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Wesdome Gold Mines Announces 2021 Fourth Quarter and Full Year Financial Results
TORONTO, March 10, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4 2021”) and full
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, March 10, 2022 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4 2021”) and full year financial results. All figures are stated in Canadian dollars unless otherwise noted. Key Highlights: Record full year production at the Eagle River Complex of 101,403 ounces Decreased Eagle River cash costs by 6% Increased revenues and cash margins by 22% Increased operating cash flows by 28% Increased Eagle River reserve grade by 15% Increased Eagle River resources (exclusive of reserves) by 25% Kiena Mine embarked on a construction and mining ramp up as per the May 2021 Pre-Feasibility study – fully funded from internally generated cash flow Successfully restarted Kiena in Q3, producing 22,440 pre-commercial ounces Increased Kiena Measured and Indicated Resources (exclusive of reserves) by 7% Mr. Duncan Middlemiss, President and CEO commented, “Q4 2021 demonstrated strong operating and financial performance with total gold production of 41,559 ounces and 37,544 ounces sold. Operating cash flows increased by 274% to $48.2 million or $0.34 per share1 (Q4 2020: $12.9 million or $0.09 per share). Net income and net income (adjusted)1 for the quarter were $24.8 million or $0.18 per share (2020: $8.5 million or $0.06 per share). We are very pleased with both our operating and financial results in 2021. Total gold production of 123,843 ounces was pre-released, and both cash and all-in sustaining costs (“AISC”) of $990 and $1,408 respectively, within guidance of $900 - $1000 and $1,300 - $1,450 per ounce. Operating cash flows increased by 28% to $131.0 million (2020: $102.3 million) and cash margins increased by 22% to $145.4 million (2020: $119.3 million). We successfully restarted the Kiena operation fully funded by internally generated cash flow, spending $99.6 million during the year and producing our first ounces in Q3 2021. Kiena precommercial production generated $17.6 million of cash margin. We ended the year with $56.8 million in cash, sufficient to carry out all exploration and project work in 2022. We have determined the 2021 year end resources using a 3D block model, in accordance with the industry best practises and standards. At Eagle, current reserves stand at 524,000 ounces of gold from 1.1 M tonnes at an average grade of 15.3 g/t Au. Reserve o...