[Video Enhanced] West Red Lake Gold Launches Rowan Drill Program After Positive PEA

The most recent news release from October 30, 2025, is a video-enhanced update about West Red Lake Gold launching a 5,000-meter infill and conversion drilling program at its Rowan Project. This program aims to upgrade inferred resources, test additional veins (006b and 013), and collect metallurgical samples for a planned pre-feasibility study (PFS). The Vice President of Communications, Gwen Preston, stated that the Madsen Mine is expected to operate in 2026, producing approximately 50,000 ounces of gold per year. President and CEO Shane Williams reiterated Rowan's PEA projection of 35,000 ounces of gold per year, suggesting that success at Rowan could position the company to achieve a combined production rate of up to 100,000 ounces per year from both projects in the coming years. The release includes standard disclaimers about the preliminary nature of the PEA and the speculative nature of inferred resources.

This news is a reiteration and slight refinement of previously announced plans and targets, following the commencement of the Rowan drill program on October 28, 2025. The explicit statement of Madsen's expected 50,000 oz/year production in 2026 is a positive, more concrete near-term production target for Madsen itself. When combined with Rowan's projected 35,000 oz/year, it provides a clearer path towards the company's ambitious 100,000 oz/year overall production goal.

However, the core activity (Rowan drill program) was already announced and anticipated following the positive Rowan PEA in July 2025 and the recent upsized financing in September 2025, which explicitly allocated flow-through capital for Rowan's advancement. The company has consistently communicated its strategy to de-risk and advance both Madsen and Rowan. Therefore, while positive and reinforcing, this news is consistent with the ongoing execution of the company's strategy rather than a surprising new development. It does not materially alter the investment thesis or significantly change the company's valuation beyond what was already priced in by prior positive announcements like the Madsen restart, significant drill intercepts, and the Rowan PEA itself.

The progression of events has been largely positive: * PFS for Madsen (Jan 2025): Positive results with $315M CAD NPV, 67,600 oz/year for 6 years. * Bulk Sample Reconciliation (May 2025): Confirmed ability to mine to plan, with grades 0.7% above predicted, and indicated superior economics compared to PFS due to higher gold prices allowing for larger, lower-cost stopes. * Madsen Restart (May 2025): Official restart of the Madsen mine, slightly ahead of schedule. * Fatal Incident (June 2025): Operations were voluntarily suspended, a material negative event. * Operations Restart (June 2025): Mine and mill restarted rapidly after the incident, demonstrating resilience, though the incident itself remains a concern for safety and potential future impacts. * Rowan PEA (July 2025): Positive PEA results for the Rowan project, outlining it as a second high-grade asset with strong economics and low capital needs. * High-Grade Discoveries (May, Aug, Oct 2025): Multiple high-grade drill intercepts, including "jewelry box" discoveries in the Lower Austin Zone, significantly de-risking and adding to future mineable resources. * Financings (Sept 2025): Upsized public offering provided significant capital for Madsen ramp-up and Rowan advancement, including the announced drill program. * Q3 Production Update (Oct 2025): Madsen production ramping up as planned, meeting Q3 targets with significant increase over Q2.

The current news release aligns with the company's stated goals and current operational phase. It provides a more specific near-term production estimate for Madsen in 2026 which is a positive data point, but it's largely expected given the overall ramp-up.

West Red Lake Gold Mines Ltd. is a gold exploration and development company focused on its 100% owned Madsen Gold Mine and Rowan Project, both located in the Red Lake Gold District of Northwestern Ontario, Canada.

Flagship Project: Madsen Gold Mine * Status: Currently in ramp-up phase, with commercial production targeted for early 2026. Restarted operations in May 2025 after acquisition in June 2023. * Infrastructure: Includes a modern mill (800 tpd permitted capacity, 1,089 tpd nameplate), 1,275-meter shaft, and over 21 km of modern underground infrastructure. * PFS (Jan 2025): Positive Pre-Feasibility Study with a post-tax NPV(5%) of $315M CAD (at US$2,200/oz gold), average annual production of 67,600 ounces for 6 years, and an All-in Sustaining Cost (AISC) of US$1,681/oz. Probable reserves of 478,000 ounces at 8.16 g/t gold (at US$1,680/oz gold price). * Bulk Sample Learnings (March/June 2025): Showed higher actual grades than predicted (+0.7%), validated mining methods, and demonstrated that higher gold prices (US$2,350/oz in internal mine design vs. US$1,680/oz in PFS) allow for more efficient, lower-cost long-hole stoping and inclusion of larger ore bodies, potentially increasing overall ounces and profitability. * Recent Performance: Q3 2025 saw 7,055 ounces of gold poured, a 34% increase over Q2, with Q4 projected for 35-40% increase. July production was 3,800 oz Au. Operational efficiency is improving, with underground waste rock storage and shaft rehabilitation underway. * Exploration: Ongoing definition drilling in Austin, South Austin, and McVeigh zones consistently returns high-grade intercepts, demonstrating potential for resource expansion and integration into the mine plan. "Jewelry box" discoveries in Lower Austin (139.45 g/t Au over 7.8m) indicate significant high-grade potential at depth.

Rowan Project * Status: Advanced exploration stage, moving towards Pre-Feasibility Study (PFS) and development. * PEA (July 2025): Positive Preliminary Economic Assessment projects average annual production of 35,230 ounces over a 5-year mine life with an average diluted head grade of 8.0 g/t Au and an AISC of US$1,408/oz. Post-tax NPV(81.7% IRR) of $239M USD (at US$3,250/oz gold). Initial capital cost of $70M CAD, based on a toll milling operation, avoiding the need for an on-site mill. * Exploration Potential: Significant opportunity to expand resources along strike and at depth, with new targets (Apex, Big Bend) defined. A 5,000-meter drilling program commenced in October 2025 to infill inferred resources and test new veins for the PFS, which is targeted for Q3 2026. * Combined Vision: The company aims for a combined production rate of up to 100,000 ounces of gold per year from Madsen and Rowan in the coming years.