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TSX: WDO | OTCQX: WDOFF Q 2 & H 1 2 0 2 5 AUGUST 14, 2025 H I G H L I G H T S
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Forward-Looking Statements Forward-Looking Statements This document 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 document. Forward-looking information includes, without limitation, statements or information with respect to: the Company’s revised 2025 guidance, including revised expected gold production, revised cost and capital expenditure guidance, revised all-in sustaining costs, revised cash costs per ounce cost guidance, and revised capital investment guidance; key initiatives planned for Kiena; the expectation of stronger results in the second half of year across the Company’s operations; items for which additional growth capital is earmarked in respect of; gaps in the interpreted mineralization wireframe at the 300-Fold Zone being targeted with infill drilling in Q3 2025; the 6 Central Zone providing the potential opportunity to establish another new high-grade mining front at intermediate depths; further planned drilling at the Falcon 311 Zone; the planned four underground rigs drilling global model targets between now and November 2025; the commencement of a second rig drilling at the Mishi deposit; the drilling at Mishi contributing to the global model initiative; Core from Falcon 720 and Birch Vein being scheduled to be prioritized for Q3 2025; assays from surface drilling evaluating potential parallel structure between 6 zone and 2 zone at Eagle River expected in Q3 2025, and the possibility of follow-up drilling; an expected stronger second half at Kiena; the expectation that production at Kiena will be weighted toward the second half of 2025, with Q4 2025 representing about 40% of production for 2025; Presqu’île development remaining on track with initial stope production expected in late 2025 or Q1 2026 and expected timing of the mining permit approval for the project; exploration ramp development at Kiena scheduled for completion with breakthrough to 33-level by end of year 2025 and the project cost trending toward being higher than budget; the planned timing of the recommencement of drilling of the VC Zone and North Zone target; additional lenses may be delineated at Kiena Deep with further drilling, along with some existing lenses being extended laterally; recent drill information from Kiena Deep forming the basis for the 2026 technical report; details, targets and timing of the planned drilling from the second drill bay on the 134-level exploration drift; details of and planned timing of further holes planned for the 33-level; the planned focus and objectives of the three rigs as part of the summer barge drilling program at Kiena; the expected completion time of the high-resolution drone magnetic survey at Kiena; planned investment in capital development to accelerate the Presqu’île development footprint, along with the planned higher tonnage at the project in 2026; expected production weighting for the second half of 2025; and the Company’s planned conference call and webcast to discuss its Q2 2025 financial and operation results. 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. 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 June 30, 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 Raj Gill Interim Chief Financial Officer Jono Lawrence Senior Vice President Exploration and Resources Kevin Lonergan Senior Vice President Technical Services
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42,781 oz Gold Produced Q2 2025 Highlights $83M Net Income $209M Revenue $101M Net Cash From Operating Activities $138M EBITDA1 $53M Free Cash Flow1 4
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2025 Guidance Eagle River Kiena Consolidated Previous Updated Previous Updated Previous Updated Production Head grade (g/t) 13.0 - 15.0 14.0 - 15.0 10.0 - 11.0 10.0 - 11.0 11.0 - 13.0 12.0 - 13.0 Gold production (oz) 100,000 - 110,000 105,000 - 115,000 90,000 - 100,000 80,000 - 90,000 190,000 - 210,000 185,000 - 205,000 Operating Costs Depreciation and depletion ($M) $55 $45 $65 $60 $120 $105 Corporate and general1 ($M) $12 $15 $12 $15 $24 $30 Exploration and evaluation2 ($M) $5 $10 $10 $10 $15 $20 Cash costs3 ($/oz) $1,225 - $1,350 $1,225 - $1,325 $1,025 - $1,150 $1,200 - $1,375 $1,125 - $1,250 $1,225 - $1,350 All-in sustaining costs3 ($/oz) $1,875 - $2,075 $1,925 - $2,075 $1,650 - $1,875 $1,925 - $2,200 $1,775 - $1,975 $1,925 - $2,125 All-in sustaining costs3 (US$/oz) $1,400 - $1,550 $1,375 - $1,500 $1,225 - $1,400 $1,400 - $1,575 $1,325 - $1,475 $1,375 - $1,525 Capital Investment4 Total capital ($M) $65 $70 $95 $120 $160 $190 Sustaining capital ($M) $60 $65 $55 $55 $115 $120 Growth capital ($M) $5 $5 $40 $65 $45 $70 (1) Consolidated 2025 guidance for corporate and general costs excludes an estimated $7 million in stock-based compensation. Corporate G&A of $30 million is allocated equally to each mine and is included in the Company’s AISC calculation. (2) Exploration and evaluation costs primarily include surface drilling activities and regional office expenses. (3) Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements. (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 financial statements. Updated 2025 Guidance1 5 2026 Guidance Eagle River Kiena Consolidated Gold production (oz) 100,000 - 110,000 95,000 - 110,000 195,000 - 220,000
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Completed Acquisition of Angus Gold 6 + Quadrupled Eagle River land package Amended & Upsized Credit Facility US$250M committed US$50M accordion SOFR + 2.25% to 3.25% Closing date June 27, 2025 Purchase price $33.5M + 517,869 Wesdome shares
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Upcoming Milestones and Catalysts 7 Eagle River and Kiena exploration updates Q4 2025 Complete Kiena exploration ramp and commence Presqu’île stoping Announce results of NI 43-101 reports H1 2026 H2 2025 Q3 2025 Eagle River exploration release
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Operations
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19 26 Q2 2024 Q2 2025 44 55 H1 2024 H1 2025 Eagle River – Strong Q2 and H1 2025 Performance Q2 Production (koz) H1 Production (koz) 300 Zone development a full year ahead Targeting $4 million annualized savings in 2025 Transition from contractors expected to provided additional savings More than 50% of development metres now done in-house Successful mill restart and inventory build following planned shutdown Achievements 9
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25 17 Q2 2024 Q2 2025 33 34 H1 2024 H1 2025 Kiena Continues to Lag – Action Plan in Place to Secure H2 Production Optimizing maintenance shift coverage Increasing maintenance workshop availability Securing additional machinery and equipment Growing spare parts inventory and partnerships Implementing short-interval controls Initiatives Underway to Deliver on Revised Guidance 10 Q2 Production (koz) H1 Production (koz)
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Level 33 Level 109 Exploration Drift (VC Zone, NW, NE in 2025) 0 m Existing shaft to 930m depth Presqu’île ramp to surface -1,000 m -1,500 m -500 m Level 134 Exploration Drift (Kiena Deep and Foowall Zone – 2025) Level 33 Exploration (Shawkey, Dubuisson, Wish Area - 2025) Level 11 Increasing Operational Flexibility at Kiena Redundancy in mining areas → +200% Increasing from one in 2024 to three by 2026 and four by 2027 Redundancy in access and materials handling → +100% Increasing from one in 2024 to two by 2026 Increase underground exploration capacity → >10 new platforms Kiena Deep drifts from one in 2024 to three in 2025 Upper mine drifts from one in 2024 to two in 2025 Mineralized Zone Projected Stopes 2026 As Built Development Projected Stopes 2027 2 1 2 1 1 3 3 3 3 3 Infrastructure and mining areas available in 2024 Infrastructure and mining areas available by 2026 Infrastructure and mining areas available by 2027 Presqu’île Exploration (Presqu’île - 2025) 11 Level 103 Exploration Drift (Kiena Deep)
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Exploration
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Eagle River – Encouraging Results from Q2 2025 Drill Program 1313 Falcon 311 Zone (Underground) 711 / 6 Central Zone (Underground) 300- and 300-Fold Zone (Underground) Upper Falcon (Surface) N mmm m Eagle River Plan View Drilling Completed in Q2 2025 6 Zone / 2 Parallel Zone (Surface)
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Drilling at Dorset Planned to Support Updated Technical Report 14 Dorset West Dorset Zone A Dorset Zone B Dorset East Angus DDHs 2025 Completed
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B Zone Kiena Deep A and Footwall Zones 103-Level 100-Level 129-Level 109 Level Exploration Drift (extension) Kiena Deep A and Footwall Zones B Zone +12900E +13050 +13200 +13350 +13500 +13650 +13800 +13950 +13050N +12900N +12750N +12600N +12450N +12350N 0 50 100 150m 0 50 100 150 200m A B 134 Level A B 134 Level Exploration Drift 134 Level Exploration Drift 109 Level Exploration Drift (extended) -1,540m -1,140m -1,340m -1,740m Existing Development Planned Development A Zone / B Zone A1 Zone A2 Zone Footwall Zone Platform Available Q4 New Drill Platforms at Kiena Offer Better Angles for Drilling Kiena Deep, B and VC Zones Kiena Deep and B Zone Plan View Kiena Deep and B Zone Long Section Looking Southwest 15
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N033-7081 6.21 g/t over 3.1m Wish Zone Martin Zone Shawkey 22 Zone Shawkey Mine No.1 Shaft (221m depth) 33-Level 33-Level +14000E +14200E +14400E +14600E +14800E +15000E +15200E +15400E +15600E +15800E +12400 N +12200 N +12000 N +11800 N +11600 N +12600 N 0 50 100 150 200m N033-7003 10.84 g/t over 3.0m UG DDH Trace Underground Development Mineral Resource Shapes DDH Intercept Highlights m* Estimated true width m Core length N033-6935 5.51 g/t over 2.9m N033-6937 8.92 g/t over 3.0m N033-6998 25.39 g/t over 3.5m N033-6998 13.81 g/t over 3.3m N033-6976 3.6 g/t over 3.7m Level 33 Drilling Plan View Drilling Intercepts High-Grade Near Historic Shawkey Mine 16
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Financial Highlights
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40.7 67.9 84.6 114.9 119.4 138.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 19.4 28.4 30.8 39.9 47.5 52.9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 46.5 57.1 61.0 76.4 80.2 100.9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 46.6 76.2 94.6 124.6 127.6 149.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Record-Setting Second Quarter Financial Performance 181. 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 June 30, 2025. Cash Margin ($M) Increased by 220% compared to Q1 2024 EBITDA ($M)1 Increased by 240% compared to Q1 2024 Net Cash From Operating Activities ($M) Increased by 117% from Q1 2024 Free Cash Flow ($M)1 Increased by 172% compared to Q1 2024
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Consolidated Production and All-in Sustaining Costs 19 Q2 2025 All-in Sustaining Costs per Ounce1 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 June 30, 2025. 2. Net of corporate development costs. 3. Net of silver byproduct credits. $102 $4 $12 $245 $237 US$1,528 Cash costs3 $929 44 43 Q2 2024 Q2 2025 Q2 Production (koz) 77 88 YTD 2024 YTD 2025 H1 Production (koz)
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20 Growing Cash Balance and Liquidity Cash Balance ($M) Increased by $140M since Q1 2024 Total Liquidity ($M) Increased to $530M with new credit facility1 $530M Cash and Equivalents $188M Total Liquidity 1. US$250 Million credit facility converted to CAD at 1.37. 48 51 83 123 168 188 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
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Q&A
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Appendix
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Eagle River – Q2 & H1 2025 Operating Highlights 23 Eagle River Operating Results Q2 2025 Q2 2024 % Change H1 2025 H1 2024 % Change Ore milled (tonnes) 48,623 52,552 (7%) 108,633 104,184 4% Head grade (g/t) 16.9 11.8 44% 16.2 13.6 19% Average mill recoveries (%) 96.7 96.3 0% 96.5 96.7 (0%) Gold production (oz) 25,612 19,272 33% 54,611 44,171 24% Gold sold (oz) 27,000 17,500 54% 54,700 44,860 22% Production costs per tonne milled1 ($) 598 596 0% 597 584 2% Costs per ounce of gold sold ($/oz) Cash margin1 3,332 1,498 123% 3,083 1,563 97% Cost of sales 1,211 1,698 (29%) 1,272 1,413 (10%) Cash costs1 1,207 1,695 (29%) 1,268 1,410 (10%) All-in sustaining costs1 1,929 2,545 (24%) 1,924 2,006 (4%) Costs per ounce of gold sold (US$/oz) Cash margin1 2,407 1,094 120% 2,188 1,151 90% Cost of sales 875 1,241 (29%) 903 1,040 (13%) Cash costs1 872 1,239 (30%) 899 1,038 (13%) All-in sustaining costs1 1,394 1,860 (25%) 1,365 1,477 (8%) 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 June 30, 2025.
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Kiena – Q2 & H1 2025 Operating Highlights 24 Kiena Operating Results Q2 2025 Q2 2024 % Change H1 2025 H1 2024 % Change Ore milled (tonnes) 50,299 57,669 (13%) 98,989 103,013 (4%) Head grade (g/t) 10.7 13.5 (20%) 10.8 10.1 6% Average mill recoveries (%) 98.8 99.0 (0%) 98.8 98.8 0% Gold production (oz) 17,169 24,763 (31%) 33,862 33,186 2% Gold sold (oz) 18,900 22,500 (16%) 36,500 30,840 18% Production costs per tonne milled1 ($) 494 391 27% 492 424 16% Costs per ounce of gold sold ($/oz) Cash margin1 3,143 2,224 41% 2,967 1,710 74% Cost of sales 1,401 971 44% 1,359 1,377 (1%) Cash costs1 1,397 967 44% 1,354 1,374 (1%) All-in sustaining costs1 2,380 1,536 55% 2,209 2,223 (1%) Costs per ounce of gold sold (US$/oz) Cash margin1 2,271 1,625 40% 2,105 1,258 67% Cost of sales 1,012 709 43% 964 1,014 (5%) Cash costs1 1,009 707 43% 961 1,011 (5%) All-in sustaining costs1 1,720 1,123 53% 1,567 1,636 (4%) 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 June 30, 2025.
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Consolidated Financial Highlights In $000s, except per units and per share amounts YTD 2025 Q2 2025 Q1 2025 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Financial results Revenue2 396,166 208,548 187,618 558,184 182,611 146,852 127,799 100,922 333,173 102,221 69,696 Cash margin1 276,961 149,367 127,594 342,135 124,637 94,635 76,239 46,624 132,939 47,576 22,233 Net income (loss) 145,169 82,696 62,473 135,471 56,629 38,999 29,135 10,708 (6,187) 2,420 (3,248) Adjusted net income (loss)1 141,329 78,856 62,473 135,668 56,629 39,196 29,135 10,708 (1,910) 2,420 (2,573) EBITDA1 257,758 138,399 119,359 308,006 114,868 84,600 67,863 40,675 99,333 38,256 12,933 Net cash from operating activities 181,076 100,920 80,156 240,972 76,411 60,976 57,083 46,502 101,351 37,176 45,076 Free cash flow1 100,428 52,924 47,505 118,597 39,874 30,838 28,437 19,448 (6,405) 7,799 10,672 Per share information Earnings (loss) 0.97 0.55 0.42 0.91 0.38 0.26 0.19 0.07 (0.04) 0.02 (0.02) Adjusted net income (loss)1 0.94 0.52 0.42 0.91 0.38 0.26 0.19 0.07 (0.01) 0.02 (0.02) Operating cash flow1 1.21 0.67 0.53 1.61 0.51 0.41 0.38 0.31 0.69 0.25 0.30 Free cash flow1 0.67 0.35 0.32 0.79 0.27 0.21 0.19 0.13 (0.04) 0.05 0.07 Select balance sheet data Cash and cash equivalents 187,564 187,564 167,934 123,097 123,097 82,515 50,697 48,252 41,371 41,371 31,582 Working capital 199,273 199,273 181,341 131,261 131,261 69,413 31,204 (1,033) (6,894) (6,894) (18,839) Total assets 932,996 932,996 816,587 746,654 746,654 684,736 644,288 636,190 618,956 618,956 605,364 Total non-current liabilities 126,411 126,411 122,769 121,953 121,953 110,269 108,009 108,337 102,541 102,541 93,404 Per ounce of gold sold1 (C$) Average realized price1 4,339 4,539 4,136 3,333 3,746 3,420 3,192 2,823 2,629 2,715 2,579 Cost of sales 1,307 1,289 1,325 1,291 1,190 1,217 1,289 1,521 1,581 1,453 1,758 Cash costs1 1,302 1,285 1,320 1,288 1,187 1,214 1,286 1,517 1,579 1,451 1,755 AISC1 2,038 2,115 1,960 1,999 1,920 1,920 1,977 2,226 2,231 2,082 2,711 Per ounce of gold sold1 (US$) Average realized price1 3,078 3,279 2,882 2,433 2,678 2,508 2,333 2,093 1,948 1,994 1,923 Cost of sales 927 932 923 943 851 893 942 1,128 1,172 1,067 1,311 Cash costs1 924 929 920 940 848 890 940 1,125 1,170 1,065 1,308 AISC1 1,446 1,528 1,366 1,459 1,373 1,408 1,445 1,650 1,653 1,529 2,021 (1) Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non -IFRS measurements to the finan cial statements, which can be found in the Company’s Management Discussions and Analysis for the period ended June 30, 2025 (2) Revenue include insignificant amounts from the sale of by-product silver 25
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Operational Highlights YTD 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Ore milled (tonnes) Eagle River 108,633 48,623 60,010 222,526 60,358 57,984 52,552 51,632 228,777 54,669 55,153 Kiena 98,989 50,299 48,690 216,755 62,421 51,321 57,669 45,344 191,148 49,649 47,351 Throughput 207,622 98,922 108,700 439,281 122,779 109,305 110,221 96,976 419,925 104,318 102,504 Head grades (g/t Au) Eagle River 16.2 16.9 15.6 13.7 14.3 13.1 11.8 15.5 12.3 14.1 11.9 Kiena 10.8 10.7 10.8 11.2 11.5 13.1 13.5 5.9 5.9 7.7 4.9 Recovery (%) Eagle River 96.5 96.7 96.3 96.8 96.5 97.0 96.3 97.0 96.8 97.0 96.7 Kiena 98.8 98.8 98.9 98.9 99.1 99.0 99.0 98.2 98.3 98.5 98.4 Production (oz) Eagle River 54,611 25,612 28,999 94,561 26,702 23,688 19,272 24,899 87,979 24,072 20,391 Kiena 33,862 17,169 16,693 77,472 22,865 21,421 24,763 8,423 35,537 12,144 7,369 Total gold produced 88,473 42,781 45,692 172,033 49,567 45,109 44,035 33,322 123,336 36,216 27,760 Gold sales (oz) Eagle River 54,700 27,000 27,700 93,700 27,500 21,340 17,500 27,360 91,700 25,600 19,600 Kiena 36,500 18,900 17,600 73,600 21,200 21,560 22,500 8,340 34,920 12,020 7,400 Total gold sales 91,200 45,900 45,300 167,300 48,700 42,900 40,000 35,700 126,620 37,620 27,000 AISC1 (US$/oz) Eagle River 1,365 1,394 1,337 1,540 1,512 1,700 1,860 1,232 1,483 1,397 1,839 Kiena 1,567 1,720 1,412 1,357 1,191 1,119 1,123 3,023 2,100 1,811 2,504 Consolidated AISC 1,446 1,528 1,366 1,459 1,373 1,408 1,445 1,650 1,653 1,529 2,021 (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 June 30, 2025 26
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Investor Relations Raj Gill, Interim Chief Financial Officer Trish Moran, Vice President, Investor Relations Phone: +1 (416) 360-3743 Email: invest@wesdome.com TSX: WDO | OTCQX: WDOFF @Wesdome Gold Mines Corporate Office 220 Bay St, Suite 1200 Toronto, ON M5J 2W4