Wesdome Taps Finance Veteran Faheem Tejani for Board Amid Growth Push

TORONTO, ON – December 30, 2025 – Wesdome Gold Mines Ltd. is strengthening its leadership team with a strategic appointment, naming seasoned financial executive Faheem Tejani as an Independent Director and Chair of its Audit Committee, effective December 31, 2025. The move, which expands Wesdome’s board to eight members, is seen as a deliberate step to fortify financial oversight as the Canadian gold producer pursues an ambitious growth strategy to ascend to the ranks of a mid-tier producer.

Mr. Tejani brings over two decades of high-level experience in finance and capital markets, particularly within the mining sector, to a company currently enjoying record financial performance and a robust, debt-free balance sheet. His appointment is expected to enhance investor confidence and provide critical expertise in capital allocation and strategic planning.

“We are pleased to welcome Faheem as an independent director and Chair of the Audit Committee,” said Edward Dowling, Board Chair of Wesdome, in the company's official announcement. “A highly accomplished senior financial executive, Faheem brings more than 25 years of experience in finance and capital markets, with a strong track record in strategic financial planning, investment management, and capital allocation.”

A Strategic Move for Growth Ambitions

The timing of Tejani's appointment is significant, aligning with Wesdome's clear objective to transition from a junior producer to a value-driven mid-tier entity. The company is leveraging its two high-grade underground assets, the Eagle River mine in Northern Ontario and the Kiena Complex in Québec, to execute this vision. This strategy appears to be bearing fruit, as evidenced by the company's stellar third-quarter financial results for 2025.

Wesdome reported record revenue of CAD $230.8 million in Q3 2025, a 57% increase year-over-year, with net income more than doubling to CAD $86.9 million. Perhaps most impressively, the company generated CAD $79.0 million in free cash flow during the quarter, reflecting a formidable 34% margin. This performance has left Wesdome with a strong cash position of CAD $265.9 million, no bank debt, and an available US$250 million credit facility.

This financial strength provides the foundation for the company's "Fill-the-Mill" strategy, organic growth plans, and extensive exploration pipeline. However, managing this growth effectively requires sophisticated financial stewardship. Tejani’s background, which includes raising over $15 billion for corporations during his tenure at BMO Capital Markets, is precisely the kind of experience needed to guide Wesdome through its next phase of expansion, which may involve significant capital projects and strategic investments.

Deepening Financial and Mining Sector Expertise

Faheem Tejani is not a newcomer to the intricacies of the mining industry. His extensive career at BMO Capital Markets, spanning from 2000 to 2018, culminated in his role as Managing Director, Equity Capital Markets – Mining and Metals. This position placed him at the heart of financing and strategy for mining companies globally, providing him with a deep understanding of the sector's unique challenges and opportunities.

His qualifications as a Chartered Professional Accountant (CPA, CA) provide the technical foundation for his new role as Chair of the Audit Committee, a critical function for ensuring financial transparency and integrity. This expertise is complemented by significant governance experience. Tejani has served as an independent director for Ero Copper Corp. since 2023 and was previously a director for Pretium Resources Inc. from 2018 until its acquisition by Newcrest Mining Ltd. in 2022 for a significant premium. This track record demonstrates his familiarity with board-level responsibilities and the strategic decision-making processes at publicly traded mining firms.

Since 2018, he has served as President of Capital Asset Lending Inc., one of Canada's largest administrators of non-traditional residential mortgages, further broadening his executive leadership and financial management skill set outside of the direct resources sector.

Bolstering Corporate Governance and Investor Confidence

In an era of heightened scrutiny on corporate accountability, Wesdome's appointment of Tejani also sends a strong message about its commitment to robust corporate governance. With his addition, the board will now consist of seven independent directors out of eight members, a ratio that promotes objective oversight and aligns with best practices.

The role of the Audit Committee is paramount in overseeing financial reporting, internal controls, and risk management. Placing a seasoned, independent financial expert like Tejani at its helm is a move likely to be well-received by institutional investors and market analysts. It signals a proactive approach to managing the financial complexities that accompany operational expansion and market volatility.

Wesdome already maintains formal policies to ensure board independence and manage potential conflicts of interest, with its Audit Committee mandated to review and approve any related party transactions. Tejani's appointment reinforces this framework, ensuring that a financially literate and independent leader is spearheading the committee responsible for the company's most sensitive financial oversight functions.

Navigating a Complex and Promising Gold Market

The appointment comes at a pivotal time for the gold industry. Forecasters are overwhelmingly bullish, with major financial institutions projecting gold prices could reach between $4,000 and $6,000 per ounce in 2026. This outlook is fueled by persistent geopolitical uncertainty, strong central bank buying, and the potential for lower interest rates. For a producer like Wesdome, which has successfully increased production and controlled costs, these high prices present a massive opportunity to generate substantial free cash flow and fund future growth.

However, the landscape is not without its challenges. The mining sector faces increasing pressure from stricter environmental regulations and rising investor demands related to Environmental, Social, and Governance (ESG) performance. Furthermore, operational hurdles such as high energy costs, labor shortages, and resource depletion require careful strategic navigation.

In this environment, the composition of a company's board becomes a critical strategic asset. The trend of bringing capital markets veterans into the boardrooms of resource companies reflects a recognition that financial acumen is just as important as geological expertise. Tejani's skill set is perfectly suited to help Wesdome balance the opportunities of a strong gold market with the financial and strategic discipline required to navigate its inherent risks and complexities, ensuring the company can effectively execute its growth strategy and create long-term shareholder value.