11:52 AM EDT, 04/10/2025 (MT Newswires) -- (Add comment and updates shares.)

Wesdome Gold Mines ( WDOFF ) on Thursday said first-quarter gold production rose 37% to 45,692 ounces from 33,322 ounces.

The company, which has two high-grade underground assets, the Eagle River mine in Ontario and the Kiena mine in Quebec, sold 45,300 ounces of gold, a 27% gain from 35,700 ounces.

"We remain on track to meet our full-year production guidance," said chief executive Anthea Bath.

The company expects the fourth quarter to account for about 30% of full-year production. All-in sustaining costs per ounce in the first half of the year is expected to be about 15% above full-year guidance.

National Bank of Canada maintained its outperform rating and $27.75 price target following the production data.

The bank noted Wesdome's potential dividend catalyst with its balance sheet delevered, adding that the company harvesting cash means more opportunities to fund/expand exploration and utilize spare mill capacity at both mills for immediate returns and production growth.

Wesdome shares were last seen up $0.32 to $16.57 on the Toronto Stock Exchange.

Price: 16.56, Change: +0.31, Percent Change: +1.91