05:17 PM EDT, 08/14/2024 (MT Newswires) -- Wesdome Gold Mines ( WDOFF ) on Wednesday said it swung to an adjusted profit in the second quarter on higher gold sales and improved prices.

The company posted an adjusted profit, excluding most one-time items, of $29.14 million, or $0.19 per share, in the period, compared with an adjusted loss of $5.01 million, or $0.03, in the year prior quarter.

Revenue rose 51% to $127.8 million from $84.56 million, as gold sales rose 25% to 40,000 ounces while its average price per ounce rose 19% to US$2,333 per ounce.

The second quarter marked a breakthrough with records set in terms of safety, production, and free cash flow, which allowed for the repayment of the remaining balance on our revolving credit facility. Our company is now well positioned as a Canadian growth platform with two high-grade profitable mines and a debt-free balance sheet," chief executive Anthea Bath noted.

The company said it expect to meet its 2024 production and cost guidance.'

Wesdome shares closed up $0.22 to $14.22 on the Toronto Stock Exchange.