(Kitco News) - Wesdome Gold Mines (TSX: WDO) announced yesterday that the company produced 110,850 ounces of gold in 2022, down 10% compared to 123,843 ounces produced in 2021.
The company said that 2022 was a challenging year for the company, with production misses at both assets.
Wesdome added that at Eagle, underperformance was primarily related to the variability of the Falcon Zone, which negatively impacted the company's ability to accurately forecast near term production.
"At Kiena, supply chain delays unfortunately put us approximately six months behind schedule on our original commercial production date, and 9 – 12 months behind on ramp development, thereby limiting mining operations to lower grade areas of the mine," said President and CEO Duncan Middlemiss.
The company noted it expects to produce between 110,000 and 130,000 ounces of gold in 2023 at all-in sustaining costs of US$1,620 – US$1,800 per ounce sold.
"Looking ahead, 2023 will be a consolidation year for the company as we leverage the experience from 2022 to better forecast production at Eagle River (particularly the Falcon Zone), and advance development at Kiena to increase our developed reserves by year end," said Middlemiss. "Despite recent headwinds, on the exploration front we remain excited about what the future holds at both assets."
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The company also retains meaningful exposure to the Moss Lake gold deposit in Ontario through its equity position in Goldshore Resources Inc.
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