11/5/2025

speaker
Trish Moran
Vice President, Investor Relations

Trish Moran, Good morning, welcome to West gold mines conference call to discuss the company's financial and operating results for the three and nine months ended September 30 2025. Trish Moran, As a reminder, this call is being recorded your host for today is trish Moran west on Vice President of investor relations miss Moran please go ahead.

speaker
Trish Moran
Vice President, Investor Relations

Thank you, operator, and good morning, everyone. Before we get started, I'd 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 on this call are in Canadian dollars unless otherwise noted. Our press release, MD&A, and financial statements are available both on CDAR Plus and on our corporate website, westdome.com. With us on today's webcast is Anthea Bath, West Dome's President and CEO. Philip Yee, our Chief Financial Officer, Guy Ballot, West Dome COO, Jono Lawrence, SVP Exploration and Resources, Raj Gill, SVP Corporate Development and IR, and Kevin Lonergan, SVP Technical Services. Following management's formal remarks, we will then open the call to questions. And now over to Anthea. Thank you, Trish.

speaker
Anthea Bath
President and CEO

Good morning, everyone. Financially, it was a strong quarter, our best yet. Exceptional production performance amplified by accelerating gold prices translated into record revenues, net income, EBITDA, net cash from operating activities, and free cash flow, which at almost $80 million boosted our cash balance to more than $265 million. Eagle River is having an outstanding year. Annual production is projected to be the highest in the mine's 30-year history. There is strong momentum across the operation. Ramp development in the 300 zone is running a full year ahead of production plans, an outstanding achievement by the team. We've also seen a meaningful reduction in dilution, and that's having a direct positive impact on grade and productivity. Costs continue to trend downward, and we're now in a solid position with more than a month's worth of all stockpiled on-surface, supported by almost three months of developed underground inventory. The Eagle River team is seasoned, capable, and they know what great performance looks like. While 2025 results are tracking well, The journey continues on what remains a multi-year transformation. The team's focus is firmly on building the next chapter of success. Kina has had its own wins this year, despite its challenges. I'm pleased to report that we are now in three mining horizons, a little ahead of what we told you before, giving us more operational flexibility As well, as a safeguard, we have temporarily increased operational redundancy by bringing on additional labor and equipment on an interim basis. Step by step, we're resolving the challenges. October was Keene's best month of the year so far, with production of more than 9,500 ounces. Despite progress made, we're adjusting Keene's full year guidance again this quarter because we need to ensure the consistency remains there. In mid-August, our output suggested we could recover the shortfall stemming from July's infrastructure downtime. While Kina Deep delivered strong performance through August and September, we couldn't catch that gap completely. As contractor execution challenges and underperformances at Preskill limited our ability to fully close this gap. Importantly, there are no new issues. Our focus remains on executing against the known challenges, particularly around operational discipline and flexibility and driving performance to the levels that we expect. October results demonstrate that we're making clear progress in the right direction. Our commitment to the market remains clear. We're strengthening how we plan, manage, and mitigate operational risk. and we're maintaining transparency so you have a clear view of the steps we're taking and our progress. In terms of guidance for 2025, on a consolidated level, we're comfortable that we will achieve the mid to upper end of our new production range of between 177 and 193,000 ounces. To achieve our guidance, it is anticipated that Eagle River will finish the year near the top end of its production guidance, which, as you remember, was raised in August. Keane is now expected to come in between 72 and 78,000 ounces, and cost guidance has been increased to reflect the short-term fixes to create redundancy. With all from three mining horizons, Kina Deep, Preskill, and the 136 level, and more than 9,500 ounces in October being mined, we believe that we've been very prudent with our revised production guidance. With respect to 2026 guidance, we're in the middle of the budget process and will issue an update in mid-January. In terms of CAPEX next year, as part of the work for the upcoming technical report, we're looking at the infrastructure at both Eagle River and Kina through a long term lens to ensure we're well positioned for the future. Some of those capital requirements may be reflected in the 2026 guidance. Looking ahead over the next six to 12 months, there are major initiatives underway that will enhance our future success. At Kena, the advancement of the Preskill ramp towards the Kena ore body is a top priority. The July waste disruption demonstrated just how critical it is to have a secondary way to move material and people. The breakthrough of the ramp is scheduled for completion in Q1. The main ramp at Kena Deep continues to advance towards level 142, which will open another new mining horizon in 2027. At Eagle River, the global model work is progressing rapidly, with drilling underway to convert the first batch of targets. We're very encouraged and excited by what we're seeing. We're moving as quickly as we can ahead of the December 36th drilling cut-off date for the technical report. We split the drilling into two phases. The first phase will finish this year, just highlighting the scale of the opportunities that we have ahead of us. On the exploration front, excitement is just beginning. And remember, we're only in the first year of our five-year program. Both exploration results and the global model work will go into next year's updated technical reports as we look to showcase the potential of our very special minds. Lastly, we have taken an important step in our commitment towards delivering long-term value and returning capital to our shareholders. A couple of weeks ago, we announced a normal course issuer bid, and we now received TXS approval late last week. And now I'd like to introduce our new Chief Financial Officer, Philip He. Although Phil really needs a little introduction, as he's well known to many of you. Phil has many years of senior financial experience, and he's highly respected in the industry. We're absolutely thrilled to have him on our team. With that, over to Phil to walk you through the quarter's financial highlights.

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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