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Wesdome (WDO.to) 1q23 production numbers

Here’s the link to the NR, here are some charts. We start with tonnages, slightly down on Q4 at both Kiena and Eagle:

Next it’s production and WDO can claim that Q1 is in line with guidance. Fair enough, but we need to recall that 2023 guidance sucks.

Now production compared to sales and WDO sold 30k oz in the quarter

Here are our estimated costs, we expect a slight drop in 1q23 as Q4 had several non-recurring expenses. That and the lower throughput should have helped.

And assuming an average received sales price of C$2,550/oz, we get to sales of C$76.5m and operating earnings of C$11.5m

Not much compared to what we assume they’ve ploughed into Kiena. All that means there’s no reason to alter the current balance sheet model. Here’s the pivot point, working cap:

And that’s all.

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