Wesdome Gold Mines (WDO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with all-time highs in revenue, net income, EBITDA, and operating cash flow, supported by strong gold prices and operational improvements at Eagle River and Kiena.

• Net income rose 90% year-over-year to $119 million ($0.79/share), with revenue up 60% to $300 million despite a 1% decrease in gold production.

• Generated CAD 126 million in free cash flow and ended the quarter with over CAD 430 million in cash, after repurchasing nearly CAD 50 million in shares.

• Liquidity increased to $773 million, supporting ongoing capital allocation and share repurchases.

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

Financial highlights

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

• Consolidated gold production was 45,303 ounces, down 1% year-over-year; gold sold was 45,692 ounces.

• Free cash flow was CAD 126 million (42% of revenue), among the highest in the sector, and surged 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 balance at March 31, 2026 was CAD 431 million; total liquidity exceeds CAD 770 million with no debt.

Outlook and guidance

• Full-year consolidated production and cost guidance maintained; Eagle River production expected to be evenly distributed, Kiena weighted to H2 as Presqu'ile ramps up.

• Consolidated AISC expected to peak in Q2, then decline as supply chain savings are realized.

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

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

• Exploration expense guidance on track at CAD 30 million for the year.