WESDOME GOLD MINES LTD - WDOFF STOCK NEWS

Wesdome Gold Mines Ltd. (WDO) announced updates on mineral resources and reserves at its Kiena Mine Complex and Eagle River Mine as of December 31, 2022. Proven and probable reserves are 1.0 million ounces, with measured and indicated resources at 350,000 ounces. For 2023, the exploration budget is 137,000 metres, focusing on reserve expansion and following up on 2022's discoveries. The Kiena ramp development is ahead of schedule, expected to enhance access to high-grade zones. Current economic viability is based on a gold price of C$1,820 per ounce. The report reflects a robust approach to resource classification and modeling.

Wesdome Gold Mines Ltd. (WDOFF) announced its Q4 and FY 2022 financial results, reporting gold production of 110,850 ounces, a 10% decrease from 2021. Revenue increased by 1% to $265.5 million, while cash margin fell 34% to $95.7 million. The company recorded a net loss of $14.7 million or ($0.10) per share. Eagle River's production decreased by 19% to 82,002 ounces, and Kiena's output rose by 29% to 28,848 ounces. For 2023, production guidance is set at 110,000-130,000 ounces, with cash costs expected at $1,500/oz. The company aims to streamline operations post-challenges in 2022, emphasizing a transition year for improved performance.

Wesdome Gold Mines Ltd. announced promising underground exploration results from the Kiena Mine Complex in Val d'Or, Quebec. Recent drilling has extended the Kiena Deep A zone by 125 metres down plunge, confirming the North Limb and improving the geological model of the Footwall zones. Key findings include:

• 75.6 g/t Au over 10.0 m in A zone
• 23.7 g/t Au over 5.0 m in North Limb zone
• 33.6 g/t Au over 21.8 m in Footwall_2 zone

The results indicate potential for increased ounces per vertical metre and improved mining efficiencies. The company is on track with ramp development, aiming for wider access to the A zone.

Wesdome Gold Mines Ltd. (WDO) has appointed Louise Grondin to its Board of Directors, effective February 1, 2023. Grondin, a retired Senior Vice-President from Agnico Eagle Mines, brings extensive experience in environmental and human resources management. Additionally, Charles Main has been appointed as the Lead Independent Director, enhancing the board's leadership. These changes aim to bolster Wesdome's governance and align with its strategic objectives. The company remains focused on leveraging its high-grade gold assets, including the Eagle River and Kiena mines, as it strives to become Canada’s next intermediate gold producer.

Wesdome Gold Mines Ltd. announced the retirement of Duncan Middlemiss as President and CEO, effective immediately, with Warwick Morley-Jepson appointed as Interim CEO. Middlemiss will stay in an advisory role during the transition. Under Middlemiss’s leadership, Wesdome successfully brought the Kiena Mine into commercial production, even amidst the challenges posed by the COVID-19 pandemic. The Board is currently engaged in a search for a permanent CEO. Morley-Jepson, who joined the Board in 2017 and has extensive experience in the mining industry, will lead the company during this transition phase, aiming to scale up gold production in 2023.

Wesdome Gold Mines Ltd. reported its Q4 and full-year 2022 production results, noting challenges with production forecasts due to variability in the Falcon Zone. Q4 2022 gold production was 35,116 ounces, down from 41,559 ounces in Q4 2021. For FY 2022, total production was 110,850 ounces, a decrease from 123,843 ounces in FY 2021. In 2023, the company anticipates producing 110,000 to 130,000 ounces of gold, with over $100 million planned for capital expenditures. The company aims to improve production forecasting and has allocated a 2023 drilling budget of 137,000 metres to extend mineralization around existing mines.

Wesdome Gold Mines Ltd. (TSX: WDO) announced an at-the-market equity program that enables it to issue and sell up to $100 million in common shares. The program aims to provide the company with flexible access to capital for debt repayment and general corporate purposes. The shares will be sold at prevailing market prices through the Toronto Stock Exchange. The program is detailed in a prospectus supplement dated December 2, 2022, which complements the company’s base shelf prospectus. Wesdome operates two high-grade underground gold mines in Canada.

Wesdome Gold Mines Ltd. has achieved commercial production at its Kiena mine in Quebec as of December 1, 2022. The completion of the paste fill plant was crucial for this milestone, enhancing mining efficiency and resource allocation. The company secured a $70 million increase to its existing credit facility, totaling $150 million. CEO Duncan Middlemiss noted that this growth positions Wesdome to achieve positive cash flow and meet future production targets. The exploration potential remains strong, with new discoveries indicating increased gold production capabilities.

Wesdome Gold Mines Ltd. announced promising underground exploration drilling results from the Kiena Mine Complex in Quebec. Recent drilling in the Kiena Deep A Zone revealed high-grade gold assays, including 2,850 g/t Au over 1.5 m. The discovery of additional zones in the hanging wall and South Limb enhances the potential for increased gold ounces. Mr. Duncan Middlemiss, CEO, highlighted the significance of these findings for project economics, as they may lead to lower mining costs by utilizing existing infrastructure. The paste fill plant commissioning is also on track for operational readiness.