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Wesdome Gold Mines
(TSX:WDO)
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Rating:84Outperform
Price Target:
C$38.00
▲(9.38% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (high profitability, very low leverage, and healthy cash generation) and supportive technical momentum (price above key moving averages with positive MACD). The earnings call adds confidence via reaffirmed guidance, strong liquidity, and shareholder returns, while valuation is only moderately supportive and near-term cost/CapEx and grade revisions temper the upside.
Positive Factors
Profitability and revenue growth
The sharp recovery in profitability and meaningful revenue expansion indicate stronger operating performance and improved earnings capacity. Although gold producers remain cyclical, this current scale of profitability can support reinvestment, resilience, and continued development over the next several quarters.
Negative Factors
Elevated operating costs
Elevated all-in sustaining costs, particularly at Eagle River, reduce the margin cushion available from gold production and make earnings more sensitive to operating execution. Management expects improvement, but the current cost profile limits near-term margin visibility and cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and revenue growth
The sharp recovery in profitability and meaningful revenue expansion indicate stronger operating performance and improved earnings capacity. Although gold producers remain cyclical, this current scale of profitability can support reinvestment, resilience, and continued development over the next several quarters.
Read all positive factors
Wesdome Gold Mines (WDO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.05B
Dividend Yield0.09%
Average Volume (3M)519.72K
Price to Earnings (P/E)12.3
Beta (1Y)2.43
Revenue Growth49.49%
EPS Growth73.36%
CountryCA
Employees739
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.79
Shares Outstanding147,385,100
10 Day Avg. Volume477,362
30 Day Avg. Volume519,716
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)3.65
Price to Sales (P/S)3.74
P/FCF Ratio12.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$35.83Price Target Upside3.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)3.22
Revenue Forecast (FY)C$1.26B
Wesdome Gold Mines Business Overview & Revenue Model
Company Description
Wesdome Gold Mines Ltd. mines, develops, and explores for gold and silver deposits in Canada. The company operates through Eagle River and Kiena segments. It holds 100% interest in the Eagle River Mine consisting of 3 contiguous mining leases and ...
How the Company Makes Money
Wesdome primarily makes money by producing and selling gold. Revenue is generated when ore mined from its underground operations is processed (to produce gold doré and/or gold contained in concentrate) and then sold to third-party customers such a...
Wesdome Gold Mines Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a markedly positive strategic and operational trajectory: strong financial results, a robust cash position, active shareholder returns (buybacks and dividend), extended reserve life with 8-year mine plans, meaningful throughput and productivity gains at both Eagle River and Kiena, and an aggressive exploration program with high-potential discoveries (notably the Norbenite corridor). Near-term challenges include elevated site AISC (impacted by one-time items and contractor costs), a downward revision to Eagle River grade guidance vs. initial plan, a year-over-year dip in quarterly free cash flow due largely to tax timing, and the potential for slightly higher capital spending driven by project timing. Overall, the positives — durable cash generation, longer reserve lives, exploration upside, operational momentum, and disciplined capital allocation — outweigh the short-term cost and timing headwinds.Positive Updates
Strong Quarterly Financial Performance
Revenue of $267M, net income of $94M (EPS $0.64; adjusted EPS $0.65), EBITDA $170M, operating cash flow $88M, and free cash flow of $42M for Q2; ended the quarter with cash of $391M and total liquidity of approximately $746M (including credit facility); company remains debt-free.
Negative Updates
Elevated AISC and Site-Level Cost Pressure
Consolidated AISC per ounce sold was US$17.63 in the quarter; Eagle River AISC was just over US$2,000/oz (impacted by one-time costs) and Kiena AISC was US$14.97/oz, limiting near-term margin visibility.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Financial Performance
Revenue of $267M, net income of $94M (EPS $0.64; adjusted EPS $0.65), EBITDA $170M, operating cash flow $88M, and free cash flow of $42M for Q2; ended the quarter with cash of $391M and total liquidity of approximately $746M (including credit facility); company remains debt-free.
Read all positive updates
Company Guidance
Management reaffirmed full‑year production and cost guidance while providing several specific metrics: Eagle River is forecast to produce 105,000–150,000 oz at an average grade of 11.5–12.5 g/t (revised from 13–14 g/t), with Q2 mill throughput ~800 tpd (targeting ~+10% in H2) and an 8‑year plan average of ~988 tpd (aiming to "fill the mill" in 2027); consolidated Q2 AISC was US$17.63/oz (Eagle River >US$2,000/oz in Q2; Kiena US$14.97/oz), depreciation & depletion guidance was reduced to $100M (from $130M), and full‑year CapEx could run up to ~10% above the initial $205M guidance (~$225M) driven by timing of growth spend. Q2 results included $94M net income, $42M free cash flow ($0.28/sh) with FCF expected to rise in H2, cash of $391M and total liquidity of ~$746M; the company initiated a quarterly dividend (~$0.12/yr annualized) beginning September and expanded buybacks (repurchased ~8M shares for ~$190M, NCIB up to 6%). Presqu'ile achieved first production scope in July with commercial production expected in Q4 (ramping to ~300–400 tpd in Q4; Kiena Deep ~600–700 tpd), and management expects Eagle River AISC and unit costs to improve in the back half as one‑time items roll off and throughput/grade normalize.Wesdome Gold Mines Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08B | 914.33M | 558.18M | 333.17M | 265.48M | 262.91M |
| Gross Profit | 657.39M | 546.83M | 241.86M | 37.75M | 51.11M | 117.29M |
| EBITDA | 719.89M | 608.26M | 307.74M | 93.63M | 46.58M | 218.37M |
| Net Income | 417.16M | 349.50M | 135.47M | -6.19M | -14.71M | 131.29M |
Balance Sheet | ||||||
| Total Assets | 1.25B | 1.15B | 746.65M | 618.96M | 619.13M | 553.72M |
| Cash, Cash Equivalents and Short-Term Investments | 390.93M | 353.87M | 123.10M | 41.37M | 33.19M | 56.76M |
| Total Debt | 7.45M | 3.40M | 881.00K | 42.46M | 63.98M | 14.57M |
| Total Liabilities | 219.79M | 210.01M | 175.84M | 191.66M | 220.61M | 158.54M |
| Stockholders Equity | 1.03B | 936.97M | 570.82M | 427.30M | 398.52M | 395.18M |
Cash Flow | ||||||
| Free Cash Flow | 343.88M | 277.17M | 121.50M | 319.00K | -80.76M | -12.51M |
| Operating Cash Flow | 523.08M | 455.13M | 240.97M | 101.35M | 65.21M | 130.96M |
| Investing Cash Flow | -176.05M | -210.56M | -119.31M | -98.59M | -146.22M | -132.51M |
| Financing Cash Flow | -143.67M | -13.80M | -39.93M | 5.42M | 57.44M | -5.16M |
Wesdome Gold Mines Technical Analysis
Positive
34.74
Price Trends
29.44
Positive
27.95
Positive
25.95
Positive
Market Momentum
1.16
Positive
57.47
Neutral
44.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WDO, the sentiment is Positive. The current price of 34.74 is above the 20-day moving average (MA) of 33.71, above the 50-day MA of 29.44, and above the 200-day MA of 25.95, indicating a bullish trend. The MACD of 1.16 indicates Positive momentum. The RSI at 57.47 is Neutral, neither overbought nor oversold. The STOCH value of 44.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:WDO.
Wesdome Gold Mines Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | C$6.44B | 7.75 | 25.62% | 0.89% | 75.86% | 161.88% | |
86 Outperform | C$6.21B | 7.26 | 30.90% | 0.88% | 42.14% | 767.00% | |
84 Outperform | C$5.05B | 12.28 | 43.77% | 0.09% | 49.49% | 73.36% | |
81 Outperform | C$7.17B | 14.36 | 43.29% | ― | 62.48% | 65.19% | |
77 Outperform | C$10.48B | 28.14 | 10.25% | 0.08% | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | C$2.14B | -6.43 | -85.63% | 29.41% | 67.80% | -2.37% |
* Basic Materials Sector Average
TSE:WDO
Wesdome Gold Mines
34.25
14.99
77.83%
TSE:SSRM
SSR Mining
51.46
21.96
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TSE:KNT
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12.89
79.03%
TSE:TXG
Torex Gold Resources
69.58
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36.37%
TSE:CG
Centerra Gold
31.73
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161.56%
TSE:IAU
i-80 Gold Corp
2.47
1.26
104.13%
Wesdome Gold Mines Corporate Events
Business Operations and StrategyDividends
Wesdome Launches Dividend Reinvestment Plan as It Begins Quarterly Payouts
Positive
Aug 13, 2026
Wesdome Gold Mines has implemented a dividend reinvestment plan that allows eligible shareholders in Canada and certain other jurisdictions to automatically reinvest all or part of their cash dividends into additional common shares, without commis...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Wesdome Delivers Strong Q2 2026 Results, Extends Mine Lives and Ups Capital Returns
Positive
Aug 13, 2026
Wesdome Gold Mines reported strong second-quarter 2026 results, with consolidated gold production of 43,824 ounces and a 28% jump in revenue to $267 million, supported by a significantly higher realized gold price. Despite higher cash costs per ou...
Business Operations and StrategyRegulatory Filings and Compliance
Wesdome Extends Mine Life and Growth Outlook With New Technical Reports for Eagle River and Kiena
Positive
Aug 7, 2026
Wesdome Gold Mines has filed updated NI 43-101 technical reports for its Eagle River and Kiena mines, confirming eight-year reserve-based operating plans at both assets and marking the strongest mine plans in the company’s history. The repor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.