Wesdome Gold Mines (TSX: WDO) posted Q4 2025 revenue of $287.9 million, up from $182.6 million, while full-year revenue increased to $914.3 million from $558.2 million. The company said the gains were led by higher gold prices, stronger annual production and wider margins across both Eagle River and Kiena.
Average realized gold price rose to US$4,169 per ounce this quarter from US$2,678 last year.
Net income also more than doubled in Q4 to $117.4 million from $56.6 million and increased for the year to $349.5 million from $135.5 million. EBITDA reached a record $195.0 million in Q4, up from $114.9 million.
On an adjusted basis, net income matched reported at $117.4 million, translating to $0.78 earnings per share, up from $56.6 million last year.
Net cash from operating activities also increased to $156.1 million for this quarter from $76.4 million in the prior year. Free cash flow rose to $97.4 million from $39.9 million.
Cash balance then increased to $353.9 million at year-end 2025 from $123.1 million a year earlier.
On productivity, consolidated gold production fell 6% in Q4 to 46,638 ounces from 49,567 ounces last year, but rose for full-year 2025 to 185,576 ounces from 172,033 ounces in 2024.
Gold sold during the quarter increased to 49,430 ounces from 48,700 ounces and to 188,030 ounces in 2025 from 167,300 ounces.
Costs also jumped across the board. Consolidated production costs per tonne milled rose to $491 from $449 in Q4 and to $519 from $485 in 2025. Cash costs per ounce sold increased to US$1,105 in Q4 from US$848 and to US$976 in 2025 from US$940, while AISC rose to US$1,750 in Q4 from US$1,373 and to US$1,518 in 2025 from US$1,459.
For 2026, Wesdome guided for 180,000 to 205,000 ounces of production, implying a midpoint about 4% above 2025. Consolidated cash costs are expected at US$1,050 to US$1,150 per ounce and AISC at US$1,525 to US$1,700 per ounce. At an assumed realized gold price of US$3,900 per ounce, management expects about $350.0 million in free cash flow.
Site guidance points to a second-half-weighted year at Kiena and steadier output at Eagle River.
Wesdome Gold Mines last traded at $23.97 on the TSX.
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