Nouveau Monde Graphite Inc. press release

Wesdome Reports Record 2025 Financial Results and Strengthened Balance Sheet

2026-03-11

TSXV - TSX Venture Exchange · Graphite · Canada · Corporate Finance

Wesdome Reports Record 2025 Financial Results and Strengthened Balance Sheet

Operational improvements and expanded exploration programs expected to unlock value in 2026

Toronto, Ontario--(Newsfile Corp. - March 11, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX: WDOFF) ("Wesdome" or the "Company") today announced its financial results for the three and twelve months ended December 31, 2025 ("Q4 2025" and "FY 2025"). Preliminary operating results for Q4 2025 were disclosed in the Company's press release dated January 20, 2026. Management will host a webcast tomorrow, March 12, 2026 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.

FY 2025 Highlights

Improving safety performance: Total Recordable Incident Frequency Rate, a key safety performance indicator, was 1.02 in Q4 2025 and 1.00 for 2025, marking a significant improvement from 3.23 in Q4 2024 and 2.68 for 2024.

Production and costs: Consolidated gold production for the fourth quarter was 46,638 ounces, a 6% decrease compared to Q4 2024, while 2025 production was 185,576 ounces, 8% higher than 2024. Q4 2025 cash costs per ounce of gold sold1 increased by 30% and all-in sustaining costs ("AISC") per ounce of gold sold1 increased by 27%. FY 2025 cash costs per ounce of gold1 sold increased by 4% to US$976, while AISC per ounce of gold sold1 was US$1,518, 4% higher than 2024.

Record revenues: Consolidated Q4 2025 revenue increased by 58% to $288 million compared to Q4 2024, and full-year revenue of $914 million increased by 64% compared to 2024. The average realized price of gold sold was US$4,169 per ounce in Q4 2025 and US$3,475 per ounce for 2025.

Expanding margins: Gross profit increased by 93% year-over-year in Q4 2025 to $185 million and operating cash margin1 grew by 69% to $211 million. Full-year gross profit more than doubled year-over-year to $569 million and operating cash margin1 grew by 92% to $657 million.

Record net income: Q4 2025 net income more than doubled to $117 million, or $0.78 earnings per share (basic), compared to Q4 2024. Full-year net income increased 2.5x to $349 million, or $2.32 earnings per share (basic), compared to 2024.

Record EBITDA1: EBITDA1 was a record $195 million in Q4 2025, a 70% increase relative to Q4 2024 and was $602 million during 2025, a 96% increase relative to 2024.

Record net cash from operating activities and free cash flow1: Q4 2025 net cash from operating activities was $156 million, or $1.04 per share3, while free cash flow1 was $97 million, or $0.65 per share in the fourth quarter. For 2025, net cash from operating activities was $457 million, or $3.04 per share3, while free cash flow1 was $278 million, or $1.85 per share.

Record liquidity: As at December 31, 2025, liquidity stood at $697 million, including $354 million in cash and US$250 million of undrawn full capacity available under its revolving credit facility, compared to liquidity of $273 million (including $123 million in cash) as at December 31, 2024.

Normal course issuer bid: In the fourth quarter, the Company purchased and cancelled 706,100 common shares for approximately $14 million at an average price of $20.37 per share.

Anthea Bath, President and Chief Executive Officer, commented: "2025 was a record year for Wesdome, as strong gold prices combined with continued improvements in operational execution. Both operations met their restated guidance, resulting in robust financial performance and a strong balance sheet while continuing to progress operational initiatives aimed at improving consistency and cost efficiency. During the year, our free cash flow margin expanded to 31%, enabling continued investment in the long-term potential of the business while increasing balance sheet strength, acquiring Angus Gold, initiating a return of capital to shareholders through a share buyback program and maintaining financial flexibility to support future opportunities.

"At the site level, Eagle River made meaningful progress toward fully utilizing mill capacity during the year, achieving average daily mill throughput of 70% of permitted capacity, a material improvement over 2024. All-in sustaining costs per ounce in the fourth quarter at Eagle River were the highest of the year due to higher tonnes milled at lower grade as we opportunistically extended development into a lower-grade area of the 300 Zone that was not included in our existing resources.

"At Kiena, the team focused on enhancing operational flexibility through the development of two new mining horizons and the advancement of two new exploration drifts designed to optimize drilling effectiveness. Kiena remains focused on strengthening operational stability with initiatives underway to improve mining sequence execution and cost performance and is expected to deliver more consistent results starting in the second half of 2026. All-in sustaining costs per ounce at Kiena increased in the fourth quarter relative to 2024 primarily due to higher sustaining capital expenditures, resulting from timing of equipment deliveries.

"2026 is expected to be a pivotal year for exploration at our operations. We plan to release results from our 270,000-metre exploration program at regular intervals throughout the year, providing ongoing insight into the potential across our portfolio. In June, we also expect to publish updated technical report summaries on both assets, which we believe will give the market greater visibility into the longevity of our assets. Together, these milestones should further demonstrate the long-term growth potential in our asset base."

Consolidated Financial and Operating Highlights

In 000s, except per unit and per share amounts

Q4 2025

Q4 2024

2025

2024

Financial results

Revenues2

287,875

182,611

914,325

558,184

Cost of sales

76,636

57,974

257,682

216,049

Gross profit

184,717

95,589

569,268

241,861

Operating cash margin1

211,239

124,637

656,643

342,135

EBITDA1

195,041

114,868

602,353

308,006

Net income

117,403

56,629

349,495

135,471

Earnings per share

0.78

0.38

2.32

0.91

Adjusted net income1

117,403

56,629

345,655

135,668

Adjusted net earnings per share1

0.78

0.38

2.30

0.91

Net cash from operating activities

156,104

76,411

456,766

240,972

Operating cash flow per share3

1.04

0.51

3.04

1.61

Net cash used in financing activities

(15,037)

(884)

(15,438)

(39,934)

Net cash used in investing activities

(53,096)

(34,945)

(210,560)

(119,312)

Free cash flow1

97,363

39,874

278,064

118,597

Free cash flow per share1

0.65

0.27

1.85

0.79

Average USD/CAD exchange rates

1.3950

1.3990

1.3979

1.3700

Operating results

Gold produced (ounces)

46,638

49,567

185,576

172,033

Gold sold (ounces)

49,430

48,700

188,030

167,300

Per ounce of gold sold1

Cost of sales4 ($/oz)

1,550

1,190

1,370

1,291

Cost of sales4 (US$/oz)

1,111

851

980

943

Cash costs1 ($/oz)

1,541

1,187

1,364

1,288

Cash costs1 (US$/oz)

1,105

848

976

940

AISC1 ($/oz)

2,441

1,920

2,122

1,999

AISC1 (US$/oz)

1,750

1,373

1,518

1,459

Average realized price1 ($/oz)

5,815

3,746

4,857

3,333

Average realized price1 (US$/oz)

4,169

2,678

3,475

2,433

Financial position

Cash

353,865

123,097

353,865

123,097

Working capital5

342,521

131,261

342,521

131,261

Total assets

1,146,986

746,654

1,146,986

746,654

Current liabilities

71,324

53,883

71,324

53,883

Total liabilities

210,014

175,836

210,014

175,836

Eagle River (Ontario, Canada)

Operating and Financial Results

Q4 2025

Q4 2024

2025

2024

Eagle River Operating Results

Ore milled (tonnes)

77,240

60,358

257,448

222,526

Head grade (g/t)

10.0

14.3

14.1

13.7

Average mill recoveries (%)

96.3

96.5

96.7

96.8

Gold production (oz)

23,861

26,702

112,768

94,561

Gold sold (ounces)

26,200

27,500

113,600

93,700

Production costs per tonne milled1 ($)

557

509

560

554

Costs per oz of gold sold ($/oz)

Operating cash margin1

4,075

2,514

3,482

1,942

Cost of sales

1,754

1,249

1,357

1,374

Cash costs1

1,745

1,245

1,351

1,370

All-in sustaining costs1

2,687

2,116

2,021

2,109

Costs per oz of gold sold (US$/oz)

Operating cash margin1

2,921

1,797

2,491

1,417

Cost of sales

1,258

893

971

1,003

Cash costs1

1,251

890

967

1,000

All-in sustaining costs1

1,926

1,512

1,446

1,540

In 000s, except per unit and per share amounts

Q4 2025

Q4 2024

2025

2024

Gold revenue from mining operation

152,486

103,361

549,026

310,331

Cost of sales

Mining

17,484

14,003

66,817

55,303

Processing

6,847

6,103

26,112

22,368

Site administration and camp costs

14,863

12,440

51,906

45,794

Change in inventories

4,081

(127)

(1,131)

(797)

Royalties

2,687

1,926

10,467

6,039

45,962

34,345

154,171

128,707

Silver revenue

(246)

(116)

(671)

(326)

Total cash costs

45,716

34,229

153,500

128,381

Cost of sales per ounce of gold sold

1,754

1,249

1,357

1,374

Cash cost per ounce of gold sold1

1,745

1,245

1,351

1,370

Operating cash margin1

106,770

69,132

395,526

181,950

All-in sustaining costs1

Sustaining mine exploration and development

7,999

7,271

32,787

28,385

Sustaining mine capital equipment

12,598

9,195

27,668

18,769

Sustaining tailings management facility

352

3,651

1,444

8,052

Corporate and general allocation

3,677

3,214

13,675

11,166

Payment of sustaining lease liabilities

62

625

535

2,903

70,404

58,185

229,609

197,656

All-in sustaining costs per ounce of gold1

2,687

2,116

2,021

2,109

Cost of sales per tonne milled1

595

569

599

578

Production costs per tonne milled1

557

509

560

554

Total capital expenditures

23,218

20,117

65,168

55,206

Operating Highlights

During Q4 2025, Eagle River produced 23,861 ounces of gold as compared to 26,702 ounces in Q4 2024 as a result of lower-grade development ore which was opportunistically incorporated into the plan to open up additional future stopes, partially offset by a drawdown from the higher-grade surface stockpile. As a result, these additional stopes will be included in the 2026 plan, along with the carryover of the original planned stopes from Q4 2025.

For 2025, Eagle River produced 112,768 ounces, a 19% increase over the 94,561 ounces produced in 2024. The increase relative to the prior year reflects a 3% increase in average grade and a 16% increase in mill throughput. The increase in mill throughput and mine productivity is largely driven by the optionality created with the expansion and addition of new mining zones year over year, facilitating elevated levels of operational performance. In addition, continuous improvement initiatives are resulting in meaningful reductions in dilution and positive reconciliation on specific stoping blocks in the 300 Zone. These results in the year demonstrate continued advancements made in optimizing stope design, improving execution, and refining grade control.

Mill throughput of 77,240 tonnes in Q4 2025 was 28% higher than the fourth quarter of 2024 benefiting from replacement of trunnion gear mid-year. For the year, mill throughput of 257,448 tonnes during 2025 was 16% higher when compared to the prior year 2024, as a result of a debottleneck study, improved reliability through maintenance practices, and specific mechanical replacements such as the trunnion gear mid-year

Q4 2025 production costs of $557 per tonne were 10% higher than the fourth quarter of 2024, primarily due to a higher ratio of ore development to stope production, and an increased reliance on contractors to address vacancies in operations personnel. For 2025, production costs per tonne of $560 per tonne were comparable to 2024.

Financial Highlights

In Q4 2025, Eagle River's gold revenue increased 48% to $152.5 million from $103.4 million in Q4 2024 due to a higher average realized price of gold sold, partially offset by a 5% reduction in ounces sold. During 2025, Eagle River's gold revenue increased by 77% to $549.0 million when compared to the previous year due to a higher average realized price of gold sold and a 21% increase in ounces sold.

Cost of sales in Q4 2025 were $46.0 million, an increase of 34% relative to the comparative period in 2024 primarily due to a $6.6 million increase in mine and mill operating costs due to higher tonnes processed, a $4.2 million change in inventory levels and increased royalties mainly due to more tonnes processed. Cost of sales for 2025 totaled $154.2 million, a 20% increase compared to the prior year. This was principally driven by a $21.4 million increase in mine and mill operating costs, reflecting higher throughput and increased royalties from increased gold production.

Q4 2025 cash costs per ounce of gold sold increased to $1,745 (US$1,251) per ounce sold from $1,245 (US$890) per ounce sold in Q4 2024 primarily due to fewer ounces sold in Q4 2025. Full year cash costs per ounce of gold sold decreased to $1,351 (US$967) per ounce sold in 2025 from $1,370 (US$1,000) per ounce sold in the prior year primarily due to higher ounces sold in 2025.

In Q4 2025, AISC per ounce of gold sold increased by 27% to $2,687 (US$1,926) per ounce sold as compared to Q4 2024, due to a 5% decrease in ounces sold in Q4 2025, a 34% increase in total cash costs and a 4% increase in sustaining capital expenditures. For 2025, AISC per ounce of gold sold decreased by 4% to $2,021 (US$1,446) per ounce sold as compared to the prior year, due to a 21% increase in ounces sold partially offset by 20% higher total cash costs and 12% increase in sustaining capital expenditures due to increased investment in mine infrastructure. Investments in new equipment and increased development supported the steady increase in mill throughput at Eagle River in 2025.

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 to previously reported intercepts. 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.

Drilling in 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. Results will be incorporated into a resource update to be issued in June 2026.

Global Model

Four underground rigs continued drilling global model targets in the fourth quarter. These targets are well advanced and are a mixture of inferred material and geologic potential. A total of eight global model targets were drilled during the quarter. Results will be incorporated into the Company's annual mineral reserve and mineral resource estimate in June 2026.

Surface Exploration

Surface drilling continued in the fourth quarter with two rigs at the Mishi and Magnacon deposits. Holes were designed to test concepts as part of a geological and structural review that included surface mapping. At Mishi, drilling twinned historic holes for validation purposes, and evaluated 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 in Q1 2026 with additional drilling and modelling work to be completed at Magnacon by Q4 2026.

Resource validation and delineation drilling was completed at the Dorset and Dorset West deposits in the third quarter, and geotechnical holes were completed in the fourth quarter. Initial metallurgical test work was completed in the fourth quarter and further sampling and deportment studies have commenced as part of the geometallurgical program for the deposits.

Helicopter supported drilling continued at both the Cameron Lake Iron Formation and Eagle River Splay Targets. At Cameron Lake, drilling continued to evaluate a potential large tonnage, lower grade deposit. Approximately 80% of assays had been received by year end 2025 and further drilling is planned in 2026 after receipt of all assays and an updated project review.

At the Eagle River Splay, scout drilling evaluated the source of several IP anomalies close to previously reported drilling. Reported assays were weakly anomalous and further drilling is planned in 2026 following reviews incorporating all drilling, geophysics, geochemical, and mapping results received to date.

Soil geochemical samples were also collected from survey grid lines cut at the Birch target and north diorite areas. These areas are interpreted to be the continuation of the Eagle River Splay structures further to the southeast. Assay results are expected early 2026 and will be reviewed in conjunction with the results of IP survey data. Follow-up scout drilling will be included in helicopter supported drill programs this summer.

Kiena (Quebec, Canada)

Operating and Financial Results

Q4 2025

Q4 2024

2025

2024

Kiena Operating Results

Ore milled (tonnes)

70,030

62,421

219,166

216,755

Head grade (g/t)

10.2

11.5

10.5

11.2

Average mill recoveries (%)

98.9

99.1

98.8

98.9

Gold production (oz)

22,777

22,865

72,808

77,472

Gold sold (oz)

23,230

21,200

74,430

73,600

Production costs per tonne milled1 ($)

417

392

471

415

Costs per oz of gold sold ($/oz)

Operating cash margin1

4,497

2,618

3,508

2,176

Cost of sales

1,320

1,115

1,391

1,187

Cash costs1

1,312

1,111

1,385

1,183

All-in sustaining costs1

2,163

1,667

2,276

1,859

Costs per oz of gold sold (US$/oz)

Operating cash margin1

3,224

1,871

2,510

1,589

Cost of sales

947

797

995

866

Cash costs1

940

794

991

863

All-in sustaining costs1

1,551

1,191

1,628

1,357

In 000s, except per unit and per share amounts

Q4 2025

Q4 2024

2025

2024

Gold revenue from mining operation

134,940

79,059

364,182

247,249

Cost of sales

Mining

19,460

15,813

66,392

56,882

Processing

4,060

3,306

15,098

14,193

Site administration and camp costs

5,664

5,411

22,103

18,062

Change in inventories

1,490

(901)

(81)

(1,794)

30,674

23,629

103,512

87,343

Silver revenue

(202)

(75)

(447)

(278)

Total cash costs

30,472

23,554

103,065

87,065

Cost of sales per ounce of gold sold

1,320

1,115

1,391

1,187

Cash cost per ounce of gold sold1

1,312

1,111

1,385

1,183

Operating cash margin1

104,468

55,505

261,117

160,184

All-in sustaining costs1

Sustaining mine exploration and development

7,728

6,113

28,326

29,853

Sustaining mine capital equipment

7,313

2,455

20,872

8,424

Sustaining tailings management facility

1,016

-

3,342

307

Corporate and general allocation

3,677

3,214

13,675

11,166

Payment of sustaining lease liabilities

40

-

128

-

50,246

35,336

169,408

136,815

All-in sustaining costs per ounce of gold1

2,163

1,667

2,276

1,859

Cost of sales per tonne milled

438

379

472

403

Production costs per tonne milled1

417

392

471

415

Capital expenditures

38,651

15,795

116,129

64,266

Operating Highlights

In Q4 2025, Kiena produced 22,777 ounces, in line with the 22,865 ounces produced in Q4 2024. Average grade in Q4 2025 was 10.2 g/t, lower than 11.5 g/t in Q4 2024, and consistent with the reserve grade.

Production in 2025 was 72,808 ounces compared to 77,472 ounces produced in the prior year. Year-over-year grades were 7% lower in 2025 but were aligned with the current reserve grade of 10.1 grams per tonne for Kiena Deep. Relative to plan, tonnage for the second half of the year increased by 21% against the first half, with a further improvement in Q4 relative to Q3 by 40%. Continued efforts are gaining momentum related to operational execution, in particular, planning and dilution control, maintenance practices and general productivity.

Mill throughput of 70,030 tonnes in Q4 2025 was 12% higher than the fourth quarter of 2024 due to higher availability of mill feed from Kiena Deep and Presqu'île. For the year, mill throughput of 219,166 tonnes during 2025 was 1% higher when compared to the prior year 2024 as a result of higher feed tonnes available.

Production costs per tonne were $417 per tonne in Q4 2025, an increase from $392 per tonne in Q4 2024, driven primarily by ongoing competitive pressures on labour, including higher wages and additional contractors to support operations, as well as higher maintenance expenses. 2025 production costs per tonne increased to $471 per tonne in 2025 from $415 per tonne in the prior year reflecting similar factors. In 2026, management initiatives are focused on reducing contractor reliance, increasing the proportion of company employees, and driving productivity improvements to mitigate unit cost pressures.

Financial Highlights

In Q4 2025, Kiena's gold revenue increased by 71% to $134.9 million from $79.1 million in Q4 2024, primarily due to a higher average realized price per ounce of gold sold and a 10% increase in ounces sold. In 2025, Kiena's gold revenue increased by 47% to $364.2 million from $247.2 million in the prior year due primarily to a higher average realized price per ounce of gold sold.