Wesdome Announces First Quarter 2024 Production Results; Provides Timing of First Quarter Financial Results
- Strong first quarter 2024 production results with total gold production of 33,322 ounces, an increase from 28,368 ounces in Q1 2023.
- Expected total planned production of 160,000 to 180,000 ounces for the year.
- Eagle River processing of higher grade material drove outperformance compared to plan.
- Kiena Mine advanced development and stope preparation activities to ramp up and process higher grade material in the second quarter.
- Reduction of $10 million in outstanding balance under the revolving credit facility due to increased cash generation.
- Expected increase in cash flows in the coming months to close out the remaining balance on the facility by the third quarter.
- None.
TORONTO, April 15, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces first quarter 2024 (“Q1 2024”) production results. The Company is also providing notice that it will release first quarter 2024 financial results after market close on Wednesday, May 8, 2024.
All figures are expressed in Canadian dollars unless otherwise indicated.
Q1 2024 Production Performance
| Q1 2024 | Q1 2023 | ||
| Ore milled | |||
| Eagle River | (tonnes) | 51,632 | 54,283 |
| Kiena | (tonnes) | 45,344 | 42,324 |
| Head grade | |||
| Eagle River | (g/t) | 15.5 | 12.2 |
| Kiena | (g/t) | 5.9 | 5.9 |
| Gold production | |||
| Eagle River | (ounces) | 24,899 | 20,491 |
| Kiena | (ounces) | 8,423 | 7,877 |
| Total Gold production | (ounces) | 33,322 | 28,368 |
| Production sold | (ounces) | 35,700 | 30,000 |
Anthea Bath, President and CEO of Wesdome, commented:
“The first quarter of 2024 saw combined production which was in line with expectations, as we begin a year focused on delivering significant production and free cash flow growth. Further to our annual guidance update in January, the remaining three quarters are expected to see stronger output levels, supporting total planned production of 160,000 to 180,000 ounces this year.
At Eagle River, processing of higher grade material drove outperformance compared to plan. Development performance related to the 300 Zone continues to perform in line with budget.
At the Kiena Mine, development and stope preparation activities advanced during the quarter as the site readies to ramp up and process higher grade material in the second quarter. We note that grade processed during the first quarter reflects a greater proportion of ore from the lower grade Martin Zone.
On the back of gold price strength and an increase in cash generation by our operations, we also took the opportunity late in the quarter to reduce the outstanding balance under our revolving credit facility by
First Quarter 2024 Conference Call and Webcast
The Company will release its first quarter 2024 financial results after market close on Wednesday, May 8, 2024. At that time, the financial statements and management discussion and analysis will be available on the company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.com. A conference call and webcast to discuss these results will be held on Thursday May 9, 2024 at 10:00 am ET.
- Participants may register for the call at the link below to obtain dial in details. Pre-registration is required for this event. It is commended you join 10 minutes prior to the start of the event.
- Participant Registration Link: https://register.vevent.com/register/BIb3d4c24682cc47be837474d560401483
- Webcast Link: https://edge.media-server.com/mmc/p/788zurbf
- The webcast can also be accessed under the news and events section of the company’s website
About Wesdome Gold Mines Ltd.
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX under the symbol “WDOFF.”
For further information, please contact:
Raj Gill, SVP, Corporate Development & Investor Relations
Trish Moran, VP, Investor Relations
Phone: +1 (416) 360-3743
E-Mail: invest@wesdome.com
To receive Wesdome’s news releases by email, please register using the Wesdome website at www.wesdome.com
Technical Disclosure
The technical and geoscientific content of this release have been reviewed, and approved by Michael Michaud, P.Geo, Senior Vice President, Exploration and Resources of the Company and Frédéric Langevin, Eng, Chief Operating Officer of the Company, each 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 production and financial performance for the remainder of 2024, the anticipated growth in gold production and free cash flow, the completion of development activities and the processing of higher-grade material at the Eagle River and Kiena mines, the repayment of the balance under our revolving credit facility by the third quarter
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.
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FAQ
What are Wesdome Gold Mines 's first quarter 2024 production results?
When will Wesdome Gold Mines release its first quarter 2024 financial results?
What is the expected total planned production of Wesdome Gold Mines for the year?
What drove the outperformance at Eagle River according to Wesdome Gold Mines ?
What activities advanced at Kiena Mine during the first quarter?
How much was the outstanding balance reduced under Wesdome Gold Mines 's revolving credit facility?
When is Wesdome Gold Mines expected to close out the remaining balance on the revolving credit facility?
