{"id":1182562,"date":"2020-05-05T17:48:12","date_gmt":"2020-05-05T22:48:12","guid":{"rendered":"https:\/\/www.mining.com\/?p=1022844"},"modified":"2020-05-05T17:48:12","modified_gmt":"2020-05-05T22:48:12","slug":"wesdome-reports-76-jump-in-q1-revenue","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1182562","title":{"rendered":"Wesdome reports 76% jump in Q1 revenue"},"content":{"rendered":"<p>Wesdome Gold Mines (TSX: WDO) <a aria-label=\"reported on Tuesday (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.wesdome.com\/news\/press-releases\/index.php?content_id=375\" >reported on Tuesday<\/a> a 76% increase in first quarter revenues compared to last year owing to <a aria-label=\"strong production (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/wesdome-1q-gold-output-up-maintains-guidance\/\" >strong production<\/a> and a favourable gold price during the period.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>In Q1 2020, the Eagle River underground mine produced 24,457 ounces of gold, a 36% increase over the same period last year. The Mishi open pit &#8212; also part of the Eagle River mining complex &#8212; produced 665 ounces of gold, bringing total production at Eagle River to 25,122 ounces of gold, a 32% improvement over the previous year.<\/p>\n<p>With the increase in production, the company managed to generate revenues of $57.3 million and net income of $11.5 million. In comparison, Wesdome&#8217;s revenue and net income for Q1 2019 were $32.5 million and $8.1 million, respectively.<\/p>\n<p>However, the company expects slightly lower production for the following quarter as the Eagle River mine is currently in reduced operations mode due to management of covid-19. <\/p>\n<p>At the Kiena complex in Quebec, a definitive restart date has not been provided by the provincial government, though the company says May 11 could be a possibility.<\/p>\n<p>Wesdome is still maintaining its annual production guidance of 90,000-100,000 ounces as well as its cost guidance, but says it is unlikely to drill its planned 237,000 metres this year.<\/p>\n<p>Shares of Wesdome Gold Mines closed 1.8% higher on the TSX on Tuesday. The company&#8217;s market capitalization is C$1.56 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Production from the Eagle River underground mine rose 36% over the previous year.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182562"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1182562"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182562\/revisions"}],"predecessor-version":[{"id":1182565,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1182562\/revisions\/1182565"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1182562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1182562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1182562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}