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All amounts are expressed in Canadian dollars unless otherwise indicated
Wesdome Gold Mines Ltd. (TSX: WDO,OTC:WDOFF) (OTCQX: WDOFF) ("Wesdome" or the "Company") today announces its production results for the three and nine months ended September 30, 2026 ("Q3 2026" and "YTD 2026"). The Company is also providing notice that it will release its Q3 2026 financial results after market close on Wednesday, November 4, 2026, and host a conference call and webcast the following morning.
Q3 and YTD 2026 Operating Highlights
| Q3 2026 | Q3 2025 | % Change | YTD 2026 | YTD 2025 | % Change | |
| Ore milled (tonnes) | ||||||
| Eagle River | 79,820 | 71,575 | 12% | 223,990 | 180,208 | 24% |
| Kiena | 63,797 | 50,147 | 27% | 180,962 | 149,136 | 21% |
| Average grade (g/t) | ||||||
| Eagle River | 10.1 | 15.3 | (34)% | 10.7 | 15.9 | (33)% |
| Kiena | 8.2 | 10.2 | (20)% | 9.8 | 10.6 | (8)% |
| Gold production (ounces) | ||||||
| Eagle River | 24,758 | 34,296 | (28)% | 74,402 | 88,907 | (16)% |
| Kiena | 16,529 | 16,169 | 2% | 56,012 | 50,031 | 12% |
| Total gold production | 41,287 | 50,465 | (18)% | 130,414 | 138,938 | (6)% |
| Production sold (ounces) | 41,800 | 47,400 | (12)% | 131,500 | 138,600 | (5)% |
| Average realized gold price (US$/oz)1 | 4,279 | 3,523 | 21% | 4,480 | 3,228 | 39% |
| 1. Average realized gold price is a "Non-IFRS Performance Measures". Please refer to the Company's most recently filed MD&A for more information. | ||||||
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Anthea Bath, President and Chief Executive Officer, commented, "Third quarter production was modestly below our expectations. However, Q4 is anticipated to be our strongest quarter of the year, driven by increased throughput and ounces at Eagle River, the continued ramp-up of the new Presqu'île Zone, and further operational improvements at Kiena Deep. We are maintaining our initial 2026 production guidance of 180,000 to 205,000 ounces, with results expected below the midpoint.
"Eagle River delivered a solid Q3, setting a new quarterly throughput record with ore milled up 12% year-over-year. Underground material movement has increased sequentially in every quarter this year, and 300 Zone ramp development is tracking ahead of schedule. The first phase of our transition to higher throughput is progressing as planned, with expected grade variability as we fill the mill and position Eagle River for long term sustainable production and expansion.
"Kiena continues to build momentum, with ore milled up 27% year-over-year in Q3, notwithstanding 10 days of planned and unplanned maintenance downtime. In September, Kiena Deep achieved its highest monthly tonnage of the year, while the Presqu'île Zone ramped up steadily to more than 250 tonnes per day. Grades were below plan primarily due to the blending of initial stope and development ore at Presqu'île. Heading into Q4, we expect Kiena to benefit from improved execution, concurrent stope mining at Kiena Deep, and continued gains in tonnage and grade at Presqu'île as it advances toward commercial production.
"Our balance sheet remains strong and debt-free with an ending cash balance of approximately $377 million. In Q3, we paid our first dividend and repurchased 1.8 million shares in July for $46 million. Since November 2025, we have bought back 7.8 million shares for approximately $190 million at an average price of $24.44 per share, reflecting our confidence in the long-term value of our two high-quality Canadian assets."
Conference Call and Webcast
Management will host a conference call and webcast to discuss the Company's Q3 2026 financial and operating results. A question-and-answer session will follow management's prepared remarks. Details of the webcast are as follows:
| Date and time: | Thursday, November 5, 2026 at 10:00 a.m. ET |
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| Dial-in numbers: | To access the call by telephone, dial 1.646.968.2525 or 1.888.596.4144 (toll-free). The event passcode is: 8215935. Please allow up to 10 minutes to be connected. |
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| Webcast link: | https://events.q4inc.com/attendee/926573901 Pre-registration is required for this event. It is recommended you join 10 minutes prior to the start of the event. The webcast can also be accessed from the home page of the Company's website at www.wesdome.com. |
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The financial statements and management's discussion and analysis will be available on the Company's website at www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of Wednesday, November 4, 2026.
Technical Disclosure
The technical and geoscientific content of this press release have been reviewed, and approved by Peter Gula, P. Eng and General Manager of Eagle River Mine (wholly owned by Wesdome), a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Wesdome
Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer.
Contact Information
| Raj Gill | Trish Moran |
| SVP, Corporate Development & Investor Relations | VP, Investor Relations |
| Phone: +1.416.360.3743 | Phone: +1.416.564.4290 |
| E-Mail: invest@wesdome.com | E-mail: trish.moran@wesdome.com |
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Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, projections, and interpretations as of the date of this release. Forward-looking information includes, without limitation, statements regarding: the timing of the release of the Company's Q3 2026 financial results and the related conference call and webcast; the Company's expectation to achieve its full-year consolidated 2026 production guidance of 180,000 to 205,000 ounces, with results expected to be below the midpoint of such guidance; the expectation that the fourth quarter will be the Company's strongest production quarter of 2026, driven by increased throughput and ounces at Eagle River, the continued ramp-up of the Presqu'île Zone and further operational improvements at Kiena Deep, including concurrent stope mining; expected improvements in tonnage and grade at the Presqu'île Zone and the advancement of the Presqu'île Zone toward commercial production; the timing of 300 Zone ramp development; and the Company's transition to higher throughput at Eagle River and the anticipated benefits thereof, including Eagle River's long-term growth.
These forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled "Cautionary Note Regarding Forward Looking Information" and "Risks and Uncertainties" in the Company's most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company's website.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318658
