Ms. Anthea Bath reports

WESDOME ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

Wesdome Gold Mines Ltd. has released third quarter 2023 financial results. Management will host a conference call tomorrow, Thursday, Nov. 9, 2023, at 10 a.m. Eastern Time, to discuss the results. Dial-in details for the call can be found near the end of this press release.

Third quarter 2023 highlights:

• Payable gold production in the third quarter was 27,760 ounces at cash costs per ounce of $1,755 ($1,308 (U.S.)) and all-in sustaining costs per ounce of $2,711 ($2,021 (U.S.)). Q3 was forecasted as the lightest cash flow quarter of the year due to timing of capital outlays and planned downtime at Eagle River.
• At Kiena, development of the ramp to the 129-level mining horizon tracked ahead of schedule. Delineation drilling to date has also confirmed the continuity, thickness and high grade of the A zone at depth, as per the reserve block model.
• Cash margins were $22.2-million, and free cash flow was $10.7-million. During the quarter, Wesdome received a $12.5-million tax refund.
• Quarterly net loss was $3.2-million (two cents) per share in the third quarter of 2023, and adjusted net loss was $2.6-million (two cents) per share. Positive operating cash flow was $45.1-million (30 cents per share).
• Available liquidity was $142.6-million, including $31.6-million in cash and $111-million of undrawn availability under the company's revolving credit facility.
• The company is reaffirming consolidated 2023 production guidance of 110,000 to 130,000 ounces, as well as cost guidance for cash costs, all-in sustaining costs and capital expenditures.

Anthea Bath, president and chief executive officer, commented: "In the recent quarter, we made solid progress in advancing development and derisking our future strategic plans. Eagle River reported consistent results after the completion of mill and infrastructure upgrades during an annual shutdown, and Kiena's ramp development remains ahead of schedule, with access to the 129-metre level achieved after quarter-end in November. Elevated cost levels during the quarter were due to planned downtime and timing of capital outlays.

"Reaching the 129-level metre at Kiena was an important milestone for Wesdome as it will enable access to the higher-grade Deep A zone stopes in the first half of next year. Also, efforts continue to further derisk our 2024 mine plans, with delineation drilling reinforcing our block model and overall mine strategy. Site preparation for the Presqu'Ile ramp portal and related infrastructure is also under way following the receipt of permits at the end of the quarter.

"At Eagle River, performance on various fronts continues to exceed budget. An asset optimization initiative is being launched internally to optimize the unit cost structure of the asset with a view to value by investigating alternative mining and material handling methods, cut-off grade levels and planning methodologies.

"We are expecting a strong finish to this year, and based on our year-to-date performance, we are well positioned to deliver on the midpoint of production and cost guidance. Looking ahead, preliminary plans for 2024 continue to point to a production and operating cash flow rebound, which will support total capital investment levels similar to this year."

Financial and operating highlights

A summary of the company's consolidated financial and operating results for the nine months ended Sept. 30, 2023, is presented herein.

Third quarter 2023 conference call and webcast

The financial statements and management's discussion and analysis will be available on the company's website and on SEDAR+. A conference call and webcast to discuss these results will be held on Nov. 9 at 10 a.m. ET.

• Participants may register for the call to obtain dial-in details. Preregistration is required for this event. It is recommended you join 10 minutes prior to the start of the event.
• The webcast will also be available under the news and events section of the company's website.

Technical disclosure

The technical content of this release has been compiled, reviewed and approved by Frederic Langevin, eng, chief operating officer of the company, and Michael Michaud, PGeo, vice-president, exploration, of the company, each a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Wesdome Gold Mines Ltd.

Wesdome is a Canadian-focused gold producer with two high-grade underground assets: the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The company's primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada's next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol WDO, with a secondary listing on the OTCQX under the symbol WDOFF.

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