Wesdome Gold Mines (WDO) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered net income of $94 million, free cash flow of $42 million, and revenue of $267 million, with consolidated gold production up 2% year-over-year to 43,824 ounces and over $80 million returned to shareholders via buybacks.

• Both Eagle River and Kiena mines now have reserve-based mine plans extending approximately eight years, supported by new technical reports and increased reserves.

• Operational focus is on increasing throughput, leveraging fixed cost infrastructure, and expanding mining horizons at both sites, with exploration and AI-based targeting accelerating discovery and resource conversion.

• Expanded capital returns included a quarterly dividend and a significant share buyback program, with nearly eight million shares repurchased since November at an average of $24/share.

• Major operational milestones included the Kiena ramp breakthrough and a new discovery at Kiena Deep's Norbenite Footwall.

Financial highlights

• Q2 2026 revenue was $267 million (+28% YoY); net income was $94 million ($0.64/share); adjusted EPS was $0.65/share; EBITDA reached $170 million (+23% YoY); free cash flow was $42 million, down year-over-year due to a $21 million prepaid tax installment.

• Cash and equivalents stood at $391 million, with total liquidity of $746 million and no debt at quarter-end.

• $190 million has been returned to shareholders via share repurchases since November 2025.

• Q2 2026 average realized gold price was $6,040/oz (C$), with consolidated cash costs at $1,857/oz (C$) and AISC at $2,439/oz (C$).

• Adjusted EPS excludes a $2.3 million impact from non-recurring payments.

Outlook and guidance

• Full-year 2026 gold production guidance reaffirmed at 180,000–205,000 ounces; AISC expected between US$1,525–1,700/oz; H1 production represents 46% of midpoint.

• Eagle River expected to achieve 105,000–115,000 ounces at 11.5–12.5 g/t; Kiena on track for 75,000–90,000 ounces at 8.0–9.5 g/t.

• Depreciation and depletion guidance reduced to $100 million due to increased mineral reserves.

• Full-year consolidated capital expenditures could be up to 10% higher than initial guidance, mainly due to growth spending at Kiena.

• Three-year outlook projects stable production growth and cost discipline through 2028.