Wesdome says gold production up 12% to record high in Q3

Wesdome Gold Mines Ltd. [WDO-TSX] has announced record third quarter production from key operations in Ontario and Quebec. The company also said its board of directors has approved the initiation of a normal course issuer bid to repurchase up to 2.0% of the company’s public float over the next 12 months.  The plan is subject to the approval of the Toronto Stock Exchange. Wesdome had a total of 150.9 million issued and outstanding shares as of October 16, 2025.

Wesdome is a Canada-focused gold producer with two high-grade underground mines. They include the Eagle River mine in Ontario and Kiena mine in Quebec.

“This quarter’s consolidated production of more than 50,000 ounces set a new high-water mark for Wesdome driven by record production from Eagle River,” said Wesdome President and CEO Anthea Bath.

On Wednesday, Wesdome shares edged up 0.60% or 13 cents to $21.67. The shares, and trade in a 52-week range of $24.80 and $10.89.

In third quarter of 2025, the company reported total gold production of 50,465 ounces, including 34,296 from Eagle River and 16,169 ounces from Kiena, That was up 12% from 45,109 ounces in the equivalent quarter in 2024. The company has also reported year to date production of 138,938 ounces, up 13% from 122,466 in the same period last year.

“Eagle River had an exceptional third quarter, once again setting records for mill throughput and gold production,’’ Bath said. “Benefits from ongoing efforts to debottleneck the mill, improve dilution, and increase ore availability are materializing and resulting in increased production and lower unit costs, all while advancing critical development,’’ she said. “Eagle River is on track to deliver the high-end of full-year production guidance.’’

Bath went on to say that as previously indicated, Kiena conducted a longer than planned hoist shutdown in July, which resulted in more than two weeks without mill feed.  While forecasts at the time suggested that the shortfall could be recovered, inconsistent execution together with limited operational flexibility continued to impact performance through August and September, the company said.

Kiena’s fourth quarter is expected to be the strongest of the year, as high-grade ore from Kiena Deep is augmented by ore from Presqu’ile. Kiena’s 2025 guidance will be updated with the release of the company’s financial results in early November. “Importantly, we remain on track to meet full-year consolidated production guidance, albeit towards the lower end of the range,’’ the company said.

Wesdome has previously said it expccts to produce 185,000 to 205,000 ounces this year, rising to 195,000 to 220,000 ounces in 2026.

“With record gold prices and strong production driving substantial free cash flow, our financial position continues to grow and strengthen – with $266 million in cash with more than $600 million in total liquidity,’’ the company added.