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Wesdome Gold Mines (TSX: WDO) reaffirmed on Thursday that the company remains on track for a record year of production following the release of its third quarter operational results. Its stock rose 2.7% by 2:15 p.m. in Toronto, for a market capitalization of C$1.94 billion ($1.4 billion).
During Q3, Wesdome’s reported gold production came to 45,109 oz., marking a steady improvement over each of the first two quarters. The Q3 output also represents a 62.5% increase over the same quarter of 2023.
Year to date, production totalled 122,467 oz., positioning the Canadian gold miner towards the midpoint of its full-year guidance of 160,000-180,000 oz. At the same time last year, its production was 87,119 oz., and the company ended the year with 123,335 oz. of gold produced.
The increased output is a result of mining higher-grade ore from the Kiena underground mine in Quebec, which saw its quarterly production nearly triple from the same period last year. The mine entered commercial production at the end of 2022 and is expected to contribute half, or 80,000-90,000 oz., of the company’s 2024 production.
Meanwhile, the Eagle River mine near Wawa, Ontario, which represents the other half of Wesdome’s production, is also having a strong year, with a 7% increase in year-to-date production. The underground mine is benefiting from improved access to high-grade ore and consequently higher-than-planned mill throughput, which the company says will likely continue for the remainder of the year and into 2025.
Altogether, the Eagle River and Kiena mines have a total reserve base of 2.78 million tonnes grading 12.67 grams per tonne for 1.13 million oz. of contained gold.
