Wesdome Gold Mines (TSE:WDO)
TSX:WDO
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Wesdome Gold Mines
(TSX:WDO)
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Rating:81Outperform
Price Target:
C$25.00
▼(-4.62% Downside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by strong financial performance (high margins, strong cash generation, and very low leverage). The earnings call supports the outlook with strong results and confidence in guidance, partially offset by Kiena execution and cost risks. Technicals are neutral-to-mildly constructive, and valuation is supported by a low P/E.
Positive Factors
Cash generation
Sustained operating cash flow (~$455M) and strong free cash flow (~$277M) in 2025 provide durable internal funding for mine development, exploration and working capital. Robust FCF supports reinvestment, reduces reliance on external financing, and improves resilience through commodity cycles.
Negative Factors
Kiena execution risk
Persistent underperformance and higher AISC at Kiena reduce group margins and create execution risk that can persist for quarters. If Kiena cannot sustain planned grades or costs, overall production and cash generation may be below guidance, stressing capital allocation decisions.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow (~$455M) and strong free cash flow (~$277M) in 2025 provide durable internal funding for mine development, exploration and working capital. Robust FCF supports reinvestment, reduces reliance on external financing, and improves resilience through commodity cycles.
Read all positive factors
Wesdome Gold Mines (WDO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.94B
Dividend YieldN/A
Average Volume (3M)941.87K
Price to Earnings (P/E)9.8
Beta (1Y)2.00
Revenue Growth69.33%
EPS Growth253.46%
CountryCA
Employees301
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.79
Shares Outstanding150,389,950
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 Upside14.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)3.79
Revenue Forecast (FY)C$1.30B
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 13, 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
26.21
Price Trends
24.04
Positive
23.42
Positive
21.34
Positive
Market Momentum
-0.10
Negative
61.56
Neutral
86.94
Negative
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 26.21 is above the 20-day moving average (MA) of 23.52, above the 50-day MA of 24.04, and above the 200-day MA of 21.34, indicating a bullish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 61.56 is Neutral, neither overbought nor oversold. The STOCH value of 86.94 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | C$3.94B | 9.79 | 44.53% | ― | 69.33% | 253.46% | |
80 Outperform | C$6.07B | 14.52 | 46.21% | ― | 81.13% | 234.33% | |
74 Outperform | C$8.90B | 11.03 | 12.03% | ― | 33.74% | ― | |
74 Outperform | C$5.11B | 4.96 | 31.90% | 1.36% | 3.93% | 247.84% | |
73 Outperform | C$6.54B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | C$1.88B | -6.94 | -48.77% | ― | 70.93% | 37.37% |
* Basic Materials Sector Average
TSE:WDO
Wesdome Gold Mines
26.21
9.67
58.46%
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43.78
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74.84%
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TSE:IAU
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178.75%
Wesdome Gold Mines Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Wesdome Gold Mines Adds Veteran Finance Executive Faheem Tejani as Independent Director and Audit Chair
Positive
Dec 30, 2025
Wesdome Gold Mines has appointed veteran finance executive Faheem Tejani to its board of directors as an independent director and chair of the audit committee, effective December 31, 2025, bringing the board to eight members, seven of whom are ind...
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.