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Wesdome Gold Mines Reports First Quarter 2025 Financial Results
TORONTO, May 13, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) (“Wesdome” or the “Company”) today announced its financial results for
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":" TORONTO, May 13, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) (“Wesdome” or the “Company”) today announced its financial results for the three months ended March 31, 2025 (“Q1 2025”). Preliminary operating results for Q1 2025 were disclosed in the Company’s press release dated April 10, 2025. Management will host a conference call tomorrow, May 14, 2025 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated. Highlights Strong quarterly gold production and lower costs: Consolidated gold production was 45,692 ounces, a 37% increase compared to Q1 2024. Cost of sales per ounce sold decreased by 18% to US$923, while all-in sustaining costs (“AISC”) per ounce sold1 declined 17% to US$1,366. The average realized price of gold sold in Q1 2025 was US$2,882 per ounce. Expanding margins: Gross profit increased by 365% year-over-year to $103.4 million and cash margin1 grew by 174% to $127.6 million. Record quarterly net income: Net income increased to $62.5 million, or $0.42 earnings per share, a nearly fivefold increase from Q1 2024. Record quarterly EBITDA: EBITDA1 increased by 193% to $119.4 million or tripled relative to the prior year quarter mainly due to an increase in ounces sold and a higher average realized price of gold sold. Record net cash from operating activities and free cash flow1: In Q1 2025, net cash from operating activities was $80.2 million, or $0.53 per share3, while free cash flow1 was $47.5 million, or $0.32 per share. Increasing liquidity: As at March 31, 2025, liquidity stood at $317.9 million, including $167.9 million in cash and $150.0 million of undrawn full capacity available under its revolving credit facility, up from $273.1 million as at December 31, 2024. Announced value-driven acquisition of Angus Gold in April: The strategic addition of Angus Gold, which is expected to close by the end of June, will quadruple Eagle River’s land package. This is a highly logical and strategic tuck-in transaction that brings together a contiguous land package between the Eagle River mine and mill, enhancing the Company’s ability to unlock value through the drill bit. Anthea Bath, President and Chief Executive Officer, commented: “The first quarter marked a strong start to the year with record revenue, net income and free cash flow, demo...