Q1 Cash Flow Ahead Of Consensus; FY Guidance Reiterated

研报英文原文证据摘录

Q1 Cash Flow Ahead Of Consensus; FY Guidance Reiterated

Gold and Precious Minerals - Mid and Small Cap Golds

Wesdome Gold Mines Ltd.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 12, 2026

Price: C$30.02 (05/12/2026) Q1 Cash Flow Ahead Of Consensus; FY

Price Target: C$31.00 Guidance Reiterated

HOLD (2)

ESG SCORE: 63/100

Wayne Lam, CFA^ THE TD COWEN INSIGHT

416 983 9588

We expect a modest positive reaction from WDO shares following Q1 results with cash flow

wayne.lam@tdsecurities.com

ahead of consensus and production pre-released. With FY guidance reiterated and H2

Jennifer Mao^ weighted as Kiena ramps up, we view WDO in a solid position to generate robust FCF and fund

416 308 2360 strong capital returns, while the upcoming LOM updates are expected to outline resource

jennifer.mao@tdsecurities.com

potential and the path ahead for the two assets.

Key Data

Symbol TSX: WDO-T Impact: Slightly Positive

Market Cap C$4.5B

Q1 cash flow above consensus: Q1 cash flow was stronger than consensus on lower cash

taxes paid, partially offset by modestly higher operating costs vs our estimates. WDO exited

the quarter with C$431M in cash (vs. C$354M in Q4/25) and a fully undrawn C$250M RCF.

We continue to view WDO as well-positioned to fund ramp up progress at Kiena and ongoing

share repurchase program.

Operations ramping with guidance reiterated: Full-year guidance was reiterated and is

weighted to H2/26, supported by continued ramp-up at Kiena with access to the Presqu’île

zone expected to drive stronger production and support the “fill-the-mill” strategy. Eagle River

also continues to perform well with focus on exploration ahead. We remain focused on pace of

development and the upcoming LOM updates from the two assets in June.

Conf call: May 13, 10 am ET.