Wesdome Reports First Quarter 2025 Financial Results

Core Viewpoint - Wesdome Gold Mines Ltd. reported strong financial results for Q1 2025, achieving record revenue, net income, and free cash flow, driven by higher gold prices and operational efficiencies [3][7]. Financial Highlights - Revenue for Q1 2025 was CAD 187.6 million, an 86% increase from CAD 100.9 million in Q1 2024 [8]. - Gross profit surged by 365% year-over-year to CAD 103.4 million, with a cash margin growth of 174% to CAD 127.6 million [7][8]. - Net income reached CAD 62.5 million, or CAD 0.42 per share, marking a nearly fivefold increase from CAD 10.7 million in Q1 2024 [7][8]. - EBITDA increased by 193% to CAD 119.4 million, primarily due to higher ounces sold and a higher average realized price of gold [7][8]. - Free cash flow was CAD 47.5 million, a 144% increase from CAD 19.4 million in Q1 2024 [7][8]. Operational Highlights - Consolidated gold production was 45,692 ounces, a 37% increase compared to Q1 2024 [7][8]. - Cost of sales per ounce sold decreased by 18% to USD 923, while all-in sustaining costs (AISC) per ounce sold declined 17% to USD 1,366 [7][8]. - The average realized price of gold sold in Q1 2025 was USD 2,882 per ounce, reflecting a 38% increase from the previous year [7][8]. Eagle River Mine Performance - Eagle River produced 28,999 ounces of gold in Q1 2025, a 16% increase from 24,899 ounces in Q1 2024, benefiting from high-grade material from the 300 Zone [12][14]. - Revenue from Eagle River increased by 49% to CAD 115.5 million due to a higher average realized price of gold [14][15]. - Cash costs per ounce sold were CAD 1,327 (USD 925), an 8% increase from the previous year [15][16]. Kiena Mine Performance - Kiena produced 16,693 ounces of gold in Q1 2025, a 98% increase from 8,423 ounces in Q1 2024, attributed to high-grade ore from Kiena Deep [24][27]. - Revenue at Kiena increased by 209% to CAD 71.9 million, driven by a 111% increase in ounces sold [27][28]. - AISC per ounce of gold sold decreased by 50% to CAD 2,026 (USD 1,412) compared to CAD 4,078 (USD 3,023) in Q1 2024 [28]. Exploration and Growth Strategy - The company continues to focus on exploration to extend mine life and identify new growth opportunities [6]. - Drilling in the 6 Central Zone and the 300 Zone is ongoing, with promising results indicating potential for further discoveries [17][19]. - The acquisition of Angus Gold is expected to enhance the company's land package and exploration potential [7].