Wesdome Gold Mines (WDO) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered record operational and financial results, with gold production up 37% year-over-year to 45,692 ounces and record revenue, EBITDA, net income, and free cash flow per share, driven by higher gold production and prices.

• Net income reached $62.5 million (EPS $0.42), nearly five times higher than the prior year, and EBITDA nearly tripled to $119.4 million.

• Health and safety performance improved, with the lowest total recordable incident frequency rate in over four years.

• Announced acquisition of Angus Gold, expected to close by end of June, will quadruple Eagle River's land package to 400 sq km and enhance exploration potential.

• Strategic focus on optimization, value creation, and advancing the fill-the-mill strategy to unlock further value.

Financial highlights

• Revenue increased 86% year-over-year to $198 million, with net income up 483% to $62.5 million and EBITDA up 193% to $119.4 million.

• Gold production reached 45,692 ounces, up 37% year-over-year, with average realized gold price up 38% to US$2,882/oz.

• Free cash flow increased 144% to $48 million; operating cash flow per share was $0.53, up 71%.

• Cash margin rose 174% to $128 million; working capital at $181 million.

• All-in sustaining costs declined 17% year-over-year to $1,366/oz.

Outlook and guidance

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

• All-in sustaining cost guidance for 2025: $1,325–$1,475/oz consolidated.

• Operating performance expected to be second-half weighted, with Presqu'île coming online in H2 2025.

• Annual exploration spend to increase by up to $5 million post-Angus Gold acquisition.

• Technical reports for Eagle River and Kiena targeted for release in H1 2026.