Filings monitor and Q4 2025 / FY 2025 earnings deep
dive. Written April 8, 2026. Paired with
WDO/wdo-deep-dive.md (also April 8, 2026) and the April 7
profile at WDO/WDO.md.
Filings monitor and Q4 2025 / FY 2025 earnings deep dive. Written April 8, 2026. Paired with
WDO/wdo-deep-dive.md(also April 8, 2026) and the April 7 profile atWDO/WDO.md.
Wesdome is a TSX-listed Canadian issuer (primary listing TSX:WDO), cross-listed on OTCQX as WDOFF. The primary filing system is SEDAR+ at sedarplus.ca (the successor to SEDAR as of July 2023). Insider transactions are disclosed on SEDI at sedi.ca. Wesdome does NOT file with the US SEC because it does not have an SEC registration; the OTCQX listing operates on a Rule 12g3-2(b) exemption. Do NOT waste time searching EDGAR for WDO filings. All primary filings are on SEDAR+.
Filing equivalents: - US 10-K → Canadian Annual Information Form (AIF) + annual financial statements + MD&A - US 10-Q → Canadian Interim Financial Statements + MD&A (quarterly) - US DEF 14A → Canadian Management Information Circular (MIC) - US Form 4 → Canadian SEDI insider report - US 13D/13G → Canadian Early Warning Report (EWR) - US NT-10-K → Canadian Delayed Filing Notice
Primary document repository: - SEDAR+ search: https://www.sedarplus.ca/csa-party/records/document.html?id=WDO - Wesdome IR: https://www.wesdome.com/investors/ (note: programmatic fetch returns 403; use browser access or the IR document cache at s203.q4cdn.com)
| Period | Reported | Key Link |
|---|---|---|
| Q1 2025 | ~May 2025 | [VERIFY] |
| Q2 2025 | ~August 2025 | [VERIFY] |
| Q3 2025 | November 4, 2025 | GlobeNewswire Q3 release; Q3 MDA PDF |
| Q4 2025 + FY 2025 | March 12, 2026 (release) / March 13, 2026 (audited filing) [VERIFY exact filing date] | Junior Mining Network summary; GuruFocus earnings call transcript; Q4 2025 transcript via Investing.com |
| Q1 2026 | Expected mid-May 2026 | [VERIFY date] |
This is the key gap in Wesdome’s disclosure package right now.
Why this matters for investors: Both technical reports are more than 3 years old. Under NI 43-101 rules, a company must file an updated technical report when material changes occur. The fact that Wesdome is releasing new reports in June 2026 (regardless of the 3-year calendar) signals they have material changes to disclose — specifically around Eagle River 6 Central Zone and Kiena Presqu’île. The reports will be the primary public source of truth for mine life, reserve grade, capex requirements, and sensitivities.
This is the single highest-information-density catalyst for the stock in 2026. If you own WDO, read the technical reports the day they’re filed.
See Section 5 below for detailed insider transaction summary.
In the last 12 months, the following material changes triggered press releases and corresponding SEDAR+ filings:
| Date | Event | Link |
|---|---|---|
| June 3, 2025 | CFO Fernando Ragone departure, Raj Gill interim CFO | Press release |
| September 3, 2025 | Eagle River 6 Central Zone exploration update, 300m extension | Press release |
| September 25, 2025 | Philip C. Yee appointed permanent CFO | Press release |
| October 21, 2025 | Q3 2025 operating results + Normal Course Issuer Bid announcement | Press release; NCIB |
| December 8, 2025 | Kiena surface exploration update | Press release |
| December 15, 2025 | Eagle River 10km prospective strike extension | Press release |
| January 13, 2026 | FY2025 operating results and 2026 guidance | Press release |
| January 20, 2026 | Guy Belleau departure + Tyler Mitchelson interim COO | Press release |
| February 3, 2026 | Kiena Presqu’île Zone regulatory approval | Press release |
| ~February 2026 | Tyler Mitchelson confirmed permanent COO (post-interim) | Press release |
| March 12-13, 2026 | FY2025 audited financial results | Press release |
No material change reports related to litigation, environmental enforcement, regulatory action, or operational incidents beyond the Q3 2025 Kiena hoist shutdown (disclosed in normal course Q3 earnings, not as a separate material change).
| Metric | Q4 2024 | Q4 2025 | YoY % | FY 2024 | FY 2025 | YoY % |
|---|---|---|---|---|---|---|
| Gold production (oz) | 49,475 [VERIFY] | 46,638 | -5.7% | 172,033 | 185,576 | +7.9% |
| Revenue (CM)|182.6|287.9|+57.7|Cashcost(US/oz sold) | 848 | 1,105 | +30.3% | ~936 | 976 | +4.3% |
| AISC (US/ozsold)|1, 373|1, 750|+27.5|Netincome(CM) | ~40 [VERIFY] | ~117 | ~+193% | 135.7 | 349 | +157% |
| EBITDA (CM)| 100[VERIFY]| 195| + 95|Freecashflow(CM) | ~50 [VERIFY] | ~97 | ~+94% | 118.6 | 278 | +134% |
| Cash balance end of period (CM)|123.1|354|+187|EPS(C basic) | ~0.27 [VERIFY] | ~0.78 | ~+190% | 0.91 | 2.32 | +155% |
[Sources: Wesdome FY2025 release via Junior Mining Network; Wesdome FY2024 release; Deep Dive Q4 2025 commentary]
Full-year AISC ran at US$1,518/oz, only 4% above 2024. But the Q4 number alone was US$1,750/oz, 28% above Q4 2024. This was not a one-quarter blow-up in the bad sense; it reflects:
Read: The Q4 print tells you how much of the 2025 cost story was “Kiena was broken.” The rest of 2025 was running much cleaner. The 2026 AISC guidance of US$1,525-1,700 assumes Kiena works and Eagle River returns to 13+ g/t. If Kiena stays broken in H1 2026, AISC gets pushed higher.
| Mine | Production (oz) | Grade (g/t) | Notes |
|---|---|---|---|
| Eagle River | 113,000 | ~14.0 (full-year average mill feed) | Full-year high; Q4 ~24,000 oz |
| Kiena | ~73,000 | ~7.5 (full-year average mill feed) | Full-year low end of original guide; Q4 ~23,000 oz. Q3 hoist shutdown dragged the full-year |
| Total | 185,576 | n/a | +7.9% YoY record |
[Source: Q4 2025 transcript via Investing.com]
Note the Kiena grade. When Wesdome guided Kiena to 75-90koz for 2026, the implied mill grade at Kiena’s 1,300-2,000 tpd throughput range is 6-9 g/t, depending on what share Presqu’île contributes. That’s below the ~9 g/t 2024 Kiena average. Grade is the thing to watch.
This is the strongest balance sheet in Wesdome’s history. The cash build of C$231M in 2025 is approximately equal to trailing free cash flow (C$278M) minus dividends (zero) and NCIB spending (modest since the program only launched in October 2025). No debt raise, no equity issue, no acquisitions. Pure cash accumulation from operations.
Total 2026 capex: C$205M (before contingency)
Eagle River: C$105M - Sustaining capital: ~C$60M (underground development, mill maintenance, equipment) - Growth/exploration capex: ~C$45M (6 Central Zone drilling, mine expansion, infrastructure)
Kiena: C$80-100M [VERIFY exact split] - Sustaining capital: ~C$40-50M (mill, underground, infrastructure) - Growth/exploration capex: ~C$40-50M (Presqu’île development, Kiena Deep continued access)
Corporate and other: balance (~C$5-15M)
Exploration drilling program: C$55M standalone covering 270,000+ metres across both sites: - Eagle River: 145,000 metres (roughly 50% discovery drilling, 50% reserve replacement and zone expansion) - Kiena: 125,000 metres (more than 60% for resource growth and discoveries)
This is a record exploration program for Wesdome. The C$55M figure alone is roughly 10% of trailing revenue, which is aggressive for a producer this size and reflects management’s conviction that the drill bit is working.
[Sources: Q4 2025 earnings call transcript; 2026 guidance press release]
This is the beta framing from the company’s own mouth. See the deep-dive for the full sensitivity table.
Jeremy Hoy (Canaccord Genuity): - Asked about June 2026 technical report timing and structure. Answer: “will showcase longevity using current 2P reserves while demonstrating exploration upside.” Kiena report may come slightly later. - Asked about First Nations royalty payments at Kiena. Answer: agreements still being finalized; “making great progress.” - Asked about M&A posture. Answer: disciplined, prudent, focused on shareholder value (no deal signaled).
Don DeMarco (National Bank Financial): - Asked about Q4 low-grade development at Eagle River. Answer from interim COO Mitchelson: the low-grade Q4 development was strategic — extending mining areas to unlock stope inventory for 2026 production. 2026 grade guidance remains 13-14 g/t.
Two additional analysts on the call [VERIFY names] asked standard questions about Kiena ramp and exploration budget split. No hostile questions, no short-seller-style challenges. The tone was constructive and the stock responded positively after the call.
Per CEO Bath’s Q4 2025 call commentary:
The improvement in safety metrics is a positive signal on operational discipline under the Bath leadership cycle. The 2023 LTI frequency of 0.76 has dropped to zero in two years, which is a meaningful shift in culture. The fact that this was achieved in a record-production year (which typically correlates with more safety events, not fewer) makes it more credible.
The caveat: zero LTI in one year doesn’t mean zero risk structurally. Underground mining is inherently hazardous and the Kiena Deep operation carries elevated geotechnical risk. Maintaining zero LTI over multiple years is the real test.
This is a non-trivial management change and the user specifically asked about the backstory. Here’s what the public record shows.
A 16-month COO tenure is short. The overlap with the Q3 2025 operational issues at Kiena is hard to ignore. The public record does not connect Belleau’s departure to the Kiena hoist shutdown, and Wesdome’s disclosure was careful not to characterize it either way. But the timing tells you this was almost certainly an operational performance issue, not a personal or health-related departure. CEO Bath had recruited Belleau in 2024 specifically to drive the operational turnaround at Kiena; the fact that he’s gone 16 months later, right after Kiena caused a guidance revision, suggests Bath made a change when execution didn’t match expectations.
Senior Vice President, Copper Growth at Teck Resources (2022-2025). At Teck, Mitchelson led the development of Teck’s copper and zinc growth portfolio. This included oversight of QB2 and other major development projects. Teck’s copper division is a US$20B+ revenue business.
Earlier senior operating roles: - Chief Executive Officer, Metallurgical Coal and Group Head of Integration / Business Planning, Anglo American. Ran Anglo’s met coal business globally, managing multi-billion-dollar revenue and multiple mine operations. - President and Chief Executive Officer, Royal Nickel Corporation. Led the development-stage nickel project. - Senior positions at Vale Inco Limited and Inco Limited earlier in his career. Inco was one of the largest nickel mining operations in the world.
Education: Bachelor of Commerce (Honours), University of Manitoba. Chartered Accountant, Institute of Chartered Accountants of Manitoba.
Mitchelson is a materially stronger COO hire than Belleau was, on paper. Teck SVP Copper Growth is a senior executive role at a multi-commodity major. Anglo American CEO of Metallurgical Coal is a big-ticket operating seat. He’s worked in multiple commodity cycles, multiple jurisdictions, and multiple underground and open-pit environments. The fact that he took an interim role and then was converted to permanent quickly suggests either Bath needed him in fast or Mitchelson saw enough upside at Wesdome to commit. Either way, this is an upgrade to the operating bench.
However: He’s joining a company where the previous COO just left under cloudy circumstances, the Kiena operation has known execution issues, and the June 2026 technical report is the next high-stakes disclosure. His first 90 days in the permanent role overlap with the busiest disclosure window of the year. He’ll be on the Q1 2026 earnings call in May 2026 and that will be the first real chance to hear him speak to investors directly.
What to watch: - Q1 2026 call tone and content from Mitchelson. Does he give clear operational updates and specific numbers? Or generalities? - Kiena Q1 2026 production. Does it stabilize above 20koz with grade improving? Or more of the same? - Mitchelson’s compensation package. Look for the 2026 MIC to see the structure — RSUs, performance stock units, cash bonus targets. A package heavily weighted to operational metrics (AISC, production, safety) would be a positive signal.
[Sources: Tyler Mitchelson COO appointment via INN; Senior management update via INN; Guy Belleau COO appointment September 2024]
Aggregated from SEDI-derived secondary sources. Full SEDI pull requires manual login [VERIFY complete record via SEDI].
| Date | Insider | Role | Action | Shares | Price (C)|Value(C) | |
|---|---|---|---|---|---|---|
| Nov 18, 2024 | Anthea Bath | CEO | BUY | 4,250 | ~C$11.83 | ~C$50,278 |
| Mar 25, 2026 | Anthea Bath | CEO | SELL | 4,100 | 22.86 | 93,726 |
| Mar 25, 2026 | Rajbir Gill | SVP Corp Dev | SELL | 1,829 | 22.86 | 41,810 |
| Mar 25, 2026 | Ronald J. Lawrence | [VERIFY role] | SELL | 1,557 | 22.86 | 35,593 |
| Mar 25, 2026 | Robert Kallio | [VERIFY role] | SELL | 878 | 22.86 | 20,071 |
| Mar 25, 2026 | Joanna Miller | [VERIFY role] | SELL | 621 | 22.86 | 14,196 |
| Totals | 13,235 net sold | ~$155K net sold |
[Sources: Daily Political insider summary March 26, 2026; Markets Daily insider summary March 25, 2026; Anthea Bath GuruFocus profile]
The good. Bath bought 4,250 shares with her own money in November 2024 at ~C$11.83. That is a real open-market purchase by a CEO who had been in the seat for 16 months at that point. It was modest in dollar terms (~C$50K) but it was voluntary and she was using her own capital. That counts as a positive skin-in-the-game signal.
The meh. The March 25, 2026 cluster of sales was small (combined ~C$205K across 5 insiders). All at the same price (C$22.86), which strongly suggests this was coordinated execution during a post-earnings window, probably at least partially for tax purposes related to RSU vesting. It’s not a pattern of concentrated personal selling.
The concerning. No insider buying in the 18-month period leading up to April 2026 despite the stock trading at 12-month highs. Bath’s own November 2024 purchase was followed by a sale 16 months later (net position: still up 150 shares, but the signal direction flipped). When the stock was at C$12 in late 2024, insiders weren’t buying in size. When the stock hit C$25-27 in early 2026, they were selling small amounts. That’s the opposite of what you’d want to see from a management team with conviction.
Aggregate insider ownership remains under 1% of shares outstanding. This is low for a small-cap producer. The dominant counter-signal is that Bath was only appointed CEO in July 2023 and has not had time to accumulate a substantial position through organic comp vesting.
Verdict: neutral-to-yellow. Not a red flag. Not a green flag. The signal from insiders is that nobody is making big directional bets on the stock from their personal balance sheets. For a basket position, this is fine. For a concentrated single-name position, it would be a meaningful yellow flag.
The 2025 Management Information Circular was filed April 16, 2025 and is available at Wesdome IR 2025 circular PDF. All items below are either pulled from public summaries of that document or flagged [VERIFY] for direct MIC review.
| Name | Role | Independent? | Tenure | Notes |
|---|---|---|---|---|
| Warwick Morley-Jepson | Chair | Yes | Since 2019 | Former COO of Kinross Gold and Ivanhoe Mines; served as interim CEO Jan-June 2023 before recruiting Bath |
| Anthea Bath | President & CEO, Director | No | Since July 2023 | 25+ years mining; ex-Ero Copper COO |
| Philip C. Yee | Director (and now CFO) | No (post-CFO appointment) | Director since October 2024, CFO since September 29, 2025 | Moved from independent director to CFO; was audit committee chair before transition |
| Brian Skanderbeg | Director | Yes [VERIFY] | Multi-year | Founding CEO of GFG Resources |
| Nadine Miller | Director | Yes [VERIFY] | Multi-year | Mining sector director |
| Charles Main | Director | Yes [VERIFY] | Long-tenured | Canadian mining director |
| Bill Washington | Director | Yes [VERIFY] | Multi-year | Mining industry director |
| [Additional directors] | [VERIFY full board size — 2025 circular should list all elected] |
Observations: - Board size is approximately 7-8 members [VERIFY from 2025 MIC]. - Independence ratio appears to be roughly 5-6 independent out of 7-8, above the TSX 50% minimum. - Philip Yee’s transition from independent director to CFO is a governance item to note. Yee was recruited as an independent director in October 2024 (including audit committee chair), then transitioned to CFO in September 2025. He resigned as audit committee chair upon accepting the CFO role. This is unusual but not disqualifying — the fact that the board felt comfortable promoting an existing director to CFO suggests strong relationship, but it removes an independent voice from the audit committee and is worth flagging. [VERIFY 2025 MIC for disclosure of this transition]
Key structure per prior disclosures and industry norms for a Canadian intermediate producer: - Base salary: CEO typically C$450-550K, CFO C$350-400K, COO C$400-450K at Wesdome’s scale - Short-term incentive (cash bonus): target 100% of base, performance-linked to production, AISC, safety, and exploration metrics - Long-term incentive (equity): RSUs, PSUs, and stock options. PSUs typically tied to 3-year TSR vs peer group. - Total direct comp (CEO): likely C$2.5-3.5M [VERIFY from 2025 MIC]
The 2025 MIC Say-on-Pay advisory vote passed with strong support at the May 27, 2025 AGM (63.99% of outstanding shares voted, all matters approved). No indication of shareholder protest on pay.
Per governance best practices and prior disclosures: - Audit Committee: Chaired by independent director. Yee was chair until September 2025; successor [VERIFY] - Compensation Committee: Independent directors - Nominating and Corporate Governance Committee: Independent directors - Health, Safety, Environment and Sustainability Committee: Common at TSX-listed miners
[VERIFY complete committee composition and charters from 2025 MIC]
No material related-party transactions disclosed in public summaries of the 2025 MIC. Standard director and officer indemnification, no unusual lease arrangements, no IP licensing to insider entities, no material consulting fees paid to directors beyond standard retainers. [VERIFY via 2025 MIC Item 13 equivalent]
The governance picture is clean but not exceptional. The board is experienced, the Chair has proper industry credentials, the CEO was recruited through a genuine search process, and no red flags are visible in the public record. The Philip Yee director-to-CFO transition is an eyebrow-raiser but not disqualifying. The low insider ownership is the soft spot. Overall: Green with a yellow flag on insider alignment.
Per user request: any geotechnical or operational incidents disclosed in the last 90 days (roughly early January 2026 to early April 2026).
The Q4 2025 earnings call (March 12, 2026) explicitly said: zero lost-time incidents for FY 2025, 60% improvement in TRIFR. Both mines were operating normally as of the Q4 release.
Translation for investors: the last 90 days show a clean operational slate. No material disclosures suggest that the Kiena hoist shutdown recurred or that new geotechnical issues have emerged at either mine. The next data point comes with Q1 2026 results in mid-May 2026.