Wesdome Extends Reserve Life to 8 Years at Both Mines, Establishes Robust Free Cash Flow Profile, and Outlines Significant Organic Growth Pipeline

Executive Summary

• Wesdome Gold Mines reported a 17% increase in proven and probable mineral reserves to a record 1.4 million ounces, extending the mine life at both Eagle River and Kiena operations to 8 years through 2033.
• The company outlined a consolidated production profile expected to grow to up to 230,000 ounces by 2028, with all-in sustaining costs (AISC) projected to remain between US$1,525–US$1,700/oz in 2026 and US$1,600–US$1,750/oz in 2027–2028.
• Wesdome highlighted over $1 billion in projected free cash flow over three years at a US$4,000/oz gold price and announced the initiation of a quarterly dividend alongside an expanded share buyback program.

Key Details

• Mineral Reserves: Proven & Probable reserves increased 17% to 5.4 Mt at 7.9 g/t for 1.4 Moz. Eagle River reserves grew 39% to 2.9 Mt at 7.3 g/t for 676k oz. Kiena reserves held steady at 2.6 Mt at 8.7 g/t for 711k oz.
• Mineral Resources: Inferred resources increased 87% to 15.1 Mt at 2.5 g/t for 1.2 Moz, driven by a fourfold increase at the Mishi open pit/underground targets.
• Mine Life: First time in company history that both Eagle River and Kiena are concurrently underpinned by 8-year reserve mine plans through 2033.
• Production Guidance: 2026: 180,000–205,000 oz; 2027: 185,000–220,000 oz; 2028: 185,000–230,000 oz. Eagle River expected to produce 100,000–120,000 oz annually (2027–2028). Kiena production expected to rise from 75,000–90,000 oz (2026) to 85,000–110,000 oz by 2028.
• Cost Guidance: 2026 AISC: US$1,525–US$1,700/oz. 2027–2028 AISC: US$1,600–US$1,750/oz. Costs include corporate G&A, capitalized sustaining exploration, and study costs.
• Capital & Cash Flow: Projected >$1B free cash flow over three years at US$4,000/oz gold. 2026 total capital costs projected at $205M ($45M growth at Eagle River, $50M at Kiena). Exploration expenditures maintained at $55M.
• Capital Allocation: Initiation of a quarterly dividend and expansion of the share buyback program, reflecting a disciplined framework balancing reinvestment and shareholder returns.
• Operational Updates: Eagle River ramping to ~1,000 tpd mill utilization (80% of 1,200 tpd permitted capacity). Kiena's new shallow mining area, Dubuisson, added 285k t at 6.37 g/t for 58k oz. Presqu'île Zone expected to achieve commercial production in fall 2026.
• Exploration Targets: Conceptual targets of 2.4–6.3 Moz across 27.1–40.0 Mt grading 2.7–4.9 g/t Au. Targets categorized into Near Mine, Historical/Advanced, and Greenfield segments for both properties, with specific sub-targets detailed (e.g., Mishi near-surface, Norbenite Footwall, Shawkey, Cameron Lake).
• Technical Reports: NI 43-101 technical reports for Eagle River and Kiena to be filed within 45 days on SEDAR+ and the company website.

Notable Quotes

• Anthea Bath, President and CEO: "Today marks a defining milestone in Wesdome's evolution. We have increased mineral reserves, extended mine life across the portfolio and established mine plans that support a growing production profile, stronger operating performance and significant free cash flow generation."
• Anthea Bath, President and CEO: "The Board's decision to initiate a quarterly dividend reflects our confidence in the durability of that cash flow by both investing in growth and returning capital to shareholders."