Wesdome Gold Mines (TSE:WDO)
TSX:WDO
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Wesdome Gold Mines
(TSX:WDO)
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Rating:83Outperform
Price Target:
C$33.00
▲(16.69% Upside)
Action:ReiteratedDate:04/10/26
The score is driven primarily by strong financial performance (sharp profitability and cash-flow rebound plus a very low-debt balance sheet). Technicals add support with a clear uptrend and positive momentum, though near-term indicators look extended. Valuation is favorable on earnings (low P/E), but lacks dividend yield support due to missing data.
Positive Factors
Conservative Balance Sheet
Extremely low leverage and a materially stronger equity base provide durable financial flexibility. Debt near zero reduces refinancing and covenant risk, enabling the company to fund underground development, survive downcycles, and pursue opportunistic capex or M&A without urgent external financing.
Negative Factors
Earnings & Cashflow Cyclicality
Historic swings to losses in 2022–2023 demonstrate pronounced cycle sensitivity. This persistent volatility complicates multi-year planning, capital allocation and reserve replacement, and increases the risk that downturns force capex cuts, delayed projects or asset sales despite a strong recent rebound.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low leverage and a materially stronger equity base provide durable financial flexibility. Debt near zero reduces refinancing and covenant risk, enabling the company to fund underground development, survive downcycles, and pursue opportunistic capex or M&A without urgent external financing.
Read all positive factors
Wesdome Gold Mines (WDO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.09B
Dividend YieldN/A
Average Volume (3M)941.87K
Price to Earnings (P/E)9.8
Beta (1Y)2.09
Revenue Growth69.33%
EPS Growth253.46%
CountryCA
Employees301
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.79
Shares Outstanding148,430,570
10 Day Avg. Volume742,794
30 Day Avg. Volume941,870
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$29.90Price Target Upside5.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)3.68
Revenue Forecast (FY)C$1.32B
Wesdome Gold Mines Business Overview & Revenue Model
Company Description
Wesdome Gold Mines Ltd. engages in the exploration, extraction, processing, and reclamation of gold in Canada. It principally produces gold in the form of doré bars, as well as silver as a by-product. The company's properties include the Eagle Riv...
How the Company Makes Money
Wesdome makes money primarily by producing and selling gold from its mining operations. The company extracts ore from underground deposits, processes it to recover gold, and sells the resulting gold product (commonly doré bars) to third-party purc...
Wesdome Gold Mines Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial performance and operational success at Eagle River, alongside significant cash generation and exploration potential. However, challenges at Kiena, including labor issues and potential permit delays, present ongoing concerns. Despite these lowlights, the company's proactive measures and financial strength suggest a cautious optimism moving forward.Positive Updates
Record-Breaking Financial Performance
The company achieved record revenues, net income, EBITDA, net cash from operating activities, and free cash flow, with revenues increasing by 57% to $230 million and net income more than doubling to $87 million.
Negative Updates
Challenges at Kiena
Kiena's production guidance was adjusted downwards due to challenges in contractor execution and underperformance at Presqu'ile. AISC at Kiena increased to USD 1,899 per ounce, reflecting higher costs.
Read all updates
Q3-2025 Updates
Positive
Negative
Record-Breaking Financial Performance
The company achieved record revenues, net income, EBITDA, net cash from operating activities, and free cash flow, with revenues increasing by 57% to $230 million and net income more than doubling to $87 million.
Read all positive updates
Company Guidance
During the conference call on November 5, 2025, Wesdome Gold Mines provided guidance highlighting a strong financial performance in the third quarter. The company reported record revenues of $230 million, a 57% increase from the previous year, and net income more than doubled to $87 million, or $0.58 per share. EBITDA grew by 77% to $150 million, and free cash flow increased 2.5 times to $79 million, or $0.52 per share. The call emphasized that Wesdome's cash balance rose to $266 million, with total liquidity exceeding $600 million. For 2025, Wesdome is comfortable with achieving the mid- to upper end of its new production guidance of 177,000 to 193,000 ounces, with Eagle River expected to finish near the top of its production guidance and Kiena projected to produce between 72,000 and 78,000 ounces. The company noted a 7% increase in cash costs year-over-year to USD 944 per ounce, while the all-in sustaining cost (AISC) remained stable at USD 1,419 per ounce. The call also addressed ongoing challenges and improvements at Kiena, including operational redundancy measures and development progress in various zones, with an emphasis on maintaining transparency and strengthening operational risk management.Wesdome Gold Mines Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 914.33M | 558.18M | 333.17M | 265.48M | 262.91M |
| Gross Profit | 546.83M | 241.86M | 37.75M | 51.11M | 117.29M |
| EBITDA | 598.24M | 307.74M | 93.63M | 46.58M | 218.37M |
| Net Income | 349.50M | 135.47M | -6.19M | -14.71M | 131.29M |
Balance Sheet | |||||
| Total Assets | 1.15B | 746.65M | 618.96M | 619.13M | 553.72M |
| Cash, Cash Equivalents and Short-Term Investments | 353.87M | 123.10M | 41.37M | 33.19M | 56.76M |
| Total Debt | 3.40M | 881.00K | 42.46M | 63.98M | 14.57M |
| Total Liabilities | 210.01M | 175.84M | 191.66M | 220.61M | 158.54M |
| Stockholders Equity | 936.97M | 570.82M | 427.30M | 398.52M | 395.18M |
Cash Flow | |||||
| Free Cash Flow | 277.17M | 121.50M | 319.00K | -80.76M | -12.51M |
| Operating Cash Flow | 455.13M | 240.97M | 101.35M | 65.21M | 130.96M |
| Investing Cash Flow | -210.56M | -119.31M | -98.59M | -146.22M | -132.51M |
| Financing Cash Flow | -13.80M | -39.93M | 5.42M | 57.44M | -5.16M |
Wesdome Gold Mines Technical Analysis
Positive
28.28
Price Trends
24.86
Positive
24.18
Positive
21.81
Positive
Market Momentum
1.11
Negative
62.27
Neutral
50.19
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 28.28 is above the 20-day moving average (MA) of 25.63, above the 50-day MA of 24.86, and above the 200-day MA of 21.81, indicating a bullish trend. The MACD of 1.11 indicates Negative momentum. The RSI at 62.27 is Neutral, neither overbought nor oversold. The STOCH value of 50.19 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$4.09B | 9.79 | 44.53% | ― | 69.33% | 253.46% | |
80 Outperform | C$6.35B | 14.52 | 41.72% | ― | 81.13% | 234.33% | |
74 Outperform | C$8.37B | 11.03 | 12.03% | ― | 33.74% | ― | |
74 Outperform | C$5.00B | 4.96 | 31.90% | 1.36% | 3.93% | 247.84% | |
73 Outperform | C$5.93B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$1.83B | -6.94 | -48.77% | ― | 70.93% | 37.37% |
* Basic Materials Sector Average
TSE:WDO
Wesdome Gold Mines
28.33
11.33
66.65%
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Wesdome Gold Mines Corporate Events
Business Operations and Strategy
Wesdome Showcases Exploration-Led Growth Strategy Ahead of 2026 Technical Reports
Positive
Mar 31, 2026
Wesdome Gold Mines used an exploration teach-in for sell-side analysts in Toronto to showcase its evolving exploration strategy and expanding pipeline of targets across its Eagle River and Kiena properties. Management emphasized a shift from simpl...
Business Operations and Strategy
Wesdome Uncovers New High-Grade Gold Lenses at Kiena, Boosting Resource Upside
Positive
Mar 26, 2026
Wesdome Gold Mines reported multiple new high-grade gold lenses at its Kiena mine, underscoring significant resource expansion potential in the Kiena Deep A, Footwall and B Zones. The latest underground drilling campaign has expanded existing lens...
Business Operations and StrategyStock Buyback
Wesdome Sets Automatic Plan to Advance Share Buyback Program
Positive
Mar 26, 2026
Wesdome Gold Mines has entered into an automatic share purchase plan with National Bank Financial to support repurchases of its common shares under a previously approved normal course issuer bid. The plan allows the company to continue buying back...
Business Operations and StrategyExecutive/Board Changes
Wesdome Names Veteran Mining Executive Tyler Mitchelson as Chief Operating Officer
Positive
Mar 24, 2026
Wesdome Gold Mines has appointed Tyler Mitchelson as its full-time Chief Operating Officer, following his interim tenure that began in January 2026. Mitchelson is expected to drive operational excellence and support sustainable, resilient growth, ...
Business Operations and StrategyExecutive/Board Changes
Wesdome Strengthens Leadership With New Senior HR Executive
Positive
Mar 2, 2026
Wesdome Gold Mines has appointed Christine Barwell as Senior Vice President, Human Resources, effective March 9, 2026, as the company sharpens its people strategy to support future growth. Interim Vice President Kim Humphreys will remain with the ...
Business Operations and StrategyRegulatory Filings and Compliance
Wesdome Fast-Tracks Kiena’s Presqu’île Zone After Securing Key Approvals
Positive
Feb 3, 2026
Wesdome Gold Mines has obtained an updated Certificate of Authorization and a mining lease for the Presqu’île Zone, a near-surface deposit with ramp access at its Kiena Mine in Val-d’Or, Québec, allowing production from the z...
Business Operations and StrategyStock BuybackFinancial Disclosures
Wesdome Posts Record Gold Output and Sets Higher 2026 Production Targets
Positive
Jan 20, 2026
Wesdome Gold Mines reported record annual gold production of 185,575 ounces in 2025, up from 172,034 ounces in 2024, driven by higher output at its Eagle River and Kiena operations, while also nearly tripling its cash balance to more than $350 mil...
Business Operations and StrategyExecutive/Board Changes
Wesdome Gold Mines Names Interim COO as Belleau Departs
Neutral
Jan 20, 2026
Wesdome Gold Mines has announced that Chief Operating Officer Guy Belleau will leave the company on January 30, 2026, with seasoned mining executive Tyler Mitchelson stepping in as interim COO. Management highlighted Mitchelson’s extensive o...
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.