Wesdome Gold Mines (TSX: WDO) has published their third quarter financial results, headlined by topline revenue of $230.8 million, an improvement of 57% on a year over year basis from $146.8 million in Q3 2024.
That revenue figure follows the sale of 47,400 ounces of gold at an average realized price of US$3,523 per ounce, as compared to 42,900 ounces of gold sold at an average price of US$2,508 an ounce in the year ago period.
Net income for the period came in at a record $86.9 million, or $0.58 per share, which was an improvement from $39.0 million, or $0.26 per share, in the year ago period. Adjusted net income was unchanged from net income. EBITDA in the third quarter improved by 77%, growing from $84.6 million to $149.6 million.
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In terms of cash flow, net cash from operating activities nearly doubled on a year over year basis, growing from $61.0 million, or $0.41 per share, to $118.2 million, or $0.78 per share. Free cash flow meanwhile moved from $30.8 million, or $0.21 per share, to $79.0 million, or $0.52 per share.
Wesdome ended the third quarter with a cash position of $265.9 million, and working capital of $274.5 million.
In terms of operations, Wesdome produced 50,465 ounces of gold, versus 45,109 ounces of gold in the year ago period. Cash costs on a per ounce basis amounted to US$944 an ounce, versus US$890 per ounce in Q3 2024. All in sustaining costs meanwhile rose from US$1,408 to US$1,419 an ounce.
“In the third quarter, we achieved multiple operating and financial records, significant margin expansion, and a 34% free cash flow margin. With the current gold price providing a strong tailwind, we are well positioned this year to continue capturing margin, achieve the mid to upper end of revised consolidated guidance, and deliver one of the strongest free cash flow yields in the gold sector,” commented Anthea Bath, CEO of Wesdome Gold Mines.
Wesdome Gold Mines last traded at $19.91 on the TSX.
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