[Video Enhanced] West Red Lake Gold Books Q3 Gold Sales of CND $33 Million as Mine Ramps Up

Executive Summary

• Q3 2025 ramp‑up at the Madsen Mine delivered 35,700 t of ore at an average grade of 5.4 g/t Au, producing 7,055 oz of gold and generating C$33 million in gross proceeds – a 34% increase versus Q2.
• Daily ore movement reached record levels (up to 1,400 t/day) after underground waste‑rock storage was implemented; additional shaft rehabilitation is expected to add ~350 t/day capacity by November.
• The company disclosed recent financing aimed at accelerating ventilation and power projects, which will support earlier commercial production (target early 2026) and fund the Rowan project’s pre‑feasibility work.

Key Details

• Q3 Production: 35,700 t of ore mined; average grade 5.4 g/t Au → 7,055 oz gold poured; C$33 M gross proceeds.
• Production Growth: Q3 output 34% higher than Q2 (bulk sample phase).
• Ramp‑Up Outlook: Management expects a further 35–40% increase in Q4 to meet commercial production targets for early 2026.
• Waste‑Rock Management: Shifted from surface trucking (~500–1,200 t/day) to underground storage in mid‑September, freeing truck capacity and improving ore throughput.
• Record Ore Movement: Several days in late September moved >1,000 t/day, with a peak of 1,400 t/day.
• Shaft Rehabilitation: Historic shaft (to 1,300 m) rehabilitated to ~600 m; hoist components ordered, installation expected November → anticipated 350 t/day ore lift via shaft.
• Financing Rationale: Additional capital secured to fund ventilation and power projects ahead of schedule, enabling earlier gold production and debt repayment, thereby enhancing free cash flow.
• Gold Price Context: Spot price reached US$4,000/oz on Oct 8 2025, supporting favorable economics for the ramp‑up.
• Resource Summary (NI 43‑101):
• Indicated resource: 1.65 Moz Au @ 7.4 g/t within 6.9 Mt.
• Inferred resource: 0.37 Moz Au @ 6.3 g/t within 1.8 Mt.
• Probable reserves: 478 koz Au @ 8.16 g/t (gold price US$1,680/oz).
• Future Projects: Capital will also advance the Rowan project toward pre‑feasibility by mid‑2026, targeting ~35,000 oz/year production addition in later years.

Notable Quotes

“We’re being methodical in our approach, working to increase daily tonnes mined and moved… If ramp‑up remains smooth and gold stays at these phenomenal levels, we will use additional capital to pay down debt sooner and increase free cash flow.” – Gwen Preston, VP Communications

“The Madsen Mine remains on track towards commercial production,” – Shane Williams, President & CEO.