Wesdome Gold Mines Ltd. · TSX:WDO
Wesdome Gold Mines — Q4 2025 Earnings Presentation
28 slides from Wesdome Gold Mines's earnings presentation, Mar 12, 2026
Slide 1: Q4 and FY 2025 Highlights
Q4 AND FY 2025 HIGHLIGHTS TSX: WDO | OTCQX: WDOFF MARCH 12, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements Non-IFRS Performance Measures This presentation contains "forward-looking information" within the meaning of applicable Canadian securities Certain non-IFRS financial measures and ratios are included in this presentation, including cash margin, f
Slide 3: Participants on Today's Call
Participants on Today’s Call Anthea Bath Philip Yee Tyler Mitchelson President and Interim Chief Operating Chief Financial Officer Chief Executive Officer Officer Jono Lawrence Raj Gill Senior Vice President Kevin Lonergan Senior Vice President Senior Vice President Corporate Development Exploration
Slide 4: 2025 Consolidated Highlights
2025 Consolidated Highlights 185,576 oz $914M $457M Gold Produced Revenue Net Cash from Operating Activities $602M $349M $278M EBITDA1 Net Income Free Cash Flow1 1. For further information and detailed reconciliations, refer to the section entitled “Non-IFRS Performance Measures” in the Company’s la
Slide 5: 2026 Marks a New Chapter for Wesdome
2026 Marks a New Chapter for Wesdome Year 2 of multi-year exploration program supported by 270 kilometres of drilling Reinvesting in the June press release business with $205 million total capex 2026 announcing results of NI 43-101 technical reports Significant free cash flow expected 5
Slide 6: Financial Highlights
Financial Highlights 6
Slide 7: Record-Setting Fourth Quarter and Full-Year 2025 Financial Performance
Record-Setting Fourth Quarter and Full-Year 2025 Financial Performance Revenue ($M) Net Income ($M) Increased by 64% to $914.3 million in FY 2025 vs FY 2024 Increased by 158% to $349.5 million in FY 2025 vs FY 2024 287.9 117.4 230.3 86.9 208.5 82.7 182.6 187.6 146.9 62.5 128.0 56.6 100.9 39.0 29.1 1
Slide 8: Achieved Revised 2025 Consolidated Production & Cost Guidance
Achieved Revised 2025 Consolidated Production & Cost Guidance FY 2025 All-in Sustaining Costs per Ounce1 $185 Sustaining mine capital equipment Eagle River AISC - US$1,446 $976 Cash costs2 Met revised guidance range of $1,375 - $1,500 $233 $1,518 Sustaining mine exploration and development USD/oz Ki
Slide 9: Growing Cash and Strengthening Balance Sheet
Growing Cash and Strengthening Balance Sheet Cash Balance ($M) Total Liquidity ($M) 354 US$250M $354M Revolving Credit Facility Cash and Equivalents 266 188 $697M 168 Total Liquidity 123 83 48 51 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 9
Slide 10: Operations
Operations 10
Slide 11: A Strong Safety Culture
A Strong Safety Culture TRIFR Total recordable incident frequency rate 5.00 3.70 2.68 1.00 2022 2023 2024 2025 LTIFR Lost time incident frequency rate 0.76 0.76 0.10 0.00 2022 2023 2024 2025 11
Slide 12: Eagle River – Record 2025 Performance
Eagle River – Record 2025 Performance Q4 Production (koz) FY Production (koz) 113 Highest annual production in asset history 95 Highest ever quarterly and annual underground tonnage Significantly improved dilution controls Tested mill to 1,000 tpd in November 27 24 Successfully advanced key operatio
Slide 13: Eagle River – 2026 Guidance
Eagle River – 2026 Guidance Production Gold production (oz) 105,000 – 115,000 Grade (g/t) 13.0 – 14.0 Operating Costs & Expenses Depreciation and depletion ($M) $55 Corporate and general1 ($M) $15 Exploration and evaluation2 ($M) $15 Cash costs3,4 (US$/oz) $1,050 – 1,150 All-in sustaining costs3,4 (
Slide 14: Kiena – Met Revised 2025 Guidance
Kiena – Met Revised 2025 Guidance Q4 Production (koz) FY Production (koz) 77 73 Fourth quarter production was strongest of the year Grade reconciled well 23 23 Presqu’île contributed 2,500 ounces in Q4 Averaged over 1,100 tonnes per day throughput in December Q4 2024 Q4 2025 FY 2024 FY 2025 14
Slide 15: Increasing Operational Flexibility at Kiena
Increasing Operational Flexibility at Kiena New ramp Existing shaft 2 2 to surface to 930m depth 0m Presqu’île Exploration Level 11 3 (Presqu’île) 1 Level 33 Exploration 3 (Shawkey, Wish Area) Presqu’île Level 33 active mining area -500 m 3 1 Three active mining areas -1,000 m Level 109 Exploration
Slide 16: Kiena – 2026 Guidance
Kiena – 2026 Guidance Production Gold production (oz) 75,000 – 90,000 Grade (g/t) 8.0 – 9.5 Operating Costs & Expenses Depreciation and depletion ($M) $75 Corporate and general1 ($M) $15 Exploration and evaluation2 ($M) $15 Cash costs3,4 (US$/oz) $1,025 – 1,175 All-in sustaining costs3,4 (US$/oz) $1
Slide 17: Exploration
Exploration 17
Slide 18: Eagle River – 2025 Exploration Achievements
Eagle River – 2025 Exploration Achievements Doubled Confirmed Confirmed Completed Identified Prioritized Identified 6-Central to interpretation of up-plunge first phase of structural Angus Gold new targets 600 metres 300-Fold Zone extension of global model reinterpretation exploration data through I
Slide 19: Kiena – 2025 Exploration Achievements
Kiena – 2025 Exploration Achievements Identified Added Identified Discovered Identified Confirmed new footwall three lenses to potential new zone at structural new targets zone lens B Zone extension of Dubuisson reinterpretation through IP historic at Dubuisson surveys Shawkey mine 19
Slide 20: Eagle River Regional Programs are Ramping Up With Testing of Targets
Eagle River Regional Programs are Ramping Up With Testing of Targets Abbey Lake Size Potential < 10,000 oz 10,000 – 50,000 oz 50,000 – 100,000 oz >100,000 oz Mishi Magnacon Exploration Priority Tier 4 Tier 5 Feather River Tier 6 Dorset Exploration Program Cameron Lake Ground geophysics Iron Formatio
Slide 21: Kiena Regional Programs are Ramping Up With Testing of Targets
Kiena Regional Programs are Ramping Up With Testing of Targets Size Potential < 10,000 oz 10,000 – 50,000 oz 50,000 – 100,000 oz >100,000 oz Wesdome Exploration Priority Tier 4 Tier 5 Northwest Tier 6 134 Zone Landmarks Exploration Shaft Presqu’île Dubuisson Past Producing Shaft Kiena Deep Producing
Slide 22: 22
22
Slide 23: Appendix
Appendix 23
Slide 24: Eagle River – Q4 & FY 2025 Operating Highlights
Eagle River – Q4 & FY 2025 Operating Highlights Eagle River Operating Results Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Ore milled (tonnes) 77,240 60,358 28% 257,448 222,526 16% Head grade (g/t) 10.0 14.3 (30%) 14.1 13.7 3% Average mill recoveries (%) 96.3 96.5 (0%) 96.7 96.8 (0%) Gold produ
Slide 25: Kiena – Q4 & FY 2025 Operating Highlights
Kiena – Q4 & FY 2025 Operating Highlights Kiena Operating Results Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Ore milled (tonnes) 70,030 62,421 12% 219,166 216,755 1% Head grade (g/t) 10.2 11.5 (11)% 10.5 11.2 (7)% Average mill recoveries (%) 98.9 99.1 (0)% 98.8 98.9 (0)% Gold production (oz)
Slide 26: Consolidated Financial Highlights
Consolidated Financial Highlights In $000s, except per units and per share amounts FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Financial results Revenue2 914,325 287,875 230,284 208,548 187,618 558,184 182,611 146,852 127,799 100,922 Cash margin1 656,643 211,239 16
Slide 27: Operational Highlights
Operational Highlights FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Ore milled (tonnes) Eagle River 257,448 77,240 71,575 48,623 60,010 222,526 60,358 57,984 52,552 51,632 Kiena 219,166 70,030 50,147 50,299 48,690 216,755 62,421 51,321 57,669 45,344 Throughput 476,
Slide 28: Investor Relations
Investor Relations Raj Gill Senior Vice President, Corporate Development and Investor Relations Trish Moran Vice President, Investor Relations Corporate Office 220 Bay St, Suite 1200 Toronto, ON M5J 2W4 Phone: +1 (416) 360-3743 Email: invest@wesdome.com @Wesdome Gold Mines