TORONTO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces third quarter (“Q3 2023”) financial results. Management will host a conference call tomorrow, Thursday November 9, 2023, at 10:00 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

Third Quarter 2023 Highlights

Payable gold production in the third quarter was 27,760 ounces at cash costs per ounce1 of $1,755 (US$1,308) and all-in sustaining costs (“AISC”) per ounce 1 of $2,711 (US$2,021). Q3 was forecasted as the lightest cash flow quarter of the year due to timing of capital outlays and planned downtime at Eagle River.
At Kiena, development of the ramp to the 129-level mining horizon tracked ahead of schedule. Delineation drilling to date has also confirmed the continuity, thickness, and high grade of the A zone at depth, as per the reserve block model.
Cash margins1 were $22.2 million, and free cash flow1 was $10.7 million. During the quarter Wesdome received a $12.5 million tax refund.
Quarterly net loss of $3.2 million ($0.02) per share in the third quarter of 2023 and adjusted net loss1 of $2.6 million ($0.02) per share. Positive operating cash flow of $45.1 million ($0.30 per share).
Available liquidity of $142.6 million, including $31.6 million in cash and $111 million of undrawn availability under the Company’s revolving credit facility.
Reaffirming consolidated 2023 production guidance of 110,000 to 130,000 ounces as well as cost guidance for cash costs, all-in sustaining costs and capital expenditures.
Anthea Bath, President and CEO, commented, “In the recent quarter, we made solid progress in advancing development and de-risking our future strategic plans. Eagle River reported consistent results after the completion of mill and..
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https://www.globenewswire.com/news-release/2023/11/08/2776774/0/en/Wesdome-Announces-Third-Quarter-2023-Financial-Results.html