West Red Lake Gold Intersects 16.16 g/t Au over 1.5 Metres and 10.94 g/t Au over 1.5 Metres at Starratt-Olsen, Advancing Multi-Asset Strategy at Madsen

West Red Lake Gold Mines Ltd. (WRLG) has released the results from the first five holes of a 12-hole, 4,100-meter surface drill program at the past-producing Starratt-Olsen Mine, located approximately 1.1 kilometers southwest of the producing Madsen Mine in Red Lake, Ontario.

The company reported the following highlight intervals:

• WRL26-054: 1.5 m @ 16.16 g/t Au from 121.15 m to 122.65 m, including 0.85 m @ 24.60 g/t Au.
• WRL26-054 also returned a separate 2.20 m @ 2.64 g/t Au from 115.80 m to 118.00 m.
• WRL26-055: 4.5 m @ 5.16 g/t Au from 114.0 m to 118.5 m, including 1.5 m @ 10.94 g/t Au.
• WRL26-051: 0.80 m @ 0.71 g/t Au.
• WRL26-052: 1.00 m @ 0.78 g/t Au and 2.05 m @ 1.05 g/t Au.
• WRL26-053: no significant assays above 0.5 g/t Au.

The release states that true thickness has not been calculated but is expected to be at least 70% of the downhole length. The deeper target narrative relies on historic underground drilling and channel sampling, as well as a 2016 hole, PG16-198, which reportedly returned 2 m @ 27.3 g/t Au and 3 m @ 104.1 g/t Au near the down-plunge extension. The company’s strategic framing centers on the Madsen “Hub and Spoke” model, with Madsen serving as the processing hub and Fork, Rowan, and Starratt acting as satellite feed sources.

West Red Lake Gold Mines Ltd. (WRLG) is a producing company with an approximate basic equity value of C$360 million, rather than a pre-resource micro-cap explorer. Consequently, modest first-pass drill results at a satellite target are measured against this substantial capital base. The current drill holes do not define a resource, do not confirm the deep high-grade panel, and do not materially alter the Madsen hub-and-spoke thesis. The results serve as encouraging confirmation that gold mineralization remains near the historic Starratt workings, though the grades and widths are modest.

The stock has recovered from C$0.61 in late June to C$0.87 by early September, yet remains well below its 52-week high of C$1.40. The market does not appear to be pricing in a major Starratt discovery, indicating this is not a case of failing to beat an embedded anchor. For a producer, this represents ordinary exploration news flow that does not change reserves, mine life, or near-term net asset value. It is not a material negative, as no specific high-grade expectation appears to have been embedded in the price for these initial holes.

Expected share-price impact is limited. A minor positive tick is possible on the confirmation of a mineralized system, but a 15% move is not expected from this release.

West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer operating in the Red Lake district of Northwestern Ontario. The company’s flagship asset is the 100%-owned Madsen Mine, which achieved commercial production effective January 1, 2026, and is currently ramping up under 2026 guidance of 35,000–45,000 ounces. West Red Lake Gold Mines Ltd. controls a 47 km² land package in Red Lake, which includes satellite assets such as Rowan, Fork, Mount Jamie, Red Summit, Wedge, Russet, and the historical Starratt-Olsen Mine.

Mineral resources at Madsen include approximately 1.65 moz indicated at 7.4 g/t Au and 0.37 moz inferred at 6.3 g/t Au, with probable reserves of about 478 koz at 8.16 g/t Au. Processing infrastructure consists of the fully permitted Madsen mill, currently operating at 800 tpd with expansion potential. Basic shares outstanding as of Q2 2026 were approximately 414 million, while the fully diluted share count from the investor presentation is approximately 555 million.