Wesdome Gold Mines

WDOFF

Gold · Basic Materials

Price

$18.04

+0.74 (+4.30%)

Market Cap

$2.68B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+6.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 142.8M (2021) → 151.6M (2025)

Wesdome Gold Mines is a Canadian gold mining company that digs gold out of the ground and sells it. Its two main operating mines are the Eagle River mine in Ontario and the Kiena mine in Quebec, both located entirely within Canada. The company focuses on high-grade underground gold mining, meaning the ore it extracts contains a relatively large amount of gold per tonne compared to many peers.

Wesdome makes money by selling gold, which it produces and sells at market prices to refiners and bullion dealers. It operates exclusively in Canada, which reduces some political and logistical risks compared to miners working in less stable regions. With a gross margin above 60% and strong returns on invested capital, the company benefits from its high-grade deposits keeping production costs relatively low. The key risk is that gold prices are set by global markets, so a significant drop in the gold price would directly hurt revenue and profitability regardless of how efficiently the mines operate.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+60.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+88.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$471M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Wesdome Gold Mines is growing revenue at 60% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

62.9%

Premium pricing power — 62.9% gross margin

Operating Margin

59.2%

Excellent — 59.2% operating margin

ROCE

17.4%

Strong — 17.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+59.3%

Fast-growing sales (59.3% YoY)

EPS YoY

+116.0%

Earnings growing fast (116.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

132%

Turns 132% of profit into real cash

FCF Margin

31.7%

Converts sales into free cash efficiently (31.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

278.96x

Comfortably covers interest (279.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.7x

Attractive valuation — P/E 6.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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