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Title : Another impressive quarter from Wesdome (WDO.to)
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Another impressive quarter from Wesdome (WDO.to)

This morning we got the 3q19 production and preliminary sales numbers from one of the big succss story gold stocks of the last couple of years, Wesdome Gold Mines Ltd (WDO.to). Some charts, starting with tonnage throughput and bar 204 tonnes, it all came from the Eagle Underground (UG) operation this quarter.

As for production, the 15 oz of gold from Mishi is an afterthought. Eagle River Underground is really popping and there's not a sane person out there who doesn't think this can be a 100k oz per year mine now.

There's a fat difference of 5.460 oz between the amount produced and the amount sold. This is good, the ounces will go to treasury and make the balance sheet even prettier. But once again we see that WDO is producing and selling just enough to pay for its quarterly development expenses at Kiena, the relation between Kiena development burn and operating cash flow in the last few quarters has been tiger-like tight.

Remarkably, grade from Eagle UG remained exactly the same as the previous quarter, 23.4 g/t gold. Nice blending job, guys.

As for revenues, the C$45.9m pre-announced sales number is a new record, even without selling all the gold they produced. Those 5,460 unsold ounces, if prices at the average received price  of C$1,957/oz, would add a cool C$10.7m to the top line. All the same, the IKN operating earnings estimate of C$18.9m looks good to me.

WDO is up strongly on a down day for the miners, which is unsurprising. Another great quarter.

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