2025 Global Reserve Update Extends Mine Lives Alongside New Dividend and Buyback

研报英文原文证据摘录

2025 Global Reserve Update Extends Mine Lives Alongside New Dividend and Buyback

Wesdome Gold Mines - Block Summary Model

Income Statement 2025A 2026E 2027E 2028E

Revenue $914 $1,252 $1,322 $1,007

Operating Costs 258 290 332 301 Valuation

SG&A 31 31 28 28 Our target price is based on a 50/50 1.35x NAV and 8.5x

cash flow multiple, which is toward the top of the range EBITDA $608 $876 $921 $622

applied to BMO-covered junior producers.

Depreciation 87 147 187 119

Upside Scenario $39.00 Tax 170 199 213 142

Our upside scenario is based on increasing long-term

Adjusted Net Earnings 345 538 551 406 Eagle mined grades from 11g/t modeled to 12g/t reflecting

EPS $2.29 $3.62 $3.72 $2.73 continued postive grade reconciliation.

Cash Flow Statement 2025A 2026E 2027E 2028E Downside Scenario $9.00

Cash Flow From Operations 457 706 739 525 Our downside scenario is based on lower realized long-term

Cash Flow From Investments (211) (254) (95) (95) grades at Kiena, reducing the grade from 11g/t to 8g/t and

lowering the target-setting multiple to 0.5x NAV and 4.0x

Cash Flow From Financing (15) (44) 18 21 cash flow.

Free Cash Flow 247.21 453.11 644.04 430.25 in CAD

FCF/Share $1.64 $3.05 $4.34 $2.90

-64% +22% +58%

Balance Sheet 2025A 2026E 2027E 2028E

Cash & Equivalents 354 762 1,425 1,876 Downside Current Target Upside

Scenario Price Price Scenario

Long-Term Debt 0 3 3 3 9.00 24.66 30.00 39.00

Total Assets 1,147 1,671 2,241 2,668

Key Catalysts Total Liabilities 210 227 233 238

Ongoing exploration at both Eagle and Kiena; Kiena Deeps

Total Shareholders' Equity 937 1,444 2,008 2,430 operational improvements.

Attrib. Production & Cash Costs 2025A 2026E 2027E 2028E

Company Description

Eagle River Gold Production (oz) 112,800 112,200 91,700 83,300

Wesdome operates the Eagle River mine complex in