Nouveau Monde Graphite Inc. press release
Wesdome Reports Strong Third Quarter 2025 Financial Results
TSX - Toronto Stock Exchange · Graphite · Canada
New quarterly records for net income, EBITDA, net cash from operating activities and free cash flow 1
TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“ Wesdome ” or the “ Company ”) today announced its financial results for the three and nine months ended September 30, 2025 (“ Q3 2025 ” and “ YTD 2025 ”). Preliminary operating results for Q3 2025 were disclosed in the Company’s press release dated October 21, 2025 . Management will host a conference call tomorrow, November 5, 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 (“ TCIFR ”), a key safety performance indicator, was 0.72 in Q3 2025, marking a significant improvement from 1.62 in Q3 2024. TCIFR was 0.00 and 0.40 for Q2 2025 and Q1 2025, respectively. Production and costs : Consolidated gold production was 50,465 ounces; a 12% increase compared to Q3 2024 and a quarterly record for the Company. Cost of sales per ounce of gold sold increased by 6% to US$947, while all-in sustaining costs (“AISC”) per ounce of gold sold 1 increased by 1% to US$1,419. The average realized price of gold sold in Q3 2025 was US$3,523 per ounce. Expanding margins : Gross profit increased by 112% year-over-year to $149.0 million and operating cash margin 1 grew by 78% to $168.4 million. Record quarterly net income : Net income more than doubled to $86.9 million, or $0.58 earnings per share (basic), compared to Q3 2024. Record quarterly EBITDA 1 : EBITDA 1 increased by 77% to $149.6 million relative to Q3 2024. Record net cash from operating activities and free cash flow 1 : Net cash from operating activities was $118.2 million, or $0.78 per share 3 , while free cash flow 1 was $79.0 million, or $0.52 per share. Record liquidity : As at September 30, 2025, liquidity stood at $615.0 million, including $265.9 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.
Normal course issuer bid (“NCIB”) : Subsequent to the end of the quarter, the Company received approval from the Toronto Stock Exchange to buy back up to 3,013,315 of Wesdome’s common shares, representing approximately 2% of its current public float, pursuant to an NCIB in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months.
Anthea Bath, President and Chief Executive Officer commented: “In the third quarter, we achieved multiple operating and financial records, significant margin expansion, and a 34% free cash flow margin. With the current gold price providing a strong tailwind, we are well positioned this year to continue capturing margin, achieve the mid to upper end of revised consolidated guidance, and deliver one of the strongest free cash flow yields in the gold sector.
“Eagle River delivered another outstanding quarter, surpassing expectations and setting records across several metrics, reflecting higher grades, improved dilution control, and stronger operating practices. Eagle River is on track to deliver production at the high end of its 2025 guidance, which was previously revised upwards in August.
“Kiena is on the cusp of demonstrating improved operational flexibility as it transitions from one mining horizon to three in the fourth quarter. While we have seen a gradual strengthening of Kiena’s performance in the last three months, including more than 9,500 ounces produced in October, we are adjusting Kiena’s production and cost guidance to reflect a more prudent risk assessment for the balance of the year given inconsistent execution and operational challenges year-to-date. Fourth quarter production will be primarily driven by ore from high-grade Kiena Deep, supplemented by Presqu’île and 136-level.”
Consolidated Financial and Operating Highlights
| In 000s, except per units and per share amounts | Q3 2025 | | Q3 2024 | | YTD 2025 | | YTD 2024 | | | | | | | | | | | | | Financial results | | | | | | | | | | Revenues 2 | 230,284 | | 146,852 | | 626,450 | | 375,573 | | | Cost of sales | 61,841 | | 52,217 | | 181,046 | | 158,075 | | | Gross profit | 149,005 | | 70,340 | | 384,551 | | 146,272 | | | Operating cash margin 1 | 168,443 | | 94,635 | | 445,404 | | 217,498 | | | EBITDA 1 | 149,554 | | 84,600 | | 407,312 | | 193,138 | | | Net income | 86,923 | | 38,999 | | 232,092 | | 78,842 | | | Earnings per share | 0.58 | | 0.26 | | 1.54 | | 0.53 | | | Adjusted net income 1 | 86,923 | | 39,196 | | 228,252 | | 79,039 | | | Adjusted net earnings per share 1 | 0.58 | | 0.26 | | 1.52 | | 0.53 | | | Net cash from operating activities | 118,213 | | 60,976 | | 299,289 | | 164,561 | | | Operating cash flow per share 3 | 0.78 | | 0.41 | | 1.99 | | 1.10 | | | Net cash (used in) from financing activities | (445 | ) | 449 | | (402 | ) | (39,050 | ) | | Net cash used in investing activities | (39,439 | ) | (29,607 | ) | (156,091 | ) | (84,367 | ) | | Free cash flow 1 | 78,964 | | 30,838 | | 179,392 | | 78,723 | | | Free cash flow per share 1 | 0.52 | | 0.21 | | 1.19 | | 0.53 | | | | | | | | | | | | | Average USD/CAD exchange rates | 1.3775 | | 1.3637 | | 1.3989 | | 1.3603 | | | | | | | | | | | | | Operating results | | | | | | | | | | Gold produced (ounces) | 50,465 | | 45,109 | | 138,938 | | 122,466 | | | Gold sold (ounces) | 47,400 | | 42,900 | | 138,600 | | 118,600 | | | | | | | | | | | | | Per ounce of gold sold 1 | | | | | | | | | | Cost of sales 4 ($/oz) | 1,305 | | 1,217 | | 1,306 | | 1,333 | | | Cost of sales 4 (US$/oz) | 947 | | 893 | | 934 | | 980 | | | Cash costs 1 ($/oz) | 1,300 | | 1,214 | | 1,301 | | 1,329 | | | Cash costs 1 (US$/oz) | 944 | | 890 | | 930 | | 977 | | | AISC 1 ($/oz) | 1,954 | | 1,920 | | 2,009 | | 2,032 | | | AISC 1 (US$/oz) | 1,419 | | 1,408 | | 1,436 | | 1,493 | | | Average realized price 1 ($/oz) | 4,853 | | 3,420 | | 4,515 | | 3,163 | | | Average realized price 1 (US$/oz) | 3,523 | | 2,508 | | 3,228 | | 2,325 | | | | | | | | | | | | | Financial position | | | | | | | | | | Cash | 265,893 | | 82,515 | | 265,893 | | 82,515 | | | Working capital 5 | 274,495 | | 69,413 | | 274,495 | | 69,413 | | | Total assets | 1,035,161 | | 684,736 | | 1,035,161 | | 684,736 | | | Current liabilities | 72,371 | | 61,062 | | 72,371 | | 61,062 | | | Total liabilities | 204,849 | | 171,331 | | 204,849 | | 171,331 | | | | | | | | | | | |
Eagle River (Ontario, Canada)
Eagle River, which is located 50 kilometres due west of Wawa, Ontario, consists of the Eagle River underground mine and a mineral processing facility with a permitted capacity of 1,200 tonnes per day.
Operating and Financial Results
| | Q3 2025 | Q3 2024 | | YTD 2025 | YTD 2024 | | | | | | | | | | | Eagle River Operating Results | | | | | | | | Ore milled (tonnes) | 71,575 | 57,984 | | 180,208 | 162,168 | | | Head grade (g/t) | 15.3 | 13.1 | | 15.9 | 13.4 | | | Average mill recoveries (%) | 97.3 | 97.0 | | 96.8 | 96.8 | | | Gold production (oz) | 34,296 | 23,688 | | 88,907 | 67,859 | | | Gold sold (ounces) | 32,700 | 21,340 | | 87,400 | 66,200 | | | | | | | | | | | Production costs per tonne milled 1 ($) | 509 | 545 | | 562 | 570 | | | | | | | | | | | Costs per oz of gold sold ($/oz) | | | | | | | | Operating cash margin 1 | 3,673 | 2,000 | | 3,304 | 1,704 | | | Cost of sales | 1,181 | 1,452 | | 1,238 | 1,425 | | | Cash costs 1 | 1,176 | 1,449 | | 1,233 | 1,422 | | | All-in sustaining costs 1 | 1,657 | 2,318 | | 1,824 | 2,107 | | | | | | | | | | | Costs per oz of gold sold (US$/oz) | | | | | | | | Operating cash margin 1 | 2,666 | 1,467 | | 2,362 | 1,253 | | | Cost of sales | 857 | 1,065 | | 885 | 1,048 | | | Cash costs 1 | 853 | 1,062 | | 882 | 1,046 | | | All-in sustaining costs 1 | 1,203 | 1,700 | | 1,304 | 1,549 | | | | | | | | | |
| In 000s, except per unit and per share amounts | Q3 2025 | | Q3 2024 | | YTD 2025 | | YTD 2024 | | | | | | | | | | | | | Gold revenue from mining operation | 158,539 | | 73,600 | | 396,540 | | 206,970 | | | | | | | | | | | | | Cost of sales | | | | | | | | | | Mining | 16,242 | | 13,456 | | 49,333 | | 41,301 | | | Processing | 6,334 | | 5,166 | | 19,264 | | 16,266 | | | Site administration and camp costs | 12,922 | | 10,942 | | 37,043 | | 33,354 | | | Change in inventories | (71 | ) | (156 | ) | (5,212 | ) | (671 | ) | | Royalties | 3,185 | | 1,570 | | 7,780 | | 4,112 | | | | 38,612 | | 30,978 | | 108,208 | | 94,362 | | | Silver revenue | (170 | ) | (63 | ) | (425 | ) | (211 | ) | | Total cash costs | 38,442 | | 30,915 | | 107,783 | | 94,151 | | | | | | | | | | | | | Cost of sales per ounce of gold sold | 1,181 | | 1,452 | | 1,238 | | 1,425 | | | Cash cost per ounce of gold sold 1 | 1,176 | | 1,449 | | 1,233 | | 1,422 | | | | | | | | | | | | | Operating cash margin 1 | 120,097 | | 42,685 | | 288,757 | | 112,819 | | | | | | | | | | | | | All-in sustaining costs 1 | | | | | | | | | | Sustaining mine exploration and development | 8,370 | | 6,613 | | 24,787 | | 21,115 | | | Sustaining mine capital equipment | 3,360 | | 4,292 | | 15,071 | | 9,574 | | | Sustaining tailings management facility | 469 | | 4,027 | | 1,093 | | 4,401 | | | Corporate and general allocation | 3,435 | | 3,013 | | 9,998 | | 7,952 | | | Payment of lease liabilities | 107 | | 615 | | 676 | | 2,278 | | | | 54,183 | | 49,475 | | 159,408 | | 139,471 | | | | | | | | | | | | | All-in sustaining costs per ounce of gold 1 | 1,657 | | 2,318 | | 1,824 | | 2,107 | | | | | | | | | | | | | Cost of sales per tonne milled 1 | 539 | | 534 | | 600 | | 582 | | | Production costs per tonne milled 1 | 509 | | 545 | | 562 | | 570 | | | | | | | | | | | | | Total capital expenditures | 12,836 | | 14,932 | | 41,950 | | 35,090 | | | | | | | | | | | |
_ Operating Highlights _
During Q3 2025, Eagle River produced 34,296 ounces of gold as compared to 23,688 ounces in Q3 2024 primarily due to a 17% increase in average grade. As planned, a major portion of tonnes produced during the quarter were from two zones: 300 and 720 Falcon.
In the first three quarters of 2025, Eagle River produced 88,907 ounces, a 31% increase over the 67,859 ounces produced in the first three quarters of 2024. The increase relative to the prior period reflects an 18% increase in average grade and an 11% increase in mill throughput, primarily influenced by mine sequence and improved operational performance, enhanced by a meaningful reduction in dilution, and positive reconciliation on specific stoping blocks in the 300 Zone. These results demonstrate continued advancements made in optimizing stope design, improving execution, and refining grade control.
Mill throughput of 71,575 tonnes was 23% higher than the third quarter of 2024. Tonnage rates increased during the quarter, benefiting from recent mill upgrades. Mill throughput of 180,208 tonnes during the first three quarters of 2025 was 11% higher when compared to the same period in 2024 as a result of improved mill utilization.
Q3 2025 production costs of $509 per tonne were 7% lower than the third quarter of 2024, primarily driven by higher throughput and cost saving initiatives. For the first nine months of 2025, production costs per tonne decreased by 2% to $562, reflecting similar factors.
Financial Highlights
In Q3 2025, Eagle River’s gold revenue increased by 115% to $158.5 million from $73.6 million in Q3 2024 due to a higher average realized price of gold sold and a 53% increase in ounces sold. During the first three quarters of 2025, Eagle River’s gold revenue increased by 92% when compared to the same period in 2024 due to a higher average realized price of gold sold and a 32% increase in ounces sold.
Cost of sales in Q3 2025 were $38.6 million, an increase of 25% relative to the comparative period in 2024 primarily due to a $5.9 million increase in mine and mill operating costs and increased royalties mainly due to more tonnes processed and ounces produced. Cost of sales for the first three quarters of 2025 totaled $108.2 million, a 15% increase compared to the same period in 2024. This was principally driven by a $14.7 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from increased gold production. The impact was partially offset by a $4.5 million change in inventory levels.
Cash costs per ounce of gold sold declined to $1,176 (US$853) in Q3 2025 from $1,449 (US$1,062) in Q3 2024 primarily due to the increase in ounces sold. Similarly, cash costs per ounce of gold sold decreased to $1,233 (US$882) in the first three quarters of 2025 from $1,422 (US$1,046) in the comparative period in 2024 due primarily to the increase in ounces sold.
In Q3 2025, AISC per ounce of gold sold decreased by 29% to $1,657 (US$1,203) as compared to Q3 2024, due to a 53% increase in ounces sold and an 18% decrease in sustaining capital expenditures, partially offset by a 24% increase in total cash costs due to higher gold ounces sold. During the first three quarters of 2025, AISC per ounce of gold sold decreased by 13% to $1,824 (US$1,304) as compared to the same period in 2024, due to a 32% increase in ounces sold partially offset by 14% higher total cash costs and 17% growth in sustaining capital expenditures due to increased spending on mine infrastructure. Eagle River’s capital expenditures have steadily increased during the first three quarters of 2025 and are expected to rise in Q4 2025 with increased deferred development and the arrival of new equipment.
Exploration Update
Drilling Continues to Expand 6 Central Zone
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 and underground holes were drilled during the quarter to evaluate the lateral and up-plunge continuity of the 720 Falcon Zone mineralization. Initial results were positive, with further assays pending. Follow-up holes are planned for the fourth quarter.
Drilling in Falcon 311 Targeting Growth Along Strike and Down-Plunge
Drilling during the quarter focused on evaluating the continuity of mineralization to the west and down-plunge to the southwest. Assays remain pending, but preliminary results confirm the continuation of the mineralized domain.
Global Model
Four underground rigs commenced drilling global model targets in the third quarter. These targets are a mixture of predominantly geologic potential material and are well advanced. The drill program has been designed to facilitate conversion of the target material, with a total of 32 targets defined to date. Of the 32 targets, drilling has been completed on six, with a further fourteen in progress, and twelve remaining to be drilled in early 2026. Approximately 45% of the drill metres required for the first 20 targets have been completed, with the remaining drilling planned for the fourth quarter. Approximately 60% of the total targets are expected to be included in Eagle River’s 2026 NI 43-101 technical report, which will have a drilling cutoff date of December 31, 2025. The remaining targets will be drilled in 2026.
Surface Exploration
Along with testing the up-plunge extension of 720 Falcon, surface drilling during the quarter evaluated a potential parallel structure between 6 Zone and 2 Zone in the Eagle River mine intrusive diorite. Follow-up drilling is planned for early 2026.
Two rigs are currently active, one at the Mishi and one at the Magnacon deposits, twinning historic holes and testing geologic and structural concepts as part of a geological and structural review. At Mishi, holes were also designed to evaluate potential deep, higher-grade mineralization beneath existing open pit designs. At Magnacon, holes were designed to confirm the accuracy of historic underground development designs and evaluate the continuation of underground mineralization. Resource reviews and updates for the Mishi deposit are expected at year end.
On the former Angus Gold Inc. (“Angus”) mineral exploration claim areas, resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third quarter. Geotechnical holes are planned for completion in the fourth quarter, along with Leachwell bottle roll tests on select mineralized samples. Multi-element information from portable XRF analysis is in progress, designed to aid in the definition of geologic units and styles of alteration and mineralization.
Helicopter supported drilling continued at the Cameron Lake Iron Formation, advancing the evaluation of a potential large tonnage, lower grade deposit.
Kiena (Quebec, Canada)
Kiena is a fully permitted integrated mining and milling operation located on a 75 km 2 land package in Val-d’Or, Quebec. The site features a mill with a permitted capacity of 2,040 tonnes per day.
Operating and Financial Results
| | Q3 2025 | Q3 2024 | | YTD 2025 | YTD 2024 | | | | | | | | | | | Kiena Operating Results | | | | | | | | Ore milled (tonnes) | 50,147 | 51,321 | | 149,136 | 154,334 | | | Head grade (g/t) | 10.2 | 13.1 | | 10.6 | 11.1 | | | Average mill recoveries (%) | 98.7 | 99.0 | | 98.8 | 98.9 | | | Gold production (oz) | 16,169 | 21,421 | | 50,031 | 54,607 | | | Gold sold (oz) | 14,700 | 21,560 | | 51,200 | 52,400 | | | | | | | | | | | Production costs per tonne milled 1 ($) | 506 | 426 | | 496 | 424 | | | | | | | | | | | Costs per oz of gold sold ($/oz) | | | | | | | | Operating cash margin 1 | 3,289 | 2,410 | | 3,060 | 1,998 | | | Cost of sales | 1,580 | 985 | | 1,423 | 1,216 | | | Cash costs 1 | 1,576 | 981 | | 1,418 | 1,212 | | | All-in sustaining costs 1 | 2,615 | 1,526 | | 2,326 | 1,937 | | | | | | | | | | | Costs per oz of gold sold (US$/oz) | | | | | | | | Operating cash margin 1 | 2,387 | 1,767 | | 2,187 | 1,469 | | | Cost of sales | 1,147 | 722 | | 1,017 | 894 | | | Cash costs 1 | 1,144 | 719 | | 1,014 | 891 | | | All-in sustaining costs 1 | 1,899 | 1,119 | | 1,663 | 1,424 | | | | | | | | | |
| In 000s, except per unit and per share amounts | Q3 2025 | | Q3 2024 | | YTD 2025 | | YTD 2024 | | | | | | | | | | | | | Gold revenue from mining operation | 71,512 | | 73,099 | | 229,242 | | 168,190 | | | | | | | | | | | | | Cost of sales | | | | | | | | | | Mining | 16,140 | | 13,634 | | 46,932 | | 41,067 | | | Processing | 3,686 | | 3,645 | | 11,037 | | 10,888 | | | Site administration and camp costs | 5,766 | | 4,360 | | 16,439 | | 12,651 | | | Change in inventories | (2,362 | ) | (400 | ) | (1,571 | ) | (893 | ) | | | 23,230 | | 21,239 | | 72,837 | | 63,713 | | | Silver revenue | (64 | ) | (90 | ) | (245 | ) | (202 | ) | | Total cash costs | 23,166 | | 21,149 | | 72,592 | | 63,511 | | | | | | | | | | | | | Cost of sales per ounce of gold sold | 1,580 | | 985 | | 1,423 | | 1,216 | | | Cash cost per ounce of gold sold 1 | 1,576 | | 981 | | 1,418 | | 1,212 | | | | | | | | | | | | | Operating cash margin 1 | 48,346 | | 51,950 | | 156,650 | | 104,679 | | | | | | | | | | | | | All-in sustaining costs 1 | | | | | | | | | | Sustaining mine exploration and development | 7,052 | | 6,804 | | 20,600 | | 23,739 | | | Sustaining mine capital equipment | 3,294 | | 1,721 | | 13,559 | | 5,964 | | | Sustaining tailings management facility | 1,498 | | 220 | | 2,326 | | 312 | | | Corporate and general allocation | 3,435 | | 3,013 | | 9,998 | | 7,952 | | | | 38,445 | | 32,907 | | 119,075 | | 101,478 | | | | | | | | | | | | | All-in sustaining costs per ounce of gold 1 | 2,615 | | 1,526 | | 2,326 | | 1,937 | | | | | | | | | | | | | Cost of sales per tonne milled | 463 | | 414 | | 488 | | 413 | | | Production costs per tonne milled 1 | 506 | | 426 | | 496 | | 424 | | | | | | | | | | | | | Capital expenditures | 26,306 | | 14,590 | | 77,414 | | 48,469 | | | | | | | | | | | |