WESDOME GOLD MINES LTD.

Recommendation history

• Q1 2026HoldHold after a strong Q1: revenue was C$300 million, free cash flow was C$126 million and cash reached C$431 million, but consolidated AISC was US$1,707 per ounce and Kiena was still higher at US$1,844. The upside depends on executing the Kiena ramp and converting exploration into reserves; the current quarter alone does not remove labor, cost and mine-life risks.
• Q3 2025HoldHold: Q3 revenue rose 57% to C$230 million and free cash flow reached C$79 million, lifting cash to C$266 million, but Kiena remains the constraint with Q3 AISC of US$1,899 per ounce and revised 2025 production guidance of 72,000-78,000 ounces. Eagle River is executing well, yet the Kiena permit risk, labor turnover and contractor failures make the operational recovery too unproven for a clean buy.
• Q2 2025HoldHold: Wesdome generated C$53 million of Q2 free cash flow, with 43,000 ounces at US$1,528/oz AISC and C$188 million of cash with zero debt, but Kiena's production fell 31% year over year and 2025 guidance was cut to 80,000–90,000 ounces. Eagle River's turnaround and a potential higher-throughput Kiena are credible upside, yet the thesis still depends on executing a risky second-half recovery amid equipment, labor and single-horizon constraints.
• Q1 2025HoldHold: Q1 was exceptionally strong, with 46,000 ounces produced, C$188 million of revenue, C$48 million of free cash flow and US$1,366 per ounce of all-in sustaining costs. The bull case is rising production and a debt-free C$318 million liquidity position, but the investment case still depends on a back-half-weighted year, Kiena equipment execution and successful Presqu'île ramp-up; the call provides no valuation support for a buy.
• Q4 2024HoldHold: Wesdome delivered a record 172,000 ounces in 2024, $40 million of Q4 free cash flow, and ended the year with $123 million of cash and no debt. The 2025 plan calls for 190,000-200,000 ounces and US$1,325-US$1,475/oz of AISC, but the thesis still relies on sustained high gold prices and execution on Kiena's ramp and Eagle River's cost program.
• Q3 2024HoldHold: Q3 was genuinely strong, with record production of 45,109 ounces, revenue of C$147 million, free cash flow of C$30.8 million and AISC of C$1,408 per ounce. The balance sheet is debt-free and Eagle River is outperforming, but Kiena is still in ramp-up, guidance was narrowed to 166,000-176,000 ounces, and the call did not quantify the revised cost outlook or the promised productivity upside.
• Q2 2024HoldHold: Wesdome delivered a breakout Q2 with 44,035 ounces produced, C$28 million of free cash flow, zero debt and C$200 million of liquidity. Kiena's 13.5 g/t grade and 24,763 ounces validate the ramp-up, but Eagle River cost optimization remains unquantified and production is back-end weighted, so the call supports waiting for execution proof rather than buying aggressively.