Wesdome Gold Mines (WDO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue of $300 million, net income of $119 million ($0.79/share), EBITDA of $212 million, and free cash flow of $126 million, supported by strong gold prices and operational improvements at Eagle River and Kiena.

• Produced 45,303 ounces of gold, maintaining strong operational output across both mines despite a 1% year-over-year decrease.

• Liquidity increased to $773 million, with $431 million in cash and robust capital returns, including share repurchases.

• Operational improvements and intensified exploration, with over 270 km of drilling planned for 2026 and significant new discoveries at both sites.

• Management reaffirmed 2026 guidance and highlighted ongoing productivity, flexibility, and safety enhancements.

Financial highlights

• Q1 2026 revenue reached $300 million, net income $119 million ($0.79/share), EBITDA $212 million, and operating cash flow $162 million.

• Free cash flow was $126 million (42% of revenue), up 165% year-over-year.

• All-in sustaining costs (AISC) averaged US$1,707/oz; Eagle River at US$1,616/oz, Kiena at US$1,844/oz, impacted by higher labor and consumable costs.

• Cash and cash equivalents at quarter-end were $431 million, with total liquidity of $773 million and no debt.

• Earnings per share for Q1 2026 were $0.79, up from $0.55 in Q1 2025.

Outlook and guidance

• 2026 consolidated production guidance reaffirmed at 180,000–205,000 oz, with Eagle River at 105,000–115,000 oz and Kiena at 75,000–90,000 oz.

• Cash costs expected at US$1,050–1,150/oz; AISC at US$1,525–1,700/oz.

• Capital investment for 2026 projected at $205 million, with sustaining and growth capital detailed for each mine.

• Production and cost guidance maintained, with consolidated AISC expected to peak in Q2 and decline as supply chain savings are realized.

• Updated technical reports and life-of-mine plans to be released in late June 2026.