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EXECUTING FINANCIAL AND
OPERATIONAL TURNAROUND
Growing Free Cash Flow in Canadian
Gold Camps
CORPORATE PRESENTATION
OCTOBER 2014
Cautionary Statements
Cautionary Language regarding Forward-Looking Information
This presentation contains and refers to forward-looking information based on current expectations, intentions, and
beliefs of the Company with respect to the future business activities and operating performance of the Company. The
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar
expressions, as they relate to the Company, are intended to identify such forward-looking statements. All other
statements other than statements of historical fact included in this release including, without limitation, statements
regarding processing and development plans and future plans and objectives of Wesdome Gold Mines Ltd. (the
“Company”) are forward-looking statements (or forward-looking information) that involve various risks and uncertainties.
These forward-looking statements are made as of the date hereof and there can be no assurance that such statements
will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements that are included herein. Important factors could cause actual results to differ
materially from the Company’s expectations. Such factors include, among others: the actual results of additional
exploration and development activities at the Company’s projects; the timing and amount of estimated future production
and the costs thereof; capital expenditures; the availability of any additional capital required to bring future projects into
production; future prices of commodities; the failure of plant, equipment or processes to operate as anticipated; accidents;
labour disputes; Please refer to the “Risk Factors” in materials filed with securities regulatory authorities in Canada.
Technical Disclosure
All technical disclosure contained in this presentation respects National Instrument 43-101 standards and is disclosed
fully on SEDAR filings (www.sedar.com). The “Qualified Person” who has reviewed the technical content of this
presentation is George N. Mannard, P. Geo. and Vice President, Exploration of Wesdome.
5
Investment Highlights
Free Cash Flow Generation at current gold prices (Three consecutive
quarters), building cash
2014 Estimated FCF $12 - 15 Million or ~15% FCF Yield
Balance Sheet Strength: $7 million convertible debentures, no other
debt
Organic growth at Eagle River – Mishi Complex expansion funded
through cash flow
Growing reserves and resources on a per share basis
Two Producing 100% Owned Canadian Gold Mines with 27 years
Production History
3
Management Team
Rolly Uloth, President & CEO
 Over 45 years senior management experience, founder of Rosedale Transport.
Philip Ng, M.Eng, P.Eng., Chief Operating Officer
 Professional Engineer with 20 years of experience in the mining industry.
 Previously held senior operational management positions at other TSX-listed mining
companies in Canadian gold camps including Claude Resources and Queenston Mining.
Brian Ma, CPA, MAcc – Chief Financial Officer
 Chartered Accountant formerly with Deloitte.
 Experience in providing assurance services and IFRS consulting for public companies, in the
mining industry.
George Mannard, P.Geo., MSc.A. Vice President, Exploration
 Professional Geologist with over 27 years experience, developed 8 gold mines.
Benoit Laplante, P.Eng., MSc.A. Vice President, Corporate Development
 Professional Engineer - 25 years mining industry experience in Ontario and Quebec for
senior, intermediate and junior producers.
Lindsay Dunlop, Vice President, Investor Relations
 Over 10 years experience developing investor relations programs for publically-traded
resource companies, most recently IR Director at
Kirkland Lake Gold.
4
Corporate Structure
Symbol
TSX:WDO
Shares
Outstanding
111,136,591
Options
3,200,000
Warrants
0
Fully Diluted
114,600,000
52 Week
High/Low
$0.99/$0.50
Market
Capitalization
$94.4 M ($0.85 September 10,
2014)
Cash Balance
$14.7 M (June 30, 2014)
Debt
$7 M Convertible Debenture (due
May 31, 2017)
Major
Shareholders
Resolute Funds, Sprott, Gabelli,
Mackenzie Financial, Orrell Capital
Management and
Insiders
8%
Normal Course Issuer Bid:
 On June 2, 2014 the
Company announced it has
received TSX approval to buy
back up to 10% of its
common shares and 5% of
its convertible debentures
 To date, the Company has
bought back and retired
1,370,000 at an average
price of $0.67
 NCIB expires June 3, 2015
5
Strategic Repositioning
2008 - 2009
• Current CEO Rolly Uloth leads Wesdome to its most
profitable years of production
• Net income totaled $41.6 Million
2010 - 2012
• Departure of Rolly Uloth
• Expanded reserve and resource base
• Kiena mine development and production declines
2013 - 2014
• Management restructuring sees the return of Rolly Uloth
as CEO and other executive management
• Kiena Mine put on care and maintenance
• Refocus strategy to profit growth over production growth
• Strategic consolidation of assets
• Production increased from 400 tpd to 700 tpd, exit 2014 at
1,000 tpd
• Windarra acquisition made for $1.3 million, bought back
$5 million in royalties
6
Executing the Turnaround, Building Ounces & Cash
Ounces Produced
Free Cash Flow
Cash Position
Q4 2013
15,900
$4.4 M
$8.5 M
Q1 2014
13,700
$3.6 M
$12.1 M
Q2 2014
13,600
$1.1 M
$13.6 M
Operational Achievements Under New Management
 Generated $9.1 million in free cash flow since re-appointment of Mr. Uloth
 Grew production from 400 tpd to 700 tpd, exit 2014 at 1,000 tpd
 Generated$13.3 million cash from operations in 2013
 Initiated mill expansion for Mishi pit (funded through cash flow)
 Cash costs reduced by more than 46%
 Board of Directors restructured and downsized
Upcoming Catalysts Next 18 Months
7
 Quarterly free cash flow growth at current gold prices
 High Grade Sequence at Eagle River + tonnage increase from 700 tpd to 1,000 tpd
 Increase mill feed from Mishi pit, expansion study underway
 Underground exploration at Eagle River below
existing workings
Free Cash Flow Turnaround and Growth
Free Cash Flow Growth (in $CAD)
8,000
Millions ($CAD)
6,000
4,000
2,000
2012 H1
2012 H2
2013 H1
(2,000)
(4,000)
* Estimates based on a $1,250 USD gold price and a
mined grade of 10 grams per tonne.
2013 H2
2014 H1 2014 H2 E 2015 H1 E 2015 H2 E
8
Earnings Per Share
Earnings per Share
4.5
4.0
Cents CAD per Share
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2014 Q1
2014 Q2 2014 Q3 E 2014 Q4 E 2015 Q1 E 2015 Q2 E 2015 Q3 E 2015 Q4 E
* Estimates based on $1,250 USD gold price and a mined
grade of 10 grams per tonne
9
Production Growth At Lower Cost
60,000
1,400
50,000
1,200
1,000
40,000
800
30,000
600
20,000
400
10,000
Production Cost/Oz ($Cdn)
Production (oz)
Eagle River and Mishi Complex:
Year Over Year Organic Growth at Lower Costs
200
-
2011
2012
Eagle River
2013
2014 E
2015 E
Mishi
Cash cost/oz
10
AISC Significantly Lowered in 2014 – 2015
Total AISC per Ounce
2,500
18,000
16,000
12,000
1,500
10,000
8,000
1,000
6,000
4,000
500
Production in Oz
14,000
Exploration
Development
PP&E
Corporate G&A
Royalties
Production Costs
Production (Oz)
2,000
2015 Q4 E
2015 Q3 E
2015 Q2 E
2015 Q1 E
2014 Q4 E
2014 Q3 E
2014 Q2
2014 Q1
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
-
2012 Q2
-
2012 Q1
$USD per Oz
2,000
11
Eagle River/Mishi Complex Location
Current
Operations:
 700 tons per
day (up from
400 one year
ago)
 1,000 tons per
day exit 2014
rate
 Current mill
enhancements
and
refurbishment
work to further
increase mill
capacity
funded with 12
cash flow
Eagle River Overview
2013
2014 E
2015 E
Gold
Production
(ounces)
42,000
42,000 –
45,000
44,000 –
46,000
Cash Costs
(CAD/oz)
$1,088
$850
$775
P+ P Reserves
169,000 ounces @ 10.1 g/t
M+I
Resources
Indicated: 44,000 @8.3 g/t
Inferred: 105,000 @ 7.5 g/t
 2013 and 2014: New Parallel Zones
discovered
 2013 - 2015 High Grade Sequence
 2014: Accelerating development for
further flexibility
 2014 – 2015: Shaft deepening and
underground expansion evaluation
Underground quartz vein, Eagle River Mine
13
Eagle River Long Section New Parallel Zones
OPEN
O
P
E
N
O
P
E
N
OPEN
OPEN
OPEN
OPEN
25
Mishi Mine – Low Cost Growth
Gold
Production
(ounces)
P + P Reserves
M+I
Resources
2013
2014 E
2015 E
2,360
7,000
11,000
112,000 ounces @ 2.2 g/ton
Open Pit Indicated: 248,000 ounces @ 2.1
g/ton
Open Pit Inferred: 59,000 ounces @ 2.4
g/ton
Underground Indicated: 82,000 ounces @
4.5 g/ton
Underground Inferred: 81,000 @ 5.8
g/ton
 Current mill capacity 1,000
tpd supports 2015 production
increase at Mishi pit
 Ongoing mill expansion
funded through cash flow
 Year over year organic growth
 Ten-year mine life
 Located 2 km from mill
 Stripping ratio 2.7:1
 2014 Scoping Study for
Expansion
 Drilling focused on converting
resources to reserves
 Exploration potential – higher
grade at depth
15
Mishi Mine M6 West Extension
16
Kiena – Val d’Or Infrastructure & Location
 2014 – Re-assessment
– Exploration
 New Discoveries - Open
 Significant Land Holdings and
Infrastructure in a proven camp
 2,000 T/day Mill / Tailings, potential
opportunity for toll milling or JV
 10 Shafts, 5 Former Producers
Production (oz)
35,398
32,162
Status: Care & Maintenance since
June 30, 2013
19,516
18,814
7,700
2009
2010
2011
2012
2013
17
Summary
H1 2014 Delivered a 15%
Return on Equity, capex
lower in H2 2014
Organic growth in 2015 and
2016 from Mishi pit funded
through cash flow
Free cash flow positive at
current gold prices, declining
cash costs should improve
this metric on a go forward
basis
Mine Life:
5 at Eagle River, 10 at Mishi)
Surface and Underground
Expansion studies underway
Opportunity to divest noncore assets and to use
infrastructure for toll milling
or JV
18
Appendix
19
Board of Directors
Barry Smith, MBA, P.Eng – Chairman
 Co-founder of Rosedale Transport with President and CEO Rolly Uloth
 Former president and CEO of Western Quebec Mines until its merger with Wesdome in
2007
Joseph Hamilton, P.Geo., CFA
 Managing Director of Primary Capital Inc.
 Various senior level management positions including Noront Resources and African
Cooper
Rostislav Raykov
 Over 15 years experience investment management including Alchem Investment
Partners and John Levin and Co.
 Former natural resources analyst at Bear Sterns
Hemdat Sawh, CPA
 Former partner at Grant Thornton LLP
 Current CFO of Scorpio Mining
 Over 16 years management experience in publically traded mining companies including
Crystallex and Goldbelt Resources
Rolly Uloth, President and CEO
 Over 45 years of experience in senior management, co-founder of Rosedale Transport 20
with Barry Smith
 Over 17 years experience in executive management of resource companies
UG Gold Grades
21
*Actual Recovered grades Q1 2014
UG Gold Grades
22
Growing M&I Resources per Share
Measured and Indicated Resources per Share
Millions of gold ounces
0.0250
0.0200
0.0150
0.0100
0.0050
0.0000
2007
2008
2009
2010
2011
2012
2013
23
Peer Share Dilution
Dilution of 1 Share Purchased @ 2007 YE
1.20
1.00
0.80
WDO
0.60
CRJ
LSG
SGR
0.40
SAS
RIC
0.20
-
24
Moss Lake Project Optionality
PEA Highlights, April 2013
Mining/Processing
 Open pit mining and CIL Processing at 40,000 tonnes per day
 Life-of-mine waste: ore stripping ratio of 2.5:1
 Four-year permitting/pre-production period
 Ten-year mine life averaging 244,000 ounces per year
- Years 1 – 5 average 296,000 ounces per year
- Years 6 – 10 average 192,000 ounces per year
- Pre-Production Capital Costs of $543 million
- Operating Costs of $17.56 Cdn per tonne or $922 Cdn per ounce
- Payback period – 2 years
Key Assumptions – Milling recoveries of 79.2% and 84.2%
– Low grade stockpiles with marginal or mill cut-off grades of 0.32 to 0.38 gAu/tonne
to be processed
– Expected accuracy of capital cost estimates of ± 35%
Economics
 After Tax Cumulative Cash Flow: $440 million
 After Tax Net Present Value (NPV): $196 million at 5% discount rate
 After Tax Internal Rate of Return (IRR): 12%
Key Assumptions – Average gold price of US$ 1,546/oz and exchange rate of 1.0033 $Cdn/1.0 $US (3-year trailing average as at May
31, 2013)
– Royalty of 8.75% of Net Profit paid
– Ontario Mining Tax rate 10%
– Income Tax rate 26.5% (15% federal and 11.5% provincial)
Sensitivity Analysis
$1629 Cdn/oz for 15% IRR hurdle
25
Moss Lake Project Optionality
 Moss Lake is a gold deposit containing a 3.1 Moz global inferred resource
1.4 Moz Indicated [40M tonnes at 1.1 gAu/tonne in-situ]
1.7 Moz Inferred [50M tonnes at 1.1 gAu/tonne in-situ]
 Located 100km due West of Thunder Bay, Ontario
 Mineral resource geometry favours open pit mining techniques
 2012 metallurgical tests demonstrated high recoveries (79% to 93% over 48 hrs)
 PEA 2013
Resource Block Model
Plan View
N038E
9700 Elevation
Grade
0.50g/t to 1.00g/t
1.00g/t to 3.00g/t
>3.00g/t
26
Appendix F – Kiena – Val d’Or
Kiena – Val d’OrExploration
Infrastructure
&
Location
Targets
P Zone
(February 27, 2013)
 71.03 g/t – 2.9 m
 30.39 g/t – 3.0 m
 5.04 g/t – 6.8 m
D Zone
(June 13, 2012)
 16.75 g/t – 12.5 m
 10.65 g/t – 4.3 m
 7.26 g/t – 3.2 m
27
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