May 27, 2020 The NBF Daily Bulletin

Golds

Wesdome Gold Mines Ltd.

WDO (T) $11.72
Stock Rating: Outperform Kiena PEA
(Unchanged)
Target: $15.50 PEA Confirms Low Cost, High Margins
(Was $14.50)
Risk Rating: Above Average
(Unchanged)
Est. Total Return 32%
Dividend Yield 0.0%
52-week Low-High (Cdn$) $4.33 - $13.50
HIGHLIGHTS
Shares Outstanding (mln) - Basic 136  First look at Kiena U/G. WDO released the Kiena PEA after
Shares Outstanding (mln) - FD 142 market close, reporting an after tax NPV5% of US$356mln
Market Capitalization (Cdn$ mln) 1592
(C$488mln) improving over our NBF estimate of US$293mln,
NAVPS (Cdn$) 11.21
P/NAV 1.05x based on US$1,700/oz Au and USD/CAD 0.76.
Year End: Dec 31 2019A 2020E 2021E  Production close to infrastructure. The PEA contemplates
EPS, basic (C$) 0.08 0.45 0.89 production of 687k oz (86k oz/yr) at 10.7 g/t over an 8-year
CFPS (attrib), basic (C$) 0.18 0.71 1.07 mine life. Production is modestly below NBF estimates of 763k
P/E (x) 146.5x 26.3x 13.2x oz (113k oz/yr) at 10.4 g/t over 7 years as reported in our PEA
P/CF - attrib. (x) 65.1x 16.4x 11.0x
preview (see NBF May 12). The delta vs NBF is explained as
Gold Price ($/oz) 1394 1696 1725
Au sales (000s oz) 91.7 93.7 125.0
WDO limited production to near infrastructure oz’s and used
Total cash costs ($/oz Au) 621 694 709 lower mining rates, averaging ~730 tpd vs NBF at 980 tpd.
AISC (US$/oz, w/ credits) 989 1,009 936
Capex ($ mln) -23.3 -12.3 -8.0  Capex lower than expected. PEA development capex
estimated at C$43.7mln, below NBF at C$60mln. In our view,
Financial Data: As at Q1/20
its encouraging to see WDO deliver better-than-expected
Working Capital ($ mln) 38.0 capex noting up-plunge extension drilling from the 79 level still
Total Debt & Leases ($ mln) 6.3 underway with potential cost savings. Moreover, $8.9mln to be
Enterprise Value ($ mln) 1548.7 spent in 2020, leaving capex of ~C$34.8mln for 2021, affirming
All amounts in USD dollars unless stated
cash of C$49.4mln (at as Q1/20) adequate to internally fund.
Source: NBF Estimates, Company Reports, Refinitiv
 Low costs buoy NPV. PEA AISC of US$512/oz is measurably
below NBF at US$970/oz, as WDO to employ low cost
longhole bulk mining methods, whereas we assumed a mix
including some higher cost cut-and-fill. This is perhaps the best
surprise of the PEA, in our view, as it lends for de-risking with
respect to grades, dilution and mineralization continuity.
 Next steps. Updated resource in Q4/20 (was mid-2020),
followed by PFS and production restart decision in H1/20. The
Industry Rating: Overweight
(NBF Economics & Strategy Group) PEA included a production plan based on mill start-up in H2/21
(vs NBF commercial production Q3/21).
 Maintaining Outperform and increasing to $15.50 target
(was $14.50). Our target is based on ~1.4x (unch) our NAVPS
of $11.21 (was $10.38). A conference call to discuss results will
be held May 28th at 10am EST (844-202-7109, webcast).
Company Profile:
Wesdome Gold Mines Ltd. (WDO: TSX) is a junior gold Stock Performance
producer that operates two mines, the underground Eagle
River mine and the open-pit Mishi mine, in the Wawa region Price ($) Volume (000s)
14.00 16,000
of Ontario, Canada. WDO also owns the past producing
Kiena mine complex and the early stage Moss Lake project. 12.00 14,000

12,000
10.00
Don DeMarco, P.Eng., P.Geo, MBA - (416) 869-7572 10,000
8.00
don.demarco@nbc.ca 8,000
6.00
6,000
Associates: 4.00
4,000
2.00 2,000
Rabi Nizami, P.Geo. - (416) 869-7925
0.00 0
rabi.nizami@nbc.ca
24-May-19

24-Oct-19

24-Feb-20

24-Mar-20

24-Apr-20

24-May-20
24-Jun-19

24-Jul-19

24-Aug-19

24-Sep-19

24-Nov-19

24-Dec-19

24-Jan-20

Harmen Puri - (416) 869-8045

harmen.puri@nbc.ca Source: Refinitiv

For required disclosures, please refer to the end of the document.

 WESDOME GOLD MINES LTD.
STOCK RATING Outperform TICKER (TSX) WDO.TO
TARGET PRICE (C$) $15.50 CURRENT PRICE (C$) $11.72
RETURN TO TARGET (w/ DVD) 32% 52-WEEK LOW-HIGH (C$) $4.33 - $13.50
RISK RATING Above Average SHARES (mln) Basic 135.8
GOLD SECTOR RATING Overweight F.D., ITM 142.2
ENTERPRISE VALUE US$1549 C$2131 MARKET CAPITALIZATION (C$ mln) C$1592
NBF ASSUMPTIONS 2019A 2020E 2021E 2022E STOCK CHART
Gold Price, US$/oz 1,394 1,696 1,725 1,630
Silver Price, US$/oz 16.20 15.85 15.50 16.00 Price ($) Volume (000s)
Copper Price, US$/lb 2.72 2.39 2.50 2.75 14.00 16,000
C$/US$ (spot rate = 0.73) 0.75 0.72 0.71 0.71
12.00 14,000
FINANCIAL FORECASTS 2019A 2020E 2021E 2022E 12,000
BALANCE SHEET (US$, mln) 10.00
Cash & Equivalents 27.0 52.2 105.2 237.6 10,000
8.00
Working Capital 11.7 49.1 102.5 234.6
8,000
Total Debt & Leases 7.3 2.5 0.0 0.0 6.00
6,000
INCOME STATEMENT (US$, mln) 4.00
4,000
Revenue, net of TCRCs 63.3 158.6 211.5 291.8
Operating Cost 43.7 65.3 88.6 111.6 2.00 2,000
G&A Expense 4.1 7.5 8.0 10.3
0.00 0
EBITDA 6.2 91.1 110.6 165.1

24-Aug-19

24-Sep-19
24-May-19

24-Oct-19

24-Apr-20

24-May-20
24-Jun-19

24-Jul-19

24-Jan-20

24-Mar-20
24-Nov-19

24-Dec-19

24-Feb-20
DD&A 5.3 23.9 17.2 29.6
Net Income 5.9 32.8 83.2 115.3

CASH FLOW (US$, mln)

CFO, before w/c adj 15.0 71.4 103.8 147.3 SUM-OF-PARTS VALUATION
CFI (45.4) (48.6) (48.2) (23.3)
Capex, sustaining (18.9) (15.1) (13.9) (21.3) Ownership Disc. rate NAV
Capex, exploration (23.3) (12.3) (8.0) 0.0 Production % % (US$,mln) (C$,mln) (C$/sh) %
Capex, development (1.5) (21.2) (26.3) (2.0) Eagle River Ontario 100% 5% 345 486 3.42 32%
Interest Paid 0.0 0.0 0.0 0.0 Kiena Québec 100% 8% 268 381 2.68 25%
Free Cash Flow 30.1 30.7 55.5 124.0 Resource Development
CFF 11.1 (4.5) (2.6) 8.4 Moss Lake Ontario 100% $25/oz 78 105 0.74 7%
Issuance of Debt 0.0 0.0 0.0 0.0 Kiena upside Québec 100% 175 235 1.66 15%
Issuance of Equity 0.0 0.5 0.0 0.0 Eagle upside Québec 100% 175 235 1.66 15%
Debt & Lease Repayments 0.0 (5.7) (2.5) 0.0 Subtotal 1,097 1,519 10.68 100%
Dividends Paid 0.0 0.0 0.0 0.0 Working capital 28 38 0.27
Net Free Cash Flow, after CFF 30.1 26.2 53.0 132.5 Corporate adj. (1) 27 38 0.27
EPS, f.d. (C$) 0.08 0.45 0.89 1.18 Net asset value 1,152 1,595 11.21
Consensus EPS 0.29 0.47 0.84 1.06 (1) DCF of cash flow from financing, G&A, exploration and other corporate expenses
CFPS, f.d. (C$) 0.18 0.71 1.07 1.48
Consensus CFPS 0.51 0.75 1.07 1.58 COMPARABLES
Shares O/S basic (mln) 135.7 136.4 137.0 140.6 P/CF EV/CF
CREDIT ANALYSIS 2019A 2020E 2021E 2022E Ticker Price (C$) P/NAV* 2020 2021 2020 2021
Debt/EBITDA 1.2x 0.0x 0.0x 0.0x Wesdome Gold WDO.TO NBF est. $11.72 1.05x 16.4x 11.0x 16.0x 10.7x
Net Debt/EBITDA -3.2x -0.5x -1.0x -1.4x consensus - 15.6x 10.9x 15.2x 10.6x
FFO*/Debt 2.1x 28.4x - - Alamos Gold AGI.TO NBF est. $11.03 0.93x 8.4x 6.5x 8.2x 6.4x
Debt/Capital 0.05x 0.01x 0.00x 0.00x Equinox Gold EQX.TO NBF est. $12.50 0.75x 9.6x 3.9x 11.9x 4.8x
EBITDA/Interest - - - - New Gold NGD.TO NBF est. $1.63 0.67x 3.1x 2.3x 4.5x 3.4x
* funds from operations (CFO before working capital adjustments) Osisko Mining OSK.TO NBF est. $3.95 0.75x Dundee Preciou
Dundee Precious DPM.TO NBF est. $6.87 0.73x 4.5x 3.4x 4.5x 3.4x
PRODUCTION LOM AVG 2019A 2020E 2021E 2022E No universe NBF est. defined.
Au Production (k oz) 129.8 91.7 93.7 125.0 181.8 Average 0.81x 6.4x 4.0x 9.0x 5.8x
Au Guidance (k oz) 90.5 95.0 *P/NAV is calculated as Price/NAVPS.
Au TCC (US$/oz) 475 621 694 709 614
Au AISC (US$/oz) 667 989 1,009 936 787 NAV & CFPS SENSITIVITY
AISC Guidance (US$/oz) 1,013 (Au + Ag) ↑10% WDO.TO Peer avg. C$/US$ fx ↓10%
Au Prod'n (oz) 19% 20%
250,000 16% 15%
15%
11% 11%
200,000
4%
Kiena 8%
2% 1%
150,000 0% 0%

NAV 2019 2020 2021 NAV 2019 2020 2021

100,000 REVENUE BY METAL AND REGION

Eagle River
50,000
Gold Gold Canada Canada
100% 100% 100% 100%
-
2019A

2020E

2021E

2022E

2023E

2024E

2025E

2026E

2027E

2020E 2021E 2020E 2021E

Source: NBF Estimates, Refinitiv, Company Data

All amounts in USD unless stated 2
INVESTMENT SUMMARY AND OUTLOOK
Canadian High Grade Producer. Wesdome Gold Mines Ltd. (WDO: TSX) is a Canadian junior gold
producer and developer featuring its 100%-owned Eagle River Mine Complex, located 50km west of
Wawa, Ontario and a budding development pipeline, primarily of which is the 100%-owned Kiena Mine
Complex, a fully permitted, integrated mining and milling infrastructure, in Val d-Or, Quebec, and the
100%-owned Moss Lake property, a large tonnage, low grade project 100km west of Thunder Bay.
Pathway to pair of high grade Canadian mines. Our thesis is driven by cash flow generation from
Eagle to fund exploration at Kiena toward a development decision. Eagle is benefiting from high grades
in the 300 zone, while Kiena is an emerging high grade story with infrastructure, low capex intensity and
resource accretion opportunities. We currently value the Eagle Mine at US$520mln (NPV5% US$345mln
+ US$175mln exploration upside) and the Kiena Project at US$443mln (NPV8% US$268mln +
US$175mln exploration upside). Maintaining Outperform Rating and increasing to $15.50 target
(was $14.50).

Upcoming catalysts
• ~July 11 PEA filed on Sedar
• Q4/19 Updated Resource (was mid-2020)
• H1/21 PFS and restart decision (was YE20)
• H1/21 Pre-production
• H2/21 Commercial production

Figure 1: Kiena U/G PEA vs NBF est

2020 NBF vs. NBF

Kiena Units PEA Old Δ Δ%
Operations
Ore mined/milled mln t 2.1 2.4 -0.3 -12%
Grade g/t 10.65 10.38 0.27 3%
South, VC, S50, B g/t 4.34 4.67 -0.33 -7%
Deep g/t 12.35 13.63 -1.28 -9%
Contained k oz 704 794 -90 -11%
Recovery % 97% 96% 1% 1%
Production k oz 687 763 -76 -10%
k oz/yr 86 113 -27 -24%
Mine life yrs 8 7 1 19%

Costs
Mining C$/t 104 275 -171 -62%
Processing C$/t 24 75 -51 -69%
G&A, other C$/t 35 25 10 40%
Total on-site C$/t 163 375 -212 -57%
AISC US$/oz 512 970 -458 -47%

Capex
Development C$mln 44 60 -16 -27%
Sustaining C$mln 121 154 -33 -22%

Normalized Economics
NPV5% US$mln 356 293 63 22%
Gold price US$/oz 1700
Exchange rate USD/CAD 0.76

NBF Base Case

NPV8% US$mln 195
Gold price US$/oz 1,450
Exchange rate USD/CAD 0.71

Source: Company Reports, NBF Estimates

3
Figure 2: The PEA Contemplates Production of 687k oz (~86k oz/yr) at 10.65 g/t over an 8-yr Mine Life

S, VC, S50 & B (k oz) Kiena Deep (k oz) Grade (g/t)

120 16.00

14.00
100
12.00
Production (k oz)

80
10.00

Grade (g/t)
60 8.00

6.00
40
4.00
20
2.00

0 0.00
(Approximate) 2021 2022 2023 2024 2025 2026 2027 2028 2029 LOM
Throughput (kt) 49 174 297 312 309 299 272 262 108 2,070
Kiena Deep (%) 30% 51% 69% 70% 73% 82% 100% 100% 100% 79%
Grade (g/t) 5.97 8.06 9.64 9.21 9.25 11.11 13.27 12.44 14.61 10.65
Contained (k oz) 9 45 92 92 92 107 116 105 51 709
Recovery (%) 97% 97% 97% 97% 97% 97% 97% 97% 97% 97%
Production (k oz) 9 44 89 90 89 104 112 102 49 687
Annual values approximated from charts provided in the news release and may not sum to reported LOM totals

Source: Company Reports, NBF

Figure 3: PEA Sensitivity Analysis Shows NPV5% of US$ 356mln (C$488mln) at US$1,700/oz and 0.76 USD/CAD

Gold Price (US$/oz)

USD:CAD 1,100 1,200 1,300 1,400 1,532 1,600 1,700 1,800 1,900
0.60 360 414 469 523 595 632 686 741 795
0.65 314 364 414 465 531 565 615 665 715
0.70 274 321 368 414 476 508 554 601 647
0.76 231 274 317 360 416 445 488 531 573
0.80 210 251 292 333 387 414 455 496 537
0.85 184 222 260 299 350 376 414 453 492
0.90 160 196 233 269 317 342 378 414 451
Source: Company Reports, NBF

4
Figure 4: Peer Comparisons on P/NAV and P/CF20

P/NAV P/CF20

NGD.TO 0.67x NGD.TO 3.1x

DPM.TO 0.73x DPM.TO 4.5x

EQX.TO 0.75x Average 6.4x

Average 0.80x AGI.TO 8.4x

AGI.TO 0.93x EQX.TO 9.6x

WDO.TO 1.05x WDO.TO 16.4x

0.00x 0.50x 1.00x 1.50x 0.0x 5.0x 10.0x 15.0x 20.0x

*P/NAV calculated as Price/NAVPS.

Source: NBF Estimates, Refinitiv

Figure 5: Our NAV Increased ~8% After We Adopted the PEA Estimates. We’ve Maintained an 8% Discount Rate on our
Kiena NPV

Q1/20A 2019A 2020E 2021E

EPS (C$) cons 0.10 0.34 0.47 0.84
new 0.08 0.32 0.45 0.89
old 0.08 0.32 0.45 1.02
CFPS (C$) cons 0.14 0.59 0.75 1.07
new 0.16 0.56 0.71 1.07
old 0.16 0.56 0.71 1.26
NAVPS (C$) new 11.21
old 10.38
Source: NBF Estimates, Refinitiv

5
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ADDITIONAL COMPANY RELATED DISCLOSURES
AGI 2, 3, 5, 6, 7
DPM
EQX 2, 3, 5, 7, 9 *
NGD 2, 3, 4, 5, 7, 10 *
OSK 2, 3, 4, 5, 7
WDO 2, 3, 5, 7

LEGEND FOR COMPANY RELATED DISCLOSURES:

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7 The issuer is a client, or was a client, of National Bank Financial Inc. or an affiliate within the past 12 months.
8 National Bank Financial Inc. or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months.
9 As of the end of the month immediately preceding the date of publication of this research report (or the end of the second most recent month if the publication date is less than 10 calendar days
after the end of the most recent month), National Bank Financial Inc. or an affiliate beneficially own 1% or more of any class of common equity securities of this issuer.
10 National Bank Financial Inc. makes a market in the securities of this issuer, at the time of this report publication.
11 A partner, director, officer or research analyst involved in the preparation of this report has, during the preceding 12 months provided services to this issuer for remuneration other
than normal course investment advisory or trade execution services.
12 A research analyst, associate or any other person (or a member of their household) directly involved in preparing this report has a financial interest in the securities of this issuer.
13 A partner, director, officer, employee or agent of National Bank Financial Inc., is an officer, director, employee of, or serves in any advisory capacity to the issuer.
14 A member of the Board of Directors of National Bank Financial Inc. is also a member of the Board of Directors or is an officer of this issuer.
15 A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication.

EQX The analyst attended a site visit of Equinox’s Aurizona gold mine in northern Brazil on October 3, 2019. A portion of the analyst's expenses were paid for by the issuer.
An NBF analyst attended a site visit of the Mesquite gold mine and Castle Mountain project in California on Dec. 5 and 6, 2019. A portion of the analyst's expenses was paid
for by the issuer."
NGD An analyst attended a site visit to New Gold’s New Afton mine near Kamloops, British Columbia on May 29, 2019. A portion of the analyst's expenses were paid for by the
issuer.
An NBF analyst attended a site visit to the Rainy River mine in Northwestern Ontario in on June 26, 2019. A portion of the analyst's travel expenses were paid for by the
issuer."