Wesdome Gold Mines Ltd. (TSE: WDO) (OTCMKTS: WDOFF) unveiled updated mineral reserves and resources alongside new mine plans that extend the company’s consolidated reserve life to eight years while supporting higher gold production and stronger cash flow over the coming years.
The updated mineral reserve and mineral resource statement took effect on Dec. 31, 2025. Additionally, the company released key findings on Thursday from independent technical reports for its Eagle River and Kiena mines, which are being prepared under National Instrument 43-101 standards. Wesdome expects to file the reports on SEDAR+ within 45 days.
The updated plans position both operations for longer mine lives while creating additional opportunities through exploration and resource conversion beyond the current reserve base.
President and chief executive officer Anthea Bath said the updated plans represent an important step in the company’s long-term strategy. She said Wesdome increased mineral reserves, extended mine life across both operations and established production plans that support higher output, stronger operating performance and growing free cash flow.
Bath added that management believes the company now has a stronger platform for future growth while continuing to invest in exploration and shareholder returns.
The production outlook reflects that strategy. Wesdome expects consolidated gold production to reach between 180,000 and 205,000 ounces in 2026. Furthermore, annual production could increase to between 185,000 and 230,000 ounces by 2028 as Kiena ramps up output while Eagle River maintains relatively steady production.
Eagle River is expected to produce between 100,000 and 120,000 ounces annually during 2027 and 2028. The company attributed that outlook to better mill utilization and a more consistent grade profile across the operation.
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Commercial production at Presqu’île to start fall of 2026
Management also believes Eagle River offers additional upside because several exploration opportunities remain outside the current reserve-based mine plan.
Bath said the operation has successfully evolved into a larger and more resilient mining complex. She explained that Wesdome replaced the high-grade portion of its reserve base. This adds additional economic tonnes using a gold price assumption of USD$1,800 per ounce.
She also said ongoing exploration continues to identify high-grade mineralized structures that could support future reserve growth and extend mine life.
Meanwhile, the company continues to expand exploration across the broader Eagle River property.
One area receiving increased attention is the Mishi deposit. Wesdome reported that inferred open-pit resources there increased fourfold while remaining at an early stage of delineation.
Management believes Mishi could become an important contributor to future growth by increasing the overall scale of the Eagle River operation.
Kiena is also expected to play a larger role in the company’s production profile.
The mine plan establishes a high-grade reserve averaging 8.7 grams of gold per tonne. Additionally, Wesdome expects annual production at Kiena to increase to between 85,000 and 110,000 ounces by 2028.
The company expects improved mining execution at Kiena Deep and greater operational flexibility across multiple mining levels to support that increase.
Commercial production from the Presqu’île Zone is scheduled to begin during the fall of 2026.
Bath said the current mine plan provides a practical foundation for future growth. However, she added that management believes it captures only part of the property’s long-term potential.
She said Wesdome sees opportunities to improve productivity within Kiena Deep while advancing additional mineralized zones located closer to surface.
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Wesome continues investing heavily in growth and exploration
Exploration drilling continues to identify mineralization both at depth and across the broader property. Consequently, management believes Kiena can continue expanding production while extending mine life over the longer term.
Much of that opportunity remains outside the current mineral reserve estimate.
Bath said resource conversion, operational improvements, productivity gains and continued exploration success offer several paths to create additional value.
She added that existing infrastructure allows the company to pursue many of those opportunities without requiring entirely new mining complexes, helping management maintain a disciplined approach to capital spending.
Wesdome also outlined its expected operating costs for the next several years.
The company forecasts consolidated all-in sustaining costs of between USD$1,600 and USD$1,750 per ounce of gold sold during 2027 and 2028. That compares with 2026 guidance of between USD$1,525 and USD$1,700 per ounce.
Those estimates include corporate general and administrative expenses, capitalized sustaining exploration, study costs and other corporate-level adjustments.
Meanwhile, Wesdome continues investing heavily in both growth and exploration.
The company’s 2026 guidance includes total capital spending of CAD$205 million. That amount includes CAD$45 million of growth capital at Eagle River and CAD$50 million at Kiena.
Wesdome anticipates that the growth capital spending at Eagle River will decline during 2027 and 2028 as it completes major investments.
However, Kiena will continue receiving growth capital as the company completes development associated with the Presqu’île project before shifting investment toward bringing the Dubuisson deposit into production.
The company expects exploration spending to remain consistent with 2026 guidance at CAD$55 million annually.
