The following is a summary of the Wesdome Gold Mines Ltd. (WDOFF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Wesdome Gold Mines reported Q3 2024 revenue of $147 million, a 111% increase year-over-year.

• Net income stood at $39 million, or $0.26 per share, significantly higher due to increased production and realized gold prices.

• All-in sustaining costs decreased to $1,408 per ounce, the lowest in the past two years, with a production of 45,109 ounces.

• Cash generated from operations was $61 million, or $0.41 per share, up 35% from the previous year.

Business Progress:

• Eagle River mine achieved quarterly gold production of 23,688 ounces, driven by higher grades and mining sequence improvements.

• Kiena mine continues to ramp-up production, reaching 21,421 ounces in Q3 2024, but faced challenges requiring adjustments to production guidance and recognizing opportunities for cost improvements and increased efficiency.

• Continued focus on safety and operational excellence, with Kiena winning recognition for safety performance.

• Near-term strategic investments to reduce production risks and optimize operations, including transitioning from a contractor to an owner-operated model to enhance efficiency and control.

Opportunities:

• Exploration continues to promise with high-grade zones identified at both Eagle River and Kiena mines, potentially increasing reserves and supporting future production growth.

• Development and updates of mining operations and infrastructure are expected to enable increased throughput and operational efficiency, including the use of continuous improvement initiatives to lower costs over time.

• Full mill strategy to bring near surface deposits into production aims at leveraging high fixed cost structure and increasing mill utilization.

Risks:

• Adjusted 2024 production guidance for Kiena reflects potential operational challenges and the need for a deliberate, refined approach to ramp-up, suggesting potential variability in expected outputs.

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