Wesdome Gold Mines (WDO) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results in revenue, EBITDA, net income, and free cash flow, with Q2 net income of $83M and EBITDA of $138.4M, driven by higher gold prices and improved margins.

• Consolidated gold production in Q2 2025 was 42,781 oz, with Eagle River up 33% year-over-year to 25,612 oz and Kiena down 31% to 17,169 oz due to equipment constraints.

• Completed the acquisition of Angus Gold, quadrupling Eagle River's land package to 400 sq km and increasing exploration spending by $5M.

• Safety performance improved significantly, with a total classified incident frequency rate of 0.00 in Q2 2025.

• Operational improvements at Eagle River led to increased production and lower costs, while Kiena is undergoing major initiatives to enhance flexibility and future output.

Financial highlights

• Q2 2025 revenue was $209M, EBITDA $138M, net income $83M, and free cash flow $53M; cash balance at quarter-end was $188M, with total liquidity of $530M.

• Q2 2025 gold production was 42,781 oz at a cash cost of $929/oz and AISC of $1,528/oz; realized gold price was $3,279/oz (US$) and $4,539/oz (C$).

• Adjusted net income per share was $0.52 and cash flow per share was $0.67, both showing strong improvement year-over-year.

• Working capital at June 30, 2025, was $199M; total assets reached $933M.

• Q2 2025 gross margin and cash margin increased 146% and 96% year-over-year, respectively.

Outlook and guidance

• 2025 consolidated gold production guidance updated to 185,000–205,000 oz; Eagle River guidance raised to 105,000–115,000 oz, Kiena revised to 80,000–90,000 oz.

• 2025 AISC guidance revised to $1,925–$2,125/oz (C$); Eagle River AISC improved to US$1,375–$1,500/oz, Kiena AISC revised higher to US$1,400–$1,575/oz.

• 2026 consolidated production guidance set at 195,000–220,000 oz; technical reports for both mines to be released in June 2026.

• Capital investment for 2025 increased to $190M, with $70M in growth capital and $65M allocated to Kiena for ventilation and development.

• H2 2025 expected to deliver stronger results, with Kiena production weighted toward Q4 and Presqu’ile zone contributing up to 10,000 oz.