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Wesdome Announces Fourth Quarter And Full Year 2023 Financial Results; Provides Annual Mineral Reserve And Resource Update
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Wesdome Announces Fourth Quarter And Full Year 2023 Financial Results; Provides Annual Mineral Reserve And Resource Update
Mar 12, 2024 2:38 PM

05:18 PM EDT, 03/12/2024 (MT Newswires) -- Wesdome Gold Mines Ltd. ( WDOFF ) announced Tuesday its results for the fourth quarter and year ended Dec. 31, 2023, and provided its updated Mineral Reserve and Resource statements.

Anthea Bath, President and CEO, said in a statement: "We closed 2023 with a stronger balance sheet and performed well relative to our 2023 operating targets. With the release of our multi-year guidance earlier this year, we are now focused on delivering significantly higher production and free cash flow in 2024 and 2025. At Kiena, development continues to advance, successfully addressing the challenges of mining in schist material. Consequently, we look forward to accessing and processing higher-grade material in the second quarter. At Eagle River, we are evaluating potential initiatives to optimize the operation and reduce costs."

Gold production in the fourth quarter was 36,216 ounces at cash costs of $1,451 per ounce (US$1,065) and all-in sustaining costs (AISC) of $2,082 per ounce (US$1,529). For the full year 2023, gold production was 123,336 ounces at cash costs of $1,579 per ounce (US$1,170) and all-in sustaining costs (AISC) of $2,231 per ounce (US$1,653); with production and costs both comparing favourably relative to 2023 guidance ranges.

Cash margins for the fourth quarter and full year 2023 was $47.6 million and $132.9 million respectively, representing a 80% and 39% increase relative to corresponding periods in 2022 mainly due to a higher Canadian dollar realized gold price and increase in ounces sold.

Net income and adjusted net income for the fourth quarter of 2023 of $2.4 million ($0.02 per share). The quarter included a non-cash deferred tax impact of $8.6 million but was still $5.9 million higher than the corresponding period in 2022.

Operating cash flow in the fourth quarter and full year 2023 of $37.2 million ($0.25 per share) and $101.4 million ($0.69 per share) was 262% and 55% higher than the corresponding periods in 2022 mainly due to the higher cash margin.

Price: 9.77, Change: -0.26, Percent Change: -2.59

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