8/14/2026

speaker
Operator
Conference Operator

Good morning. Welcome to Wisdom Gold Mines conference call to discuss the company's financial and operating results for the three and six months ended June 30, 2026. As a reminder, this call is being recorded. Your host for today is Trish Moran, Wisdom's Vice President of Investor Relations. Ms. Moran, please go ahead.

speaker
Trish Moran
Vice President of Investor Relations

Thank you 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 call is Anthea Bath, West Dome's President and CEO, Phil Yee, our Chief Financial Officer, Tyler Mitchelson, our COO, Jonah Lawrence, Senior Vice President, Exploration, 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, everyone.

speaker
Anthea Bath
President and Chief Executive Officer

Q2 was another strong quarter for Westdome and another demonstration of how fundamentally this company has changed. We delivered net income of $94 million and $42 million of free cash flow and ended the quarter with more than $390 million in cash after returning more than $80 million to our shareholders through our share buyback program. At Eagle River, increasing throughput reflects our deliberate move towards a larger, more productive operating model. We are beginning to leverage our fixed cost infrastructure and we expect those benefits to become increasingly visible as throughput grows. Kena also delivered a strong quarter on production and costs. In July, we blasted the first production stroke at Preskill, establishing three active mining horizons and achieved the breakthrough of our new ramp from surface. There's another number from the quarter worth highlighting, and that number is eight. For the first time in West Dome's history, both Eagle River and Kina are underpinned by reserve-based mine plans extending approximately eight years. Last week we filed the independent technical report supporting those plans, culminating nearly three years of work to build longer life, more predictable and more resilient operations. And that changes the conversation. We now have greater time, financial capability and operational flexibility. We can now move beyond asking the question about extending our mine lives and increasingly ask, what can these two mining districts ultimately become? Importantly, the ATF plans are not the limits of either asset. Opportunities dependent on further optimisation, exploration, resource conversion and technical work are not actually even included. The technical reports established the foundation. Our opportunity is now to build beyond that. Akina, our immediate priority remains operational execution, reliable production across multiple mining fronts and continued productivity improvement. We see a pathway over time to increase annual production. That opportunity comes from two reinforcing drivers, improving mine productivity and exploration success that increases ounce per vertical metre and creates additional high quality mining fronts. The recent Norbert Knight discovery is just one example. Together with additional mining fronts, with better equipment utilization and higher productivities, this creates the potential to grow production while leveraging the existing infrastructure that's already in place. That upside is not included in the current reserve plan and requires further operating execution, drilling and technical evaluation. Beyond the existing mine, Kina East, which includes Zone 134, Dubuisson and Shawki, point to a broad opportunity that we're systematically evaluating. These are early stage and require considerably more work, but they are changing how we think about Kina, not simply as a mine, but as an infrastructure platform within a much larger mineralised district. At Eagle River, the reserve plan provides a larger, more resilient operating base and sees us filling the mill as early as next year. It also preserves important flexibility. If we continue replacing high-grade reserves at the pace that we've been achieving, we retain the ability to resequence this plan and potentially defer global model material for years. Beyond the underground mine, Michi MagnaCon and other bulk deposits provide the opportunity to evaluate an integrated open pit and underground development leveraging existing Eagle River infrastructure. We expect to advance conceptual work over the next 12 to 18 months to assess mining and processing scenarios and guide future investment. Increasingly, we see Eagle River as a high-grade underground mine at the center of a far broader regional mining and infrastructure opportunity. Finally, the technical reports identify conceptual exploration targets of approximately 2.4 to 6.3 million ounces across Eagle River and Kina. These are conceptual targets. They're not resources or reserves, but they illustrate the scale of the opportunity beyond our current plans. Importantly, much of the infrastructure and the operating platform required to systematically test these opportunities is already in place. Eight years is an important milestone, but it's not the destination. It's the platform from which we can build the next generation of Westoam. Since 2023 we have strengthened our operations, extended our reserve life, built our balance sheet and significantly increased the capability of the organisation. Collectively that has changed what is possible for this company WestDome. Our ambition is to progressively build two premier Canadian mining districts capable of supporting multiple mining centres around established infrastructure while generating significant long-term value. We're increasing ECR opportunity as district scale and not mine scale. The model is straightforward. Exploration creates more and better mining opportunities. Operational improvement allows us to extract more value from them. And existing infrastructure allows us to translate both into growth efficiently. and our competitive advantage extends beyond geology. The technical capability, the leadership, the capital discipline, the culture and the community relationships we have built are increasingly important to our ability to capture that opportunity. We are not pursuing production or scale for their own sake. We are focused on growing intrinsic value per share. Scale should be the outcome of creating value, not the objective. Our longer reserve lives, strong balance sheet and cash generation give us the ability to be prudent in investing returns justified, returning capital where appropriate and remaining selective on external opportunities. Three years ago, our priority was to strengthen the foundations of West Dome. Today, those foundations are largely in place. We believe the opportunity in front of West Dome is considerably larger than the company you see today. Our responsibility now is to convert that opportunity into value deliberately, systematically and per share. And with that, I'll hand over to Phil to walk you through the financials.

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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