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Wesdome Gold Mines Announces Fourth Quarter and Full Year 2023 Financial Results; Provides Annual Mineral Reserve and Resource Update
TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces its results for the fourth quarter (
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces its results for the fourth quarter (“Q4 2023”) and year ended December 31, 2023. The Company is also providing its updated Mineral Reserve and Resource statements. Preliminary operating results for the fourth quarter and year ended 2023 as well as multi-year production and operating guidance were disclosed on January 15, 2024. Management will host a conference call tomorrow, Wednesday March 13 at 10:00 a.m. Eastern time to discuss the results. All figures are expressed in Canadian dollars unless otherwise indicated. Fourth Quarter and Full Year 2023 Highlights Gold production in the fourth quarter was 36,216 ounces at cash costs of $1,451 per ounce1 (US$1,065) and all-in sustaining costs (“AISC”) of $2,082 per ounce1 (US$1,529). For the full year 2023, gold production was 123,336 ounces at cash costs of $1,579 per ounce1 (US$1,170) and all-in sustaining costs (“AISC”) of $2,231 per ounce1 (US$1,653). Production and costs both compare favourably relative to 2023 guidance ranges. Cash margins1 for the fourth quarter and full year 2023 was $47.6 million and $132.9 million respectively, representing a 80% and 39% increase relative to corresponding periods in 2022 mainly due to a higher Canadian dollar realized gold price and increase in ounces sold. Net income and adjusted net income for the fourth quarter of 2023 of $2.4 million ($0.02 per share). The quarter included a non-cash deferred tax impact of $8.6 million but was still $5.9 million higher than the corresponding period in 2022. Operating cash flow in the fourth quarter and full year 2023 of $37.2 million ($0.25 per share) and $101.4 million ($0.69 per share) was 262% and 55% higher than the corresponding periods in 2022 mainly due to the higher cash margin. Free cash flow in the fourth quarter and full year 2023 was $39.4 million and $83.8 million higher than the corresponding periods in 2022 mainly due to the higher cash margin and overall decrease in capital expenditures. Available liquidity of $152.6 million, including $41.4 million in cash and $111.0 million of undrawn availability under the Company’s revolving credit facility. Cash net of the revolver increased by $24.2 million in 2023. Anthea Bath, President and CEO, commented, “We closed 2023 w...