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Wesdome Gold Mines Ltd. (TSX: WDO,OTC:WDOFF) (OTCQX: WDOFF) ("Wesdome" or the "Company") today announces its operating results for the three months ended March 31, 2026 ("Q1 2026"). The Company is also providing notice that it will release its financial results after markets close on Tuesday, May 12, 2026, and host a webcast the following morning.
Q1 2026 Operating Highlights
| Q1 2026 | Q1 2025 | % Change | |
| Ore milled (tonnes) | |||
| Eagle River | 71,731 | 60,010 | 20% |
| Kiena | 54,950 | 48,690 | 13% |
| Average grade (grams per tonne) | |||
| Eagle River | 12.5 | 15.6 | (20%) |
| Kiena | 10.0 | 10.8 | (7%) |
| Gold production (ounces) | |||
| Eagle River | 27,846 | 28,999 | (4%) |
| Kiena | 17,457 | 16,693 | 5% |
| Total gold production | 45,303 | 45,692 | (1%) |
| Total gold sold (ounces) | 45,600 | 45,300 | 1% |
"First quarter results were solid, in line with our expectations and on track for the full year," said Anthea Bath, President and Chief Executive Officer. "As planned, our 2026 production profile remains back-half weighted with 60% of Kiena's annual production expected in the second half as we ramp to three mining areas, including 129, 136 and Presqu'île. Eagle River is anticipated to maintain consistent output throughout the year.
"In Q1, Eagle River demonstrated meaningful progress towards its fill-the-mill strategy, approaching nearly 800 tonnes per day – a 20% year-over-year increase – reflecting continued progress towards sustainable higher throughput levels and supporting our focus on leveraging fixed costs. The mine continues to operate consistently and safely with a focus on the areas of lateral development and maintenance. At Kiena, we're seeing improvement. Mining rates and throughput stabilized in the first quarter as concurrent stoping in Kiena Deep added operational flexibility. With the Presqu'île permit now secured, we're advancing development of our newest mining area with the first stope beginning on schedule in late June – a key milestone that materially de-risks our second-half production profile. Mining grades at both Eagle River and Kiena tracked to reserve grade during the quarter. Grade at Eagle River was outside the 2026 guidance range as per our forecast due to the timing of mining sequencing. We remain confident in our full-year guidance as higher-grade zones are scheduled for the remainder of the year.
"Consistent with our capital allocation strategy, we deployed $49 million to repurchase 2.1 million shares year-to-date, substantially completing our initial normal course issuer bid. We did so while advancing our organic growth initiatives and maintaining our balance sheet strength, with approximately $430 million in cash at the end of the quarter."
Webcast
Management will host a webcast to discuss the Company's 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: | Wednesday, May 13, 2026 at 10:00 a.m. ET |
| 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. |
| Webcast link: | https://events.q4inc.com/attendee/584921644 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. |
The Company's financial statements and management's discussion and analysis will be available at www.wesdome.com and on SEDAR+ www.sedarplus.ca the evening of Tuesday, May 12, 2026.
About Wesdome
Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.
For Further Information
| Raj Gill SVP, Corporate Development & Investor Relations Phone: +1.416.360.3743 E-Mail: invest@wesdome.com | Trish Moran VP, Investor Relations Phone: +1.416.564.4290 E-mail: trish.moran@wesdome.com |
Technical Disclosure
The technical and geoscientific content of this press release have been reviewed, and approved by Barbara Rose, P. Eng, Director, Engineering and Operations for Wesdome, a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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 Company's Q1 2026 financial results and related conference call and webcast; and the expected annual production profile for each mine in 2026.
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/292588
