Wesdome Gold Mines Reports Q4 and Year-End 2024 Financial Results

“2024 marked a significant milestone for Wesdome, and I am extremely proud of the progress made," said Anthea Bath, President and Chief Executive Officer.  "This financial success resulted in a clean year-end balance sheet, and a fast-growing cash balance in excess of $120 million."

Q4 & FY 2024 Highlights

• Improving health & safety performance: The Company’s lost time incident frequency rate declined to 0.10 in FY 2024 from 0.76 in FY 2023 (based on OHSA 200,000 hours frequency calculation).
• Record annual production: Consolidated gold production in Q4 2024 and FY 2024 increased year-over-year by 37% to 49,567 ounces and 39% to 172,033 ounces, respectively.
• Record annual revenue: FY 2024 revenue increased by 68% compared to FY 2023 to $558.2M driven by strong Q4 2024 revenue of $182.6M.
• Record annual net income: Q4 2024 net income of $56.6 million, or $0.38 earnings per share, drove FY 2024 net income of $135.7 million, or $0.91 earnings per share.
• Record net cash from operating activities and free cash flow1: Net cash from operating activities in FY 2024 was $241.0 million, or $1.61 per share, including $76.4 million, or $0.51 per share3, in Q4 2024. FY 2024 free cash flow1 was $118.6 million, or $0.79 per share, reflecting a robust fourth quarter contribution of $39.9 million, or $0.27 per share.
• Debt-free balance sheet and significant growth in liquidity: Cash of $123.1 million as at December 31, 2024 nearly tripled since the end of the prior fiscal year. The balance on the Company’s revolving credit facility of $39.0 million as at December 31, 2023 was fully repaid in 2024, resulting in available liquidity of $273.1 million, including $123.1 million in cash and $150.0 million of undrawn full capacity available under the revolving credit facility.
• Driving organic growth initiatives: Commenced development of an exploration ramp at Kiena, which will establish a secondary mine egress and facilitate access to near-surface deposits, a crucial component of the fill-the-mill strategy. At Eagle River, completion of the first phase of the global resource model initiative has enhanced the Company’s understanding of the ore body and will support strategic life-of-mine planning.
• Mineral reserves grow 5% post depletion; resource confidence strengthened: The Company increased its total proven and probable gold reserves by 5% to 1.2 million ounces, successfully replacing depletion. Measured and indicated resources grew by 18%, reflecting a focus on conversion and delineation drilling in 2024. The Company’s 185,000 metre exploration program delivered strong results across both assets, expanding key zones close to existing infrastructure, identifying new targets and advancing geological understanding.

“A key highlight of 2024 was achieving first ore production from the 129-level at Kiena and ramping-up production throughout the year with the fourth quarter marking the highest quarterly throughput since Kiena’s restart in 2021. We also made progress towards creating a two-mine structure at Kiena, completing the 33-level drift rehabilitation in 2024, which now provides drill access to several zones expected to be tested in 2025. In addition, the development of an exploration ramp began in Q2 and is progressing well, with first stope ore from the near-surface Presqu’île Zone expected by the end of 2025.

“At Eagle River, we had a stellar fourth quarter, exceeding the upper end of updated annual production guidance. Sequencing of higher-grade stopes and the exploration program delivered exciting results, including high-grade extensions and the identification of new targets. In addition to completing the digitization of historical data to support our global resource model initiative, induced polarization surveys yielded promising results, with the first anomaly drilled before the end of the year and the results to be considered in 2025.

“As we move into 2025, Wesdome has established clear initiatives to support our organic growth strategy to fill-the-mills, while demonstrating the long mine life potential of our assets. Our focus remains on operational execution, progressing the global resource model initiative and advancing our long-term strategic exploration program. We plan to incorporate the various strategic initiatives across our portfolio into updated technical reports, which are expected to be released in Q1 2026.”

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