Wesdome Reports Strong Third Quarter 2025 Financial Results

New quarterly records for net income, EBITDA, net cash from operating activities and free cash flow1 TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2025 (“Q3 2025” and “YTD 2025”). Preliminary operating results for Q3 2025 were disclosed in the Company’s press release dated October 21, 2025. Management will host a conference call tomorrow, November 5, 2025 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated. Highlights Improving safety performance: Total Classified Incident Frequency Rate (“TCIFR”), a key safety performance indicator, was 0.72 in Q3 2025, marking a significant improvement from 1.62 in Q3 2024. TCIFR was 0.00 and 0.40 for Q2 2025 and Q1 2025, respectively. Production and costs: Consolidated gold production was 50,465 ounces; a 12% increase compared to Q3 2024 and a quarterly record for the Company. Cost of sales per ounce of gold sold increased by 6% to US$947, while all-in sustaining costs (“AISC”) per ounce of gold sold1 increased by 1% to US$1,419. The average realized price of gold sold in Q3 2025 was US$3,523 per ounce. Expanding margins: Gross profit increased by 112% year-over-year to $149.0 million and operating cash margin1 grew by 78% to $168.4 million. Record quarterly net income: Net income more than doubled to $86.9 million, or $0.58 earnings per share (basic), compared to Q3 2024. Record quarterly EBITDA1: EBITDA1 increased by 77% to $149.6 million relative to Q3 2024. Record net cash from operating activities and free cash flow1: Net cash from operating activities was $118.2 million, or $0.78 per share3, while free cash flow1 was $79.0 million, or $0.52 per share. Record liquidity: As at September 30, 2025, liquidity stood at $615.0 million, including $265.9 million in cash and US$250.0 million of undrawn full capacity available under its recently upsized revolving credit facility, compared to liquidity of $273.1 million (including $123.1 million in cash) as at December 31, 2024. Normal course issuer bid (“NCIB”): Subsequent to the end of the quarter, the Company received approval from the Toronto Stock Exchange to buy back up to 3,013,315 of Wesdome’s common shares, representing approximately 2% of its current public float, pursuant to an NCIB in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. Anthea Bath, President and Chief Executive Officer commented: “In the third quarter, we achieved multiple operating and financial records, significant margin expansion, and a 34% free cash flow margin. With the current gold price providing a strong tailwind, we are well positioned this year to continue capturing margin, achieve the mid to upper end of revised consolidated guidance, and deliver one of the strongest free cash flow yields in the gold sector. “Eagle River delivered another outstanding quarter, surpassing expectations and setting records across several metrics, reflecting higher grades, improved dilution control, and stronger operating practices. Eagle River is on track to deliver production at the high end of its 2025 guidance, which was previously revised upwards in August. “Kiena is on the cusp of demonstrating improved operational flexibility as it transitions from one mining horizon to three in the fourth quarter. While we have seen a gradual strengthening of Kiena’s performance in the last three months, including more than 9,500 ounces produced in October, we are adjusting Kiena’s production and cost guidance to reflect a more prudent risk assessment for the balance of the year given inconsistent execution and operational challenges year-to-date. Fourth quarter production will be primarily driven by ore from high-grade Kiena Deep, supplemented by Presqu’île and 136-level.” Consolidated Financial and Operating Highlights In 000s, except per units and per share amounts Q3 2025   Q3 2024   YTD 2025   YTD 2024             Financial results         Revenues2 230,284   146,852   626,450   375,573   Cost of sales 61,841   52,217   181,046   158,075   Gross profit 149,005   70,340   384,551   146,272   Operating cash margin1 168,443   94,635   445,404   217,498   EBITDA1 149,554   84,600   407,312   193,138   Net income 86,923   38,999   232,092   78,842   Earnings per share 0.58   0.26   1.54   0.53   Adjusted net income1 86,923   39,196   228,252   79,039   Adjusted net earnings per share1 0.58   0.26   1.52   0.53   Net cash from operating activities 118,213   60,976   299,289   164,561   Operating cash flow per share3 0.78   0.41   1.99   1.10   Net cash (used in) from financing activities (445 ) 449   (402 ) (39,050 ) Net cash used in investing activities (39,439 ) (29,607 ) (156,091 ) (84,367 ) Free cash flow1 78,964   30,838   179,392   78,723   Free cash flow per share1 0.52   0.21   1.19   0.53             Average USD/CAD exchange rates 1.3775   1.3637   1.3989   1.3603             Operating results         Gold produced (ounces) 50,465   45,109   138,938   122,466   Gold sold (ounces) 47,400   42,900   138,600   118,600             Per ounce of gold sold1         Cost of sales4($/oz) 1,305   1,217   1,306   1,333   Cost of sales4(US$/oz) 947   893   934   980   Cash costs1($/oz) 1,300   1,214   1,301   1,329   Cash costs1(US$/oz) 944   890   930   977   AISC1($/oz) 1,954   1,920   2,009   2,032   AISC1(US$/oz) 1,419   1,408   1,436   1,493   Average realized price1($/oz) 4,853   3,420   4,515   3,163   Average realized price1(US$/oz) 3,523   2,508   3,228   2,325             Financial position         Cash 265,893   82,515   265,893   82,515   Working capital5 274,495   69,413   274,495   69,413   Total assets 1,035,161   684,736   1,035,161   684,736   Current liabilities 72,371   61,062   72,371   61,062   Total liabilities 204,849   171,331   204,849   171,331               Eagle River (Ontario, Canada) Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground mine and a mineral processing facility with a permitted capacity of 1,200 tonnes per day. Operating and Financial Results   Q3 2025 Q3 2024   YTD 2025 YTD 2024                 Eagle River Operating Results             Ore milled (tonnes) 71,575 57,984   180,208 162,168   Head grade (g/t) 15.3 13.1   15.9 13.4   Average mill recoveries (%) 97.3 97.0   96.8 96.8   Gold production (oz) 34,296 23,688   88,907 67,859   Gold sold (ounces) 32,700 21,340   87,400 66,200                 Production costs per tonne milled1($) 509 545   562 570                 Costs per oz of gold sold ($/oz)             Operating cash margin1 3,673 2,000   3,304 1,704   Cost of sales 1,181 1,452   1,238 1,425   Cash costs1 1,176 1,449   1,233 1,422   All-in sustaining costs1 1,657 2,318   1,824 2,107                 Costs per oz of gold sold (US$/oz)             Operating cash margin1 2,666 1,467   2,362 1,253   Cost of sales 857 1,065   885 1,048   Cash costs1 853 1,062   882 1,046   All-in sustaining costs1 1,203 1,700   1,304 1,549                 In 000s, except per unit and per share amounts Q3 2025   Q3 2024   YTD 2025   YTD 2024             Gold revenue from mining operation 158,539   73,600   396,540   206,970             Cost of sales         Mining 16,242   13,456   49,333   41,301   Processing 6,334   5,166   19,264   16,266   Site administration and camp costs 12,922   10,942   37,043   33,354   Change in inventories (71 ) (156 ) (5,212 ) (671 ) Royalties 3,185   1,570   7,780   4,112     38,612   30,978   108,208   94,362   Silver revenue (170 ) (63 ) (425 ) (211 ) Total cash costs 38,442   30,915   107,783   94,151             Cost of sales per ounce of gold sold 1,181   1,452   1,238   1,425   Cash cost per ounce of gold sold1 1,176   1,449   1,233   1,422             Operating cash margin1 120,097   42,685   288,757   112,819             All-in sustaining costs1         Sustaining mine exploration and development 8,370   6,613   24,787   21,115   Sustaining mine capital equipment 3,360   4,292   15,071   9,574   Sustaining tailings management facility 469   4,027   1,093   4,401   Corporate and general allocation 3,435   3,013   9,998   7,952   Payment of lease liabilities 107   615   676   2,278     54,183   49,475   159,408   139,471             All-in sustaining costs per ounce of gold1 1,657   2,318   1,824   2,107             Cost of sales per tonne milled1 539   534   600   582   Production costs per tonne milled1 509   545   562   570             Total capital expenditures 12,836   14,932   41,950   35,090               Operating Highlights During Q3 2025, Eagle River produced 34,296 ounces of gold as compared to 23,688 ounces in Q3 2024 primarily due to a 17% increase in average grade. As planned, a major portion of tonnes produced during the quarter were from two zones: 300 and 720 Falcon. In the first three quarters of 2025, Eagle River produced 88,907 ounces, a 31% increase over the 67,859 ounces produced in the first three quarters of 2024. The increase relative to the prior period reflects an 18% increase in average grade and an 11% increase in mill throughput, primarily influenced by mine sequence and improved operational performance, enhanced by a meaningful reduction in dilution, and positive reconciliation on specific stoping blocks in the 300 Zone. These results demonstrate continued advancements made in optimizing stope design, improving execution, and refining grade control. Mill throughput of 71,575 tonnes was 23% higher than the third quarter of 2024. Tonnage rates increased during the quarter, benefiting from recent mill upgrades. Mill throughput of 180,208 tonnes during the first three quarters of 2025 was 11% higher when compared to the same period in 2024 as a result of improved mill utilization. Q3 2025 production costs of $509 per tonne were 7% lower than the third quarter of 2024, primarily driven by higher throughput and cost saving initiatives. For the first nine months of 2025, production costs per tonne decreased by 2% to $562, reflecting similar factors. Financial Highlights In Q3 2025, Eagle River’s gold revenue increased by 115% to $158.5 million from $73.6 million in Q3 2024 due to a higher average realized price of gold sold and a 53% increase in ounces sold. During the first three quarters of 2025, Eagle River’s gold revenue increased by 92% when compared to the same period in 2024 due to a higher average realized price of gold sold and a 32% increase in ounces sold. Cost of sales in Q3 2025 were $38.6 million, an increase of 25% relative to the comparative period in 2024 primarily due to a $5.9 million increase in mine and mill operating costs and increased royalties mainly due to more tonnes processed and ounces produced. Cost of sales for the first three quarters of 2025 totaled $108.2 million, a 15% increase compared to the same period in 2024. This was principally driven by a $14.7 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from increased gold production. The impact was partially offset by a $4.5 million change in inventory levels. Cash costs per ounce of gold sold declined to $1,176 (US$853) in Q3 2025 from $1,449 (US$1,062) in Q3 2024 primarily due to the increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,233 (US$882) in the first three quarters of 2025 from $1,422 (US$1,046) in the comparative period in 2024 due primarily to the increase in ounces sold. In Q3 2025, AISC per ounce of gold sold decreased by 29% to $1,657 (US$1,203) as compared to Q3 2024, due to a 53% increase in ounces sold and an 18% decrease in sustaining capital expenditures, partially offset by a 24% increase in total cash costs due to higher gold ounces sold. During the first three quarters of 2025, AISC per ounce of gold sold decreased by 13% to $1,824 (US$1,304) as compared to the same period in 2024, due to a 32% increase in ounces sold partially offset by 14% higher total cash costs and 17% growth in sustaining capital expenditures due to increased spending on mine infrastructure. Eagle River’s capital expenditures have steadily increased during the first three quarters of 2025 and are expected to rise in Q4 2025 with increased deferred development and the arrival of new equipment. Exploration Update Drilling Continues to Expand 6 Central Zone In the 6 Central Zone, drilling continues to confirm the down-plunge continuity of mineralization, demonstrating similar thickness and grade. Located near existing infrastructure, the zone remains open at depth and provides the potential opportunity to establish another new high-grade mining front at intermediate depths. Near Surface Opportunities for 720 Falcon A combination of surface and underground holes were drilled during the quarter to evaluate the lateral and up-plunge continuity of the 720 Falcon Zone mineralization. Initial results were positive, with further assays pending. Follow-up holes are planned for the fourth quarter. Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge Drilling during the quarter focused on evaluating the continuity of mineralization to the west and down-plunge to the southwest. Assays remain pending, but preliminary results confirm the continuation of the mineralized domain. Global Model Four underground rigs commenced drilling global model targets in the third quarter. These targets are a mixture of predominantly geologic potential material and are well advanced. The drill program has been designed to facilitate conversion of the target material, with a total of 32 targets defined to date. Of the 32 targets, drilling has been completed on six, with a further fourteen in progress, and twelve remaining to be drilled in early 2026. Approximately 45% of the drill metres required for the first 20 targets have been completed, with the remaining drilling planned for the fourth quarter. Approximately 60% of the total targets are expected to be included in Eagle River’s 2026 NI 43-101 technical report, which will have a drilling cutoff date of December 31, 2025. The remaining targets will be drilled in 2026. Surface Exploration Along with testing the up-plunge extension of 720 Falcon, surface drilling during the quarter evaluated a potential parallel structure between 6 Zone and 2 Zone in the Eagle River mine intrusive diorite. Follow-up drilling is planned for early 2026. Two rigs are currently active, one at the Mishi and one at the Magnacon deposits, twinning historic holes and testing geologic and structural concepts as part of a geological and structural review. At Mishi, holes were also designed to evaluate potential deep, higher-grade mineralization beneath existing open pit designs. At Magnacon, holes were designed to confirm the accuracy of historic underground development designs and evaluate the continuation of underground mineralization. Resource reviews and updates for the Mishi deposit are expected at year end. On the former Angus Gold Inc. (“Angus”) mineral exploration claim areas, resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third quarter. Geotechnical holes are planned for completion in the fourth quarter, along with Leachwell bottle roll tests on select mineralized samples. Multi-element information from portable XRF analysis is in progress, designed to aid in the definition of geologic units and styles of alteration and mineralization. Helicopter supported drilling continued at the Cameron Lake Iron Formation, advancing the evaluation of a potential large tonnage, lower grade deposit. Kiena (Quebec, Canada) Kiena is a fully permitted integrated mining and milling operation located on a 75 km2 land package in Val-d’Or, Quebec. The site features a mill with a permitted capacity of 2,040 tonnes per day. Operating and Financial Results   Q3 2025 Q3 2024   YTD 2025 YTD 2024                 Kiena Operating Results             Ore milled (tonnes) 50,147 51,321   149,136 154,334   Head grade (g/t) 10.2 13.1   10.6 11.1   Average mill recoveries (%) 98.7 99.0   98.8 98.9   Gold production (oz) 16,169 21,421   50,031 54,607   Gold sold (oz) 14,700 21,560   51,200 52,400                 Production costs per tonne milled1 ($) 506 426   496 424                 Costs per oz of gold sold ($/oz)             Operating cash margin1 3,289 2,410   3,060 1,998   Cost of sales 1,580 985   1,423 1,216   Cash costs1 1,576 981   1,418 1,212   All-in sustaining costs1 2,615 1,526   2,326 1,937                 Costs per oz of gold sold (US$/oz)             Operating cash margin1 2,387 1,767   2,187 1,469   Cost of sales 1,147 722   1,017 894   Cash costs1 1,144 719   1,014 891   All-in sustaining costs1 1,899 1,119   1,663 1,424                 In 000s, except per unit and per share amounts Q3 2025   Q3 2024   YTD 2025   YTD 2024             Gold revenue from mining operation 71,512   73,099   229,242   168,190             Cost of sales         Mining 16,140   13,634   46,932   41,067   Processing 3,686   3,645   11,037   10,888   Site administration and camp costs 5,766   4,360   16,439   12,651   Change in inventories (2,362 ) (400 ) (1,571 ) (893 )   23,230   21,239   72,837   63,713   Silver revenue (64 ) (90 ) (245 ) (202 ) Total cash costs 23,166   21,149   72,592   63,511             Cost of sales per ounce of gold sold 1,580   985   1,423   1,216   Cash cost per ounce of gold sold1 1,576   981   1,418   1,212             Operating cash margin1 48,346   51,950   156,650   104,679             All-in sustaining costs1         Sustaining mine exploration and development 7,052   6,804   20,600   23,739   Sustaining mine capital equipment 3,294   1,721   13,559   5,964   Sustaining tailings management facility 1,498   220   2,326   312   Corporate and general allocation 3,435   3,013   9,998   7,952     38,445   32,907   119,075   101,478             All-in sustaining costs per ounce of gold1 2,615   1,526   2,326   1,937             Cost of sales per tonne milled 463   414   488   413   Production costs per tonne milled1 506   426   496   424             Capital expenditures 26,306   14,590   77,414   48,469               Operating Highlights In Q3 2025, Kiena produced 16,169 ounces, a 25% decrease from 21,421 ounces in Q3 2024. A 22% reduction in grade drove most of the decline in production compared to the third quarter of 2024. The 22% change in average grade was planned and primarily due to higher grade in the comparative quarter of 2024 that was well above Kiena Deep’s reserve grade of 10.1 grams per tonne. Tonnes milled were lower than planned in Q3 2025 due to contractor execution issues and underperformance at Presqu’île, which negatively impacted the quarter’s production. Production in the first three quarters of 2025 totaled 50,031 ounces compared to 54,607 ounces in the first three quarters of 2024. Year-over-year grades were 0.5 g/t lower in 2025 but were aligned with the current reserve grade of 10.1 grams per tonne for Kiena Deep. Relative to plan, tonnage for the first three quarters of the year was lower, reflecting inconsistent execution and unplanned downtime resulting in a slower mining sequence. Several stopes were deferred into Q4 2025 and 2026. Kiena’s fourth quarter is expected to be its strongest of the year, with ore coming from three mining horizons: Kiena Deep, Presqu’île and 136-level. Average grade for the quarter of 10.2 g/t was in line with Kiena’s 2025 guidance and Kiena’s Deep’s reserve grade but down from 13.1 g/t in Q3 2024. The longer than planned hoist shutdown and other infrastructure downtime during the quarter restricted underground mining activities. Fewer planned stopes were mined, resulting in lower tonnes processed, an impact on sequencing and the deferral of stopes into Q4 2025 and 2026. Production costs per tonne were $506 in Q3 2025, up from $426 in Q3 2024, driven by competitive pressures on labour, including wages and additional contractor support to strengthen operational redundancy, and maintenance expenses partially offset by inventory adjustments. Production costs per tonne increased to $496 in the first three quarters of 2025 from $424 in the comparative prior year period, reflecting similar factors as well as lower throughput volumes. Financial Highlights In Q3 2025, Kiena’s gold revenue decreased by 2% to $71.5 million from $73.1 million in Q3 2024, primarily due to a 32% decrease in ounces sold, partially offset by a higher average realized price per ounce of gold sold. In the first three quarters of 2025, Kiena’s gold revenue increased by 36% to $229.2 million from $168.2 million in the comparative period in 2024, due to a higher average realized price per ounce of gold sold, partially offset by a 2% decrease in ounces sold. Cost of sales in Q3 2025 were $23.2 million, an increase of 9% over the comparative period in 2024. This increase was primarily due to a $3.9 million increase in mine operating costs, which was driven by higher maintenance costs, as well as the acquisition of additional equipment to strengthen operational redundancy. Cost of sales in the first three quarters of 2025 were $72.8 million, an increase of 14% over the comparative period in 2024 primarily due to a $9.8 million increase in mine operating costs as a result of higher than normal mobile-equipment repairs during the period. Cash costs per ounce of gold sold in Q3 2025 were $1,576 (US$1,144), an increase of 61% compared to $981 (US$719) in Q3 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs. Cash costs per ounce of gold sold in the first three quarters of 2025 were $1,418 (US$1,014), an increase of 17% compared to $1,212 (US$891) in the comparative period in 2024 primarily due to a decrease in ounces sold and an increase in mine operating costs. AISC per ounce of gold sold increased by 71% in Q3 2025 to $2,615 (US$1,899) from $1,526 (US$1,119) in Q3 2024 due to a 32% decrease in ounces sold, an increase in total cash costs and a 35% increase in sustaining capital expenditures, which includes the cost of a rebuilt scoop as well as ventilation system enhancements. AISC per ounce of gold sold in the first three quarters of 2025 increased by 20% to $2,326 (US$1,663) from $1,937 (US$1,424) in the first three quarters of 2024 due to a 2% decrease in ounces sold, an increase in total cash costs and a 22% increase in sustaining capital expenditures. Progress at Presqu’île Zone and Exploration Ramp Ramp access to the Presqu’île orebody is well established and level development is advancing, albeit at a slower pace than planned, extending the mine footprint. The plan is to transition from a contractor to an owner managed model by year end, which is expected to positively impact performance and costs. Under the bulk sample permit, the first batch of Presqu’île ore was successfully processed in Q3 2025, in line with anticipated results. The mining permit application process is well advanced, with the permit expected to be received in Q4 2025. Development remains on track with initial stope production expected in Q1 2026. Exploration drilling programs are underway with early delineation drilling of the first stopes intersecting visible gold in areas of higher-grade block model designs, giving early-stage confidence in the modelling work. Surface drilling to evaluate the down-plunge continuity of mineralization has commenced. The exploration ramp development is now forecasted for breakthrough in Q1 2026 due to slower than planned performance in Q3 2025. Exploration Update Extension of 109-Level Exploration Drift Development of the 109-level exploration drift extension commenced in the third quarter, and drilling of the VC Zone and the nearby North Zone target will recommence in the first quarter of 2026 after the new development is completed. The VC Zone is a top priority for exploration as it historically returned a high-grade intercept at the base of the mineralization wireframe, is open at depth and demonstrates a mineralization style analogous to Kiena Deep. Kiena Deep Continues to Deliver; Drilling From 134-Level The ongoing exploration of the Kiena Deep A and Kiena Deep Footwall zones from the 134-level ramp and remuck is confirming the continuity of the zone. Assays and geological modeling continue to support the initial interpretation that additional lenses may be delineated with further drilling, and some existing lenses can be extended laterally. Drill information is being incorporated into an updated lithostructural model and an updated mineral resource, both of which will form a basis for the 2026 technical report. Drilling from a second drill bay on the 134-level exploration drift targeting the B Zone lenses commenced in September. The second platform is enabling holes to evaluate the down-plunge continuity of the lenses, with drilling planned to continue for the remainder of the year. 33-Level Accessible for Drilling, Delineation of Presqu'île Underway Exploration drilling on 33-level in the third quarter targeted lateral extensions and the down-plunge continuation of the No.22 Shawkey Zone and the historic Shawkey Main mine. Drilling intersected mineralization in positions that could represent the northwest continuation of Shawkey Main mineralization. Drilling of one hole at Dubuisson was completed during the third quarter, evaluating the down plunge continuity of mineralization. The underground program at Dubuisson was placed on hold pending data review, after structural information from a barge surface hole defined quartz-tourmaline vein zones having a shallow dip to the north. If validated, these results suggest that optimal drill intersection angles would be achieved by surface drilling oriented from north to south. Test holes to validate the model will be drilled in the fourth quarter. Surface Exploration There were three rigs active during Kiena’s summer barge drilling program. At Dubuisson, one drill rig focused on infill and geotechnical drilling in support of reserve growth and evaluation of the lateral continuity of the mineralization. The other two rigs evaluated the potential of two regional targets at Wesdome – the 134 Zone located to the northwest of Dubuisson, and the NW target located between Presqu’île and Kiena. During the third quarter, a high-resolution drone magnetic survey conducted by Abitibi Geophysics was completed. Modelling and interpretive work is in progress, with results expected early in the fourth quarter. 2025 Outlook During the first three quarters of 2025, Wesdome continued to execute on its strategic plan, increasing gold production by 13% year-over-year while reducing cash costs and AISC per ounce of gold sold by 2% and 1%, respectively. In the first nine months of the year, the Company delivered record year-to-date revenue, net income, net cash from operating activities, and free cash flow. Eagle River is expected to deliver the high-end of its previously revised full-year 2025 production guidance and achieve its cost guidance. Due to inconsistent execution and operational challenges that drove lower than anticipated results for the first three quarters of the year, the Company believes it is prudent to adjust Kiena’s full-year production guidance to between 72,000 and 78,000 ounces and adjust its site cash costs to between $1,350 (US$980) and $1,450 (US$1,050) per ounce of gold sold and AISC to $2,175 (US$1,575) to $2,350 (US$1,700) per ounce of gold sold. The fourth quarter is expected to be Kiena’s strongest of the year, with ore coming from three mining horizons: Kiena Deep, Presqu’île and 136-level. The Company is on track to meet the mid to upper range of its revised full-year consolidated production guidance of between 177,000 and 193,000 ounces. Consolidated cost guidance has been updated to reflect changes at Kiena with cash costs of $1,275 (US$925) to $1,375 (US$995) per ounce of gold sold and AISC of $2,025 (US$1,450) to $2,175 (US$1,575) per ounce of gold sold. The following table outlines Wesdome’s updated 2025 guidance compared to the revised guidance set forth in its press release dated August 13, 2025: 2025 Guidance Eagle River   Kiena   Consolidated Guidance     Previous Jan 14, 2025   Updated Aug 13, 2025   Previous Aug 13, 2025   Updated Nov 4, 2025   Previous Aug 13, 2025   Updated Nov 4, 2025 Production                         Head grade (g/t) 13.0 – 15.0   14.0 - 15.0   10.0 – 11.0   10.0 – 10.5   12.0 – 13.0   12.0 - 13.0 Gold production (oz) 100,000 – 110,000   105,000 - 115,000   80,000 – 90,000   72,000 - 78,000   185,000 – 205,000   177,000 - 193,000                           Operating Costs                         Depreciation and depletion ($M) $55   $45   $60   $60   $105   $105 Corporate and general1 ($M) $12   $15   $15   $15   $30   $30 Exploration and evaluation2 ($M) $5   $10   $10   $10   $20   $20 Cash costs3 ($/oz) $1,225 - $1,350   $1,225 - $1,325   $1,200 - $1,375   $1,350 - $1,450   $1,225 - $1,350   $1,275 - $1,375 All-in sustaining costs3 ($/oz) $1,875 - $2,075   $1,925 - $2,075   $1,925 - $2,200   $2,175 - $2,350   $1,925 - $2,125   $2,025 - $2,175 All-in sustaining costs3 (US$/oz) $1,400 - $1,550   $1,375 - $1,500   $1,400 - $1,575   $1,575 - $1,700   $1,375 - $1,525   $1,450 - $1,575                           Capital Investment3                         Total capital ($M) $65   $70   $120   $120   $190   $190 Sustaining capital ($M) $60   $65   $55   $55   $120   $120 Growth capital ($M) $5   $5   $65   $65   $70   $70                           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. Exploration and evaluation costs primarily include surface drilling activities and regional office expenses. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements. 2026 Guidance In mid-January 2026, the Company plans to update its 2026 guidance, including production, costs, expenses, capital expenditures and depreciation. Wesdome is targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in the 2026 calendar year, ensuring alignment with industry standards and improved comparability for investors. Conference Call and Webcast Management will host a conference call and webcast to discuss the Company’s Q3 2025 financial and operating results. A question-and-answer session will follow management’s prepared remarks. Details of the webcast are as follows: Date and time: Wednesday, November 5, 2025 at 10:00 a.m. ET     Dial-in numbers: To access the call by telephone, dial 1.646.968.2525 or 1.888.596.4144 (toll-free). The event passcode is: 8215935. Please allow up to 10 minutes to be connected.     Webcast link: https://events.q4inc.com/attendee/584921644 Pre-registration is required for this event. It is recommended you join 10 minutes prior to the start of the event. The webcast can also be accessed from the home page of the Company’s website at www.wesdome.com.     The financial statements and management’s discussion and analysis will be available on the Company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.ca during the evening of Tuesday, November 4, 2025. About Wesdome Wesdome is a Canadian-focused gold producer with two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a growing value-driven gold producer. For Further Information Raj Gill  SVP, Corporate Development & Investor Relations Phone: +1.416.360.3743 E-Mail: [email protected] Trish Moran VP, Investor Relations Phone: +1.416.564.4290 E-mail: [email protected]     Technical Disclosure The technical and geoscientific content of this press release have been reviewed, and approved by Guy Belleau, P.Eng, Chief Operating Officer of the Company, 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 or information with respect to:  the Company being well-positioned to continue capturing margin, achieving the mid to upper end of revised consolidated guidance and deliver one of the strongest free cash flow yields in the gold sector; Eagle River being on track to deliver production at the high end of its 2025 guidance; Q4 2025 production being driven by ore from high-grade Kiena Deep, Presqu’île and 136-level; the 6 Central Zone at Eagle River remaining open at depth and providing the potential opportunity to establish another new high-grade mining front at intermediate depths; follow-up holes at the 720 Falcon Zone at Eagle River planned for the fourth quarter; the remaining drilling of the first 20 targets of the global model planned for the fourth quarter; approximately 60% of the total targets of the global model expected to be included in the Eagle River 2026 NI 43-101 technical report (which will have a cutoff date of December 31, 2025), with the remaining targets being drilled in 2026; resource reviews and updates for the Mishi deposit expected at 2025 year end; geotechnical holes and Leachwell bottle roll tests for the former Angus mineral exploration claim areas planned for completion in Q4 2025; Kiena’s Q4 2025 expected to be the strongest of the year, along with the three expected mining horizons that ore will be coming from; the plan to transition from a contractor to an owner managed model at Presqu’île by end of year 2025 and the expectation that the change will positively impact performance and costs; the expectation that the Presqu’île mining permit will be received in Q4 2025; initial stope production at Presqu’île in Q1 2026; the Presqu’île exploration ramp development breakthrough forecasted in Q1 2026; drilling on the 134-level exploration drift at Kiena deep being planned to continue for the remainder of the year; the results of exploration drilling on 33-level at Kiena potentially suggesting that it could represent the northwest continuation of Shawkey Main mineralization; the suggestion that the results (if validated) from the drilling at Dubuisson showing that the optimal drill intersection angles would be achieved by surface drilling oriented from north to south; test holes to validate the model at Dubuisson scheduled to be drilled in Q4 2025; results from the modelling and interpretive work from Kiena’s surface exploration expected in Q4 2025; the expectation that Eagle River will deliver the high-end of its previously revised full-year 2025 production guidance and achieve its cost guidance; Kiena’s adjusted full-year production guidance, site cash costs and AISC; the Company’s updated consolidated cost guidance; the plan for the Company to update its 2026 guidance in mid-January 2026; the Company targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in 2026; and the Company’s planned conference call and webcast to discuss its Q3 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 Wesdome uses non-IFRS performance measures throughout this news release 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 per ounce of gold sold Cash costs and cash costs per ounce of gold sold Production costs and production costs per tonne milled Cash margin and cash margin per ounce of gold sold Sustaining capital and growth capital AISC and AISC per ounce of gold sold Free cash flow and free cash flow per share Adjusted net income (loss) and adjusted net income (loss) per share EBITDA Average Realized Price per Ounce of Gold Sold Average realized price per ounce of gold sold is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS. Average realized price per ounce of gold sold is calculated by dividing gold revenue from the Company’s mining operations for the relevant period by the ounces of gold sold. It may not be comparable to information in other gold producers’ reports and filings. In $000s, except per unit amounts Q3 2025   Q3 2024     YTD 2025   YTD 2024                   Revenue per financial statements 230,284   146,852     626,450   375,573     Silver revenue from mining operations (233 ) (153 )   (669 ) (413 )   Gold revenue from mining operations (a) 230,051   146,699     625,781   375,160                   Ounces of gold sold (b) 47,400   42,900     138,600   118,600                   Average realized price per ounce of gold sold CAD (c) = (a) ÷ (b) 4,853   3,420     4,515   3,163                   Average USD/CAD exchange rate (d) 1.3775   1.3637     1.3989   1.3603                   Average realized price per ounce of gold sold USD (c) ÷ (d) 3,523   2,508     3,228   2,325                     Cash Costs and Cash Costs per Ounce of Gold Sold Cash costs per ounce of gold sold is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, as well it may not be comparable to information in other gold producers’ reports and filings. The Company has included this non-IFRS performance measure throughout this document as it believes that this generally accepted industry performance measure provides a useful indication of the Company’s operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s operating performance and ability to generate cash flow. 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 following table provides a reconciliation of total cash costs per ounce of gold sold to cost of sales per the financial statements: In $000s, except per unit amounts Q3 2025   Q3 2024     YTD 2025   YTD 2024                   Cost of sales per financial statements (a) 61,841   52,217     181,046   158,075     Silver revenue from mining operations (233 ) (153 )   (669 ) (413 )   Cash costs (b) 61,608   52,064     180,377   157,662                   Ounces of gold sold (c) 47,400   42,900     138,600   118,600                   Cost of sales per ounce of gold sold (d) = (a) ÷ (c) 1,305   1,217     1,306   1,333     Cash costs per ounce of gold sold (e) = (b) ÷ (c) 1,300   1,214     1,301   1,329                   Average USD/CAD exchange rate (f) 1.3775   1.3637     1.3989   1.3603                   Cost of sales per ounce of gold sold USD (d) ÷ (f) 947   893     934   980     Cash costs per ounce of gold sold USD (e) ÷ (f) 944   890     930   977                     Production Costs and Production Costs per Tonne Milled Production costs per tonne milled is a non-IFRS performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, and as well it may not be comparable to information in other gold producers’ reports and filings. As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tonnes processed through the mill. Management believes that production costs per tonne milled provides additional information regarding the performance of mining and milling operations and allows management to monitor operating costs on a more consistent basis as the per tonne milled measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne milled, the estimated revenue on a per tonne basis must be in excess of the production costs per tonne milled in order to be economically viable. Management is aware that this per tonne milled measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with cost of sales prepared in accordance with IFRS. This measure supplements cost of sales information prepared in accordance with IFRS and allows investors to distinguish between changes in cost of sales resulting from changes in production versus changes in operating performance. In $000s, except per unit amounts Q3 2025   Q3 2024     YTD 2025   YTD 2024                   Cost of sales per financial statements (a) 61,841   52,217     181,046   158,075     Royalties (3,185 ) (1,570 )   (7,780 ) (4,112 )   Bullion and in-circuit inventory adjustments 3,114   2,819     1,969   4,023     Production costs (b) 61,770   53,466     175,235   157,986                   Ore milled (tonnes) (c) 121,722   109,305     329,344   316,502                   Cost of sales per tonne milled (a) ÷ (c) 508   478     550   499     Production costs per tonne milled (b) ÷ (c) 507   489     532   499                     Operating Cash Margin and Operating Cash Margin per Ounce of Gold Sold Operating cash margin is a non-IFRS measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, and as well it may not be comparable to information in other gold producers’ reports and filings. It is calculated as the difference between gold revenue from mining operations and cash mine site operating costs (see cash costs per ounce of gold sold section above) per the Company’s financial statements. The Company believes operating cash margin illustrates the performance of the Company’s operating mines and enables investors to better understand the Company’s performance in comparison to other gold producers who present results on a similar basis. In $000s, except per unit amounts Q3 2025 Q3 2024   YTD 2025 YTD 2024                 Gold revenue from mining operations 230,051 146,699   625,781 375,160   Cash costs 61,608 52,064   180,377 157,662   Operating cash margin 168,443 94,635   445,404 217,498                 Average realized price (a) 4,853 3,420   4,515 3,163   Cash costs per ounce of gold sold (b) 1,300 1,214   1,301 1,329   Operating cash margin per ounce of gold sold (a) – (b) 3,553 2,206   3,214 1,834                   Sustaining Capital and Growth Capital Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is being used by management to understand the ongoing capital cost required to maintain operations at current levels. Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management to understand the costs of developing new operations or major projects at existing operations where these projects will materially increase production from current levels. In $000s Q3 2025 Q3 2024   YTD 2025 YTD 2024                 Mining properties and plant and equipment             Eagle River             Sustaining mine exploration 2,202 1,255   6,066 4,906   Sustaining mine development 6,168 5,358   18,721 16,209   Sustaining mine capital equipment 3,360 4,292   15,071 9,574   Sustaining tailings management facility 469 4,027   1,093 4,401     12,199 14,932   40,951 35,090                 Kiena             Sustaining mine exploration 1,563 5,341   6,026 19,693   Sustaining mine development 5,489 1,463   14,574 4,046   Sustaining mine capital equipment 3,294 1,721   13,559 5,964   Sustaining tailings management facility 1,498 220   2,326 312     11,844 8,745   36,485 30,015   Total sustaining capital 24,043 23,677   77,436 65,105                 Mines under development and plant and equipment             Growth mine development 8,733 5,845   24,196 10,963   Ramp development 494 -   965 3,624   Growth mine capital equipment 5,872 -   16,767 3,867   Total growth capital 15,099 5,845   41,928 18,454                 Total sustaining and growth capital 39,142 29,522   119,364 83,559                   AISC and AISC per Ounce of Gold Sold AISC includes mine site operating costs incurred at the Company’s mining operations, sustaining mine capital and development expenditures, mine site exploration and evaluation expenditures and equipment lease payments related to the mine operations and corporate and general expenses. The Company believes that this measure represents the total cash costs of producing gold from current operations and provides the Company and other stakeholders with additional information that illustrates its operational performance and ability to generate cash flow. This cost measure seeks to reflect the total cost of gold production from current operations on a per ounce of gold sold basis. New project and growth capital are not included. Wesdome is targeting to begin calculating AISC in accordance with the World Gold Council guidelines starting in the 2026 calendar year, ensuring alignment with industry standards and improved comparability for investors. In $000s, except per unit amounts Q3 2025   Q3 2024     YTD 2025   YTD 2024                   Cost of sales, per financial statements 61,841   52,217     181,046   158,075     Silver revenue from mining operations (233 ) (153 )   (669 ) (413 )   Cash costs 61,608   52,064     180,377   157,662     Sustaining mine exploration and development 15,422   13,419     45,387   44,853     Sustaining mine capital equipment 6,654   6,012     28,630   15,537     Sustaining tailings management facility 1,967   4,247     3,419   4,713     Corporate and general 9,002   6,346     22,386   16,287     Less: Corporate development (2,132 ) (320 )   (2,390 ) (384 )   Payment of lease liabilities 107   615     676   2,278     AISC (a) 92,628   82,383     278,485   240,946                   Ounces of gold sold (b) 47,400   42,900     138,600   118,600                   AISC per ounce of gold sold (c) = (a) ÷ (b) 1,954   1,920     2,009   2,032                   Average USD/CAD exchange rate (d) 1.3775   1.3637     1.3989   1.3603                   AISC per ounce of gold sold USD (c) ÷ (d) 1,419   1,408     1,436   1,493                     Free Cash Flow and Free Cash Flow per Share Free cash flow is a non-IFRS measure and is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company’s financial statements. Free cash flow is a useful indicator of the Company’s ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period. In $000s, except per share amounts Q3 2025   Q3 2024     YTD 2025   YTD 2024                   Net cash from operating activities per financial statements (a) 118,213   60,976     299,289   164,561     Sustaining mine exploration and development (15,422 ) (13,419 )   (45,387 ) (44,853 )   Sustaining mine capital equipment (6,654 ) (6,012 )   (28,630 ) (15,537 )   Sustaining tailings management facility (1,967 ) (4,247 )   (3,419 ) (4,713 )   Growth mine exploration and development (9,227 ) (5,845 )   (25,161 ) (14,392 )   Growth mine capital equipment (5,872 ) -     (16,767 ) (4,065 )   Funds held against standby letters of credit -   -     143   -     Payment of lease liabilities (107 ) (615 )   (676 ) (2,278 )   Free cash flow(b) 78,964   30,838     179,392   78,723                   Weighted average number of shares (000s) (c) 150,946   149,729     150,384   149,449                   Per share data             Operating cash flow per share (a) ÷ (c) 0.78   0.41     1.99   1.10     Free cash flow per share (b) ÷ (c) 0.52   0.21     1.19   0.53                     Adjusted Net Income and Adjusted Net Earnings per Share Adjusted net income and adjusted net earnings per share are non-IFRS performance measures and do not constitute a measure recognized by IFRS and do not have standardized meanings defined by IFRS, and as well both measures may not be comparable to information in other gold producers’ reports and filings. Adjusted net income is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to the current period’s income, as detailed in the table below. The Company discloses this measure, which is based on its financial statements, to assist in the understanding of the Company’s operating results and financial position. In $000s, except per share amounts Q3 2025 Q3 2024     YTD 2025   YTD 2024                   Net income per financial statements 86,923 38,999     232,092   78,842                   Adjustments for:             Consideration for Goldshore royalty rights - -     (6,633 ) -     Executive departure costs - 262     725   262     Total adjustments - 262     (5,908 ) 262     Related income tax effect - (66 )   2,068   (66 )     - 197     (3,840 ) 197     Adjusted net income (a) 86,923 39,196     228,252   79,039                   Basic weighted number of common shares (000s) (b) 150,946 149,729     150,384   149,449                   Adjusted net earnings per share (a) ÷ (b) 0.58 0.26     1.52   0.53                     EBITDA Earnings before interest, taxes and depreciation and amortization (“EBITDA”) is a non-IFRS financial measure which excludes the following items from net income (loss): interest expense, mining and income tax expense (recovery) and depletion and depreciation. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use EBITDA as an indicator of Wesdome’s ability to generate liquidity from net cash from operating activities to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore are not necessarily indicative of operating profit or net cash from operating activities as determined under IFRS. Other producers may calculate EBITDA differently. The following table provides a reconciliation of net income in the Company’s financial statements to EBITDA: In $000s Q3 2025 Q3 2024   YTD 2025   YTD 2024                 Net income per financial statements 86,923 38,999   232,092   78,842                 Adjustments for:             Mining and income tax expense 42,667 20,708   119,154   40,616   Depletion and depreciation 19,438 24,295   60,853   71,226   Non-recurring income and expenses - 262   (5,908 ) 262   Interest expense 526 336   1,121   2,192   EBITDA 149,554 84,600   407,312   193,138                   Endnotes Refer to the section in this press release entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements. Revenues includes $0.2 million for Q3 2025, $0.2 million for Q3 2024, $0.7 million for YTD 2025 and $0.4 million for YTD 2024, from the sale of by-product silver. Operating cash flow per share is calculated by dividing net cash from operating activities by the weighted average number of shares. Costs of sales per ounce of gold sold is calculated by dividing the cost of sales by the number of ounces sold. Working capital is the sum of current assets less current liabilities on the statements of financial position. PDF available:  http://ml.globenewswire.com/Resource/Download/4dcf32a4-6551-4f04-bf86-c0a35a68860e