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TSX: WDO | OTCQX: WDOFF Q 1 2 0 2 5 H I G H L I G H T S MAY 14, 2025
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Forward-Looking Statements Forward-Looking Statements This presentation contains “forward-looking information” which involve a number of risks and uncertainties. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this presentation and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements or information contained in this presentation include, but are not limited to, statements or information with respect to: the Company’s stronger expected production in the second half of 2025; the Company’s position to deliver on its full-year guidance; the timing of the release of a Technical Report for Eagle River; the expected reduction in grade variability and improvement in operational flexibility at Kiena; the details, components and approaches as part of the Company’s long-term value creation strategy; the exploration and drilling prospects and future discovery potential of the 6 Central Zone at Eagle River; the exploration and drilling prospects of the 300 Zone at Eagle River; the potential for additional mineralization to the west of the diorite at Eagle River; exploration and drilling prospects of the VC Zone at Kiena; options to extend underground development at the VC Zone and North Zone targets at Kiena; the expected commencement of drilling at Kiena’s second drill bay; the drilling and exploration prospects of the Kiena Deep Footwall zones and the potential for additional lenses to be delineated; the planned drilling from the 33-level development at Kiena; the planned surface drilling of the Presqu’île orebody; the components and objectives of the exploration drilling of the Presqu’île orebody; the timing of the expected first mine production from the Presqu’île orebody; the expected timing of the issuance of mining permits for the Presqu’île orebody; and the expected timing of the crusher installation and main fan installation at Presqu’île. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 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. Non-IFRS Performance Measures Certain non-IFRS financial measures and ratios are included in this presentation, including cash margin, free cash flow, cash costs, all-in sustaining cost. Please see the Company’s MD&A for the three months ended March 31, 2025, for explanations, definitions and discussion of these non-IFRS financial measures and ratios. The Company believes that these measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non- IFRS and other financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. For definitions and reconciliations of these non-IFRS measures, please refer to the last page of this presentation. Currency Unless otherwise disclosed, all references to “$” are to Canadian dollars and all references to “US$” are to United States dollars. Certain Other Information Any graphs, tables or other information demonstrating our historical performance, or any other entity contained in this presentation are intended only to illustrate past 2
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Participants on Today’s Call 3 Anthea Bath President and Chief Executive Officer Guy Belleau Chief Operating Officer Fernando Ragone Chief Financial Officer Raj Gill Senior Vice President Corporate Development and Investor Relations Jono Lawrence Senior Vice President Exploration and Resources Kevin Lonergan Senior Vice President Technical Services
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4 45,692 oz Gold Produced Q1 2025 Highlights $62M Net Income $188M Revenue $80M Net Cash From Operating Activities $119M EBITDA1 $48M Free Cash Flow1 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025.
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Dorset Zone Eagle River Mine Eagle River Mill Mishi Mine Angus Acquisition Will Quadruple Eagle River’s Land Package Magnacon Mine 5 Eagle River Deformation Zone Eagle River Mine Gold mine / deposit Regional gold trend Lake Superior Wesdome property Angus Gold Property Eagle River resource shapes (projected to surface) Haul road 0 2.5 5 Kilometres 7.5 10 Golden Sky Zone
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321 OPTIMIZING AND LEVERAGING FIXED COSTS Fill-the-Mill Strategy Supported by Organic Growth Initiatives Kiena ~1,200 tpd*~2,040 tpd* Eagle River Exploration success Ore from new Presqu’île deposit Increased ore production from Kiena Deep Global resource & exploration Technology & automation Cut-off grade & incremental ore * Targeting ~1,160 tpd based on Eagle River’s permitted capacity of 1,200 tpd* Targeting ~1,920 tonnes per day (tpd) based on Kiena’s permitted capacity of 2,040 tpd STRATEGIC EXPLORATION GLOBAL RESOURCE MODEL INITIATIVE 6 594 594 150 - 250 250 - 400 2024 Average tpd Target tpd 610 610 2024 Average tpd Target tpd 150 - 200 100 - 150
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Upcoming Milestones & Catalysts 7 Eagle River and Kiena exploration updates June 2025 Q4 2025 Complete Kiena exploration ramp and commence Presqu’île stoping Publish updated NI 43-101 reports H1 2026 H2 2025 Aug 2025 Kiena exploration update & Close Angus acquisition Eagle River exploration release & Revolving credit line renewal
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Operations
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Eagle River – Q1 Operating Highlights 9 Eagle River Operating Results Q1 2025 Q1 2024 % Change Ore milled (tonnes) 60,010 51,632 16% Head grade (g/t) 15.6 15.5 1% Average mill recoveries (%) 96.3 97.0 (1%) Gold production (oz) 28,999 24,899 16% Gold sold (oz) 27,700 27,360 1% Production costs per tonne milled1 ($) 595 526 13% Costs per ounce of gold sold ($/oz) Cash margin1 2,841 1,606 77% Cost of sales 1,332 1,230 8% Cash costs1 1,327 1,227 8% All-in sustaining costs1 1,918 1,662 15% Costs per ounce of gold sold (US$/oz) Cash margin1 1,980 1,190 66% Cost of sales 928 912 2% Cash costs1 925 910 2% All-in sustaining costs1 1,337 1,232 9% 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025.
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Kiena – Q1 2025 Operating Highlights 10 Kiena Operating Results Q1 2025 Q1 2024 % Change Ore milled (tonnes) 48,690 45,344 7% Head grade (g/t) 10.8 5.9 83% Average mill recoveries (%) 98.9 98.2 1% Gold production (oz) 16,693 8,423 98% Gold sold (oz) 17,600 8,340 111% Production costs per tonne milled1 ($) 489 466 5% Costs per ounce of gold sold ($/oz) Cash margin1 2,778 323 759% Cost of sales 1,314 2,474 (47%) Cash costs1 1,308 2,470 (47%) All-in sustaining costs1 2,026 4,078 (50%) Costs per ounce of gold sold (US$/oz) Cash margin1 1,936 240 708% Cost of sales 916 1,834 (50%) Cash costs1 912 1,831 (50%) All-in sustaining costs1 1,412 3,023 (53%) 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025.
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Exploration
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Three-Prong Exploration Strategy Focused on Driving Long-Term Value Objective Timeline & Targets Workstreams Up to 12 Months Replace depletion Grow resources Global resource model 1-3 Years Delineate laterally / at depth Discover one new deposit District consolidation 3+ Years Major discovery Regional consolidation Short-term drilling strategy Development of platforms Evaluation of historic data Cutoff grade analysis Near / in-mine target generation Lateral and depth extension testing Infrastructure reviews Stake / acquire strategic ground District to regional target generation Structural and remote sensing work to generate regional geology view SUPPORT Life of Mine EXTEND Life of Mine TRANSFORM Life of Mine 12
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Target Triangle Showcases Significant Exploration Opportunities 13 Reserves M+I Resources Inferred Resources Advanced Targets (T4) Eagle River - 12, Kiena - 8 Follow-up Targets (T5) Eagle River - 12, Kiena - 23 Identified Targets (T6) Eagle River - 16, Kiena - 5 Consistent potential, more than 10 drillholes Variable data and information, some studies, 2-10 drill holes Limited data, conceptual in nature, maximum of 1 drill hole, includes geophysical anomalies Enough information to be classified as mineral resources Not enough information to be classified as mineral resources
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Encouraging Results from Q1 Surface Drill Program at Eagle River 14 Falcon 311 Zone (Underground) Birch Vein (Surface) 711 / 6 Central Zone (Underground) 300- and 300-Fold Zone (Underground) IP Anomalies (Surface) N mmmmm 14 Eagle River Plan View: Drilling Completed in Q1 2025
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15 Kiena Plan View: Drilling Completed in Q1 2025 Martin Wish Shawkey 22 Level 33 Level 33 Level 134 Exploration Drift Dubuisson Presqu’île Northwest VC Zone Kiena Deep Exploration Ramp Planned Level 109 Exploration Drift Expanding Exploration Reach With New Drill Platforms at Kiena 15 N 750m
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Financial Highlights
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Q1 2024 Q1 2025 Consolidated Production and Costs 17 Q1 2025 All-in Sustaining Costs1 Sustaining mine exploration and development Sustaining mine capital development Tailings management facility Corporate and general2 Payment of lease liabilities 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025. 2. Net of corporate development costs. 3. Net of silver byproduct credits. Production (koz) $102 $5 $11 $98 $230 US$1,366 /oz Cash costs3 $920
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Sequential Improvement 18 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025. Cash Margin ($M) Up 174% compared to Q1 2024 EBITDA ($M)1 Nearly tripled from Q1 2024 Net Cash From Operating Activities ($M) Increased by 72% from Q1 2024 Free Cash Flow ($M)1 More than doubled from Q1 2024 46.6 76.2 94.6 124.6 127.6 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 40.7 67.9 84.6 114.9 119.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 46.5 57.1 61.0 76.4 80.2 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 19.4 28.4 30.8 39.9 47.5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
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2025 Guidance Eagle River Kiena Consolidated Production Head grade (g/t) 13.0 - 15.0 10.0 - 11.0 11.0 - 13.0 Gold production (oz) 100,000 - 110,000 90,000 - 100,000 190,000 - 210,000 Operating Costs Depreciation and depletion ($M) $55 $65 $120 Corporate and general1 ($M) $12 $12 $24 Exploration and evaluation2 ($M) $5 $10 $15 Cash costs3 ($/oz) $1,225 - $1,350 $1,025 - $1,150 $1,125 - $1,250 All-in sustaining costs3 ($/oz) $1,875 - $2,075 $1,650 - $1,875 $1,775 - $1,975 All-in sustaining costs3 (US$/oz) $1,400 - $1,550 $1,225 - $1,400 $1,325 - $1,475 Capital Investment4 Total capital ($M) $65 $95 $160 Sustaining capital ($M) $60 $55 $115 Growth capital ($M) $5 $40 $45 2026 Guidance Eagle River Kiena Consolidated Gold production (ounces) 100,000 - 110,000 95,000 - 110,000 195,000 - 220,000 (1) Consolidated 2025 guidance for corporate and general excludes an estimated $4 million in stock-based compensation. Corporate G&A of $24 million is allocated equally to each mine and is included in the Company’s all-in sustaining cost calculation. (2) Exploration and evaluation costs primarily include surface drilling activities and regional office expenses. (3) This is a financial measure or ratio that is a non-IFRS financial measure or ratio. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this presentation and in the section ‘Non-IFRS Performance Measures’ in the Company’s management discussion and analysis for the period ended March 31, 2025. (4) Total capital expenditures are the sum of sustaining and growth capital expenditures and are reported under investing activities on the statements of cash flows in the Company’s consolidated financial statements. 2025 Guidance1 Shows Production Growth and Margin Expansion 19
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Q&A
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Appendix
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Financial Highlights In $000s, except per units and per share amounts Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Financial results Revenue2 187,618 182,611 146,852 127,799 100,922 102,221 69,696 84,555 Cash margin1 127,594 124,637 94,635 76,239 46,624 47,576 22,233 28,722 Net income (loss) 62,473 56,629 38,999 29,135 10,708 2,420 (3,248) (5,014) Adjusted net income (loss)1 62,473 56,629 39,196 29,135 10,708 2,420 (2,573) (5,014) EBITDA1 119,359 114,868 84,600 67,863 40,675 38,256 12,933 22,020 Net cash from operating activities 80,156 76,411 60,976 57,083 46,502 37,176 45,076 13,979 Free cash flow1 47,505 39,874 30,838 28,437 19,448 7,799 10,672 (5,279) Per share information Earnings (loss) 0.42 0.38 0.26 0.19 0.07 0.02 (0.02) (0.03) Adjusted net income (loss)1 0.42 0.38 0.26 0.19 0.07 0.02 (0.02) (0.03) Operating cash flow1 0.53 0.51 0.41 0.38 0.31 0.25 0.30 0.09 Free cash flow1 0.32 0.27 0.21 0.19 0.13 0.05 0.07 (0.04) Select balance sheet data Cash and cash equivalents 167,934 123,097 82,515 50,697 48,252 41,371 31,582 22,067 Working capital 181,341 131,261 69,413 31,204 (1,033) (6,894) (18,839) (2,914) Total assets 816,587 746,654 684,736 644,288 636,190 618,956 605,364 601,320 Total non-current liabilities 122,769 121,953 110,269 108,009 108,337 102,541 93,404 100,172 Per ounce of gold sold1 (C$) Average realized price1 4,136 3,746 3,420 3,192 2,823 2,715 2,579 2,640 Cost of sales 1,325 1,190 1,217 1,289 1,521 1,453 1,758 1,745 Cash costs1 1,320 1,187 1,214 1,286 1,517 1,451 1,755 1,743 AISC1 1,960 1,920 1,920 1,977 2,226 2,082 2,711 2,238 Per ounce of gold sold1 (US$) Average realized price1 2,882 2,678 2,508 2,333 2,093 1,994 1,923 1,966 Cost of sales 923 851 893 942 1,128 1,067 1,311 1,299 Cash costs1 920 848 890 940 1,125 1,065 1,308 1,298 AISC1 1,366 1,373 1,408 1,445 1,650 1,529 2,021 1,666 (1) Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non -IFRS measurements to the finan cial statements, which can be found in the Company’s Management Discussions and Analysis for the period ended March 31, 2025 (2) Revenue include insignificant amounts from the sale of by-product silver 22
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Operational Highlights Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Ore milled (tonnes) Eagle River 60,010 60,358 57,984 52,552 51,632 54,669 55,153 64,672 Kiena 48,690 62,421 51,321 57,669 45,344 49,649 47,351 51,824 Throughput 108,700 122,779 109,305 110,221 96,976 104,318 102,504 116,496 Head grades (g/t Au) Eagle River 15.6 14.3 13.1 11.8 15.5 14.1 11.9 11.4 Kiena 10.8 11.5 13.1 13.5 5.9 7.7 4.9 5.0 Recovery (%) Eagle River 96.3 96.5 97.0 96.3 97.0 97.0 96.7 96.5 Kiena 98.9 99.1 99.0 99.0 98.2 98.5 98.4 97.7 Production (oz) Eagle River 28,999 26,702 23,688 19,272 24,899 24,072 20,391 22,845 Kiena 16,693 22,865 21,421 24,763 8,423 12,144 7,369 8,147 Total gold produced 45,692 49,567 45,109 44,035 33,322 36,216 27,760 30,992 Gold sales (oz) Eagle River 27,700 27,500 21,340 17,500 27,360 25,600 19,600 22,500 Kiena 17,600 21,200 21,560 22,500 8,340 12,020 7,400 9,500 Total gold sales 45,300 48,700 42,900 40,000 35,700 37,620 27,000 32,000 AISC1 (US$/oz) Eagle River 1,337 1,512 1,700 1,860 1,232 1,397 1,839 1,504 Kiena 1,412 1,191 1,119 1,123 3,023 1,811 2,504 2,051 Consolidated AISC 1,366 1,373 1,408 1,445 1,650 1,529 2,021 1,666 (1) Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non -IFRS measurements to the finan cial statements, which can be found in the Company’s Management Discussions and Analysis for the period ended March 31, 2025 23
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Non-IFRS Performance Measures Wesdome uses non-IFRS performance measures throughout this presentation as it believes that these generally accepted industry performance measures provide a useful indication of the Company’s operational performance. These non-IFRS performance measures do not have standardized meanings defined by IFRS and may not be comparable to information in other gold producers’ reports and filings. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-IFRS performance measures include: • Average realized price of gold sold • All-in sustaining costs per ounce of gold sold • Free cash flow, free cash flow per share, free cash flow per ounce and free cash flow margin For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s latest MD&A for the period ended March 31, 2025. 24 Investor Relations Raj Gill SVP, Corporate Development & Investor Relations Trish Moran VP, Investor Relations Phone: +1 (416) 360-3743 Email: invest@wesdome.com TSX: WDO | OTCQX: WDOFF Careers @Wesdome Gold Mines Corporate Head Office 220 Bay St, Suite 1200 Toronto, ON M5J 2W4