Wesdome Gold Mines Ltd.

Wesdome said Q2 2026 revenue was $267 million, net income was $94 million, or $0.64 per share, and adjusted EPS was $0.65 after a $2.3 million impact from nonrecurring payments. EBITDA was $170 million, net cash from operating activities was $88 million, and free cash flow was $42 million, or $0.28 per share, versus $53 million, or $0.35 per share, in Q2 last year. Consolidated AISC per ounce of gold sold was $17.63 US. Eagle River sold 22,000 ounces at 9.7 grams per tonne and processed over 72,000 tonnes; Kiena produced more than 22,000 ounces at just over 11 grams per tonne. Guidance was reaffirmed for full-year production and cost ranges, with Eagle River still expected to produce 105,000 to 150,000 ounces at 11.5 to 12.5 grams per tonne, full-year depreciation and depletion cut to $100 million from $130 million, and full-year consolidated capital potentially tracking up to 10% above the initial $205 million guide, mainly due to timing of growth spending at Kiena. Management also said quarterly free cash flow should significantly increase in the second half of the year.

Anthea Bath framed the quarter as evidence that Wesdome has fundamentally changed, pointing to stronger cash generation, a larger balance sheet, and reserve lives extended to about 8 years at both Eagle River and Kiena. Her tone was very optimistic and strategic: she repeatedly stressed that the 8-year mine plans are a platform, not a ceiling, and that the company is now focused on district-scale optionality, not just mine-by-mine optimization. She highlighted exploration, technical work, and infrastructure as the levers that could create the next generation of growth, while saying the priority remains operational execution and value per share.

Philip Chow Yee focused on the financial strength of the quarter and the company’s capital allocation. He cited revenue of $267 million, net income of $94 million, EBITDA of $170 million, operating cash flow of $88 million, and free cash flow of $42 million, while noting cash of $391 million and total liquidity of roughly $746 million as of June 30, with no debt. He also detailed margin and cost actions: consolidated AISC was $17.63 US per ounce sold, Eagle River AISC was just over $2,000 US per ounce sold, Kiena AISC was $14.97 US per ounce sold, and corporate G&A was nearly $11 million. On capital allocation, he said the company initiated a quarterly dividend with an annualized rate of about $0.12 per share, expanded the buyback to up to 6% of shares outstanding, and has repurchased nearly 8 million shares at roughly $24 per share since last November.

Analysts focused on the buyback pace, the revised Eagle River grade guidance, the cost outlook at Kiena, the Mishi regional opportunity, and how exploration will balance conversion versus growth ahead of the next resource update. Management said buybacks are tied to the share price versus trailing PNAV and become more active when the stock weakens, especially when gold prices dip; they also said buybacks are only one tool and should slow if the share price stays strong. On Eagle River, management said the lower grade guide reflects updated sequencing as more global model ore is integrated and the mine plan was optimized around value-adding tonnes; they said the second half grade should rise because of sequence, not because of a problem with the orebody. For Kiena, they said Presqu’ile should ramp gradually, with Q4 expected around 300 to 400 tonnes per day from Presqu’ile and 600 to 700 tonnes per day from Kiena Deep, moving toward roughly 1,000 tonnes per day into 2027. On exploration, they said the current program remains roughly 50/50 growth and conversion, though it could tilt modestly toward growth if results warrant.