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.

• Ended 2025 with over CAD 250 million in cash and total liquidity of $697 million, including a $250 million revolving credit facility.

• Expanded Eagle River's land package through the Angus Gold acquisition and implemented a disciplined exploration strategy, drilling 200–270 km in 2025.

• Strengthened leadership team, introduced a capital allocation framework, and initiated a share buyback program.

• Free cash flow margin expanded to 31%, supporting investments, acquisitions, and share repurchases.

Financial highlights

• FY 2025 revenue increased 64% year-over-year to $914 million, driven by record production and higher gold prices.

• Net income rose 2.5x to $349 million (CAD 2.32 EPS); EBITDA grew 96% to $602 million; operating cash flow nearly doubled to $457 million.

• Free cash flow more than doubled to $278 million (CAD 1.85 per share); free cash flow margin expanded to 31%.

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

• Return on invested capital increased to 36% from 23.6% in 2024.

Outlook and guidance

• 2026 gold production guidance: 180,000–205,000 ounces, with Eagle River at 105,000–115,000 oz and Kiena at 75,000–90,000 oz; AISC expected at US$1,525–1,700/oz.

• 2026 free cash flow projected at ~$350 million at US$3,900/oz gold price, with significant upside at higher prices.

• Planned 270,000 meters of drilling in 2026, with half focused on discovery and greenfield targets.

• $205 million capital expenditures planned for 2026, split between sustaining and growth capital.

• June 2026 technical report updates expected to provide greater asset visibility.