West Red Lake Gold Mines Ltd.

Description

West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer centered on the 100%-owned Madsen Mine in Ontario's Red Lake district. Madsen achieved commercial production on 1 January 2026 and now serves as the processing hub for a broader district-scale growth strategy.

The investment case is high-grade production growth using existing permitted mine, mill, shaft and underground infrastructure. Q2 2026 production increased to 8,576 oz, mill throughput averaged 842 t/d, recovery was approximately 95%, and the operation generated C$9.7M of free cash flow. Full-year 2026 guidance is 35,000–45,000 oz at US$2,800–3,600/oz AISC, with full production run rate targeted for H2 2026.

Madsen hosts approximately 1.653 Moz Indicated at 7.4 g/t Au and 0.366 Moz Inferred at 6.3 g/t Au. The Rowan property adds high-grade Rowan and Mt. Jamie resources, while Fork, 904/955, 8 Zone, Starratt-Olsen and other targets provide additional feed and mine-life optionality. Management is targeting staged growth toward approximately 120,000 oz/year as additional mining areas and Rowan are brought into the plan.

List of Projects:

Project 1: Madsen Mine and Madsen Property, Ontario, Canada — Gold
100%-owned producing underground mine and permitted mill on approximately 47 km². The property includes Austin, South Austin, McVeigh, 8 Zone, Fork, Russet and Wedge resources, together with the 904/955, Derlak and Starratt-Olsen growth areas. Fork and 904 are targeted to begin contributing in H1 2027.

Project 2: Rowan Property, Ontario, Canada — Gold
100%-owned approximately 31 km² package containing the past-producing Rowan, Mt. Jamie and Red Summit mines. Rowan contains approximately 334.8 koz Indicated at 13.03 g/t Au and 179.0 koz Inferred at 15.31 g/t Au; Mt. Jamie contains approximately 49.4 koz Indicated at 14.13 g/t Au and 35.8 koz Inferred at 11.97 g/t Au. Rowan is being assessed together with Madsen in a combined PFS and is targeted for production in 2029.

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