WESDOME GOLD MINES LTD - WDOFF STOCK NEWS

Wesdome Gold Mines has appointed Guy Belleau as Chief Operating Officer, effective September 30, 2024. Mr. Belleau brings over three decades of experience in mine operations, development, and management to the role. His background includes serving as CEO of Sayona Canada and COO of ArcelorMittal Mines Canada. Notably, he spent 8 years as Mine General Manager at Goldcorp's Éléonore Mine in northern Québec.

Anthea Bath, President and CEO of Wesdome, highlighted Mr. Belleau's extensive expertise in underground operations and gold projects within Québec as key factors in his appointment. The company expects his proven track record to contribute significantly to Wesdome's growth and operational excellence.

Mr. Belleau is a Professional Engineer with a Degree in Mining Engineering from Laval University, Québec. He has also served on various boards, including as Chair of the Board of Directors of the National Mining Institute of Quebec.

Wesdome Gold Mines (TSX:WDO, OTCQX:WDOFF) has announced the appointment of Ronald 'Jono' Lawrence as Senior Vice President, Exploration and Resources, effective January 1, 2025. Mr. Lawrence brings over 30 years of extensive exploration experience across multiple regions, including Africa, Australia, and Asia. He previously served as Executive Vice President, Exploration at Endeavour Mining, where he led significant resource expansions, contributing to a 9 million ounce increase in indicated ounces from 2022 to 2024. His expertise in Orogenic greenstone belts and track record in mineral exploration and resource expansion are expected to enhance Wesdome's ability to achieve high-quality reserve replacement and drive resource growth.

Wesdome Gold Mines (TSX: WDO, OTCQX: WDOFF) announced its Q2 2024 financial results on August 14, 2024. The company reported consolidated gold production of 44,035 ounces at cash costs of $1,286 (US$940) per ounce and all-in sustaining costs (AISC) of $1,977 (US$1,445) per ounce.

Net income surged to $29.1 million, or $0.19 per share, an increase of $34.1 million from Q2 2023 and $18.4 million from Q1 2024. Operating cash flow rose to $57.1 million, up by $43.1 million from the same period last year. Free cash flow came in at $28.4 million, $33.7 million higher than Q2 2023.

The company has available liquidity of $200.7 million, including $50.7 million in cash. Major highlights include mining high-grade Kiena Deep ore from 129-level at Kiena mine, significantly reducing AISC by over 60% compared to Q1 2024.

CEO Anthea Bath noted substantial progress in safety, production, and free cash flow. Wesdome aims to meet its full-year production and cost guidance while focusing on strategic initiatives and long-term growth.

Wesdome Gold Mines (TSX: WDO, OTCQX: WDOFF) reported record gold production in Q2 2024, with total production reaching 44,035 ounces, a significant increase from 30,992 ounces in Q2 2023. The Kiena mine's production nearly tripled due to mining high-grade Kiena Deep ore, while the Eagle River mine maintained performance despite a maintenance shutdown. Wesdome sold 40,000 ounces of gold in Q2 2024, up from 32,000 ounces in Q2 2023. The company repaid the remaining $29 million on its revolving credit facility, becoming debt-free. Wesdome aims to achieve its 2024 annual production guidance of 160,000 to 180,000 ounces of gold. The Q2 2024 financial results will be released on August 14, 2024, followed by a conference call on August 15, 2024.

Wesdome Gold Mines has announced significant progress in its underground exploration at the Eagle River Mine in Ontario. Key highlights include:

6 Central Zone: Drilling has extended the high-grade zone by 150 meters to the east, with notable results such as 71.7g/t Au over 3.3m (capped at 58.2g/t Au over 2.8m true width).

Falcon 311 Zone: Exploration confirms high-grade continuity, with results like 33.0g/t Au over 5.0m (capped at 31.8g/t Au over 3.5m true width).

300 Zone: Infill and delineation drilling to confirm mineralization, with results such as 39.7g/t Au over 8.7m (capped at 32.5g/t Au over 6.6m true width).

The exploration budget for 2024 is nearly $10 million, focusing on expanding, infill, and delineation drilling. CEO Anthea Bath noted the potential for extending mine life and increasing mill utilization.

On June 18, 2024, Wesdome Gold Mines (TSX:WDO, OTCQX:WDOFF) held its 2024 annual general meeting of shareholders, with 98,978,379 common shares represented, marking a 66.19% turnout.

Key resolutions included the election of seven directors for the forthcoming year, the appointment of Grant Thornton LLP as auditors, and the approval of an advisory non-binding resolution on executive compensation. Bill Washington was named Interim Chair of the Board post-meeting.

Detailed vote breakdowns showed strong support across all resolutions, with directors receiving between 81.92% and 97.86% votes in favor, the auditor appointment receiving 96.07% in favor, and the executive compensation approach receiving 95.89% in favor. The meeting's results have been filed on SEDAR+.

Wesdome Gold Mines has appointed Kevin Lonergan as the Senior Vice President of Technical Services, effective May 21, 2024. Lonergan brings over 25 years of experience in mining, having previously held senior leadership roles at Ero Copper Corp., Vedanta Resources, and Anglo American plc. His expertise includes both underground and open pit mining operations.

Prior to this appointment, Lonergan provided technical leadership to Wesdome since July 2023. He holds a Bachelor of Engineering degree from Camborne School of Mines, University of Exeter, UK. This strategic appointment is expected to enhance Wesdome's mining and technical operations.

Wesdome Gold Mines reported strong Q1 2024 results with 33,322 ounces of gold production, net income of $10.7 million, and $46.5 million in operating cash flow. The company has $169.5 million in available liquidity, including $48.3 million in cash. President and CEO Anthea Bath highlighted the positive results and the focus on executing full-year guidance and strategic objectives.