Wesdome Gold Mines (TSE:WDO)
TSX:WDO
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Wesdome Gold Mines
(TSX:WDO)
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Rating:85Outperform
Price Target:
C$35.00
▲(23.76% Upside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by strong financial performance (high profitability and cash generation with very low leverage) and a constructive earnings outlook (reiterated guidance, operational momentum, strong liquidity, and buybacks). Technicals are supportive but somewhat stretched, and valuation looks favorable on a low P/E, with near-term cost/capex and operational variability as key risks.
Positive Factors
Debt-free balance sheet & strong liquidity
A debt-free balance sheet with CAD>770M liquidity provides durable financial flexibility to fund growth, weather commodity cycles, and execute buybacks without refinancing risk. This reduces solvency risk and preserves optionality for capex, exploration or M&A over the next 2–6 months.
Negative Factors
Elevated unit costs from labour and inflation
Persistent wage inflation and greater contractor reliance raise the company’s structural cost base, squeezing margins if metal prices soften. Higher AISC at Kiena in particular reduces margin resilience and makes multi-quarter cash generation more sensitive to operating cost trends.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet & strong liquidity
A debt-free balance sheet with CAD>770M liquidity provides durable financial flexibility to fund growth, weather commodity cycles, and execute buybacks without refinancing risk. This reduces solvency risk and preserves optionality for capex, exploration or M&A over the next 2–6 months.
Read all positive factors
Wesdome Gold Mines (WDO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.55B
Dividend YieldN/A
Average Volume (3M)941.87K
Price to Earnings (P/E)7.8
Beta (1Y)2.07
Revenue Growth59.18%
EPS Growth115.75%
CountryCA
Employees301
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.33
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)3.76
Revenue Forecast (FY)C$1.33B
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 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:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial momentum: record quarterly financials, a large cash position and liquidity, decisive share buybacks, clear operational productivity gains at Eagle River, and tangible stabilization and growth catalysts at Kiena. Exploration activity is materially ramping up with several promising discoveries and conversion targets. Notable near-term challenges include labor-driven cost pressures (higher wages and contractor reliance), elevated AISC (particularly at Kiena), increased near-term capital intensity, and technical drilling risks (e.g., Norbenite Fault). Overall, the positives — including record cash generation, debt-free balance sheet, robust buyback activity, measurable operational improvements, and an aggressive, data-driven exploration program — outweigh the lowlights, which appear manageable but do introduce short-term cost and timing risks.Positive Updates
Record Financial Performance
Q1 2026 record quarter: Revenue of $300M, net income of $119M ($0.79/share), EBITDA of $212M, operating cash flow of $162M and free cash flow of $126M ($0.84/share). Free cash flow represented 42% of revenue and EBITDA margin was ~70.7%.
Negative Updates
Cost Pressures Driven by Labor and Inflation
Consolidated AISC was USD 1,707/oz; Eagle River AISC USD 1,616/oz; Kiena AISC USD 1,844/oz. Primary cost pressures include higher wages, increased contractor usage, and elevated maintenance consumable costs; management is monitoring fuel and consumables inflation.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Financial Performance
Q1 2026 record quarter: Revenue of $300M, net income of $119M ($0.79/share), EBITDA of $212M, operating cash flow of $162M and free cash flow of $126M ($0.84/share). Free cash flow represented 42% of revenue and EBITDA margin was ~70.7%.
Read all positive updates
Company Guidance
Management reiterated full‑year consolidated production and cost guidance while giving specific metrics: Eagle River production is expected to be evenly split across all four quarters (Q1 was 28,000 oz, ~25% of the midpoint) and Kiena was the light quarter (Q1 17,500 oz) with ~60% of Kiena’s annual production weighted to H2 as Presqu'ile ramps (first stope end of June, full Presqu'ile production by year‑end); consolidated AISC is expected to peak in Q2 then decline (Q1 consolidated AISC US$1,707/oz; Eagle River US$1,616/oz; Kiena US$1,844/oz). Capital and cash guidance: total CapEx ~$205M for 2026 (~45% growth directed), exploration budget $55M with exploration expense guidance on track at $30M (about $15M per site), depreciation should decline after the updated June reserve statement (depreciation tied to 2P reserves), effective tax rate ~35%, cash $431M at Mar 31 with total liquidity >CAD770M (undrawn revolver), debt‑free, Q1 free cash flow $126M (42% of revenue), Q1 revenue $300M, net income $119M, EBITDA $212M. The NCIB is being executed opportunistically (first tranche: 3M shares for $68M; a second tranche for up to an additional 3M shares announced), and operational targets include mill throughput trending ~800 tpd in Q1 (vs 600 tpd in 2024 and 700 tpd in 2025) with a path to 1,000 tpd and a 2026 drilling program of >270,000 m (270 km) including 80–90k m of conversion drilling.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 |
|---|---|---|---|---|---|---|---|
85 Outperform | C$4.55B | 7.85 | 44.53% | ― | 59.18% | 115.75% | |
85 Outperform | C$6.72B | 9.05 | 41.72% | ― | 55.87% | 71.11% | |
81 Outperform | C$6.38B | 5.27 | 26.78% | ― | 59.11% | 306.31% | |
77 Outperform | C$9.77B | -14.19 | 19.55% | ― | 73.38% | 169.61% | |
73 Outperform | C$5.05B | 11.36 | 32.55% | 1.36% | 28.75% | 1404.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$1.86B | -4.95 | -48.77% | ― | 135.64% | 18.28% |
* Basic Materials Sector Average
TSE:WDO
Wesdome Gold Mines
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84.47%
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Wesdome Gold Mines Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Wesdome posts steady Q1 2026 output as Kiena ramp and share buybacks advance strategy
Positive
Apr 14, 2026
Wesdome reported solid first-quarter 2026 operating results, with total gold production of 45,303 ounces, essentially flat year-on-year, as higher ore throughput at both Eagle River and Kiena offset lower grades. Management reaffirmed its back-hal...
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 ...
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.