Brixton Metals Corporation press release

Wesdome Reports Second Quarter 2025 Financial Results

2025-08-13

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Lead · Zinc · Antimony · Tellurium · Arsenic · Barium · Cadmium · Fluorite · Cobalt · Nickel · Canada

TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“ Wesdome ” or the “ Company ”) today announced its financial results for the three and six months ended June 30, 2025 (“ Q2 2025 ” and “ H1 2025 ”). Preliminary operating results for Q2 2025 were disclosed in the Company’s press release dated July 14, 2025 . Management will host a conference call tomorrow, August 14, 2025 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

Improving Safety Performance : Total Classified Incident Frequency Rate was 0.00 in Q2 2025 and 0.19 for H1 2025, a significant improvement from the 2024 average of 1.34. Production and costs : Consolidated gold production was 42,781 ounces; a 3% decrease compared to Q2 2024. Cost of sales per ounce sold decreased by 1% to US$932, while all-in sustaining costs (“AISC”) per ounce sold 1 increased 6% to US$1,528. The average realized price of gold sold in Q2 2025 was US$3,279 per ounce. Expanding margins : Gross profit increased by 146% year-over-year to $132.2 million and cash margin 1 grew by 96% to $149.4 million. Record quarterly net income : Net income increased to $82.7 million, or $0.55 earnings per share, a nearly threefold increase from Q2 2024. Record quarterly EBITDA 1 : EBITDA 1 increased by 104% to $138.4 million relative to the comparative quarter in 2024. Record net cash from operating activities and free cash flow 1 : Net cash from operating activities was $100.9 million, or $0.67 per share 3 , while free cash flow 1 was $52.9 million, or $0.35 per share. Record liquidity : As at June 30, 2025, liquidity stood at $530.0 million, including $187.6 million in cash and US$250.0 million of undrawn full capacity available under its recently upsized revolving credit facility, compared to liquidity of $273.1 million (including $123.1 million in cash) as at December 31, 2024. Amended and Restated Credit Agreement : On June 19, 2025, the Company amended and restated its credit agreement, extending the maturity of its secured revolving credit facility by three years to June 19, 2028, and upsizing it to US$250 million, with an option to increase the available credit by US$50 million through an accordion feature, for total availability of up to US$300 million. Completed acquisition of Angus Gold: The strategic addition of Angus Gold has quadrupled Eagle River’s land package. In total, exploration spending will increase by about $5 million in 2025 due to Angus.

Anthea Bath, President and Chief Executive Officer, commented: “Eagle River delivered a strong second quarter, despite a planned 18-day mill maintenance shutdown. Ongoing improvements in development and dilution control practices are continuing to result in stronger grades, while growing surface stockpiles are contributing to more consistent mill throughput.

“At Kiena, production slightly exceeded first-quarter levels, reflecting continuing equipment constraints and consequently limited access to stopes, as well as underperformance in one high-grade stope due to limited delineation. To improve reliability and production flexibility, efforts remain focused on developing additional mining horizons, with the completion of the second and third mining areas in the Presqu’île Zone and level 136 in Kiena Deep targeted before year-end. In addition, the team is actively resourcing open positions and building operational redundancy. Key initiatives include expanding the maintenance team and workshop infrastructure, introducing additional shifts, and improving short-interval control practices and spare parts management.

“Given performance to date and the expectation of stronger results in the second half of the year across our operations, we have updated our full-year outlook to reflect performance to date at both assets. At Eagle River, we are raising the upper end of our production guidance and lowering cost expectations. At Kiena, while the team is actively implementing measures to support second-half production and we continue to see improvements in mining execution, we have prudently updated our targets for production and unit costs. Updated cost guidance for 2025 also reflects strategic investments in additional technical studies and infrastructure, enabled by the strength of our balance sheet. For example, additional growth capital has been earmarked to enhance ventilation infrastructure linked to the Presqu’île exploration ramp and to accelerate development activities.

“Wesdome continues to strengthen its financial foundation, underpinned by higher gold prices, robust cash generation, and a debt‑free balance sheet. With liquidity now exceeding $500 million, Wesdome is in its strongest position in company history and is developing a capital framework that will balance growth with a disciplined capital return to shareholders.”

Consolidated Financial and Operating Highlights

| In 000s, except per unit and per share amounts | Q2 2025 | | Q2 2024 | | H1 2025 | | H1 2024 | | | | | | | | | | | | | Financial results | | | | | | | | | | Revenue 2 | 208,548 | | 127,799 | | 396,166 | | 228,721 | | | Cost of sales | 59,181 | | 51,560 | | 119,205 | | 105,858 | | | Gross profit | 132,172 | | 53,689 | | 235,546 | | 75,932 | | | Cash margin 1 | 149,367 | | 76,239 | | 276,961 | | 122,863 | | | EBITDA 1 | 138,399 | | 67,863 | | 257,758 | | 108,538 | | | Net income | 82,696 | | 29,135 | | 145,169 | | 39,843 | | | Earnings per share | 0.55 | | 0.19 | | 0.97 | | 0.27 | | | Adjusted net income 1 | 78,856 | | 29,135 | | 141,329 | | 39,843 | | | Adjusted net earnings per share 1 | 0.52 | | 0.19 | | 0.94 | | 0.27 | | | Net cash from operating activities | 100,920 | | 57,083 | | 181,076 | | 103,585 | | | Operating cash flow per share 3 | 0.67 | | 0.38 | | 1.21 | | 0.69 | | | Net cash (used in) from financing activities | (1,303 | ) | (29,330 | ) | 43 | | (39,499 | ) | | Net cash used in investing activities | (79,987 | ) | (25,308 | ) | (116,652 | ) | (54,760 | ) | | Free cash flow 1 | 52,924 | | 28,437 | | 100,428 | | 47,885 | | | Free cash flow per share 1 | 0.35 | | 0.19 | | 0.67 | | 0.32 | | | | | | | | | | | | | Average 1 USD → CAD exchange rates | 1.3841 | | 1.3684 | | 1.4095 | | 1.3586 | | | | | | | | | | | | | Operating results | | | | | | | | | | Gold produced (ounces) | 42,781 | | 44,035 | | 88,473 | | 77,357 | | | Gold sold (ounces) | 45,900 | | 40,000 | | 91,200 | | 75,700 | | | | | | | | | | | | | Per ounce of gold sold 1 | | | | | | | | | | Cost of sales 4 ($/oz) | 1,289 | | 1,289 | | 1,307 | | 1,398 | | | Cost of sales 4 (US$/oz) | 932 | | 942 | | 927 | | 1,029 | | | Cash costs 1 ($/oz) | 1,285 | | 1,286 | | 1,302 | | 1,395 | | | Cash costs 1 (US$/oz) | 929 | | 940 | | 924 | | 1,027 | | | AISC 1 ($/oz) | 2,115 | | 1,977 | | 2,038 | | 2,095 | | | AISC 1 (US$/oz) | 1,528 | | 1,445 | | 1,446 | | 1,542 | | | Average realized price 1 ($/oz) | 4,539 | | 3,192 | | 4,339 | | 3,018 | | | Average realized price 1 (US$/oz) | 3,279 | | 2,333 | | 3,078 | | 2,221 | | | | | | | | | | | | | Financial position | | | | | | | | | | Cash | 187,564 | | 50,697 | | 187,564 | | 50,697 | | | Working capital 5 | 199,273 | | 31,204 | | 199,273 | | 31,204 | | | Total assets | 932,996 | | 644,288 | | 932,996 | | 644,288 | | | Current liabilities | 71,166 | | 64,398 | | 71,166 | | 64,398 | | | Total liabilities | 197,577 | | 172,407 | | 197,577 | | 172,407 | |

Eagle River (Ontario, Canada)

Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground mine (producing since 1995) and a mineral processing facility with a permitted capacity of 1,200 tonnes per day.

Operational and Financial Results

| | Q2 2025 | | Q2 2024 | | H1 2025 | | H1 2024 | | | Eagle River Operating Results | | | | | | | | | | Ore milled (tonnes) | 48,623 | | 52,552 | | 108,633 | | 104,184 | | | Head grade (g/t) | 16.9 | | 11.8 | | 16.2 | | 13.6 | | | Average mill recoveries (%) | 96.7 | | 96.3 | | 96.5 | | 96.7 | | | Gold production (oz) | 25,612 | | 19,272 | | 54,611 | | 44,171 | | | Gold sold (ounces) | 27,000 | | 17,500 | | 54,700 | | 44,860 | | | | | | | | | | | | | Production costs per tonne milled 1 ($) | 598 | | 596 | | 597 | | 584 | | | | | | | | | | | | | Costs per oz sold ($/oz) | | | | | | | | | | Cash margin 1 | 3,332 | | 1,498 | | 3,083 | | 1,563 | | | Cost of sales | 1,211 | | 1,698 | | 1,272 | | 1,413 | | | Cash costs 1 | 1,207 | | 1,695 | | 1,268 | | 1,410 | | | All-in sustaining costs 1 | 1,929 | | 2,545 | | 1,924 | | 2,006 | | | | | | | | | | | | | Costs per oz sold (US$/oz) | | | | | | | | | | Cash margin 1 | 2,407 | | 1,094 | | 2,188 | | 1,151 | | | Cost of sales | 875 | | 1,241 | | 903 | | 1,040 | | | Cash costs 1 | 872 | | 1,239 | | 899 | | 1,038 | | | All-in sustaining costs 1 | 1,394 | | 1,860 | | 1,365 | | 1,477 | | | | | | | | | | | |

1. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.

| In 000s, except per unit and per share amounts | Q2 2025 | | Q2 2024 | | H1 2025 | | H1 2024 | | | Gold revenue from mining operation | 122,551 | | 55,875 | | 238,000 | | 133,370 | | | | | | | | | | | | | Cost of sales | | | | | | | | | | Mining | 16,439 | | 13,642 | | 33,091 | | 27,844 | | | Processing | 6,535 | | 5,827 | | 12,930 | | 11,100 | | | Site administration and camp costs | 12,087 | | 11,282 | | 24,121 | | 22,412 | | | Change in inventories | (4,627 | ) | (2,231 | ) | (5,141 | ) | (514 | ) | | Royalties | 2,265 | | 1,200 | | 4,595 | | 2,542 | | | | 32,699 | | 29,720 | | 69,596 | | 63,384 | | | Silver revenue | (114 | ) | (52 | ) | (255 | ) | (148 | ) | | Total cash costs | 32,585 | | 29,668 | | 69,341 | | 63,236 | | | | | | | | | | | | | Cost of sales per ounce of gold sold | 1,211 | | 1,698 | | 1,272 | | 1,413 | | | Cash cost per ounce of gold sold 1 | 1,207 | | 1,695 | | 1,268 | | 1,410 | | | | | | | | | | | | | Cash margin 1 | 89,966 | | 26,207 | | 168,659 | | 70,134 | | | | | | | | | | | | | All-in sustaining costs 1 | | | | | | | | | | Sustaining mine exploration and development | 8,850 | | 7,395 | | 16,417 | | 14,501 | | | Sustaining mine capital equipment | 6,676 | | 3,549 | | 11,710 | | 5,282 | | | Sustaining tailings management facility | 499 | | 190 | | 624 | | 374 | | | Corporate and general allocation | 3,240 | | 2,979 | | 6,563 | | 4,939 | | | Payment of lease liabilities | 233 | | 754 | | 569 | | 1,663 | | | | 52,083 | | 44,535 | | 105,224 | | 89,995 | | | All-in sustaining costs per ounce of gold 1 | 1,929 | | 2,545 | | 1,924 | | 2,006 | | | | | | | | | | | | | Cost of sales per tonne milled 1 | 673 | | 566 | | 641 | | 608 | | | Production costs per tonne milled 1 | 598 | | 596 | | 597 | | 584 | | | | | | | | | | | | | Total capital expenditures | 16,387 | | 11,134 | | 29,114 | | 20,157 | | | | | | | | | | | |

1. _Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.

_

Operating Highlights

During Q2 2025, Eagle River produced 25,612 ounces of gold as compared to 19,272 ounces in Q2 2024 primarily due to a 44% increase in average grade. As planned, during Q2 2025, a major portion of tonnes produced were from two zones: 300 and 720F.

In the first half of 2025, Eagle River has produced 54,611 ounces, a 24% increase over 44,171 ounces in the first half of 2024. The increase relative to the prior period reflects a 19% increase in average grade and a 4% increase in mill throughput, supported by reduced dilution, higher grade reconciliation and consistent tonnage yielding increased ounces from the 300 Zone. These results demonstrate continued progress in optimizing stope design, improving execution, and refining grade control.

Mill throughput of 48,623 tonnes was 7% lower than the second quarter of 2024, impacted by an 18-day planned shutdown in May and June 2025 for mill maintenance and parts replacement to support growth plans. Mill throughput of 108,633 tonnes during the first half of 2025 was 4% higher when compared to the same period in 2024 as initiatives to increase drilled and developed inventories started to deliver results. Daily throughput rose 5% year-over-year to 600 tonnes in the first half of 2025 up from 572 tonnes in the comparative period in 2024.

Q2 2025 production costs of $598 per tonne were largely unchanged compared to the comparative quarter in 2024 despite a planned maintenance shutdown, which resulted in a greater share of fixed costs spread over lower throughput. For the first six months of 2025, production costs per tonne increased by 2% to $597, reflecting similar factors.

Financial Highlights

In Q2 2025, Eagle River’s gold revenue increased by 119% to $122.6 million from $55.9 million in Q2 2024 due to a higher average realized price of gold sold and a 54% increase in ounces sold. During the first half of 2025, Eagle River’s gold revenue increased by 78% when compared to the same period in 2024 due to a higher average realized price of gold sold and a 22% increase in ounces sold.

Cost of sales in Q2 2025 was $32.7 million, an increase of 10% relative to the comparative period in 2024 primarily due to a $4.3 million increase in mine and mill operating costs and increased royalties mainly due to more ounces produced, partially offset by a change in inventory levels of $2.4 million. Cost of sales for the first half of 2025 totaled $69.6 million, a 10% increase compared to the same period in 2024. This was principally driven by an $8.8 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from greater gold production. The impact was partially offset by a $4.6 million change in inventory levels.

Cash costs per ounce of gold sold declined to $1,207 (US$872) in Q2 2025 from $1,695 (US$1,239) in Q2 2024 due to an increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,268 (US$899) in the first half of 2025 from $1,410 (US$1,038) in the comparative period in 2024 due to an increase in ounces sold.

In Q2 2025, AISC per ounce of gold sold decreased by 24% to $1,929 (US$1,394) as compared to Q2 2024, due to a 54% increase in ounces sold partially offset by 10% higher cash costs and 44% growth in sustaining capital expenditures. During the first half of 2025, AISC per ounce of gold sold decreased by 4% to $1,924 (US$1,365) as compared to the same period in 2024, due to a 22% increase in ounces sold partially offset by 10% higher cash costs and 43% growth in sustaining capital expenditures. In H2 2025, the rate of capital expenditures is expected to increase as Eagle River accelerates deferred development and new equipment is received.

Exploration Update

Drilling Continues to Delineate 300 Zone and Expand 6 Central Zone

Drill results at the 300-Fold Zone in the second quarter confirm the updated interpretation of a sub-parallel structure with mineralization plunging at a shallower angle than the main 300 Zone mineralization. Gaps in the interpreted mineralization wireframe will be targeted with infill drilling in the coming quarter.

In the 6 Central Zone, drilling continues to confirm the down-plunge continuity of mineralization, demonstrating similar thickness and grade. Located near existing infrastructure, the zone remains open at depth and provides the potential opportunity to establish another new high-grade mining front at intermediate depths.

Near Surface Opportunities for 720 Falcon

A combination of surface holes and underground holes were drilled to evaluate the lateral and up-plunge continuity of the 720 Falcon Zone mineralization. Logging of quartz veining in core at the target depths gives visual confirmation of the continuation of the host structure, with assays pending.

Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge

The year-end 2024 resource model identified growth opportunities at the Falcon 311 Zone, with mineralization open to the east, west, and down-plunge. Drilling during the quarter focused on evaluating the continuity of the mineralization to the east and down-plunge to the southeast in areas closer to existing development. Assays remain pending with further drilling planned to evaluate the continuity to the west and down-plunge to the southwest.

Global Model

Four underground rigs will be drilling global model targets between now and November, representing nearly 40,000 metres. These global model targets are advanced, a block model mixture of geologic potential with some locally inferred material. The drill program will enable category conversion of the target material. The global model drill results will contribute to the updated technical report, which has a new cut-off date of December 31, 2025.

Surface drilling at the Mishi deposit commenced in the second quarter with one rig, with a second rig scheduled to commence in September. The drill program has been designed to twin existing holes as part of a geological and structural review including evaluating continuity between mineralized zones and potential controls on deep mineralization beneath the existing open pit. Drilling at Mishi will contribute to the global model initiative, with the aim of evaluating potential to support the fill-the-mill strategy.

Surface Exploration

Falcon 720 drill core was prioritized in the second quarter and will remain a key focus, together with core and surface geochemical samples from the Birch Vein during the third quarter. Birch Vein is located approximately two kilometres northeast of the intrusive diorite that hosts the Eagle River Mine.

Surface drilling during the quarter also evaluated potential parallel structure between 6 zone and 2 zone in the Eagle River Mine intrusive diorite. Assays are expected in quarter three, where follow-up drilling may be executed after the Mishi-Magnacon drill programs.

Kiena ( Québec, Canada )

Kiena is a fully permitted integrated mining and milling operation located on a 75 km 2 land package in Val-d’Or, Québec. The site features a mill with a permitted capacity of 2,040 tonnes per day.

Operational and Financial Results

| | Q2 2025 | | Q2 2024 | | H1 2025 | | H1 2024 | | | Kiena Operating Results | | | | | | | | | | Ore milled (tonnes) | 50,299 | | 57,669 | | 98,989 | | 103,013 | | | Head grade (g/t) | 10.7 | | 13.5 | | 10.8 | | 10.1 | | | Average mill recoveries (%) | 98.8 | | 99.0 | | 98.8 | | 98.8 | | | Gold production (oz) | 17,169 | | 24,763 | | 33,862 | | 33,186 | | | Gold sold (oz) | 18,900 | | 22,500 | | 36,500 | | 30,840 | | | | | | | | | | | | | Production costs per tonne milled 1 ($) | 494 | | 391 | | 492 | | 424 | | | | | | | | | | | | | Costs per oz sold ($/oz) | | | | | | | | | | Cash margin 1 | 3,143 | | 2,224 | | 2,967 | | 1,710 | | | Cost of sales | 1,401 | | 971 | | 1,359 | | 1,377 | | | Cash costs 1 | 1,397 | | 967 | | 1,354 | | 1,374 | | | All-in sustaining costs 1 | 2,380 | | 1,536 | | 2,209 | | 2,223 | | | | | | | | | | | | | Costs per oz sold (US$/oz) | | | | | | | | | | Cash margin 1 | 2,271 | | 1,625 | | 2,105 | | 1,258 | | | Cost of sales | 1,012 | | 709 | | 964 | | 1,014 | | | Cash costs 1 | 1,009 | | 707 | | 961 | | 1,011 | | | All-in sustaining costs 1 | 1,720 | | 1,123 | | 1,567 | | 1,636 | | | | | | | | | | | |

1. Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.

| In 000s, except per unit and per share amounts | Q2 2025 | | Q2 2024 | | H1 2025 | | H1 2024 | | | Gold revenue from mining operation | 85,804 | | 71,798 | | 157,729 | | 95,091 | | | | | | | | | | | | | Cost of sales | | | | | | | | | | Mining | 15,628 | | 13,915 | | 30,794 | | 27,434 | | | Processing | 3,815 | | 3,873 | | 7,351 | | 7,242 | | | Site administration and camp costs | 5,426 | | 4,513 | | 10,673 | | 8,291 | | | Change in inventories | 1,612 | | (461 | ) | 791 | | (493 | ) | | | 26,481 | | 21,840 | | 49,609 | | 42,474 | | | Silver revenue | (79 | ) | (74 | ) | (181 | ) | (112 | ) | | Total cash costs | 26,402 | | 21,766 | | 49,428 | | 42,362 | | | | | | | | | | | | | Cost of sales per ounce of gold sold | 1,401 | | 971 | | 1,359 | | 1,377 | | | Cash cost per ounce of gold sold 1 | 1,397 | | 967 | | 1,354 | | 1,374 | | | | | | | | | | | | | Cash margin 1 | 59,402 | | 50,032 | | 108,301 | | 52,729 | | | | | | | | | | | | | All-in sustaining costs 1 | | | | | | | | | | Sustaining mine exploration and development | 6,191 | | 8,097 | | 13,548 | | 16,934 | | | Sustaining mine capital equipment | 8,896 | | 1,701 | | 10,266 | | 4,241 | | | Sustaining tailings management facility | 253 | | 21 | | 828 | | 92 | | | Corporate and general allocation | 3,240 | | 2,979 | | 6,563 | | 4,939 | | | | 44,982 | | 34,564 | | 80,633 | | 68,568 | | | All-in sustaining costs per ounce of gold 1 | 2,380 | | 1,536 | | 2,209 | | 2,223 | | | | | | | | | | | | | Cost of sales per tonne milled | 526 | | 379 | | 501 | | 412 | | | Production costs per tonne milled 1 | 494 | | 391 | | 492 | | 424 | | | | | | | | | | | | | Total capital expenditures | 31,520 | | 16,758 | | 51,108 | | 33,880 | | | | | | | | | | | |