Wesdome Gold Mines (WDO) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered record operational and financial results, with gold production up 37% year-over-year to 45,692 ounces and net income reaching $62.5 million (EPS $0.42), driven by higher gold prices and volumes.

• EBITDA nearly tripled to $119.4 million, and free cash flow more than doubled to $48 million, supported by improved margins and strong cash generation.

• Health and safety performance improved, with the lowest total recordable incident frequency rate in over four years.

• Announced acquisition of Angus Gold, expected to close by end of June, will quadruple Eagle River's land package and enhance exploration potential.

• Strategic focus on optimization, value creation, and advancing the fill-the-mill strategy to unlock further value.

Financial highlights

• Revenue increased 86% year-over-year to $188 million, with net income up 483% to $62.5 million and EBITDA up 193% to $119.4 million.

• Free cash flow rose 144% to $48 million; working capital increased to $181 million.

• Average realized gold price was US$2,882/oz, up 38% year-over-year; consolidated AISC at US$1,366/oz, down 17% year-over-year.

• Cash margin increased 174% to $128 million.

• Liquidity at quarter-end was $318 million, including $168 million in cash and $150 million undrawn credit.

Outlook and guidance

• 2025 production guidance: 190,000–210,000 ounces consolidated, with Eagle River at 100,000–110,000 ounces and Kiena at 90,000–100,000 ounces.

• All-in sustaining cost guidance for 2025: US$1,325–$1,475/oz consolidated.

• Operating performance expected to be second-half weighted, with Presque Hill/Presqu'île coming online in H2 2025.

• Annual exploration spend to increase by up to $5 million post-Angus Gold acquisition.

• Presque Hill/Presqu'île to contribute 35,000–40,000 tons in 2025 and about 100,000 tons in 2026.