Wesdome Gold Mines (TSX: WDO) posted second quarter revenue of $266.8 million, a 28% increase from a year earlier, as a sharply higher gold price did most of the heavy lifting.
Net income came in at $94.0 million, or $0.64 a share, against $82.7 million and $0.55 in the same quarter last year. Adjusted earnings, which exclude $3.5 million tied to non-recurring payments and strategic initiatives, were $0.65 a share, up from $0.52. EBITDA rose 23% to $170 million.
Measured against the first quarter, the picture is flatter. Wesdome earned $0.79 a share on revenue of $299.8 million in Q1, when its realized price for gold averaged US$4,784 an ounce. That figure eased to US$4,365, in the second quarter.
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Free cash flow of $41.8 million was down from $52.9 million a year ago and well off the $125.9 million recorded in Q1. The company attributed much of the drop to timing, most notably a $21 million prepaid tax installment, and said it expects quarterly free cash flow to increase significantly over the balance of the year.
Cash stood at $390.9 million at June 30, down from $430.6 million three months earlier after roughly $82 million of share repurchases. Total liquidity was $746 million, including a fully undrawn US$250 million revolving credit facility. A quarterly dividend of $0.0306 per share was declared.
Consolidated production reached 43,824 ounces, up 2% year over year. Kiena supplied 22,026 ounces, a 28% gain, while Eagle River fell 15% to 21,798 ounces. First- alf output of 89,127 ounces represents 46% of the midpoint of annual guidance.
Costs remain the sticking point. Cash costs were US$1,342 per ounce sold and all-in sustaining costs US$1,763, both above full year ranges of US$1,050 to US$1,150 and US$1,525 to US$1,700, respectively, that management nonetheless reaffirmed.
Production guidance of 180,000 to 205,000 ounces was also left intact, though Eagle River now expects to hit its range at grades of 11.5 to 12.5 g/t rather than the 13.0 to 14.0 g/t originally forecast, with higher mill throughput making up the difference.
“Q2 2026 demonstrated the operational momentum we have been building across both assets, giving us the confidence to reaffirm our full year production and cost guidance,” Chief Executive Officer Anthea Bath said.
Wesdome Gold last traded at $32.68 on the TSX.
