Wesdome reports record production and strong financials

Wesdome Gold Mines Ltd. has released its financial results for the fourth quarter and full year of 2024. The company reported record production and financial metrics, reflecting strong growth throughout the year. The president and CEO, Anthea Bath, expressed pride in the company's progress in safety and output. In 2024, Wesdome achieved its highest annual production and margins, with a cash balance exceeding $120 million. The Kiena mine showed significant advances, particularly with first ore production from the 129-level, which led to increased mining success. At the Eagle River mine, production exceeded expectations, with increased grades contributing to strong results. The average gold grade processed was particularly high, allowing for greater efficiency and profit. Revenue at Eagle River soared by 48% in Q4 year-over-year, reflecting higher gold prices and volumes sold. Costs increased due to higher labor and maintenance, yet cash costs per ounce sold improved slightly. Wesdome's all-in sustaining costs also rose, tied to increased production and capital expenditures. Wesdome is focused on expanding its operations in 2025. Plans include further exploration and development at both the Eagle River and Kiena mines, with a significant emphasis on using the existing mill capacity effectively. Looking ahead, Wesdome aims to enhance its resource modeling and conduct extensive drilling programs. The goal is to maintain efficient production and ensure the long-term viability of its mining operations. The company will host a conference call to discuss these results in detail.