Wesdome Gold Mines (WDO) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational results in 2025, with consolidated gold production of 185,576 ounces and significant improvements in safety, operational execution, and balance sheet strength.

• Eagle River and Kiena mines met or exceeded guidance, with Eagle River producing 112,768 ounces and Kiena 72,808 ounces, both showing operational improvements.

• Strengthened leadership and balance sheet, implemented a capital allocation framework, and initiated a share buyback program.

• Launched a multi-year exploration program, with 2026 as the second year, supported by 270,000 meters of drilling and $205 million in capex.

• Ended 2025 with $354 million in cash and total liquidity of $697 million, debt-free, supported by a $250 million revolving credit facility.

Financial highlights

• FY 2025 revenue increased 64% to $914 million, with net income up 2.5x to $349 million and EBITDA up 96% to $602 million.

• Free cash flow more than doubled to $278 million ($1.85 per share), with a free cash flow margin of 31%.

• Q4 2025 revenue was $288 million, gross profit $185 million, and net income $117 million.

• Cash and cash equivalents at year-end were $354 million, with working capital of $342.5 million.

Outlook and guidance

• 2026 gold production guidance: 180,000–205,000 ounces, with Eagle River at 105,000–115,000 ounces and Kiena at 75,000–90,000 ounces.

• 2026 AISC expected at US$1,525–1,700/oz, with cash costs at US$1,050–1,150/oz.

• Free cash flow for 2026 projected at $350 million at budgeted gold prices, potentially exceeding $500 million at higher prices.

• Planned capital expenditures of $205 million in 2026, with 45% allocated to growth and $55 million for drilling.

• Major technical report and conceptual study to be released in June 2026, expected to demonstrate mine life extension and resource growth.