Wesdome expands Kiena drilling: six analysts rate Wesdome Gold Mines stock Buy

Published on 10/07/2026 at 02:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

National Bank raised target for Wesdome Gold Mines stock to CAD 40.00. Second-quarter revenue was CAD 266.76 million versus CAD 321.22 million expected.

WDO, CA95083R1001, Illustration mit AI erstellt.

Wesdome Gold Mines Ltd. (ISIN CA95083R1001) reported a 3.1 g/t gold intercept over 106.5 metres at its Shawkey 10 target on September 16, 2026. Yahoo Finance reported that the result expanded the interpreted diorite host from 80 metres to more than 200 metres.

Shawkey drilling expands the target

The hole included a higher-grade interval of 20.4 g/t gold over 10.8 metres, while the company said drilling continues to define the geometry and continuity of the mineralized system. Wesdome had completed 102 surface holes totaling 25,725 metres at Shawkey 10 by September 16, 2026.

The result is an exploration milestone rather than a production figure. The company is still drilling to support an initial resource, so the investor question is whether the broad intercepts can be converted into a defined mineable resource.

Second-quarter figures set the baseline

MarketBeat reported second-quarter revenue of CAD 266.76 million and earnings per share of CAD 0.65. Revenue was below the CAD 321.22 million expectation cited in the September 2026 results summary, while the result provides a concrete comparison for the exploration-led growth strategy.

Wesdome's balance sheet showed CAD 390.9 million in cash at June 30, 2026, and operating cash flow was CAD 87.1 million in the second quarter. The company also committed CAD 55 million to exploration in 2026, according to Investing.com.

Analyst target reaches CAD 40.00

National Bank Financial raised its target from CAD 34.50 to CAD 40.00 and kept an outperform rating in a research note dated August 19, 2026, as reported by MarketBeat. The same report listed six analyst ratings: one Strong Buy, four Buys and one Hold.

The counter-factor is execution. Wesdome's September 28, 2026 presentation said Eagle River was operating at 70 percent of permitted milling capacity and Kiena at 40 percent, leaving the growth case dependent on drilling, resource conversion and disciplined capital spending.

Prior close remains the market reference

Wesdome's prior close at Lang & Schwarz was EUR 21.61 on October 5, 2026. The finance quote for the primary Toronto listing showed a CAD 5.1 billion market capitalization on October 6, 2026, with a 52-week range of CAD 19.48 to CAD 37.22.

The further course of trading is shown by the continuously updated real-time quote of Wesdome Gold Mines stock.