TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Wesdome Gold Mines (TSX:WDO, OTCQX:WDOFF) please note that the 2025 Production Guidance table has been updated with new gold production ranges in the Eagle River, Kiena, and Consolidated data columns. The corrected release follows:

Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) ("Wesdome” or the "Company”) today announced its results for the three and nine months ended September 30, 2024 ("Q3 2024” and "YTD 2024”). Preliminary operating results for Q3 2024 and YTD 2024 were disclosed in the Company's press release dated October 17, 2024. Management will host a conference call tomorrow, November 7, 2024 at 10:00 a.m. ET to discuss its results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Q3 2024 Highlights

• Consolidated gold production was 45,109 ounces, a 62% increase over the prior year quarter, at cost of sales per ounce sold of $1,783^1,4 (US$1,308), cash costs per ounce sold¹ of $1,214 (US$890) and all-in sustaining costs ("AISC”) per ounce sold¹ of $1,920 (US$1,408). The average realized price of gold sold was $3,420 (US$2,508) per ounce.
• Net income increased to $39.0 million, or $0.26 earnings per share, an increase of $42.2 million from the corresponding quarter in 2023 and $9.9 million, or $0.07 earnings per share, from Q2 2024.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA”)¹ increased to $84.6 million or by more than 6.5 times relative to the prior year quarter mainly due to an increase in ounces sold, a higher average realized price of gold sold and lower cash costs.
• Net cash flow from operating activities increased to $61.0 million, or $0.41 operating cash flow per share^1,3, $15.9 million higher than the prior year quarter mainly due to a higher average realized price of gold sold.
• Cash of $82.5 million has nearly doubled since year end, resulting in available liquidity at the end of the third quarter of $232.5 million including cash and $150.0 million of undrawn full capacity available under the Company's revolving credit facility.
• Free cash flow¹ increased to $30.8 million, or $0.21 per share, compared to $10.7 million, or $0.07 per share, in the corresponding period in 2023 mainly due to higher average realized price of gold sold, partially offset by an increase in capital expenditures.
• Consolidated 2024 production guidance range has been narrowed to between 166,000 and 176,000 ounces of gold, while increasing cash costs per ounce sold to $1,225 to $1,300 and AISC per ounce sold¹ to $1,975 to $2,100 (US$1,445 to US$1,525).
• During the quarter, the Company announced the appointments of Guy Belleau as Chief Operating Officer and Ronald "Jono” Lawrence as Senior Vice President, Exploration and Resources. Subsequent to quarter end, Philip C. Yee was appointed Independent Director and Chair of the Audit Committee.

Anthea Bath, President and Chief Executive Officer, commented: "Wesdome delivered a strong third quarter with sequential improvement over the first two quarters of the year. Higher production at lower costs have led to strong operating cash flow and another free cash flow¹ record, with notable improvements seen across most performance metrics compared to the prior year quarter. Our dedicated teams at Eagle River and Kiena have been instrumental in this success, while upholding our commitment to health, safety, and environmental stewardship.

"Wesdome's financial position has strengthened considerably. Compared to year end, our cash position has doubled, we have eliminated our bank debt and increased our available liquidity by nearly $80 million. We will continue to use our financial strength to de-risk future mine plans by accelerating the rate of capital spend on mine development and exploration and making additional infrastructure investments to support our fill the mill strategy.

"Looking ahead, preliminary plans for 2025 continue to de-risk our medium-term outlook and point to growing production levels at lower costs relative to this year.”

Consolidated Financial and Operating Highlights

In 000s, except per unit and per share amounts	Q3 2024		Q3 2023		YTD 2024		YTD 2023
Financial results
Revenue2	146,852		69,696		375,573		230,952
Cost of sales	76,512		71,450		229,301		216,916
Gross profit (loss)	70,340		(1,754	)	146,272		14,036
Cash margin1	94,635		22,233		217,498		85,363
EBITDA1	84,600		12,933		193,138		61,077
Net income (loss)	38,999		(3,248	)	78,842		(8,607	)
Earnings (loss) per share	0.26		(0.02	)	0.53		(0.06	)
Adjusted net income (loss)1	39,196		(2,573	)	79,039		(4,330	)
Adjusted net income (loss) per share1	0.26		(0.02	)	0.53		(0.03	)
Net cash from operating activities	60,976		45,076		164,561		64,175
Operating cash flow per share1,3	0.41		0.30		1.10		0.44
Net cash from (used in) financing activities	449		(2,370	)	(39,050	)	7,367
Net cash used in investing activities	(29,607	)	33,191		(84,367	)	(73,145	)
Free cash flow1	30,838		10,672		78,723		(14,204	)
Free cash flow per share1	0.21		0.07		0.53		(0.10	)
Average 1 USD → CAD exchange rate	1.3637		1.3414		1.3603		1.3456
Operating results
Gold produced (ounces)	45,109		27,760		122,466		87,120
Gold sold (ounces)	42,900		27,000		118,600		89,000
Average realized price1 ($/oz)	3,420		2,579		3,163		2,592
Average realized price1 (US$/oz)	2,508		1,923		2,325		1,926
Per ounce of gold sold1
Cost of sales1,4 ($/oz)	1,783		2,646		1,933		2,437
Cost of sales1,4 (US$/oz)	1,308		1,973		1,421		1,923
Cash costs1 ($/oz)	1,214		1,755		1,329		1,633
Cash costs1 (US$/oz)	890		1,308		977		1,214
AISC1 ($/oz)	1,920		2,711		2,032		2,293
AISC1 (US$/oz)	1,408		2,021		1,493		1,704
Financial position
Cash	82,515		31,582		82,515		31,582
Working capital	69,413		(18,839	)	69,413		(18,839	)
Total assets	684,736		605,364		684,736		605,364
Current liabilities	61,062		87,577		61,062		87,577
Non-current liabilities	110,269		93,404		110,269		93,404
Total liabilities	171,331		180,981		171,331		180,981

1. Refer to the section in this press release entitled "Non-IFRS Performance Measures” for the reconciliation of non-IFRS measurements to the financial statements.
2. Revenue includes insignificant amounts from the sale of by-product silver.
3. Operating cash flow per share is calcated by dividing net cash from activities by the weighted average number of shares.
4. Costs of sales per ounce of gold sold is calculated by dividing the cost of sales by the number of ounces sold.

Eagle River - Ontario

Eagle River Operating Results	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Ore milled (tonnes)
Eagle River	57,984	55,153	162,168	167,958
Mishi	-	-	-	6,150
Total ore milled	57,984	55,153	162,168	174,108
Head grade (grams per tonne, "g/t")
Eagle River	13.1	11.9	13.4	12.1
Mishi	-	-	-	2.3
Total head grade	13.1	11.9	13.4	12.1
Average mill recoveries (%)
Eagle River	97.0	96.7	96.8	96.7
Mishi	-	-	-	72.5
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