The following is a summary of the Wesdome Gold Mines Ltd. (WDOFF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Wesdome reported positive net cash and reinforced balance sheet by end of 2023.
The company's year-end liquidity stood at $153 million, achieving the midpoint of guidance on production and ASIC.
It reported a 12% net increase in corporate reserves, with portfolio grade unchanged.
In Q4 2023, Wesdome recorded Eagle River site gold production at 24,072 ounces and Kiena site with 12,144 ounces. Full-year production was 87,799 and 35,536 ounces respectively.
The end of year net cash totaled $24 million, with a target to pay off the remaining $39 million of the revolving credit facility by Q3 2024.
Q4 net income was $2.4 million or $0.02 per share, with cash flow from operations standing at $37.2 million or $0.25 per share, and $101.4 million or $0.69 per share for the full year.
Business Progress:
Development to the 129 level on the Kiena mine completed ahead of schedule.
High production results noted from both Eagle River and Kiena sites with expected higher production and lower costs for 2024 and 2025.
First quarter of 2024 anticipates ramping up at Kiena, with a considerable increase in production from processing high-grade Kiena Deep ore in Q2.
Ground foot exploration and development expected to bring strong resource growth and reserve conversion.
Wesdome received authorization for Presqu'île portal excavation in Q4 and is planning to start developing underground workings soon.
Wesdome plans to increase drilling programs in 2024 and the newly discovered Falcon 311 Zone will be a growth priority in the coming year.
More details: WESDOME GOLD MINES LTD IR
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