Operator: I am now showing call start time. Are we all ready to begin? Yes. Okay. Good morning. Welcome to Wesdome Gold Mines conference call to discuss the Company's Financial and Operating Results. For the 3 and 6 months ended June 30, 2026. As a reminder, this call is being recorded. Your host for today is Trish Moran, Aurizon's vice president of Investor Relations. Ms. Moran, please go ahead.
Patricia Moran: Thank you, and good morning, everyone. Before we get started, I would like to point out that during today's call, we may make forward looking statements defined under Canadian securities law. Ask that you view our slide presentation for cautionary language regarding forward looking statements and the factors pertaining to these statements. Please note that all figures discussed on this call are in Canadian dollars unless otherwise noted. Our press release, MD and A, and financial statements are available both on SEDAR plus on our corporate website wesdome.com. With us on today's call is Anthea Ingrid Bath, Wesdome's president and CEO Philip Chow Yee, our chief financial officer Tyler S. Mitchelson, our COO, Ronald Lawrence, senior vice president, exploration, and Kevin Lonergan, SVP, technical services. Following management's formal remarks, we will then open the call to questions. And now over to Anthea.
Anthea Ingrid Bath: Thank you, Trish, and good morning, everyone. Q2 was another strong quarter for Wesdome and another demonstration how fundamentally this company has changed. Delivered net income of $94 million and $42 million of free cash flow and ended the quarter with more than $390 million in cash. After returning more than $80 million to our shareholders through our share buyback program. At Eagle River, increasing throughput reflects our deliberate move towards a larger, more productive operating model. We are beginning to leverage our fixed cost infrastructure and expect those benefits to become increasingly visible as throughput grows. Kiena also delivered a strong quarter on production and costs. In July, we blasted the first production scope at Presqu'ile establishing 3 active mining horizons and achieved the breakthrough of our new ramp from surface. We-- there is another number from the quarter worth highlighting and that number is 8. For the first time in Wesdome's history, both Eagle River and Kiena are underpinned by reserve based mine plans extending approximately 8 years. Last week, we filed the independent technical report supporting those plans. Culminating nearly 3 years of work to build longer life, more predictable and more resilient operations. And that changes the conversation. We now have greater time, financial capability, operational flexibility. We can now move beyond asking the question about extending our mine lives and increasingly ask, what can these 2 mining districts ultimately become? Importantly, the 8-year plans are not the limits of either asset. Opportunities dependent on further optimization, exploration, reserves, conversion and technical work are not actually even included. The technical report establishes the foundation Our opportunity is now to build beyond that. A key note, our immediate priority remains operational execution. Reliable production across multiple mining fronts and continued productivity improvement. We see a pathway over time to increase annual production. That opportunity comes from 2 reinforcing drivers, improving mine productivity and exploration success that increases ounce per vertical meter and creates additional high quality mining fronts. The recent Norbenite Fault discovery is just 1 example. Together with additional mining fronts, with better equipment utilization and higher productivities, this creates the potential to grow production while leveraging existing infrastructure that is already in place. That upside is not included in the current reserve plan and requires further operating drilling and technical evaluation. Beyond the existing mine, Kiena East, which includes Zone 134, Dubuisson and Shawkey, point to a broad opportunity that we are systematically evaluating. These are early stage and require considerably more work, but they are changing how we think about Kiena. Not simply as a mine but as an infrastructure platform within a much larger mineralized district. At Eagle River, the reserve plan provides a larger, more resilient operating base and sees us filling the mill as early as next year. It also preserves important flexibility If we continue replacing high grade reserves at the pace that we have been achieving, we retain the ability to re sequence this plan and potentially defer global model material for years. Beyond the underground mine, Mishi/Magnacon and other bulk deposits provide the opportunity to evaluate an integrated open pit and underground development leveraging existing Eagle River infrastructure. We expect to advance conceptual work over the next 12 to 18 months to assess mining and processing scenarios and guide future investment. Increasingly, we see Eagle River as a high grade underground mine at the center of a far broader regional mining and infrastructure opportunity. Finally, the technical reports identify conceptual exploration targets of approximately 2.4 million to 6.3 million ounces across Eagle River and Kiena. These are conceptual targets, they are not resources or reserves. But they illustrate the scale of the opportunity beyond our current plans, Importantly, much of the infrastructure and operating platform required to test these opportunities is already in place. 8 years is an important milestone but it is not the destination. it is the platform from which we can build the next generation of Wesdome. Since 2023 we have strengthened our operations extended our reserve life, built our balance sheet and significantly increased the capability of the organization Collectively, that has changed what is possible for this company, Wesdome. Our ambition is to progressively build 2 premier Canadian mining districts capable of supporting multiple mining centers around established infrastructure while generating significant long term value. We are increasing Eagle River opportunities at district scale and not mine scale. The model is straightforward exploration creates more and better mining opportunities operational improvement allows us to extract more value from them. Existing infrastructure allows us to translate both into growth efficiently. And our competitive advantage extends beyond geology, The technical capability, the leadership, capital discipline, the culture, and the community relationships we have built are increasingly important to our ability to capture that opportunity We are not pursuing production or scale for their own sake. We are focused on growing intrinsic value per share Scale should be the outcome of creating value. Not the objective. Our longer reserve lives strong balance sheet and cash generation give us the ability to be prudent in investing where returns are justified. Returning capital where appropriate and remaining selective on external opportunities. 3 years ago, our priority was to strengthen the foundations of Wesdome, Today, those foundations are largely in place. We believe the opportunity in front of West Dome is considerably larger than the company you see today. Our responsibility now is to convert that opportunity into value, deliberately, systematically and per share. And with that, I will hand over to Philip to walk you through the financials. Thank you, Anthea.
Philip Chow Yee: Good morning, everyone. Turning to slide 8. Q2 26 was a strong quarter. Revenue came in at $267 million, leading to net income of $94 million or $0.64 per share. Adjusted for a $2.3 million impact of nonrecurring payments, adjusted earnings per share was $0.65 per share, EBITDA and net cash flow from operating activities were $170 million and $88 million respectively. Free cash flow in the quarter was $42 million, or $0.28 per share, compared to $53 million or $0.35 per share in the second quarter of last year. The year over year decrease reflects several items, most notably the timing of a $21 million prepaid tax installment in Q2 of 26. We expect quarterly free cash flow to significantly increase in the second half of the year. Turning to slide 9. On a consolidated basis, AISC per ounce of gold sold was $17.63 US in the quarter. At the site level, Eagle River came in at just over $2,000 US per ounce sold, reflecting a 17% increase in ounces sold and certain onetime costs. Which taken together make it difficult to see the positive underlying cost trend we are seeing at the operation. We expect ASIC per ounce sold at Eagle River to be lower in the second half of the year. At Kiena, AISC was $14.97 US per ounce sold, driven by higher contractor costs supporting the development of Presqu'ile. Year over year sustaining capital also decreased due to timing. Corporate G&A of nearly $11 million included cost primarily relating to unplanned corporate development and the technical reports. We continue to diligently manage our corporate G&A costs. Margin resiliency is a priority for us. And we are taking concrete steps to make improvements across 3 areas. The first area is supply chain. Over the past 6 months, we have strengthened the team and improved structure and processes around inventory and supplier management and key contract improvements. Already, savings of several million dollars have been identified, with several more million expected by year end. Savings are anticipated to flow through progressively over the next 12 months. Supply chain is a structural and meaningful opportunity to optimize costs and improve efficiencies across our operations. The second area we are reviewing is reducing our reliance on contractors. We see a meaningful economic opportunity to transition certain roles from external contractors to our permanent workforce. Our HR team is actively developing plans and programs to support this transition at both sites. Thirdly, we are reviewing maintenance practices across the business with a focus on further reducing unplanned downtime, and lowering overall costs and capital costs. These 3 initiatives represent a coordinated effort to drive improved margin resiliency over time. Our ambition is to be a sector leading low cost producer. Turning to guidance on slide 10. While we are reaffirming full year production and cost guidance, we have made a few updates to the guidance table to align with our internal forecast. At Eagle River, we continue to expect full year production of 105 thousand to 150 thousand ounces at an average grade of 11.5 to 12.5 grams per tonne. Compared to initial guidance of 13 to 14 grams per tonne. In the in the second half, the continued integration of global model ore into the mine plan is anticipated to reflect higher mill throughput and slightly improved grades relative to the first half of the year. We are also reducing our depreciation and depletion guidance to $100 million from $130 million previously. This reduction is a direct result of the meaningful increase in our mineral reserves announced in June. With respect to CapEx, we continue to invest in high return organic growth initiatives, to improve operational flexibility increase mine life, execute on our fill the mill strategy, and pursue growth. Based on our most recent forecast, full year consolidated capital could track up to 10% higher than the initial guidance of $205 million primarily driven by the timing of growth expenditures at Cana. Management continues to diligently assess the timing of these costs. Turning to slide 11, We closed the second quarter with a cash balance of $391 million Importantly, that is after returning more than $80 million to shareholders through our normal course issuer bid. During the second quarter, including our revolving credit facility, total liquidity was roughly $746 million as of June 30. And we expect that figure to remain strong as we move through the year. Our balance sheet remains debt free and flexible, and we are deploying capital with discipline. Our priority is to return meaningful capital to shareholders while investing in our organic growth strategy. I am pleased to highlight 2 recent important milestones in our capital return program. First, at the end of June, we initiated a quarterly dividend. Our first payment is due at the end of September. On an annualized basis, the dividend amounts to approximately $0.12 per share. While modest to start, it reflects our confidence in the durability of our free cash flow profile and our commitment to a disciplined shareholder first approach to capital allocation. Second, alongside the dividend announcement, we expanded our share buyback program to up to 6% of shares outstanding. Since last November, we have repurchased nearly 8 million shares at roughly $24 per share or approximately $190 million in total a meaningful demonstration of our conviction in the intrinsic value of this business. Commensurate with the implementation of the NCIB last year, our board approved the repurchase of up to 10% of our public float As we progress through the program, our capital allocation thinking continues to evolve alongside our business. Buybacks are 1 tool in the toolkit, and we will continue to use that opportunistically. We believe our financial flexibility is a strength and shareholders can expect us to deploy capital where we see the highest return whether that is in the ground on the balance sheet, or returning value directly to you. Metrics such as return on capital, remain paramount in our decision making. According to the latest calculations, we continue to rank 3rd across the industry on this measure. Reinforcing our disciplined approach to deploying capital. With that, I will turn it over to Tyler to walk you through our operational performance.
Tyler S. Mitchelson: Thank you, Philip and good morning everyone. I will begin where we always begin. Safety. In the second quarter, we recorded 0 lost time incidents. Our TRIFR was 1.67 slightly above the prior year quarter, serving as a reminder there is always more work to do. What is particularly encouraging is a significant improvement this quarter in our high potential incident frequency rate. Which declined 69% year over year to 0.67. This reflects the strong commitment to safety across our organization. Focusing on critical risks and the continuous improvements being made every day. Last month, we completed the implementation of our company wide 10 critical hazards program. Building on that progress, we are now developing a comprehensive mobile equipment safety standard. Focusing on addressing our highest risk hazards. At West Dome, safety is a nonnegotiable. And our actions reflect that. Commitment every day. Moving to Eagle River on slide 13. Before diving into the details, I wanna step back and frame 26 in the proper perspective. Both Eagle River and Kiena are in the midst of a deliberate value creating transition to new long term mind plans. And while there is meaningful work still ahead, we are committed to shaping these assets into the low cost, predictable, scalable producers we know they can be. Eagle River has fundamentally has been fundamentally changing for several years that pace has picked up in H1 with the integration of the global model ore as part of our updated mine plan. This reflected a strategic shift towards a value focused operation, 1 that prioritizes improved mill and mine utilization over the long term. Not just quarter to quarter ounce maximization. The changes started, but it is far from done. Eagle River performed in line with our mine plan. During the second quarter, we processed over 72 thousand tonnes through the mill producing 22 thousand ounces at an average grade of 9.7 grams per ton. As mine output increases, the mill is responding well by increasing throughput. Quarterly grade variation is a natural feature of our ore bodies in sequencing. Grades on a given level can range from 6 all the way up to 30 grams per ton. In July, grades averaged nearly 12.5 grams per ton reinforcing our confidence in a stronger second half. The operational setup also supports our confidence. The next 300 Zone stope is fully drilled off. With approximately 25 thousand tons ready to mine in the coming months at grades reaching up to 25 grams per ton. Analysts who joined our mine site tour in mid July saw this impressive stope and our preparations firsthand. Based on our forecast, we remain confident in delivering Eagle River's full year production guidance. The fill the mill story at Eagle River is gaining real traction. And the numbers back it up. Throughput averaged nearly 800 tons per day in Q2, a nearly 50% improvement year over year. And we are targeting a further 10% increase in the second half. This puts us firmly on track to fill the mill in 2027. As outlined in our recently filed technical reports. At Eagle River, our 8-year reserve mine life plan projects average daily mill throughput of approximately 988 tons per day. But we are not satisfied with stopping there. We are actively assessing opportunities to push the mill. As we continue to optimize and embed operational improvements, we see a credible path to ratcheting up tons per day beyond the current 80% overall equipment effectiveness. The operational improvements behind this throughput growth are broad based and measurable. As you can see on slide 14. Since 2025, milling rates are up 14%. Unplanned downtime, down 60%. Mill operating time and energy efficiency are both up 12%. These are not 1-off wins. They are a result of a fundamental shift from reactive to proactive system based maintenance embedded across scheduling, mining practices and site management. The mine is running more reliably and more efficiently than ever. And we expect that trajectory to continue. Moving now to costs. Eagle River's cost per ton in Q2 was $631. Essentially unchanged from $626 in Q2 of 25. A result we are pleased with given the inflationary pressure broadly felt across the industry. And while tonnage costs are essentially flat, year over year, it is worth noting that the quarter included identifiable 1-off items that added approximately $45 a ton. Additionally, it is important to highlight that we are starting to see the fixed cost benefits of a nearly 50% year-over-year increase in daily mill throughput. And its positive impact on the fixed cost leverage that underpins our fill the mill strategy. We expect this to be more visible in our unit costs for the balance of the year as 1-time items roll off. As grades normalize in the second half and production strengthens, we expect Eagle River's all in sustaining cost to return in line with full year guidance. In the first half of the year, Eagle and River invested $27 million against a full year budget of $105 million. Capital deployment will ramp up meaningfully in the second half with spending focused on critical infrastructure investments that are required for the long term future of the operation. Turning now to Kiena on slides 16. The updated mine plan at Kiena is focused on improved operational flexibility and the implementation of the operating model for stability first, and then growth. Kiena delivered an exceptional second quarter. With production rising 28% year over year to more than 22 thousand ounces. Driven by a 13% increase in tons processed and a strong average grade of just over 11 grams per ton. This performance reflects an expanding mine flexibility and executing with discipline. The 29 and 36 levels within Kena Deep remained our primary sources of mill feed, contributing roughly 540 tons per day. Importantly, we have added Presqu'ile as an active mining horizon at Kiena. The first production stope was blasted in July, and we expect commercial production in Q4. This brings us to 3 active mining horizons with a fourth at level 142 expected to come online in 2027. Expanding optionality at Kiena is a meaningful derisking of the asset and a foundation for greater growth. Predictability, planning stability going forward. With multiple active mining, horizons and a growing platform, we have built the infrastructure for sustained, scalable growth at Kiena. While we expect operational momentum to continue, this is still an emerging program. The benefits are still coming through, and we are not finished building. The implementation of the operating model is driving meaningful improvement. Paired with the major projects to enhance operational flexibility including additional mining horizons, and site infrastructure upgrades to move people and equipment more efficiently. This model is foundational to Kiena's long term growth plan. While it is early days, productivity metrics are trending positively. Mobile equipment availability is up 10% to 15% year to date, Daily average tons for the mill have risen by about 30% since last September, and milling rates have increased by 10% to 15% from 2025. Stope cycle operating delays have declined by approximately 30% year over year. Continuing our focus on these improvements, and the additional mine flexibility, gives us confidence in the H2 ramp up to deliver on our guidance. Kiena's Q2 cost per tonne were $526. Flat compared to the prior year quarter. This reflects a deliberate cost of building operational flexibility including bringing additional mining horizons online, investing in maintenance, and our current reliance on contractors. We view these as transitional and not structural. As Kiena Deep and Presqu'ile ramp up to full utilization following commercial production in Q4, fixed cost leverage will become increasingly evident in the per ton cost profile. Total capital expenditures in the first half of 26 were $54 million including approximately $36 million in growth capital. Elevated spending reflects contractor cost tied to the completion of the new ramp construction as well as accelerated development at Presqu'ile and Kiena Deep. Both investments directly advance our long term production capacity. Breakthrough of the new ramp in Q2 represented a significant operational milestone. It established direct access from surface to the bottom of the Kiena Mine. This enhances the flexibility for material and equipment movement and critically enables our ventilation expansion project. The project, which will double ventilation, is a key enabler for higher mining rates and underpins our 3-year production outlook. The balance of the year, growth capital will continue to further push Presqu'ile development and the ventilation fan upgrades. Sustaining capital will further extend the Kiena Deep ramp to the 142 level, with additional investment and exploration, ventilation on demand, and power factor improvements, to enhance efficiency and reduce our operating costs over time. Collectively, these investments position Wesdome to deliver on its production growth targets. While we have a way to go yet, stability is gradually taking hold at Kiena. Equipment availability has improved following several quarters of disciplined maintenance work. Since implementing our new operating model in H1, stoping delays relative to plan have declined by 30%. That is a clear and measurable indication the changes we are making are delivering results. The implementation of the operating model is now advancing. We are focused on embedding processes, improving schedule adherence, and reducing variability across the operation. The achievement of these milestones will position Kiena as a more stable and operationally flexible any point since its commercial production began and provide the foundation that can deliver on Kiena's long term growth profile. With that, I will turn it over to Ronald to review exploration.
Ronald Lawrence: Thank you, Tyler. And good morning, everyone. Exploration at Wesdome continues to be the engine of long term organic value creation for shareholders. With 1.4 million ounces of mineral reserves the largest in company history, and 8 year reserve based mine plans at both Eagle River and Kiena we are building from a position of strength. Our focus is on extending that runway. Growing inventory, and discovering the next phase of value. Increasingly, technology is accelerating our ability to do that. Better tools, richer data sets and artificial intelligence which I will address in a moment, are allowing us to allocate exploration capital with greater precision and confidence than ever before. Our 2026 exploration program totals 270 thousand meters, 1 of the most ambitious programs we have undertaken. Year to date, we have drilled approximately 110 thousand metres across the portfolio, representing more than 40% of the plan. Drilling is second half weighted. With a particularly aggressive third quarter already underway. Underpinning all of this is capital discipline. Our exploration management system guides capital deployment to meet short, medium- and long term objectives. The EMS enables upscaling of drill programs efficiently and cost effectively whilst maintaining quality in financial and technological returns. Every exploration target is assessed on size, geologic confidence and cost metrics with the objective of de risking target ounces by effective, efficiently designed drill programs. Completion of exploration drifts on levels 109 and 134 at Kiena is a good example of this, where underground development was executed with the aim of converting previously expensive drill target areas into areas that could be tested with efficient effective drill programs. That is how we run an aggressive exploration program. While protecting returns on every dollar of capital invested. At the same time, operating some of the best gold endowment districts globally means we maintain a healthy risk appetite. Testing new ideas, less conventional targets is inherent to systematically exploring these districts. And it is how exploration ideas ultimately convert into gold bars. Let me now walk you through the key highlights. Asset by asset. Turning to slide 19. At Eagle River, our exploration programme is built around 4 interconnected objectives. Replacing annual depletion at grade to sustain the reserve base scaling our asset through reserve and resource growth advancing new discoveries within the Eagle River Mine Complex, As well as in the broader Highly Prospective Land Package, And Unlocking Bulk Scale, Lower Grade Potential as part of uncovering The District's Potential. At Eagle River, our 2026 program totals 145 thousand meters. With approximately 82 thousand metres completed through the end of June. Split roughly equally between growth drilling and delineation and conversion. And the bulk scale opportunity the Mishi/Magnacon area continues to demonstrate meaningful brownfield potential. Surface drilling targeting both open pit and underground mineralisation at Mishi continued in Q2 and will continue throughout the second half of the year. We are also advancing other prospective bulk scale targets along the Mishibishu deformation zone namely Magnakon East and the Feather River area, and in other areas, including Dorset West and the Cameron Lake iron formation. These are areas that broaden the long term optionality of the Eagle River land package. Turning to slide 20, in conjunction with the updated technical reports, we published initial exploration targets at Eagle River. We identified over 160 opportunities that were distilled into 11 priority targets, representing a combined exploration potential of 1.5 million to 3.4 million ounces. This is not a speculative target list. Is grounded in a structured, data driven methodology that clearly defined near medium and long term catalysts. Each opportunity was ranked and prioritized to ensure capital is deployed where it has the highest probability of converting into shareholder value. To sharpen our targeting, we engaged specialised consultants to apply AI based modelling to Eagle River's extensive dataset. At its core, this tool works by aggregating multiple level datasets including drilling, geophysical, geochemical and geologic information, to generate prospective areas for hosting gold mineralisation. The workflow does not run-in a vacuum, We have built a feedback loop with our teams where geologists review the AI generated opportunities, against their own field knowledge and interpretation. The result of that iteration is geoanalytical targeting. it is not a black box producing a target list, but an interactive process led by our exceptional team that grows with every round of review, converting data into forward looking opportunities that we can act on. Slide 21 shows the output of that AI initiative, overlaying on the same plan view as the previous slide. The AI models generated prospectivity rankings across the entire property, with area scoring above the 90th percentile flagged as high priority. 5 new high priority prospectivity areas have already emerged from this work, including Feather River South, hosting 2 areas with minimal surface work. Mishi West at the convergence of the Iron Death Luke deformation zone with the Abbey Lake structure. North Of Michi, in a strain shadow of an intrusion, possible 2nd thrust zone similar to the Mishibishu deformation zone. Rook Lake West and a strange shadow of intrusion where the Dorset deformation zone may be trending, The Southeast portion of the Cameron Lake Iron Formation is a complex area favorable for host lithologies and structure. The takeaway is straightforward: AI is accelerating our ability to identify potential high value targets earlier with greater capital efficiency and increased confidence than a traditional approach would allow. These efficiency maximising tools optimise time for our teams and their programmes, and will play an increasingly important role in how we advance our growth pipeline. Incorporating AI into our workflow leverages time, and the skills of our excellent exploration teams to increase the potential of delivering more ounces per meter drilled. Moving to slide 22, look at the progression of our high grade underground program at Eagle River. Drilling in the first 6 months of the year is focused on the 6 Central, and 800 and 700 zones. 6 Central is an increasingly important focus area at Eagle River. Growth drilling continues to confirm down plunge continuity at grades and widths, consistent with prior reporting. At 800 Zone, we targeted a gap in drill coverage coinciding with up plunge extension intersecting shear zones with quartz veining. Assays are pending. At 700 Zone, highlight intercepts include 28.9 grams over 2 metres. Confirming mineralization continuity in the shallower parts of the mine. Taken together, these results reinforce that Eagle River continues to deliver at depth and along strike. Grade and continuity are holding. The pipeline of targets is active, and we are systematically building the confidence needed to convert exploration success into future reserves. Eagle River is a mine that continues to deliver to the upside. Moving to Kiena on slide 23. At Kiena, our primary exploration objectives mirror Eagle River. Replace at grade convert and expand, deliver new discoveries, and advance lower grade bulk tonnage opportunities. And we are making tangible progress on all fronts, In the first 6 months of the year, we have drilled approximately 29 thousand metres with approximately 55% focused on growth, and 45% on delineation and conversion. On the bulk tonnage opportunity, a land based rig is commenced drilling at Shawke South. Shawkey South is part of a group of targets, including Zone 134 and Dubuisson, collectively known as Kiena East. The drilling will evaluate a bulk tonnage style quartz tourmaline vein associated mineralization at depth. These Kiena East targets exhibit mineralisation characteristics analogous to other significant Abitibi operations, and represent a meaningful source of incremental long term value. While we have a lot of great results so far this year, the standout story at Kiena is the Norbenite footwall discovery announced in June and shown on slide 24. Drilling from the new level 134 exploration drift has confirmed the mineralized zone beyond the Norbenite Fault, an area previously interpreted as barren footwall. The results were exceptional. Hole 52 W1 returned 0.9 grams over 42.1 meters, including 8.3 grams per tonne over 29.5 meters. Hosted in basalt a potentially more favourable host rock than the schist mineralization typical of Kiena Deep. This intercept sits approximately 40 metres beyond the Norbenite Fault, and correlates with a 22 hole, which returned 9.9 grams per tonne over 83 metres located roughly 150 metres vertically below. Together, these results define a new mineralised corridor spanning at least 150 metres vertically, it is open in all directions, with untested ground extending above it to the footwall zones. The scale of this corridor and its openness and grade is what makes this discovery so compelling. 2 follow-up holes were drilled in Q2 that were looking to infill the 150-meter zone between holes 52W1 and 52W10. Whilst assay results are pending, the new holes intersected geology with similar thickness veining, and localised observations of visible gold, as the previously reported holes, growing confidence in the continuity of the mineralization. Believe the Norbenite footwall has the potential to be transformational for Kiena's long term resource profile. Drilling continues to delineate the geometry and extent of this corridor and it is a program we will be tracking closely for the remainder of 2026. Beyond the 25. On the 109 level drift, drilling of the VC zone has intersected basalt hosted mineralization within 100 meters of the drill bay. The mineralization is interpreted as a potential new zone separate from the VC zone itself. Follow-up holes are underway to confirm. Notably, the VC zone shows a mineralisation style analogous to Kiena Deep, and remains open at depth. VC is close to infrastructure, it projects approximately 350 metres from the 107 level at Kiena Deep, even closer from the 109 exploration drift from where we are drilling, and it has the potential to grow our reserve ounces per vertical meter at the shallower levels. The 134 level, 2 drills are confirming continuity of the high grade Kiena Deep A and the Kiena Deep footwall zones, and will remain in place for the balance of the year. From the 33 level, drilling targeting the Northwest continuation of the Shawkey Main towards the Wish deposit has intersected quartz veins at target depths. With assays pending. Finally, similar to the AI initiative at Eagle River, we are planning to deploy AI based targeting at Kiena beginning in Q4. This will allow us to incorporate data from this year's deep drilling programmes into the workflow before modelling begins. The results at Eagle River have given us confidence that this general approach will generate material value at Kiena as well. Looking into the second half of the year, Q3 will be our most active drilling quarter. Summer barge and land based drilling are underway at Kiena, alongside our deep continuous drilling, and at Eagle River, helicopter supported drill programs are active. Every meter we drill this summer is building the density and confidence required ahead of our next mineral resource reserve update. Several assay results are expected back through the third quarter, and we plan to issue press release updates in late Q3 and into Q4. Every metre drilled this year is drilled with the objective of conversion into mineable ounces. Mine life extension and the optionality that will define Wesdome's next decade. We remain focused on unlocking value across the portfolio, will continue to share results as they become available. Operator, please open the line for questions.
Operator: At this time, I would like to remind everyone, in order to ask a question, press *, then the number 1 on your telephone keypad. Your first question comes from the line of Harrison Reynolds with RBC Capital Markets. Your line is now open. Please go ahead.
Harrison Reynolds: Hi. Good morning, Wesdome team. Congratulations on a good first half of the year and appreciate the detail provided so far. Just on the buyback, you are buying back stock at a good pace. 8 million of the 9 million authorization. Big buyback in July, Can you talk a bit more about what you are seeing in terms of value in the buyback? What drove that large buyback in July? And how we should think about the cadence going forward?
Philip Chow Yee: Hi, Harrison. You know, I would say it is really reactive to the market. Coinciding with the drop in the gold price. The way we set up our buyback is really based on our, basically, our PNAV, our trailing PNAV. So I think you would see the volume increase is really tied to the dips in the gold price. Think that is pretty well answers the question, I think. Yep. No. Understood.
Harrison Reynolds: And then shifting to, you know, operations, it is great to see both sites earlier this summer. and at Eagle River, good to hear about the ongoing conceptual study on Mishi And Regional Potential At Eagle River. Obviously, it is early days, but could you outline some of the potential trade offs you are looking at with Mishi? And how incremental you think that could be for Eagle River's output?
Anthea Ingrid Bath: Harrison, I will comment here, then I will hand over to Tyler as well. But I think I mean, right now, we are still in the early stages of that. I think we are getting quite excited about what we are seeing. We are looking at it in a phased approach as well as a larger a larger perspective. So phase wise, first of all, how do we incrementally grow the operation with what we have quickly so we can get it quickly into the mill. But secondly, what is the scale of the region itself? The work we are doing in conceptually understanding the potential targets across all of these open pits is going to define the scale of the potential opportunity in front of us, which will then use to actually work on the processing and mining options that are available to Wesdome to do that. My feeling is that this is going to be quite a substantial growth opportunity for Wesdome. it is just a function of time. We are currently working on the technical review initiatives that are needed to actually unlock this, which includes the metallurgical test work, the sampling, as well as some of the even the opportunity to do all sorting in certain ways as well to the value of the region. So there is many, many things that are influencing this right now. The only thing I do know is it is going to be substantially larger than what we thought it would be. We just need to do the work Tyler, do you want to add?
Tyler S. Mitchelson: Oh, I think you captured it well. I think the exciting part about this is the optionality that is sitting in front of us. of us right now. You have got we did see the portal as we drove by as to-- into Mishi/Magnacon as some near term potential there, but also what is that whole district look like? And every time we drill a hole, it seems to be getting bigger and more potential there. it is great having the optionality. It gives us tons of flexibility in the short, but also in the long term as well.
Anthea Ingrid Bath: I think, Harrison, what is happened in the last-- was with us having put out these technical reports and having the opportunity to review these mines you know, from what we thought they were before, as discrete systems. I think the fact that we understand now as more big complexes and even Eagle River Mine itself looking at it from more of a-- what is this perspective rather than, you a discrete mining opportunity. I think, you know, this is a question this entire team needs to ask itself is, what is the scale even of what we know, let alone the scale of what the region offers? I think that is going to be the learning work that we are going to do over the next short while. it is just really reflecting on what is Eagle River actually from its own perspective, what is the region actually from that perspective and then that will articulate into the work we will do from a conceptual study perspective. But yeah, it is still early, but it is quite exciting.
Harrison Reynolds: Understood. Yeah. that is great color. Thank you very much for taking my questions.
Operator: Next question comes from the line of Don DeMarco with National Bank Financial. Please go ahead.
Don DeMarco: Thank you, operator, and good morning, Anthea team. And just to dig into the Eagle grade guidance adjustment a little bit. And I saw the reference that you are bringing more of the global model into the model. But, really, what prompted the reduction? Was there a change in sequencing, maybe more dilution? Difference in reconciliation since the guidance was laid out? And if you just add some incremental color on this.
Anthea Ingrid Bath: Tyler, can you grab this 1 here?
Tyler S. Mitchelson: Sure. Hi, Don. I think as we are starting to get the global model information and we updated the models and started running through what is-- optimizing the sequence we could from the stoves that we had in there. Some of this is as you know, you saw when you were on the tour. On a level, you have got Anywhere from 6 grams to those 30 gram areas. And so we extended some of those drifts out, picking up some of the lower grade high margin material because we are already there. So this has been an ongoing process, I would say, for the last 3 months. Of looking at the sequence. I think what we have in place now for the second half of the year, the sequence is pretty much set, and we will just continue to try to drive productivity and keep pushing. You know, you saw the tons going through increased in the second quarter. I am pushing even harder for the third and fourth quarter, bringing more of this material forward. So it is the opportunistic to take those value-adding tons through as we drive the productivity. Okay. Thanks.
Don DeMarco: And, you know, the Kiena costs are pretty strong in Q2. You are in front of a back end loaded year. So do you expect the cost to trend lower into Q2? Commensurate with the production increase? Or will the introduction of Presqu'ile or sort of moderate those costs a little bit?
Anthea Ingrid Bath: I can comment a little bit here, and I will let the guys follow on if I may. I think what you will see is, you know, from an efficiency perspective at a cost per tonne level, yes, and as you know, from a cost per ounce perspective, but you will also see sustaining capital increase as well. So I think that will offset to some degree, Don. So but I think we will you know, I think we guide towards we well, we said we will stay we remain within guidance. I think ultimately, should land there, but the 2 will have a bit of a countering effect. I do not know if there is anything I can add from my team.
Philip Chow Yee: Yeah. Don, it is Philip here. I would also point out that for Keena, because of the continued development at Presqu'ile, that growth capital you know, mainly due to timing of equipment may trend upwards. I mean, we are still working, managing that process. Okay. But that potentially has you know, if the timing comes in as it may, it may result in slightly higher growth capital by the end of the year.
Tyler S. Mitchelson: Yeah. And, Don, we are pushing development. Pretty hard as well. Because I wanna get more meters here if I can.
Anthea Ingrid Bath: So it is a wise thing to keep doing, Don, if we just, from our perspective, if we have the opportunity to use productivity levers to drive more development, we are going to do that. And we and we should do that because that is going to create value forward ahead of ourselves.
Don DeMarco: Okay. I appreciate the color. And then just for my final question, shifting over to expiration. Jono, I appreciate all the color you provided. And, obviously, there is a lot going on. When we look ahead to the next resource update, and I know you just had 1 out, but looking ahead to next year, how is the program balance between expectations for infill or, you know, that is converting up some of the endowment you have right now. Or expansion of what the endowment is. And do you kind of get the sense now you have been drilling for a few years that momentum is building with respect to resource accretion? Just trying to get some early insights into that, next update. Given the magnitude of the current program.
Ronald Lawrence: Thanks, Don. Good question. Look, 1 thing that we have got to highlight at the end of the year update we have been drilling all year and our efficiencies in drilling especially with Boart Longyear at Eagle River. Over twice 2 months this year and the 6 months, they have breached 10 thousand meters. The teams, with the 4 rigs underground, they have been increasing in their efficiencies, and it is been fantastic to see. We are actually holding them back once we adjust other areas for drilling. We have a lot of assays coming through to build into it, and the design of our programs is broadly, like 50% between the growth conversion and infill. So whilst we will see opportunities to push the growth side of things, we maintain that discipline It may go to a 60-40 percent ratio, where we would not change dramatically to say, 70 fivetwenty 5 or even a seventythirty percent ratio on pushing the growth we maintain our conversion and delineation work, as we grow through. I do see areas as the results are coming through, of the step out programs showing us that we have growth opportunities, and we are looking at a disciplined approach in the conversion of those so far. But our ratios at the moment we are not looking at changing, it is a step-by-step process that we will see each year we grow and replace our reserves, and we start to step out and grow our geologic potential, which will infill to convert to inferred and give us that inventory that we can look forward to in years to come. We are slowly building the base for that now, Don. Okay. Okay. Thank you very much.
Don DeMarco: Thanks again for taking my questions.
Operator: Your next question comes from the line of And Lam with TD. Please go ahead and Lam: Yeah. Thanks, guys. Yeah. And just a follow-up as a follow-up to the grades at Eagle River. I was just curious if the grade revision was also mostly just a function of a lower Q2, as I think it implies 12-plus grams per ton, which is kind of close to what you did in Q1. So I just wanted to confirm with the increase in tonnage, over the coming quarters, if you still see the sustained high grades, kind of in the 12-plus gram range, in the back half of the year.
Anthea Ingrid Bath: I mean, I am going to let Tyler talk to this. he is probably champing at the bit to answer this quicker. I mean, And, the reality is I think I think Tyler explained it to a large degree. We start to build in this better sequence. If you think about the mine plan was updated the first quarter of this year. From the work we did at the end of last year. So you can imagine that it has been a change on the mine planning side, as you can imagine, because we only closed the models the end of last year and only got the mine plans to Thailand first quarter this year. So that is it is natural. it is correct. it is nothing there is nothing that is about, like, somebody did not deliver well or any of that. it is a it is a function of that transition towards a value based mining company that is driving tonnes and the right process. The big thing here is about making sure we I cannot say we honor the ore body that Wesdome has. And we look after in the right kind of way. So when we are in the areas, we take advantage of leveraging those stopes that are there at the right time. So I would really want everybody to understand this, there is nothing wrong with the grade here. In fact, you should probably see this as an opportunity more than anything else. The only time it becomes a problem is when you cannot keep your sequence or your productivity at the right level. I think Tyler has explained to you how he is strongly working on marrying the 2 together, both the tons as well as productivity to drive that value through the mill. So, yes, your grade does go up in the second half, and that is predominantly part of the sequence. And we said that before, we made the comments in the technical report when we brought that release that we will see that double digit grade, we believe, we still believe that is gonna continue because what we would do is we are going to keep drilling out to higher grade and keep pushing on our efficiencies and drive that high grade you know, remains the base of what Wesdome continues to do. So, the grade will go up purely because of the sequence, not because we have done anything special.
Tyler S. Mitchelson: Yep. it is the mine plan we have in front of us, And, and I think that as Anthea said, that is the sequence we have. it is pretty much locked in right now. Focus of the team is really around pushing the productivity if we can cycle faster, we bring more material through. But that, you know, is gonna be at the grade that is in the sequence that we have. So Okay.
And Lam: Yeah. Thanks. Understood and thanks for color. At Kiena, just on the kind of expectations coming from Presqu'ile, do you get to in the coming quarters? Is there a ramp up in grades that the mill expected from mining from Presqu'ile as the amount of stoping ore increases. From that area? And is the proportion of tonnage still in kind of the 250 ton per day range to start? And just curious what the exit run rate is for the year. Targeting from Presqu'ile.
Tyler S. Mitchelson: Okay. Yeah. As we ramp up the stopes, it will ramp up gradually you know, going into Q4. Q4, we expect to be kind of at a run rate of 300 to 400 tons per day. Kind of 600 to 700 out of the Kiena Deep. So, you know, pushing towards the total of a thousand, and then we should be at that rate going in through 2027. Okay. Great and Lam: Thank you. And then, maybe just last 1 for Philip. Just on the comment on the buyback in relation to your internal NAV model. Was just wondering if you might be able to share with us, what kind of gold price you use on that internally. And just curious if you guys view the buyback as significantly accretive in using 1x cash to buy back the shares.
Philip Chow Yee: Yeah. Hi, And. Well, it is-- I mean, the gold price has an impact, but it is really the impact of the gold price on the share price. The approach we have taken to the buyback is really tied to trailing PNAV. So if there is, as you have seen the gold price swing, you have seen the share price swing as well, and the if the share price swings below the trailing PNAV, it provides an opportunity to buy at a price that is, you know, that is going to be opportunistic. I mean, overall, you know, our buybacks have been an average around $24 a share. Considerably below where, you know, the share price has been trading when the when the, you know, when it is been on an upswing. Sorry. Can you repeat the second question, if you do not mind, And? Yeah. I was just wondering if you guys viewed the buyback as significantly accretive using 1x cash to buy back the shares? And just on that comment, you know, with you know, the kind of share price that you are using as, like, the swing factor with the shares having performed pretty well, does that kind of mean that as the share price continues to outperform, then the buyback execution like, the pace of the execution will slow down. Exactly. I mean, that is the opportunistic approach to it. And, I mean, I think given the amount of buyback at this point, and the, I mean, the share price has been performing well, I would expect it to slow down. And know, we look at our I mean, we look at our capital allocation continuously. You know, as our business evolves and, you know, we have seen the impact of the of the technical records, for example, and how that is kinda changing in the business. So from a asking from an accretive perspective, I would say that, you know, buybacks are just 1 tool. And we look at it as purely an opportunistic tool. there is other things that we look at as well. And we need to continue to assess, you know, our position and our capital allocation going forward. As I have mentioned before as well, we have got a dividend being initiated in September, 1 more tool. I hope that answers your question, And.
And Lam: Yes. that is great. Thank you for the color. Nice to see the operational momentum with the fill the mill strategy and the and the strong buyback program. So best of luck in the months ahead.
Anthea Ingrid Bath: Thanks, And.
Operator: That concludes our Q&A session. Thank you all for joining, and you may all disconnect. Everyone, have a great day.
