Wesdome Gold Mines (WDO) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 172,033 ounces in FY 2024, up 39% year-over-year, with $558M in revenue and $136M net income, marking a significant turnaround from a net loss in FY 2023.

• Strong operational execution, including commencement of Kiena Deep production, completion of key development milestones, and major increases in mineral reserves.

• Safety performance improved, with notable reductions in incident frequency and severity rates across operations.

• Renewed leadership and alignment of compensation with shareholder value creation.

Financial highlights

• Q4 2024 gold production reached nearly 50,000 ounces, up 37% year-over-year; annual production was 172,033 ounces, a 39% increase from 2023.

• Q4 2024 revenue rose 79% year-over-year to $182.6M; FY 2024 revenue was $558.2M, up 68% year-over-year.

• Q4 2024 net income was $56.6M ($0.38/share); FY 2024 net income was $135.7M ($0.91/share).

• FY 2024 EBITDA reached $308M, more than tripling from FY 2023; free cash flow was $118.6M, with cash balance ending at $123.1M and total liquidity of $273.1M.

• Full-year AISC was $1,999/oz (US$1,459/oz); cash costs per ounce sold averaged $1,288 (C$) and $940 (US$).

Outlook and guidance

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

• 2025 AISC guidance: $1,775–$1,975/oz (US$1,325–$1,475/oz); capital investment planned at $160M, with $115M sustaining and $45M growth capital.

• 2026 production guidance: 195,000–220,000 ounces, reflecting continued growth.

• Production expected to strengthen in H2 2025, with Q4 accounting for ~30% of annual output.

• Free cash flow projected to be nearly 70% higher than current budget at prevailing gold prices.