Wesdome Announces Results of Annual General Meeting and Issues 2020 ESG Report

TORONTO, June 01, 2021 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (the “Company”) announces the results of the Company’s 2021 annual general meeting of shareholders (the “Meeting”) held by way of live webcast earlier today. A replay of the Meeting is available on the Company’s website.

A total of 82,475,962 common shares were represented at the Meeting, representing 59.05% of the total issued and outstanding common shares of the Company.

All matters presented for shareholder approval at the Meeting were approved, as follows:

Election of Directors

The following seven individuals were elected as directors of the Company, until the next annual meeting of shareholders, as set out in the table below:

Re-Appointment of


Auditors

Based on proxies received and votes cast by show of hands during the Meeting, Grant Thornton LLP, Chartered Accountants, were appointed as independent auditors of the Company for the ensuing year and the directors are authorized to fix their remuneration, with the following results:

Advisory Vote on Executive Compensation

Based on proxies received and votes cast by ballot during the Meeting, the advisory non-binding resolution accepting the approach to executive compensation disclosed in the Management Information Circular of the Corporation dated April 19, 2021 was approved, with the following vote result:

Please refer to the Company’s Report of Voting Results filed on SEDAR at


www.sedar.com


for further details on the above matters.

2020 ESG REPORT


The Company is also pleased to announce that it has issued its second annual Environmental, Social, and Governance (“ESG”) Report, which provides an overview of the company’s ESG strategies, policies, commitments, and 2020 performance.

Highlights from the report include:

• Zero confirmed cases of COVID-19 across the Company
• Local procurement expenditures totally $56 million, representing 36% of the total procurement expenditures from Eagle River Complex and Kiena Complex
• Completion of an ESG materiality assessment to inform key ESG factors for the Company
• Further alignment with the Sustainability Accounting Standards Board reporting standard for Metals & Mining

“Despite 2020 presenting us all with exceptional and unexpected challenges, it was also a year where Wesdome was able to make significant strides forward in our ESG journey,” said Mr. Duncan Middlemiss, President and CEO. “Across the Company, we are in the process of establishing a new framework of systems, policies and procedures to create and support a company-wide culture of sustainability. Our 2020 ESG report outlines the progress we have made over the last year, which will continue to build on in years to come. As Wesdome continues forward on the path to growth, we are committed to building the foundation for sustainable success.”

ABOUT WESDOME


Wesdome has had over 30 years of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. The Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Québec. The Eagle River Underground Mine in Wawa, Ontario is currently producing gold at a rate of 92,000 – 105,000 ounces per year. Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Québec. The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill, and a restart of operations was announced on May 26, 2021. The Company has completed a PFS in support of the production restart decision. The Company also retains meaningful exposure to the Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario through its equity position in Goldshore Resources Inc. The Company has approximately 139.7 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

COVID-19


The health and safety of our employees, contractors, vendors, and consultants is the Company’s top priority. In response to the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols at all of its mine operations and corporate offices. In addition, our internal COVID-19 Taskforce continues to monitor developments and implement policies and programs intended to protect those who are engaged in business with the Company.

Through care and planning, to date the Company has successfully maintained operations, however there can be no assurance that this will continue despite our best efforts. Future conditions may warrant reduced or suspended production and / or project activities which could negatively impact our ability to maintain projected timelines and objectives. Consequently, the Company’s actual future production and production guidance is subject to higher levels of risk than usual. We are continuing to closely monitor the situation and will provide updates as they become available.

The potential impact of COVID-19 or other risks have not been included in the financials of the project. A summary of risks will be included in the technical reports to be posted on SEDAR.

For further information, please contact:

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