Wesdome Gold Mines Ltd. - Kiena – Val-d’Or, Québec

Kiena Overview
Location	Val D'or, Quebec
Stage	Production
Type	Underground
Deposit	Gold
Ownership	100%
Mill Nameplate Capacity	2,040 tpd
2025 Guidance	90,000 to 100,000oz
Head grade	10.0 - 11.0 g/t
2P Reserves	701,000oz at 9.1g/t
M + I Resources	158,000oz at 5.8g/t
Inferred	411,000 at 5.0g/t

Exploration Potential

Two geological maps, displaying parallel drill zones and drill results. Call out text reads; A-zone and VC zone continues to suggest robust upside to current resource inventory. Below map titled Parallel Zones. To the right map titled Open to Depth – Transition to High Grade

Reserves & Resources

Kiena Reserves

Mine	Category	Tonnes (‘000s)	Grade (gAu/tonne)	Contained Ounces
Kiena	Proven	53	8.5	14,000
	Probable	1,605	11.5	592,000
	Proven and Provable	1,658	11.4	606,000

The effective date of the mineral reserves estimate is December 31, 2022.
The Mineral Reserves estimate for Kiena was prepared by Simon Fontaine P. Eng, Senior Mining Engineer, an employee of the Company. Benoit Beaulieu P.Eng, an independent consultant under the supervision of Company personnel, prepared the Eagle River estimate.
Mineral Reserves are reported above the 3.88 g/t cut-off grade for Kiena and 6.52g/t for Eagle River.
Mineral Reserves demonstrated economic viability with the following parameters:
1. A gold price of C$1,820 (US$1,400) per ounce for the Reserves, with a USD:CAD exchange rate of 1.30, unchanged from previous year.
2. The minimum mining width used at Kiena was 2.1m, and Eagle River is 1.5m,
3. External dilution for S50 & Martin zones, Sneak, H1ZA, BZA1 and BZA2 lenses in the Kiena Deep zone was calculated at 15%. Variable external dilution parameters for ZA, A1 & A2 lenses in the Kiena Deep zone varied from 0.1m to 1.25m depending on the zone. At Eagle River, an additional 0.5m is external to the footwall and hanging wall stopes, except for the 300 zone below 1090m, where a value of 1.25m is applied to the footwall and hanging wall,
4. A dilution grade of 0.7 g/t Au is applied for the S50 Zone; for all other zones at Kiena, a dilution grade of zero is used. At Eagle River, waste blocks were estimated using a 3.0 g/t gold cut-off, with un-estimated blocks assigned a 0.16 g/t gold value,
5. A mine recovery factor of 90% is applied at Kiena and Eagle River,
6. The mining cost per tonne at Kiena is C$131.4/t and C$154.6/t at Eagle River,
7. The milling cost per tonne at Kiena is C$46.0/t and C$89.7/t at Eagle River,
8. The surface and G&A cost per tonne at Kiena is C$45.7/t, and Eagle River is C$94.6/t,
9. Selling cost of C$ 2.20/oz, and 97% metallurgical processing recovery for the S50 & Martin Zones and 98.5% for the Kiena Deep Zone. Eagle’s selling cost is C$6.55/oz, and the percentage mill recovery is 97.0%,
10. A bulk density factor of 2.8 tonnes per cubic m (t/m³) at Kiena and 2.7 (t/m³) at Eagle River.
The Kiena Deep Zone incorporates, A, A1, A2, H1ZA, BZA1, BZA2 and Sneak lenses.
Stopes with more than 50% of Measured Resources were classified as Proven Reserves at Kiena. Proven and Probable reserves are based on the block model classification at Eagle River.
Mineral Reserves have been estimated following the Standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).
As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.

Kiena Resources

Mine	Category	Tonnes (‘000s)	Grade (gAu/tonne)	Contained Ounces
Kiena	Measured	45	7.8	11,000
	Indicated	926	5.1	153,000
	Measured + Indicated	971	5.3	164,000
	Inferred	3,498	5.9	668,000

The effective date of the estimate is December 31, 2022.
The Eagle River Mineral Resource estimate under the supervision of Company personnel was prepared by Cath Pitman P.Geo., an independent contractor. Niel de Bruin P.Geo, Director of Geology at the Company, reviewed and updated portions of the Eagle River estimate and reviewed the Mishi estimate. Karine Brousseau, P. Eng., Senior Engineer – Mineral Resources at the Company, was responsible for the Kiena estimate. All above persons are considered a ″Qualified Person″ as defined in NI 43-101.
Mineral resources are reported exclusive of mineral reserves; mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mineral resources at Kiena and Eagle River Mine are considered for underground extraction and within potentially mineable volumes. Kiena’s mineral resource is reported below the 100m crown pillar. Must take material inside these volumes below the stated block grade cut-off has been included in the total.
Mineral resources at Mishi are considered for open pit extraction and have been reported within a conceptual pit design.
A bulk density factor of 2.8 tonnes per cubic m (t/m³) was applied at Kiena and 2.7 tonnes per cubic m (t/m³) at Eagle River and Mishi pit.
Resources have been reported considering mining progress as of December 31, 2022.
Resources are reported using a 3.2 g/t Au cut-off grade at Kiena, 5.36 g/t Au at Eagle River and 0.52g/t Au at Mishi.
Economic parameters for the determination of the cut-off grades include:
1. A gold price of C$1,950 (US$1,500) per ounce and a USD:CAD exchange rate of 1.30,unchanged from previous year.
2. Mining cost for Kiena, Eagle River, and Mishi were C$105/t, C$110/t and C$5.0/t milled, respectively,
3. Kiena’s processing cost was C$46/t; Eagle River was C$89.7/t, and Mishi pit at C$21/t which included base processing, sustaining CAPEX and G&A,
4. The G&A cost were C$45.7/t milled at Kiena; and C$94.6t/t milled at Eagle River, with surface costs included in the G&A costs,
5. Mill recovery for Kiena, Eagle River and Mishi were respectively 98.5%, 97% and 82%,
6. Selling costs of C$2.20/oz for Kiena, C$6.55/oz for Eagle River and C$6.65/oz for Mishi were used,
Mineral resources are classified following CIM standards.
As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.

Technical Disclosure

The technical content of this release has been compiled, reviewed and approved by Jacqueline Wheeler, P. Eng, Director, Corporate Development and Technical Projects and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.

Geology and Mineralization

Kiena Deep A Zone

The Kiena Deep A Zone is localized within the Marbenite Fault deformation corridor. The Kiena Deep A Zone is divided into three main lenses: ZA, ZA1 and ZA2. A fourth smaller lens (H1ZA) is located in the hanging wall of the ZA at the contact between the basalt and the flow breccia units. The lenses occur along an isoclinal fold associated with the MF and a subsidiary fault. All lenses in the Kiena Deep A Zone are variably altered to chlorite, albite, carbonate and amphibole. Pyrite content is less than 2% with traces of pyrrhotite and chalcopyrite. Two styles of gold mineralization occur in the zone; the first style largely dominates Kiena Deep and the second style is seen occasionally: Laminated veins (shear veins) hosted within sheared ultramafic rocks (grade is up to several ounces of gold per ton). Folding is observed in shear zones. Veins are composed of vitreous to milky to grey quartz with carbonates. There is more than one gold bearing vein generation. Sulphides range from traces to 1% locally (pyrite, pyrrhotite, chalcopyrite, sphalerite and galena). Stockworks of quartz-carbonate veins and veinlets hosted in basalt (like the S50 style of gold mineralization) typically yielding less than 10 g/t Au. The 2020 underground development in the ZA at level 111, allowed to observe the geological complexity associated to ZA gold mineralization. A metric deformed corridor containing gold mineralization characterized the ZA. Intense folding of quartz veins is observed within a sheared corridor. An important amphibolization seen to be closely related to the folded laminated veins. It is probable that the protolith of the amphibolitized rock is an ultamafic rock. Mineralization also seems to have taken place during multiple veining events. Although visible gold is frequently seen in deformed quartz veins, it has also been possible to observe visible gold several times with the amphiboles corresponding to the amphibolitized corridor. Despite the geological complexity and the intense deformation observed, the ZA corridor shows good geological continuity over several tens of metres.

The main lenses ZA, ZA1 and ZA2 are coplanar to the MF to the SW, conforms to the fold hinge in the middle part and is sub-vertical to the NE. The axial plan of the isoclinal fold undulates and plunges abruptly to the ESE. Lens ZA is located at the contact of the basalt domain and the chlorite-carbonite schist. We generally observe a feldspar porphyry dyke in the hanging wall of the ZA, which is a guide for the interpretation. This dyke seems to have undergone the same deformation as the host schist. The ZA has a horizontal footprint of 150 m and a vertical extent of 460 m with thicknesses ranging from 3 m to 18 m. ZA1 and ZA2 lenses are sub-parallel to the ZA and are entirely in the chlorite-carbonate schist of the fault along with minor intermediate dykes. ZA1 shows a vertical extent of 550 m and a horizontal footprint of 120 m with thicknesses ranging from 3 m to 8 m. ZA2 is less drilled than ZA and ZA1 and is actually separated in two domains by a low-grade area. The lower part of the ZA2 has a much higher grade than the upper part and is also thicker with thicknesses of up to 15 m in the lower part. The overall vertical extent of the ZA2 is 590 m. The lenses ZA1 and ZA2 still have to be defined on the sub-vertical contact. Definition drilling is ongoing in this area.

Foot Wall Zone

To date, the Footwall Zone is defined by many new intersections of gold mineralization located within a 50 metre (‘m’) wide corridor adjacent to the footwall of A2 Zone. Gold mineralization is associated with quartz ± visible gold veins that are spatially associated with amphibolite altered komatiite and basaltic komatiite units. In some areas, gold mineralization is also observed in deformed basalt and/or flow breccias present within ultramafic units. Similar to the Kiena Deep A Zone, gold mineralization is deformed by subsequent folding, shearing, and faulting.

Kiena – Val-d’Or, Québec