Wesdome Announces Third Quarter 2026 Production Results; 2026 Production Guidance Maintained

Wesdome Gold Mines Ltd. (WDO) released its quarterly production figures for the third quarter of 2026, reporting consolidated gold output of 41,287 ounces. This represents an 18% decline year over year from 50,465 ounces and a 6% decrease quarter over quarter from 43,824 ounces, marking the company’s weakest quarter of the year. Year-to-date production stands at 130,414 ounces, down 6% from the 138,938 ounces produced in the same period last year, against full-year guidance of 180,000 to 205,000 ounces.

Production performance varied by site. Eagle River produced 24,758 ounces, a 28% drop year over year, despite achieving a record quarterly throughput of 79,820 tonnes, which was up 12% from the prior year. However, the grade at Eagle River fell 34% year over year to 10.1 g/t. Year-to-date, Eagle River produced 74,402 ounces, down 16%, at a grade of 10.7 g/t, down 33%. Kiena produced 16,529 ounces, up 2% year over year, on ore milled of 63,797 tonnes, up 27%. This volume increase offset a grade decline of 20% to 8.2 g/t. Year-to-date, Kiena produced 56,012 ounces, up 12%, at a grade of 9.8 g/t, down 8%.

The company reported an average realized gold price of US$4,279 per ounce in the third quarter, up 21% year over year, and US$4,480 per ounce year to date, up 39%. Management maintained its full-year 2026 production guidance of 180,000 to 205,000 ounces but noted that results are expected below the midpoint. CEO Anthea Bath stated that Q3 production was "modestly below our expectations."

Operationally, Wesdome highlighted several positive developments. Eagle River set a new quarterly throughput record, and underground material movement rose sequentially each quarter. Development in the 300 Zone is ahead of schedule. At Kiena Deep, the site hit its highest monthly tonnage of the year in September, while Presqu'île ramped to more than 250 tonnes per day in September. Conversely, Presqu'île grades were below plan, primarily due to the blending of initial stope and development ore. Kiena also absorbed 10 days of planned and unplanned maintenance downtime.

On the balance sheet, Wesdome ended the quarter with approximately $377 million in cash and remained debt-free. The company paid its first dividend in the third quarter and repurchased 1.8 million shares in July for $46 million. Since November 2025, the company has bought back 7.8 million shares for approximately $190 million at an average price of $24.44 per share.

The release did not disclose revenue, cost, AISC, capex, or free cash flow figures. Financials for the third quarter of 2026 are scheduled to land after market close on November 4, 2026, with a call on November 5. The company also provided no commentary on cash costs, AISC, capex, free cash flow, or the previously flagged potential for 2026 capex to run up to 10% above the $205 million budget.

Wesdome Gold Mines Ltd. (WDO) reported an 18% year-over-year decline in quarterly production, alongside a 34% drop in Eagle River grade and a 20% decline in Kiena grade. Management described the results as "modestly below our expectations" and "results expected below the midpoint," signaling an implicit reduction in full-year expectations even though the guidance range remained unchanged.

The market had anticipated a strong second half following the Q2 release. The stock closed at $32.68 on August 13, 2026, the day of the Q2 results, and rose to $37.05 by September 22, 2026, a 13% advance driven by June technical reports, reserve life extension, a new dividend, an expanded buyback, and a rising gold price. By October 13, the stock was trading at $34.51, still 5.6% above the pre-Q2 level.

Despite the negative operating print, the guidance range itself was not cut, and no cost or cash flow figures were disclosed to establish a definite miss. The realized gold price rose 21% year-over-year, and the fourth quarter recovery has specific drivers, including the Presqu’île ramp, Kiena Deep concurrent stoping, and record Eagle River throughput with grade normalization. The balance sheet remains debt-free with $377 million of cash.

However, a 6% year-to-date production decline and a low-end-of-guidance landing zone differ from the base case the market was pricing. The grade line at Eagle River has now missed the reduced guidance in both quarters for which data exists.

Using the disclosed run-rate, if Q3 throughput and grade trends continue—with Eagle River at approximately 81,000 tonnes at ~10.5 g/t and Kiena at ~72,000 tonnes at ~9.8 g/t for Q4—implied full-year production is roughly 179,000-180,000 oz. This places the company at or marginally below the bottom of the guidance range, rather than "below the midpoint." Assuming a materially better fourth quarter allows the company to reach roughly 180,000-190,000 oz, the outcome would be consistent with the "below midpoint" language. The median outcome suggests the bottom quarter of the range.

Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF), headquartered in Toronto, is a Canadian-focused gold producer operating two 100%-owned, high-grade underground mines with no other producing assets. The company’s portfolio includes the Eagle River Mine in Ontario, located approximately 50 km west of Wawa in the Mishibishu Greenstone Belt, and the Kiena Mine in Québec, situated in Val-d'Or within the Abitibi Greenstone Belt.

The Eagle River Mine has a permitted mill capacity of 1,200 tpd and is currently running at approximately 868 tpd as of Q3 2026. Since commencing production in 1995, the mine has produced more than 2 million ounces. It holds 2P reserves of 676 koz at 7.3 g/t and encompasses a land package of approximately 400 km².

The Kiena Mine features a permitted capacity of 2,040 tpd and a 930 m shaft with an ore and waste handling capacity of 1,250 tpd. Current throughput stands at approximately 693 tpd. The mine holds 2P reserves of 711 koz at 8.7 g/t and covers a land package of approximately 75 km². Active mining horizons at Kiena include the Kiena Deep, the new Presqu'île zone, and the Dubuisson area.

Wesdome’s strategy is explicitly a "fill-the-mill" throughput approach driven by exploration-led resource conversion. The company has provided guidance of 180,000-205,000 oz in 2026, 185,000-220,000 oz in 2027, and 185,000-230,000 oz in 2028.

Leadership includes President & CEO Anthea Bath, CFO Philip Yee, COO Tyler Mitchelson, and SVP Exploration & Resources Jono Lawrence. The board is chaired by Edward Dowling. Both assets are located in Tier-1 mining jurisdictions in Ontario and Québec, characterized by established permitting and infrastructure, with no disclosed sovereign risk or political exposure.