Wesdome Announces Record Production in Q2 2024; Repays Remaining Balance on Revolving Credit Facility
In This Article:
TORONTO, July 09, 2024 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces its production results for the second quarter ended June 30, 2024 (“Q2 2024”). The Company is also providing notice that it will release its Q2 2024 financial results after markets close on Wednesday, August 14, 2024 and host a conference call and webcast the following morning.
Q2 2024 Production Performance
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| Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
| Ore milled (tonnes) |
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| Eagle River | 52,552 | 64,672 | 104,184 | 118,955 |
| Kiena | 57,669 | 51,824 | 103,013 | 94,148 |
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| Head grade (grams per tonne) |
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| Eagle River | 11.8 | 11.4 | 13.6 | 11.8 |
| Kiena | 13.5 | 5.0 | 10.1 | 5.4 |
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| Gold production (ounces) |
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| Eagle River | 19,272 | 22,845 | 44,171 | 43,336 |
| Kiena | 24,763 | 8,147 | 33,186 | 16,024 |
| Total production | 44,035 | 30,992 | 77,357 | 59,360 |
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| Production sold (ounces) | 40,000 | 32,000 | 75,700 | 62,000 |
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Anthea Bath, President and CEO of Wesdome, commented, “The second quarter marked a milestone for Wesdome, delivering the highest consolidated quarterly production output to date.
At Kiena, production nearly tripled compared to the first quarter due to the ramp-up in mining of high-grade Kiena Deep ore from the 129-level horizon in mid-April, which was processed at record throughput levels. This is a proud moment for all involved, and I extend my congratulations to the entire site team. At Eagle River, the mine delivered on plan despite a maintenance shutdown in late June.
With solid performance in the first half of the year, we are on track to achieve our 2024 annual production guidance of between 160,000 and 180,000 ounces of gold.
As both high-grade mines continue to generate strong operating cash flow, we paid down the remaining $29 million balance on our revolving credit facility on schedule at the end of June. Wesdome is now debt-free, an important step as we position the Company for long-term sustainable growth.”
Q2 2024 Conference Call and Webcast
Management will host a conference call and webcast to discuss the Company’s Q2 2024 financial and operating results. A question-and-answer session will follow management’s prepared remarks. Details of the webcast are as follows:
| Date and time: |
| Thursday, August 15, 2024 at 10:00 a.m. ET |
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| Participant registration: |
| https://register.vevent.com/register/BI2bc416f598494ba087c522f097da6d5a |
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| Webcast link: |
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| Notes: |
| Pre-registration is required for this event. It is recommended you join 10 minutes prior to the start of the event. The webcast can also be accessed under the news and events section of the Company’s website. |
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The financial statements and management discussion and analysis will be available on the Company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.ca.