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Wesdome Gold Mines Announces Second Quarter 2023 Financial Results
All figures are stated in Canadian dollars unless otherwise noted. TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX:WDOFF) (“
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" All figures are stated in Canadian dollars unless otherwise noted. TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX:WDOFF) (“Wesdome” or the “Company”) today announces second quarter (“Q2 2023”) financial results. Management will host a conference call tomorrow, Friday August 11, 2023, at 10:00 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release. Second quarter 2023 highlights Payable gold production in the second quarter of 2023 was 30,992 ounces at Cash costs per ounce of $1,743 (US$1,298) and all-in sustaining costs (“AISC”) per ounce of $2,238 (US$1,666). These results compared well relative to internal targets for the quarter and reflect consistent performance from Eagle River and the successful ongoing ramp-up of mining activities at Kiena. At Kiena, execution of development of the ramp to the 129 level giving access to the A Zone of Kiena Deep continues to track ahead of schedule, positioning the mine well for increased production levels in the first half of 2024. Excavation of an exploration ramp from surface to access a drilling platform to test the near-surface Presqu’ile Zone is expected to proceed in the second half of 2023 after the required permits are secured. Cash margins were $28.7 million, however free cash flow was negative $5.3 million as the Company completes final projects related to the production ramp up at Kiena, primarily the ramp to 129 level. While on track to meet 2023 capital spend guidance, timing of expenditures are planned to be highest in the third quarter, before easing in the fourth quarter. Adjusted net loss attributable to shareholders of $5.0 million, or $0.03 per share. Operating cash flow of $14 million, or $0.09 per share. The Company reaffirms its production guidance of 110,000 to 130,000 ounces and cash cost guidance of $1,500 to $1,670 per ounce (US$1,150 to US$1,290), as well as AISC of $2,100 to $2,340 per ounce, (US$1,620 to $1,800). Available liquidity of $133 million, including $22.1 million in cash, and $111 million in available credit, reflecting $11 million of gross issuance under the at-the-market (“ATM”) program during the period. Subsequent to quarter end, a careful review of near-term operating and financial projections concluded that use of the ATM facility is no lo...