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Wesdome Announces 2022 Fourth Quarter and Full Year Financial Results

TORONTO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces fourth quarter (“Q4 2022”) and full year financial results. All figures are stated in Canadian dollars unless otherwise noted.

Key Highlights:

Eagle River

  • Eagle River underground mine processed 223,735 tonnes at an average grade of 11.5 gpt to produce 79,997 ounces with the underground producing 231,000 tonnes of broken ore.
  • Completed additional drilling and ore development at the Falcon Zone which is improving production and grade forecasting; results in 2023 so far are showing positive reconciliation at the Falcon Zone

Kiena

  • Successfully commissioned the pastefill plant and declared commercial production
  • Drilling expanded the size of the A Zones and Footwall Zones, which supports future mine life extension potential
  • Drilling better defined and expanded the Presqu’ile Zone potentially justifying the installation of an exploration ramp

Other

  • Named to the Globe & Mail's 2022 Report on Business Women Lead Here list. This annual editorial benchmark identifies best-in-class executive gender diversity in corporate Canada
  • Placed 6th out of 34 TSX-listed materials companies in the annual Globe and Mail Board Games report on corporate governance

Warwick Morley-Jepson, Interim CEO commented, “2022 was a challenging year for Wesdome, and we have leveraged our experiences to ensure better operational and financial performance going forward. Production misses at both mines resulted in a net loss of $14.7 million or ($0.10) per share.

Previously disclosed grade reconciliation issues at the Falcon zone that impacted 2022 production have been addressed through additional ore development and drilling. Eagle operations are recovering well, with 2023 grade so far reconciling higher than guidance.

At Kiena, despite the challenging backdrop of the fractured supply chains we are very pleased to have put a second mine into production, financed almost entirely from internally generated cash flow. The delays encountered in 2022 are behind us, and all required equipment is on site. The next milestone is the continued development of the ramp giving access to mining operations in the A zone. Ramp advancement will position us to mine in the areas where the ounces per vertical metre significantly increase, and grade is expected to improve. Year to date, this project is tracking slightly ahead of schedule. As well, 2022 saw the hiring of key technical personnel including a Director, Engineering and Operations who will support daily mine operations.

Production guidance for 2023 is expected to range between 110,000 – 130,000 ounces with production back end weighted through the year. Until the ramp reaches the 129 metre level at Kiena, lower processed grades are expected to continue into 2023.   We will continue to supply the mill with lower grade ore from the Martin, S50, and VC zones to supplement the Kiena Deep material that will be available to mine, which is mostly lower grade fringe material and diluted ore from previously mined areas.

We consider this year to be a transition year as we get Kiena back on schedule, setting up 2024 to be a stronger year operationally, as well as financially. In this regard, an at-the-market equity program was established in December to accelerate balance sheet de-levering.”

Key operating and financial performance of the full year 2022 results include:

  • Gold production of 110,850 ounces is a 10% decrease over the same period in the previous year (2021: 123,843 ounces):
    • Eagle River underground processed 223,734 tonnes at a head grade of 11.5 grams per tonne for 79,997 ounces produced, 19% decrease over the previous year (2021: 99,120 ounces).
    • Mishi Open Pit 23,153 tonnes at a head grade of 3.2 grams per tonne for 2,005 ounces produced (2021: 2,283 ounces).
    • Kiena 115,171 tonnes at a head grade of 7.9 grams per tonne for 28,848 ounces produced, 29% increase over previous year (2021: 22,440)
  • Revenue2 of $265.5 million, a 1% increase over the previous year (2021: $262.9 million).
  • Ounces sold3 were 113,000 at an average sales price of $2,347/oz (2021: 116,708 ounces at an average price of $2,250/oz).
  • Cash margin1,2,4 of $95.7 million, a 34% decrease over the previous year (2021 - $145.4 million).
  • Operating cash flows2,4 decreased by 50% to $65.2 million or $0.46 per share1 as compared to $131.0 million or $0.93 per share for the same period in 2021.
  • Free cash outflow of $90.2 million, net of an investment of $108.9 million in Kiena, or ($0.63) per share1 (2021: free cash outflow of $21.3 million or ($0.15) per share).  
  • Net loss of $14.7 million or ($0.10) per share (2021: Net income2,4 $131.3 million or $0.94 per share) and Net loss (adjusted)1 of $5.9 million or ($0.04) per share (2021: Net income (adjusted)1,2,4 $69.9 million or $0.50 per share).
  • Cash position at the end of the year of $33.2 million, with total borrowings of $54.7 million drawn on the senior secured revolving credit facility.Cash costs1,4,5 of $1,500/oz or US$1,153/oz, a 52% increase over the same period in 2021 (2021: $990/oz or US$789/oz) due to a 9% increase in aggregate operating costs at Eagle River and the costs of ramping up operations at Kiena in anticipation of declaring commercial production;
  • AISC1,5 increased by 43% to $2,020/oz or US$1,552/oz (2021: $1,408 or US$1,123 per ounce) due to a 9% increase in aggregate operating costs and increased spending at Eagle River to replace aging infrastructure and the costs of ramping up operations at Kiena in anticipation of declaring commercial production.

Key operating and financial performance of Q4 2022 results include:

  • Gold production of 35,116 ounces, which includes a 16% decrease over the same period in the previous year (Q4 2021: 41,559 ounces):
    • Eagle River underground 58,306 tonnes at a head grade of 14.0 grams per tonne for 25,502 ounces produced, 5% increase over the previous year (Q4 2021: 24,267 ounces).
    • Kiena 51,419 tonnes at a head grade of 5.9 grams per tonne for 9,614 ounces produced, 43% decrease over the previous year (Q4 2021: 16,929 ounces).
  • Revenue of $75.1 million, a 12% decrease over the previous year (Q4 2021: $85.5 million).
  • Ounces sold were 31,500 at an average sales price of $2,380/oz (Q4 2021: 37,544 ounces at an average price of $2,275/oz).
  • Cash margin1 of $26.5 million, an 44% decrease over the previous year (Q4 2021 - $47.7 million).
  • Operating cash flows decreased by 79% to $10.3 million or $0.07 per share1 as compared to $48.2 million or $0.34 per share for the same period in 2021.
  • Free cash outflow of $31.6 million, net of an investment of $26.5 million in Kiena, or ($0.22) per share1 (Q4 2021: free cash outflow of $3.2 million or ($0.02) per share).  
  • Net loss and Net loss (adjusted)1of $3.5 million or ($0.02) per share (2021: Net income and Net income (adjusted)1 $24.8 million or $0.18 per share).
  • Cash costs1 of $1,540/oz or US$1,134/oz, a 53% increase over the same period in 2021 (Q4 2021: $1,005/oz or US$797/oz);
  • AISC1 increased by 51% to $2,136/oz or US$1,573/oz (Q4 2021: $1,412 or US$1,121 per ounce).

    1. Refer to the Company’s 2022 Annual Management Discussion and Analysis section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
    2. FY 2021 excludes $3.9 million of revenue from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021. The incidental revenue was credited against the cost of the Kiena exploration asset.
    3. FY 2021 excludes 1,793 ounces from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.
    4. Includes a $0.4 million charge for product inventory costs from the sale of 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.
    5. In determining the Cash cost per ounce and AISC per ounce, the total ounces sold includes 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.

Production Metrics and Exploration Updates
Performance
Eagle River Complex
  • FY 2022 gold production from the Eagle River Complex decreased by 19% from FY 2021 to 82,002 ounces of gold, primarily due to lower realized head grade, as the newly developed Falcon Zone grade was not as high as expected. Gold production from Mishi was also lower than in 2021 as the stockpiled ore nears depletion. Head grade at the Eagle River Complex in 2022 averaged 10.7 g/t.
  • FY 2022 cash cost of $1,356 (US$1,042) per ounce of gold sold1 increased by 39% or $378 from FY 2021 due to a 21% decrease in ounces sold and a 9% increase in overall aggregate site operating costs resulting from higher operating costs incurred due to more ore development metres, waste movement, improvements made to strengthen the technical and mine management team at site, general maintenance improvements and inflationary pressures, driven by higher labour costs and an increase in commodity inputs, including higher fuel and energy costs.
  • FY 2022 AISC of $2,003 (US$1,539) per ounce of gold sold1 increased by 38% or $547 from FY 2021 due to the higher cash costs, combined with the replacement of aging site infrastructure and raising of the tailings storage facility.
  • Generated $79.1 million in cash margin in FY 2022 compared to $127.7 million in FY 2021 due to the 21% decrease in ounces sold and the 9% increase in overall aggregate site operating costs.
  • The new 355 m level development is now complete along the western extent of the mine infrastructure. The development extends 400 m west of the mine into the volcanic rocks that host the Falcon 7 zone. This development provides drill platforms to test for gold mineralization near the Falcon 7 zone further along strike, and for parallel zones. In the future it will provide access for mining and will improve operational planning, as it is situated away from the main mining area at depth.
  • Most recently, surface, and underground drilling from the newly established 355 m level exploration drift, has defined the up-plunge extent of the Falcon 7 zone. Highlights of the recent drilling include 11.1 g/t Au over 3.0 m core length and 26.5 g/t Au over 2.0 m core length (see press release dated October 5, 2022).
  • In addition, several drill holes have intersected mineralization in subparallel zones in the hanging wall of the Falcon 7 zone, including a recent hole that returned 40.3 g/t Au over 1.5 m. One hole, further to the west along strike from the Falcon 7 zone, near the historic 9 zone, returned 19.4 g/t au over 0.7 m.
  • Additionally, initial surface drilling within the volcanic rocks, 150 metres east and down dip of the previously mined 2 Zone intersected altered volcanic rocks with quartz veining and VG. One hole returned 233.0 g/t Au over 0.4 metres.
Kiena
  • With the successful completion of a test pastefill pour on November 30, 2022, commercial production at the Kiena Mine was declared effective December 1, 2022. The pastefill plant has been performing well and in line with expectations.
  • FY 2022 Kiena ore production increased by 29% from FY 2021 to 28,848 ounces of gold, primarily due to higher throughput; partially offset by lower head grade as less ore was sourced from Kiena Deep. Head grade at Kiena in 2022 averaged 7.9 g/t.
  • The 2022 cash cost of $1,839 (US$1,413) per ounce of gold sold increased by 75% or $786 per ounce as compared to $1,052 (US$839) in 2021 and the AISC of $2,059 (US$1,582) per ounce of gold sold increased by 81% or $922 per ounce as compared to $1,138 (US$908) in 2021 primarily due to ramping up operations in anticipation of declaring commercial production, which was delayed until December 1, 2022 due to supply chain challenges in sourcing vital equipment necessary to deal with challenging ground conditions within the Kiena Deep A zone. Once a sufficient level of developed reserves is achieved through the development of the ramp to the higher grade A zone, the cash cost and AISC are expected to align with the life of mine cash costs and AISC in the Preliminary Feasibility Study (“PFS”), excluding the industry-wide cost escalations that have occurred since its publishing in 2021.
  • Generated $16.6 million in cash margin despite the low ounces produced and the high cash costs of $1,839 per ounce of gold sold1 as commercial production was delayed until December 1, 2022 due to supply chain challenges in sourcing vital equipment necessary to deal with challenging ground conditions within the Kiena Deep A zone.
  • The recent discovery of the South Limb and Footwall zones show the underexplored exploration potential of the Kiena Deep zone.`
  • Most recently, drilling intersected two new zones in the hanging wall basalt. This zone consists of disseminated sulfides in basalt associated with a stockwork of veinlets composed of quartz ± gold. The second zone consists of a quartz-cabonate vein with visible gold that returned 2,850 g/t Au over 1.5 m core length. The discovery of these zones highlights the potential to add ounces within the basalt, where the rock quality is significantly better than in the A Zone allowing for increased development rates (see press release dated November 16,2022).
  • From surface, drilling has focused on the Presqu'île Zone located 2 kilometres west of the Kiena Mine. Highlights include 24.3 g/t over 3.3 m core length and 30.0 g/t Au over 9.4 m core length. Given the significant upside that the Presqu'île zone could represent for Kiena, the Company is currently evaluating options to fast-track an exploration ramp from surface. It could also easily be connected to Kiena's existing underground ramp network, providing access to surface for the existing operation and enhancements to the mine’s ventilation network (see press release dated September 8, 2022).


Technical Disclosure

The technical content of this release has been compiled, reviewed and approved by Frédéric Langevin, Eng, Chief Operating Officer of the Company and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.

Wesdome Gold Mines 2022 Fourth Quarter and Full Year Financial Results Conference Call

February 23, 2023 at 10:00 am ET

ABOUT WESDOME
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX under the symbol “WDOFF.”

For further information, please contact:

Warwick Morley-JepsonorLindsay Carpenter Dunlop
Interim CEO VP Investor Relations
416-360-3743   ext. 2029 416-360-3743   ext. 2025
w.morley-jepson@wesdome.com lindsay.dunlop@wesdome.com

220 Bay St, Suite 1200
Toronto, ON, M5J 2W4

Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the benefits of achieving commercial production at Kiena, the Company’s expected capital expenditure in 2023, the timing around reaching the Kiena Deep A Zone, the Company’s ability to be cash flow positive and its annual production run rate. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

 

Wesdome Gold Mines Ltd.
Summarized Operating and Financial Data
(Unaudited, expressed in thousands of Canadian dollars, except per share and per unit amounts and otherwise indicated)

  Three Months EndedYears Ended 
  December 31, December 31, 
  2022  2021  2022  2021  
Operating data         
Milling (tonnes)         
Eagle River 58,306  56,159  223,734  228,759  
Mishi 0  6,215  23,153  36,508  
Kiena 51,419  38,000  115,171  68,470  
Throughput 2 109,725  100,374  362,058  333,737  
Head grades (g/t)         
Eagle River 14.0  13.7  11.5  13.8  
Mishi 0.0  2.1  3.2  2.4  
Kiena 5.9  14.1  7.9  10.4  
Recovery (%)         
Eagle River 97.4  97.8  96.9  97.5  
Mishi 0.0  88.1  83.5  82.4  
Kiena 98.1  98.1  98.3  98.0  
          
Production (ounces)         
Eagle River 25,502  24,267  79,997  99,120  
Mishi 0  363  2,005  2,283  
Kiena 9,614  16,929  28,848  22,440  
Total gold produced 2 35,116  41,559  110,850  123,843  
Total gold sales (ounces) 4 31,500  37,544  113,000  118,501  
          
Eagle River Complex (per ounce of gold sold) 1       
Average realized price$2,384 $2,279 $2,354 $2,250  
Cash costs 1,302  1,017  1,356  978  
Cash margin$1,082 $1,262 $998 $1,272  
All-in Sustaining Costs 1$2,039 $1,608 $2,003 $1,456  
          
Mine operating costs/tonne milled 1$515 $391 $436 $357  
          
Average 1 USD → CAD exchange rate 1.3578  1.2603  1.3013  1.2535  
          
Cash costs per ounce of gold sold (US$) 1$959 $807 $1,042 $780  
All-in Sustaining Costs (US$) 1$1,502 $1,276 $1,539 $1,162  
          
Kiena Mine (per ounce of gold sold) 1         
Average realized price$2,371 $2,267 $2,331 $2,249  
Cash costs 3, 5 2,063  983  1,839  1,052  
Cash margin$308 $1,284 $492 $1,197  
All-in Sustaining Costs 1, 3, 5$2,348 $1,051 $2,059 $1,138  
          
Mine operating costs/tonne milled 1$352 $335 $518 $325  
          
Average 1 USD → CAD exchange rate 1.3578  1.2603  1.3013  1.2535  
          
Cash costs per ounce of gold sold (US$) 1$1,519 $780 $1,413 $839  
All-in Sustaining Costs (US$) 1$1,729 $834 $1,582 $908  
          
Financial Data         
Cash margin 1$26,466 $47,681 $95,674 $145,354  
Net income$(3,527)$24,762 $(14,706)$131,288  
Net income adjusted 1$(3,527)$24,762 $(5,856)$69,903  
Earnings before interest, taxes, depreciation and amortization 1$21,309 $44,235 $55,617 $132,199  
Operating cash flow$10,267 $48,160 $65,206 $130,958  
Free cash flow$(31,609)$(3,172)$(90,174)$(21,291) 
Per share data         
    Net income$(0.02)$0.18 $(0.10)$0.94  
Adjusted net income 1$(0.02)$0.18 $(0.04)$0.50  
Operating cash flow 1$0.07 $0.34 $0.46 $0.93  
Free cash flow 1$(0.22)$(0.02)$(0.63)$(0.15) 
          
  1. Refer to the Company’s 2022 Annual Management Discussion and Analysis section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements.
  2. Totals for tonnage and gold ounces may not add due to rounding.
  3. FY 2021 includes a $0.4 million charge for product inventory costs from the sale of 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020.
  4. FY 2021 includes 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020
  5. In determining the Cash cost per ounce and AISC per ounce, the total ounces sold includes 1,793 ounces of gold from the Kiena bulk sample, which was processed in Q4 2020 and sold in Q1 2021.

Wesdome Gold Mines Ltd.
Statements of Financial Position
(Expressed in thousands of Canadian dollars)

      
   As at December 31, 2022 As at December 31, 2021 
Assets     
Current     
  Cash and cash equivalents $ 33,185  $56,764  
  Receivables and prepaids  12,755   13,793  
  Inventories  22,119   17,918  
  Income and mining tax receivable  6,494   -  
  Share consideration receivable  2,994   4,560  
Total current assets  77,547   93,035  
      
Restricted cash  1,176   657  
Deferred financing costs  1,411   758  
Mining properties, plant and equipment  525,860   212,394  
Mines under development  -   214,089  
Exploration properties  1,139   1,139  
Marketable securities  960   1,860  
Share consideration receivable  2,576   10,729  
Investment in associate  8,458   19,058  
Total assets $ 619,127  $553,719  
      
Liabilities      
Current     
  Payables and accruals $ 54,734  $40,093  
  Borrowings  54,697   -  
  Income and mining tax payable  -   5,490  
  Current portion of lease liabilities  6,160   7,789  
Total current liabilities  115,591   53,372  
      
Lease liabilities  3,126   6,786  
Deferred income and mining tax liabilities  82,950   77,195  
Decommissioning provisions  18,941   21,191  
Total liabilities  220,608   158,544  
      
Equity     
Equity attributable to owners of the Company     
  Capital stock  205,361   187,911  
  Contributed surplus  7,359   5,859  
  Retained earnings  186,939   201,645  
  Accumulated other comprehensive loss  (1,140)  (240) 
Total equity attributable to owners of the Company  398,519   395,175  
Total liabilities and equity $ 619,127  $553,719  
      

 

Wesdome Gold Mines Ltd.
Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited, expressed in thousands of Canadian dollars except for per share amounts)

 Three Months Ended  Years Ended
   December 31,    December 31,
  2022   2021   2022   2021 
        
Revenues$ 75,035  $85,505  $ 265,483  $262,907 
Cost of sales (61,997)  (45,945)  (214,371)  (145,619)
Gross profit 13,038   39,560   51,112   117,288 
        
Other expenses       
Corporate and general 2,309   2,817   11,823   10,614 
Stock-based compensation 857   533   3,311   2,604 
Exploration and evaluation 1,926   471   14,369   471 
Reversal of impairment charges -   -   -   (58,563)
Impairment charge on exploration properties -   -   -   7,507 
Loss (gain) on disposal of mining equipment 242   -   303   (3)
Total other expenses (income) 5,334   3,821   29,806   (37,370)
        
Operating income  7,704   35,739   21,306   154,658 
        
Gain on sale of Moss Lake exploration properties -   -   -   34,330 
Impairment of investment in associate -   -   (11,800)  - 
Fair value adjustment on share consideration receivable 1,005   1,038   (6,386)  1,947 
Interest expense (1,279)  (339)  (2,446)  (1,194)
Accretion of decommissioning provisions (242)  (146)  (860)  (556)
Share of loss of associate (1,264)  (393)  (1,652)  (497)
Loss on dilution of ownership 188   -   (481)  - 
Other income (expenses) 490   (124)  (872)  (363)
Income (loss) before income and mining taxes 6,602   35,775   (3,191)  188,325 
        
Income and mining tax expense       
  Current 999   4,720   5,600   13,375 
  Deferred 9,130   6,293   5,915   43,662 
Total income and mining tax expense 10,129   11,013   11,515   57,037 
        
Net (loss) income$ (3,527) $24,762  $ (14,706) $131,288 
        
Other comprehensive income (loss)       
    Change in fair value of marketable securities 360   (240)  (900)  (240)
Total comprehensive (loss) income$ (3,167) $24,522  $ (15,606) $131,048 
        
(Loss) Earnings per share       
  Basic$ (0.02) $0.18  $ (0.10) $0.94 
  Diluted$ (0.02) $0.17  $ (0.10) $0.92 
        
Weighted average number of common       
  shares (000s)       
  Basic 142,782   141,156   142,391   140,195 
  Diluted 142,782   143,200   142,391   142,787 
        

 

Wesdome Gold Mines Ltd.
Statements of Total Equity
(Expressed in thousands of Canadian dollars)

       Accumulated  
       Other  
 Capital Contributed Retained ComprehensiveTotal
 Stock Surplus Earnings Loss Equity
          
Balance, December 31, 2020$179,540  $6,472  $70,357  $-  $256,369 
Net income for the year ended -   -   131,288   -   131,288 
 December 31, 2021         
Other comprehensive loss -   -   -   (240)  (240)
Exercise of options 5,154   -   -   -   5,154 
Value attributed to options exercised 2,431   (2,431)  -   -   - 
Value attributed to RSUs exercised 786   (786)  -   -   - 
Stock-based compensation -   2,604   -   -   2,604 
Balance, December 31, 2021$187,911  $5,859  $201,645  $(240) $395,175 
          
          
Net loss for the year ended$ -  $ -  $ (14,706) $ -  $ (14,706)
  December 31, 2022         
Other comprehensive loss -   -   -   (900)  (900)
At-the-Market offering:         
  Common shares issued for cash 13,080   -   -   -   13,080 
  Agents' fees and issuance costs (472)  -   -   -   (472)
Exercise of options 3,031   -   -   -   3,031 
Value attributed to options exercised 1,173   (1,173)  -   -   - 
Value attributed to RSUs exercised 638   (638)  -   -   - 
Stock-based compensation -   3,311   -   -   3,311 
Balance, December 31, 2022$ 205,361  $ 7,359  $ 186,939  $ (1,140) $ 398,519 
          

 

Wesdome Gold Mines Ltd.
Statements of Cash Flows
(Unaudited, expressed in thousands of Canadian dollars)

 Three Months Ended
December 31,
 Years Ended
December 31,
 
  2022   2021   2022   2021  
         
Operating Activities        
  Net (loss) income$ (3,527) $24,762  $ (14,706) $131,288  
  Depreciation and depletion 13,428   8,121   44,562   28,066  
  Stock-based compensation 857   533   3,311   2,604  
  Accretion of decommissioning provisions 242   146   860   556  
  Deferred income and mining tax expense 9,130   6,293   5,915   43,662  
  Amortization of deferred financing cost 133   84   401   412  
  Interest expense 1,279   339   2,446   1,194  
  Reversal of impairment charges -   -   -   (58,563) 
  Gain on sale of Moss Lake exploration properties -   -   -   (34,330) 
  Impairment charge on exploration properties -   -   -   7,507  
  Loss (gain) on disposal of mining equipment 242   -   303   (3) 
  Impairment of investment in associate -   -   11,800   -  
  Fair value adjustment on share consideration receivable (1,005)  (1,038)  6,386   (1,947) 
  Share of loss of associate 1,264   393   1,652   497  
  Loss on dilution of ownership (188)  -   481   -  
  Foreign exchange loss (gain) on borrowings (1,009)  (8)  451   (23) 
  Net changes in non-cash working capital (6,956)  11,726   18,928   21,403  
  Mining and income tax paid (3,623)  (3,191)  (17,584)  (11,365) 
Net cash from operating activities 10,267   48,160   65,206   130,958  
         
Financing Activities        
  Proceeds from At-the-Market offering 13,080   -   13,080   -  
  Agents' fees and issuance costs (632)  -   (632)  -  
  Proceeds from revolving credit facility 28,279   -   69,163   -  
  Repayment of revolving credit facility -   -   (14,810)  -  
  Repayment of lease liabilities (11,929)  (11,823)  (8,898)  (8,778) 
  Exercise of options 4,110   5,493   3,031   5,154  
  Deferred financing costs 5,678   4,935   (1,053)  (342) 
  Interest paid (1,279)  (339)  (2,446)  (1,194) 
Net cash from (used in) financing activities 37,307   (1,734)  57,435   (5,160) 
         
Investing Activities        
  Additions to mining properties (20,948)  (12,375)  (45,328)  (42,867) 
  Additions to mines under development (18,242)  (35,455)  (100,635)  (76,337) 
  Additions to exploration properties -   -   -   (23,267) 
  Purchase of exploration property -   -   -   (1,000) 
  Cash proceeds on sale of Moss Lake, net of transaction costs -   -   -   11,762  
  Investment in marketable securities -   (2,100)  -   (2,100) 
  Funds held against standby letter of credit -   -   (519)  -  
  Proceeds on disposal of mining equipment 60   -   262   73  
  Net changes in non-cash working capital -   (9,205)  -   1,222  
Net cash used in investing activities (39,130)  (59,135)  (146,220)  (132,514) 
         
Increase (decrease) in cash and cash equivalents 8,444   (12,709)  (23,579)  (6,716) 
Cash and cash equivalents - beginning of period 24,741   69,473   56,764   63,480  
Cash and cash equivalents - end of year$ 33,185  $56,764  $ 33,185  $56,764  
         
Cash and cash equivalents consist of:        
  Cash$ 33,185  $56,764  $ 33,185  $56,764  
 $ 33,185  $56,764  $ 33,185  $56,764  
         

PDF Available: http://ml.globenewswire.com/Resource/Download/aefa4829-b8c6-46cc-9c4e-386901079d1c


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