Nouveau Monde Graphite Inc. press release

Wesdome Extends Reserve Life to 8 Years at Both Mines, Establishes Robust Free Cash Flow Profile, and Outlines Significant Organic Growth Pipeline

2026-06-25

TSX - Toronto Stock Exchange · Graphite · Canada · Resource Estimate

HIGHLIGHTS

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Proven and Probable Mineral Reserves Up 17% to a Record 1.4 Million Ounces (“Moz”):Proven and probable mineral reserves increased to 5.4 million tonnes (“Mt”) at 7.9 g/t for 1.4 Moz, led by 39% reserve growth at Eagle River, where the global model initiative converted near-mine tonnes at a US$1,800/oz gold price. This additional material improves mill utilization and extends mine life, while preserving flexibility to re-sequence the mine plan as higher-grade zones are delineated. Eagle River’s high-margin profile remains fully intact as it more than replaced high-grade tonne depletion, added mineral reserves and extended its mine life.

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Eight-Year Reserve Mine Life at Both Operations Through 2033: This is the first time in the Company's history that both assets are concurrently underpinned by 8-year reserve plans, providing the foundation for sustained production, disciplined capital allocation and ongoing reserve replacement.

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Production Profile Expected to Increase up to 230,000 Ounces by 2028:Consolidated production is underpinned by stable output from Eagle River and growing levels of production from Kiena. Consolidated all-in sustaining costs1are expected to remain broadly in line with 2026 guidance of US$1,525 - US$1,700/oz, with industry cost pressures expected to be largely offset by higher output and ongoing productivity initiatives.

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Over $1 Billion in Free Cash Flow1Over Three Years at US$4,000/oz Gold:The reserve-based plans demonstrate the strong cash-generating capacity of Wesdome's high-margin asset base, with resilient margins supporting growth initiatives and shareholder returns across a range of gold price environments.

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Dividend Initiated, Share Buyback Expanded:The initiation of a quarterly dividend and expansion of the Company's share buyback program, alongside a fully funded growth profile, reflects a disciplined capital allocation framework designed to balance reinvestment and capital returns.

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Inferred Mineral Resources Increased 87%, Expanding the Conversion Pipeline:Inferred mineral resources increased to 15.1 Mt at 2.5 g/t Au for a total of 1.2 Moz, led by a fourfold increase at Mishi. This provides an expanded base of inventory available for potential conversion to reserves.

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Significant Upside Potential Beyond Reserves: Opportunities not included in mineral reserves include productivity, execution and optimization initiatives at both operations, conversion of mineral resources to reserves; and systematic testing of a potential mineralization exploration target of 2.4 to 6.3 Moz2across both mines. These opportunities are expected to leverage existing infrastructure and provide multiple pathways to extend mine life and support potential future growth. The potential quantity of the exploration targets is conceptual in nature. There has been insufficient exploration to estimate and define a mineral resource, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Toronto, Ontario--(Newsfile Corp. - June 24, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") is pleased to announce the results of its updated mineral reserve and mineral resource ("MRMR") statement effective December 31, 2025 as well as the results of its upcoming independent technical reports (the "Technical Reports") for the Eagle River Mine ("Eagle River") and the Kiena Mine ("Kiena"), outlining an 8-year consolidated reserve mine life with robust upside potential. All amounts are expressed in Canadian dollars unless otherwise indicated.

The Technical Reports for both Eagle River and Kiena are being prepared in accordance with NI 43-101. The Technical Reports will be filed within the next 45 days on SEDAR+ at www.sedarplus.caand posted on the Company's website www.wesdome.com.

The Company will be hosting a conference call and webcast tomorrow, June 25, 2026 at 8:30 a.m. ET, to discuss its updated mineral reserves and mineral resources, Technical Report highlights and organic growth opportunities beyond the current mine plan.

Anthea Bath, President and Chief Executive Officer, stated, "Today marks a defining milestone in Wesdome's evolution. We have increased mineral reserves, extended mine life across the portfolio and established mine plans that support a growing production profile, stronger operating performance and significant free cash flow generation. Importantly, we have strengthened the foundation from which we can continue to grow the business for many years to come.

"At Eagle River, we have delivered on our strategy to transition the operation into a larger, more resilient and longer-life mining complex. By incorporating additional tonnes into the mine plan, we are better utilizing existing mill capacity, while continuing to advance the high-grade exploration opportunities that have always differentiated the asset. The results demonstrate success on both fronts. Wesdome replaced the high-grade component of its reserve base while adding incremental tonnes that are economic at a US$1,800/oz gold price, supporting a stronger and more durable production profile. At the same time, ongoing exploration continues to demonstrate continuity of high-grade structures, supporting our confidence in the potential to discover and convert additional high-grade resources, extend mine life and enhance the reserve plan over time. Just as importantly, we are beginning to unlock a broader regional opportunity, including at Mishi, where open pit inferred material increased fourfold and remain at an early stage of delineation. We believe this represents the next phase of long-term growth for Eagle River and provides a pathway to materially increasing the scale of the operation over time.

"At Kiena, we have established a high-grade reserve base averaging 8.7 grams per tonne and a mine plan that provides a strong, executable platform for growth. While the current plan delivers attractive economics and operational flexibility, management believes it represents only a portion of the asset's potential. Opportunities exist to improve productivity within Kiena Deep while systematically advancing additional mineralized zones closer to surface. Our exploration programs continue to demonstrate the scale and continuity of mineralization both at depth and across the broader property, reinforcing our confidence that Kiena can continue to grow production, extend mine life and create substantial value over the long term.

"A significant portion of the opportunity remains outside mineral reserves today. Through resource conversion, operational optimization, productivity initiatives and continued exploration success across both districts, we see multiple pathways to unlock additional value. Each of these opportunities leverages infrastructure that is already in place, allowing us to pursue growth in a disciplined and capital-efficient manner.

"We are building Wesdome into a high-margin Canadian gold producer with long-life assets, increasing production, expanding free cash flow1and a deep pipeline of organic growth opportunities. The Board's decision to initiate a quarterly dividend reflects our confidence in the durability of that cash flow by both investing in growth and returning capital to shareholders."

CONSOLIDATED THREE-YEAR OUTLOOK

| | 2026 | 2027 | 2028 | | Gold Production (ounces) | | | | | Eagle River | 105,000 - 115,000 | 100,000 - 120,000 | 100,000 - 120,000 | | Kiena | 75,000 - 90,000 | 85,000 - 100,000 | 85,000 - 110,000 | | Total Gold Production | 180,000 - 205,000 | 185,000 - 220,000 | 185,000 - 230,000 | | | | | | | All-in Sustaining Costs1 (US$/oz) | 1,525 - 1,700 | 1,600 - 1,750 | |

Gold Production: Consolidated gold production is expected to increase from 180,000 to 205,000 ounces in 2026 to 185,000 to 230,000 ounces in 2028, reflecting stable production at Eagle River and growing contribution from Kiena.

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At Eagle River, production is expected to be 100,000 to 120,000 ounces per year in 2027 and 2028, supported by increased mill utilization and a more consistent grade profile, with additional potential upside from material not included in the reserve-based mine plan.

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At Kiena, production is expected to increase to 85,000 to 110,000 ounces by 2028, supported by improved execution at Kiena Deep, greater flexibility across multiple mining levels including the Presqu'île Zone, which is expected to achieve commercial production in fall 2026.

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Margin Resilience: Consolidated all-in sustaining costs1per ounce of gold sold is expected to be US$1,600 - US$1,750 per ounce in 2027 and 2028, largely in line with 2026 guidance of US$1,525 - US$1,700 per ounce, inclusive of expected corporate G&A, capitalized sustaining exploration, study costs, and other corporate-level adjustments not included in the reserve-based site-level cost profiles presented in the Technical Reports.

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Capital Profile: As outlined in the Company's 2026 guidance, total capital costs are projected to be $205 million, comprising $45 million in growth capital at Eagle River and $50 million at Kiena. Looking ahead to 2027 and 2028, growth capital at Eagle River is expected to taper, while at Kiena, capital is expected to moderate from the elevated levels associated with Presqu'île, with future growth capital primarily directed toward advancing Dubuisson into production. Total exploration expenditures are expected to remain consistent with 2026 guidance of $55 million, inclusive of capitalized sustaining exploration and expensed exploration.

TECHNICAL REPORT HIGHLIGHTS

For additional information on annual production, unit cost, and capital cost estimates, please see the Technical Reports, which will be filed within 45 days of this press release and available on SEDAR+ at www.sedarplus.caand on the Company's website at www.wesdome.com.

| | Units | Eagle River | Kiena | | | | | | | Production | | | | | Mineral reserve mine life | years | 8 | 8 | | Ore processed | kt | 2,895 | 2,554 | | Grade processed | g/t | 7.3 | 8.7 | | Average recovery | % | 95.7 | 98.4 | | Gold production | koz | 647 | 700 | | | | | | | Operating and Capital Costs | | | | | Mining cost | $/t processed | $216 | $248 | | Processing cost | $/t processed | $87 | $51 | | Site administration cost | $/t processed | $112 | $91 | | | | | | | Capital Investments | | | | | Sustaining capital (excluding closure) | $M | $242 | $247 | | Growth capital | $M | $150 | $106 | | Total Capital Investment | $M | $392 | $353 |

Please refer to the Appendix for detailed annual plan summaries.

EAGLE RIVER

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Proven and probable mineral reserves at Eagle River increased 39% to 2.9 million tonnes at 7.3 grams per tonne ("g/t") for 676,000 ounces, adding approximately 1.7 million tonnes of reserve material and extending the reserve-based mine plan to 2033.

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The updated Eagle River mine plan supports a stable production profile of approximately 100,000 ounces per year through 2028, based on a planned ramp-up to just over 1,000 tonnes per day, equivalent to approximately 80% utilization of the permitted 1,200 tonnes per day mill capacity.

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The initial phase of the global model initiative materially expanded Eagle River's mineral reserve base by adding incremental tonnes near existing development at a gold price of US$1,800 per ounce. While these additions reduced the overall average reserve grade relative to year-end 2024, the added tonnes are expected to improve mill utilization, extend mine life and support strong margins through lower incremental costs and fixed-cost leverage, with flexibility to re-sequence as higher-grade zones are further delineated.

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In order to support higher throughput levels, planned development rates are expected to increase materially over the life-of-mine plan, supporting a higher number of active mining fronts, improved face availability and greater flexibility in mine sequencing.

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The updated mine plan is expected to facilitate continued productivity and cost improvements, including through material handling improvements, larger trucks, contractor-to-owner conversion, mechanization and processing improvements to support reliable operation at higher throughput rates.

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Additional upside not included in mineral reserves includes ongoing productivity and execution improvements, remnant and opportunistic non-reserve material, continued mineral resource conversion, and testing of identified exploration targets across near-mine extensions, including high-grade corridors, Mishi-Magnacon, Cameron Lake, Abbey Lake and other prospective targets._See Exploration Targets._

KIENA

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Proven and probable mineral reserves at Kiena totaled 2.6 million tonnes at 8.7 g/t for 711,000 ounces gold at year-end 2025, consistent with mineral reserves at year-end 2024, with increased tonnes at Dubuisson offsetting depletion.

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The updated Kiena mine plan provides a more reliable and executable reserve-based foundation through a fully integrated mine plan incorporating updated geology, mine design, geotechnical inputs, operating assumptions and cost estimates.

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The feasibility level technical report reflects a higher-confidence mining method and design basis relative to the previous 2021 pre-feasibility study, including detailed geotechnical analysis, redefined design parameters across all zones, crown pillar assessment and hydrogeological review.

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Kiena's cost structure has been rebased to reflect current operating conditions, engineering design and productivity assumptions, replacing legacy benchmark assumptions with a bottom-up cost build across mining, processing and site G&A.

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The inclusion of Presqu'île and Dubuisson improves mine plan flexibility by expanding production beyond Kiena Deep into shallower mining areas, linking new zones to existing infrastructure and supporting a more diversified multi-zone operating approach.

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Dubuisson has been advanced as a new shallow mining area, with probable mineral reserves increasing to 285,000 tonnes at 6.37 g/t for 58,000 ounces gold at year-end 2025 at a cut-off grade of 4.6 g/t. Additional mineralization at lower cut-off grades highlights the potential to evaluate alternative mining scenarios, including lower-cost bulk mining methods and processing through the existing Kiena mill or other regional milling options.

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The updated reserve-based plan supports a stable production profile to 2033, while preserving meaningful upside through improved operating execution, continued resource conversion and additional near-mine and depth extension targets.

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As identified in the opportunities section of the Technical Report, Kiena may have the potential to support higher production levels than those contemplated in the reserve-based mine plan. With available mill and hoisting capacity, existing underground infrastructure, the addition of a new portal, and opportunities to increase mining fronts, equipment utilization, and overall productivity, management believes gold production could be increased by 10 to 15% over time. These opportunities were not evaluated as part of the Technical Report and are not incorporated into the mineral reserve estimate, reserve-based mine plan, or economic analysis presented in the Technical Report.

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Kiena has a three-to-five-year exploration target, which is not included in mineral reserves. Kiena Deep, Presqu'île, Dubuisson, the VC Zone, and the B Zone remain open along strike and down-plunge, with further drilling required to determine the extent of mineralization. Dubuisson East and broader regional opportunities represent potential additional upside. See section titled Exploration Targets.

MINERAL RESERVE ESTIMATE (AS AT DECEMBER 31, 2025)

| Mineral Reserve Summary | As at December 31, 2025 | As at December 31, 2024 | | | | | | Tonnes (000s) | Grade (g/t Au) | Ounces (000s) | Tonnes (000s) | Grade (g/t Au) | Ounces (000s) | | | Eagle River | | | | | | | | Proven | 296 | 12.9 | 123 | 433 | 15.6 | 217 | | Probable | 2,596 | 6.6 | 553 | 794 | 10.4 | 265 | | Stockpile and inventory (proven) | 3 | 5.3 | 1 | 8 | 17.8 | 5 | | Proven & Probable Reserves | 2,895 | 7.3 | 676 | 1,235 | 12.3 | 487 | | | | | | | | | | Kiena | | | | | | | | Proven | 463 | 9.6 | 143 | 305 | 11.0 | 107 | | Probable | 2,090 | 8.5 | 568 | 2,076 | 8.9 | 592 | | Stockpile and inventory (proven) | - | - | - | 10 | 5.6 | 2 | | Proven & Probable Reserves | 2,553 | 8.7 | 711 | 2,391 | 9.1 | 701 | | | | | | | | | | Wesdome | | | | | | | | Proven | 760 | 10.9 | 266 | 738 | 13.7 | 324 | | Probable | 4,686 | 7.4 | 1,121 | 2,870 | 9.3 | 857 | | Stockpile and inventory (proven) | 3 | 5.3 | 1 | 18 | 10.9 | 6 | | Proven & Probable Reserves | 5,448 | 7.9 | 1,387 | 3,626 | 10.2 | 1,188 |

Notes to Mineral Reserve Statement

Eagle River

1.

Mineral reserves are in addition to the mineral resources in the Eagle River Mine, with an effective date of December 31, 2025.

2.

Mineral reserves were developed in accordance with the "CIM Definition Standards for Mineral Resources & Mineral Reserves" (May 10, 2014) and the "CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines" (November 29, 2019), using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. Mineral reserves are based on estimates of long-term gold prices of US$1,800/oz, and a US dollar exchange rate of US$1.00 = $1.35.

3.

Mining cut-off for reserves has been derived from current operating cost performance, incorporating historical mine operating data and expected changes in production rates and cost assumptions consistent with the Life-of-Mine plan.

4.

Underground Eagle River mineral reserves are reported at a mill head cut-off grade of 6.2 g/t Au, with an incremental cut-off grade of 3.0 g/t Au. Cut-off grades are based on a gold price of US$1,800/oz, a process recovery of 97.7%, and operating cost assumptions of $162.82/t mined, $75.12/t processed, and $112.42/t for general and administrative costs. Costs to sustain the operation of $113.50/t have been included in the cut-off grade determination.

5.

Mineral reserves are the economic portion of the measured and indicated mineral resources. Mineral reserve estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods.

6.

The reference point of the mineral reserves in the Eagle River Mine mill head.

7.

The qualified person for the Eagle River Mine mineral reserve estimate is Benny Zhang, PEng, SRK Consulting (Canada) Inc. employee.

8.

Rounding may result in apparent summation differences between tonnes, grade and contained metal.

Kiena

1.

The Qualified Person responsible for the mineral reserve estimate is Eric Lecomte, P.Eng. of Norda Stelo Inc. The effective date of the mineral reserve estimate is December 31, 2025. Mineral reserves have been estimated in accordance with the "CIM Definition Standards for Mineral Resources and Mineral Reserves" adopted by the CIM Council and incorporated by reference into NI 43-101.

2.

Mineral reserves are estimated from measured and indicated mineral resources that have demonstrated economic viability.

3.

Mineral reserves were estimated using a gold price of US$1,800/oz, an exchange rate of US$1.00 = $1.35, and refining costs of US$5.65/oz. The reserve estimate incorporates modifying factors including mine design, mine planning, mine scheduling, operating costs, metallurgical recovery, mining recovery, planned dilution, backfill dilution, geotechnical constraints, and economic considerations.

4.

Mineral reserves were estimated assuming longitudinal longhole stoping with paste backfill in the Kiena Deep, Presqu'île, and Dubuisson zones. Mineral reserves include planned internal and external dilution as well as mining recovery factors consistent with the selected mining method. Mining recovery factors applied to production stopes range from 87% to 92% depending on mining zone, lithology and stope geometry. Sill pillar stopes were assigned a recovery factor of 80%.