1 ZoneHole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-6954A 451.3 451.9 0.6 0.58 0.58 A1 Zone N127-6954A 451.9 452.4 0.5 0.19 0.19 A1 Zone N127-6954A 452.4 453.1 0.7 18.25 18.25 A1 Zone N127-6954A 453.1 453.8 0.7 119.00 90.00 A1 Zone N127-6954A 453.8 454.5 0.7 98.80 90.00 A1 Zone N127-6954A 454.5 455.0 0.5 0.81 0.81 A1 Zone N127-6954A 455.0 455.6 0.6 0.84 0.84 A1 Zone N127-6954A 455.6 456.1 0.5 38.30 38.30 A1 Zone N127-6954A 456.1 456.7 0.6 14.35 14.35 A1 Zone N127-6954A 456.7 457.5 0.8 178.00 90.00 A1 Zone N127-6954A 457.5 458.4 0.9 17.95 17.95 A1 Zone N127-6954A 458.4 459.3 0.9 7.69 7.69 A1 Zone N127-6954A 459.3 460.2 0.9 13.70 13.70 A1 Zone N127-6954A 460.2 461.1 0.9 55.80 55.80 A1 Zone N127-6954A 461.1 462.0 0.9 78.70 78.70 A1 Zone N127-6954A 462.0 462.9 0.9 115.00 90.00 A1 Zone N127-6954A 462.9 463.8 0.9 16.25 16.25 A1 Zone N127-6954A 463.8 464.3 0.5 1.24 1.24 A1 Zone N127-6954A 464.3 465.0 0.7 1.39 1.39 A1 Zone N127-6954A 465.0 465.7 0.7 0.25 0.25 A1 Zone N127-6954A 465.7 466.5 0.8 0.21 0.21 A1 Zone N127-6954A 466.5 467.3 0.8 2.41 2.41 A1 Zone N127-6954A 467.3 468.3 1.0 0.35 0.35 A1 Zone N127-6954A 468.3 469.2 0.9 132.50 90.00 A1 Zone N127-6954A 469.2 470.1 0.9 314.00 90.00 A1 Zone N127-6954A 470.1 471.0 0.9 8.63 8.63 A1 Zone N127-6955 139.1 140.1 1.0 0.36 0.36 A1 Zone N127-6955 140.1 141.0 0.9 50.10 50.10 A1 Zone N127-6955 141.0 142.0 1.0 48.20 48.20 A1 Zone N127-6955 142.0 143.0 1.0 0.05 0.05 A1 Zone N127-6957 106.8 107.8 1.0 0.17 0.17 A Zone N127-6957 107.8 108.3 0.5 0.21 0.21 A Zone N127-6957 108.3 108.8 0.5 41.60 41.60 A Zone N127-6957 108.8 109.8 1.0 0.85 0.85 A Zone N127-6957 109.8 110.8 1.0 0.05 0.05 A Zone N127-6988 79.9 80.9 1 9.59 9.59 A Zone N127-6988 80.9 81.9 1 0.03 0.03 A Zone N127-6988 81.9 82.9 1 0.04 0.04 A Zone N127-6988 82.9 83.8 0.9 0.14 0.14 A Zone N127-7008 53.3 54.6 1.3 0.01 0.01 - N127-7008 54.6 56.1 1.5 21.70 21.70 - N127-7008 56.1 57.6 1.5 0.03 0.03 -Hole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-7010 31 32.3 1.3 0.08 0.08 - N127-7010 32.3 33.5 1.2 1.56 1.56 - N127-7010 33.5 34.5 1 35.6 35.6 - N127-7033 21.3 21.9 0.6 144.50 90.00 A2 Zone N127-7033 22.7 23.3 0.6 0.19 0.19 A2 Zone N127-7033 23.3 23.8 0.6 0.23 0.23 A2 Zone N127-7033 23.8 24.8 1.0 0.06 0.06 A2 Zone N127-7035 76.6 77.6 1.0 6810.00 90.00 - N127-7035 77.6 78.5 0.9 0.10 0.10 - N127-7035 78.5 79.5 1.0 4.55 4.55 - N127-7035 105.0 106.0 1.0 0.65 0.65 A1 Zone N127-7035 106.0 106.9 0.9 353.00 90.00 A1 Zone N127-7035 106.9 107.8 0.9 1.42 1.42 A1 Zone N127-7035 107.8 108.6 0.8 0.88 0.88 A1 Zone N127-7035 113.3 114.8 1.5 16.55 16.55 A2 Zone N127-7035 114.8 115.8 1.0 0.84 0.84 A2 Zone N127-7035 115.8 116.8 1.0 5.65 5.65 A2 Zone N127-7035 125.2 126.6 1.4 70.30 70.30 - N127-7035 126.6 128.1 1.5 9.30 9.30 - N127-7035 128.1 129.3 1.2 5.60 5.60 - N127-7035 136.8 137.8 1.0 0.44 0.44 - N127-7035 137.8 138.9 1.1 0.81 0.81 - N127-7035 138.9 140.0 1.1 35.30 35.30 - N127-7042 110.5 111.0 0.5 1.61 1.61 A Zone N127-7042 111.0 111.6 0.6 18.90 18.90 A Zone N127-7042 111.6 112.3 0.7 145.50 90.00 A Zone N127-7042 112.3 113.1 0.8 0.61 0.61 A Zone N127-7042 113.1 113.8 0.7 4.48 4.48 A Zone N127-7042 113.8 114.5 0.7 1.16 1.16 A Zone N127-7042 129.2 129.8 0.6 3.52 3.52 A Zone N127-7042 129.8 130.7 0.9 6.87 6.87 A1 Zone N127-7042 130.7 131.6 0.9 0.40 0.40 A1 Zone N127-7042 131.6 132.4 0.8 0.69 0.69 A1 Zone N127-7042 132.4 132.9 0.5 190.00 90.00 A1 Zone N127-7044 134.5 135.0 0.5 56.60 56.60 A Zone N127-7044 135.0 136.5 1.5 0.12 0.12 A Zone N127-7044 136.5 137.2 0.7 0.57 0.57 A Zone N127-7044 137.2 137.7 0.5 1.48 1.48 A Zone N127-7044 140.0 140.5 0.5 6.63 6.63 A1 Zone N127-7044 140.5 141.0 0.5 0.95 0.95 A1 Zone N127-7044 141.0 141.5 0.5 8.41 8.41 A1 Zone N127-7044 141.5 142.0 0.5 6.85 6.85 A1 ZoneHole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-7044 142.0 143.0 1.0 2.50 2.50 A1 Zone N127-7044 143.0 144.1 1.1 14.70 14.70 A1 Zone N127-7044 144.1 145.1 1.0 0.53 0.53 A1 Zone N127-7044 145.1 145.6 0.5 36.30 36.30 A1 Zone N127-7044 145.6 146.1 0.5 46.60 46.60 A1 Zone N127-7044 146.1 146.6 0.5 22.30 22.30 A1 Zone N127-7044 153.0 154.5 1.5 2.10 2.10 - N127-7044 154.5 155.6 1.1 0.12 0.12 - N127-7044 155.6 156.2 0.6 50.20 50.20 - N127-7053 332.8 334.3 1.5 2.96 2.96 A Zone N127-7053 334.3 335.8 1.5 2.84 2.84 A Zone N127-7053 335.8 337.3 1.5 2.76 2.76 A Zone N127-7053 337.3 338.8 1.5 11.35 11.35 A Zone N127-7053 338.8 340.3 1.5 1.44 1.44 A Zone N127-7053 421.2 421.9 0.7 0.42 0.42 BFW_4 Zone N127-7053 421.9 422.8 0.9 101.00 90.00 BFW_4 Zone N127-7053 422.8 423.7 0.9 0.46 0.46 BFW_4 Zone N127-7053 423.7 425.0 1.3 91.40 90.00 BFW_4 Zone N127-7053 446.0 446.7 0.7 36.80 36.80 FW6A Zone N127-7053 446.7 447.4 0.7 75.90 75.90 FW6A Zone N127-7053 447.4 448.0 0.6 2.52 2.52 FW6A Zone N127-7053 448.0 449.0 1.0 1.20 1.20 FW6A Zone N127-7053 449.0 449.8 0.8 2.94 2.94 FW6A Zone N127-7053 459.3 460.2 0.9 1.09 1.09 - N127-7053 460.2 461.7 1.5 3.72 3.72 - N127-7053 461.7 462.7 1.0 4.24 4.24 - N127-7055 237.7 238.4 0.7 10.60 10.60 A Zone N127-7055 238.4 239.0 0.6 7.17 7.17 A Zone N127-7055 239.0 240.0 1.0 0.11 0.11 A Zone N127-7055 240.0 240.5 0.5 0.87 0.87 A Zone N127-7055 240.5 241.1 0.6 5.43 5.43 A Zone N127-7065 115.7 116.2 0.5 28.30 28.30 - N127-7065 116.2 117.2 1.0 0.11 0.11 - N127-7065 117.2 118.0 0.8 0.05 0.05 - N127-7065 118.0 119.0 1.0 0.06 0.06 - N127-7065 124.2 125.6 1.4 0.93 0.93 A Zone N127-7065 125.6 126.7 1.1 101.50 90.00 A Zone N127-7065 126.7 127.7 1.0 0.27 0.27 A Zone N127-7065 127.7 128.7 1.0 1.11 1.11 A Zone N127-7065 161.1 162 0.9 49.9 49.9 A1 Zone N127-7065 162 162.7 0.7 0.21 0.21 A1 Zone N127-7065 162.7 163.6 0.9 1.32 1.32 A1 ZoneHole No. From (m) To (m) Core Length (m) Grade (g/t Au) Cut Grade (90 g/t Au) Target N127-7065 163.6 164.1 0.5 2.61 2.61 A1 Zone N127-7065 164.1 165 0.9 0.58 0.58 A1 Zone N127-7066 146.3 147.3 1.0 13.05 13.05 A Zone N127-7066 147.3 148.1 0.8 27.10 27.10 A Zone N127-7066 148.1 149.2 1.1 0.11 0.11 A Zone N127-7066 149.2 150.2 1.0 1.03 1.03 A Zone N127-7066 150.2 151.2 1.0 13.80 13.80 A Zone *Denotes inclusion in December 31, 2024 mineral resource. 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