Q3 2024 Wesdome Gold Mines Ltd Earnings Call Transcript
Key Points
- Wesdome Gold Mines Ltd (WDOFF) achieved record gold production of 45,109 ounces in Q3 2024, a 62% increase over Q3 2023.
- The company reported a significant reduction in all-in sustaining costs at Kiena to $1,119 per ounce, placing it in the bottom quartile of the gold mining industry.
- Revenue increased by 111% year over year to CAD 147 million, driven by higher production and a 33% increase in realized gold prices.
- The company recorded a net income of CAD 39 million, or CAD 0.26 per share, a significant increase over prior periods.
- Wesdome Gold Mines Ltd (WDOFF) is debt-free after repaying the balance of its revolving credit facility, with a strengthened balance sheet and working capital of CAD 70 million.
- The company adjusted its 2024 guidance for Kiena, reducing the lower end of the production range by 3,000 ounces due to internal forecasts indicating production at the lower end of initial guidance.
- There was a slight decrease in grade at Kiena in Q3 compared to Q2, attributed to higher than expected dilution in some areas.
- The company noted that a material component of the cost update includes tactical investment decisions not originally contemplated, impacting cost guidance.
- Wesdome Gold Mines Ltd (WDOFF) expects to be fully taxed at about a 35% effective tax rate going forward, impacting cash flow.
- The company is facing challenges in optimizing its cost structure, with a focus on ramp-up execution rather than cost control in 2024.
Good morning and welcome to Wesdome Gold Mines conference call to discuss the company's financial and operating results for the three and nine months ended September 30, 2024. As a reminder, this call is being recorded. Your host for today is Trish Moran, Westdom's Vice President of Investor Relations. Ms. Moran, please go ahead.
Thank you and good morning, everyone before we get started, I would like to point out that during today's call, we may make forward-looking statements as defined under canadian securities law. I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Please note that all figures discussed, discussed on this call are in CAD unless otherwise noted.
Our press release and DNA and financial statements are available both on CDAR Plus and on our corporate website, Westone dotcom with us on today's webcast is Anthea B West's President and CEO Guyoo, our COO Fernando Ragone, our Chief Financial
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