Toronto-based miner Wesdome Gold Mines' new president and CEO, Anthea Bath, believes the company is poised for a production and free cash flow rebound next year, as confidence in the near-term grade profile of its Kiena mine has improved.

“Wesdome is expected to turn a corner late this year,” says Bath, stating on Thursday that the miner would no longer require the equity issuance under its at-the-market (ATM) facility, announced in December.

The ATM programme allowed the company to issue up to C$100-million common shares to the public when needed. During the second quarter, C$11-million was issued under the ATM.

She noted that Wesdome remained committed to reducing borrowings under its C$150-million credit facility.

Bath was COO at Ero Copper before taking up her position at Wesdome on July 1. She succeeded Warwick Morley-Jepson who stepped in as interim president and CEO in January, when Duncan Middlemiss resigned after the Kiena upgrade fell behind schedule and the company missed production targets.

Wesdome will also be searching for a new CFO, with the company announcing on Thursday that Scott Gilbert had resigned. Jonathan Singh has been made interim CFO with effect from September 12.

Meanwhile, the miner reported a 25% increase in second-quarter production at the Eagle River Complex to 22 845 oz, citing an increase in head grade. All-in sustaining costs (AISC) increased by 4% to C$2 019/oz.

At Kiena, second-quarter production decreased by 9% to 8 147/oz, owing to a 53% decrease in head grade, partially offset by a 96% increase in throughput. At 51 824 t, the mine achieved a new quarterly throughput record since operations were restarted, despite the impact of forest fires in June. AISC increased by 21% to C$2 755/oz.

Wesdome reports the ramp to the 129 level, which provides access to the A Zone of Kiena Deep, continues to track ahead of schedule, positioning the mine to achieve better-than-planned production levels in 2024 based on the updated schedule.

The company has affirmed its production guidance of 110 000 oz to 130 000 oz and an AISC guidance of C$2 100/z to C$2 340/oz.