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Wesdome Gold Mines Ltd.
5/13/2026
Good morning. Welcome to West Dome's Goldmine's conference call to discuss the company's financial and operating results for the three months ended March 31st, 2026. As a reminder, this call is being recorded. Your host for today is Trish Moran, West Dome's Vice President of Investor Relations. Ms. Moran, please go ahead.
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 Nome's President and CEO, Bill Yee, our Chief Financial Officer, Tyler Mitchelson, our COO, Jonah Lawrence, SVP Exploration and Resources, Raj Gill, SVP Corporate Development and Investor Relations, 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, and good morning to everyone. Supported by strong production, Q1 was a company best with record revenue, net income, EBITDA, and operating cash flow. We generated $126 million in free cash flow and enclosed the period with over $430 million in cash, even after repurchasing nearly $50 million of our own shares. Beyond financial results, we are making meaningful progress on initiatives that will drive long-term value for this company. Safety remains foundational. Across both Eagle River and Kina, we are building on a strong track record with continuous improvement programs firmly in place at each site. At Eagle River, the strategy is working. We're expanding operational flexibility by opening more mining areas, Combined with better stroke productivity and higher mold utilization, this should translate into lower unit costs as fixed costs are spread over higher output. The results are showing a steady production and a strong operating cash margin. At Kena, the operational improvements implemented over the past year are starting to translate into tangible results. Increasing operational flexibility, including the breakthrough of the ramp within the next week, combined with feed from the new preskill zone marks an important inflection point for this mine. With many more stoves available at any given time, KINA is progressing toward a more stable, consistent, and predictable operating profile and unlocking its capacity to grow. Exploration is a core pillar of the square stone growth story, and in 2026, we are leaning in, drilling more than 270 kilometers The news flow has started with a release detailing high-grade growth at Kena at the end of March and another update on the global model work at Eagle River earlier this week. We closed the corner with an exploration teaching designed to give the market a clearer, deeper line of sight into the long-term prospectivity of our large land packages. With over 220 targets, many of which are in categories with a high relative probability of conversion, One thing is very clear. There's a lot more to discover, and I have no doubt we'll be mining for decades to come. As we look ahead to the updated technical reports for both Eagle River and Kina this summer, I want to be clear about what these updates represent and why they matter. What the model will see in our late June release is the first tangible and quantifiable output of a deliberate plan to transform West Oak, a plan that was set in motion nearly three years ago Historically, our operations were managed around relatively short preserved lives, even though both assets sit within highly prospective mineral systems. The limitation was never geology. It was the scale of exploration and the long-term investment required to fully unlock these assets. We made a conscious decision to change the company's approach, shifting from short-term replacement toward a more growth-oriented and systematic approach, an approach designed to establish a visible organic growth pipeline. The updated technical reports will demonstrate the first tangible outcome of that strategy. At Eagle River, our focus has been twofold. First, to add reserves to the upper sections of the mine to incrementally increase talents, to extend mine life, and to maximize effective utilization of an existing processing infrastructure. While adding high grade will always be our priority, our drilling programs are also targeting areas close to infrastructure, where we can add additional economic tenants that can be brought into the mine plan efficiently and at a relatively low discovery cost. These areas, while lower in grade than the high-grade furnace zone, are still economic, they improve operational flexibility, and most importantly, they provide a top-up mill feed that can cost-effectively support the pursuit of high-grade targets in the pipeline across multiple areas in the mine. The second focus of Eagle River has been on deepening our understanding of the high-grade system. We believe Eagle River has the potential to evolve beyond its historic three-year reserve line by unlocking additional areas where shallower high-grade extensions are increasingly probable. Over time, this has the potential to improve output density per vertical meter and enhance the overall quality and flexibility of the mine plan. At Kena, the objectives have been slightly different. While we continue to seek opportunities to replace hybrid depletion, we also see opportunity across a lab package to identify new mining fronts, including along level 33 and across the northern corridor of this property. The updated technical work at Kena will demonstrate progress in rebuilding the hybrid inventory by advancing the pipeline of opportunities that can support higher throughput and production growth over the longer term. So while Eagle River is currently focused on adding incremental answers and operational flexibility, KINA is focused on strengthening and expanding its pipeline. Two different priorities, reflecting two different assets at different stages, but both in line with building longevity, improving consistency, and creating a stronger foundation for sustainable value creation. It's important to remember that what we report in June is a snapshot in time. reflecting drilling only through the end of 2025, and it's really just the beginning. We're now well into the second year of a multi-exploration program. As drilling intensity increases and our geological understanding deepens, we're systematically building the platform to do far more than extend my life. We're laying the foundation to reshape WestJones' long-term growth profile and ultimately to redefine what this company can become. And I'm pleased to say that we can pursue and fund exploration, unlocking the full potential of our large prospective land packages, all while continuing to return capital to our shareholders. Last evening's announcement that we're proceeding to a second tranche and our share by that program is a direct reflection of that confidence. And with that, I'll hand over to Phil to walk you through the first quarter financial highlights.
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