Wesdome Gold Mines (WDO) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 172,033 ounces in FY 2024, up 39% year-over-year, with all-time highs in revenue, EBITDA, net income, free cash flow, and net cash balance.

• Net income reached $135.7M ($0.91/share) for FY 2024, marking a turnaround from a net loss in FY 2023.

• Safety performance improved, with notable reductions in incident frequency and severity rates across operations.

• Successful ramp-up of Kiena Deep and strong performance at Eagle River, both exceeding guidance and completing key development milestones.

• Strategic focus on organic growth, resource modeling, exploration, and operational efficiency.

Financial highlights

• Q4 2024 gold production was 49,567 ounces, up 37% year-over-year; annual production reached 172,033 ounces, a 39% increase from 2023.

• FY 2024 revenue rose 68% to $558.2M, with Q4 revenue of $182.6M (+79% YoY).

• FY 2024 EBITDA reached $308M, more than tripling from FY 2023; Q4 EBITDA was $114.9M.

• FY 2024 free cash flow was $118.6M, with Q4 free cash flow of $39.9M.

• Ended 2024 debt-free, with cash of $123.1M and total liquidity of $273.1M.

Outlook and guidance

• 2025 gold production guidance: 190,000–210,000 ounces consolidated; Eagle River: 100,000–110,000 oz, Kiena: 90,000–100,000 oz.

• 2025 AISC guidance: $1,775–$1,975/oz (C$), US$1,325–$1,475/oz; capital investment planned at $160M, including $115M sustaining and $45M growth capital.

• 2026 production guidance: 195,000–220,000 ounces, reflecting continued growth.

• Production expected to strengthen in H2 2025, with Q4 accounting for ~30% of annual output.

• Free cash flow expected to be nearly 70% higher than budget at current gold prices.