West Red Lake Gold Reports 176.04 g/t Au over 5.3m, 128.32 g/t Au over 4.5m and 35.72 g/t Au over 13.35m from Austin 955 and 904 Complexes

West Red Lake Gold Mines Ltd. (WRLG) released drill results on September 22, 2026, from underground definition drilling at its 100%-owned Madsen Mine in Red Lake, Ontario. The results cover the Austin 904 and Austin 955 Complexes, as well as the South Austin area.

At Austin 904, hole MM26D-14-4929-025 returned 5.30m @ 176.04 g/t Au from 63.30m, including 1.00m @ 925.52 g/t Au. Visible gold was observed in biotite alteration within a quartz-porphyry dyke. Another hole, MM26D-14-4929-001, returned 6.20m @ 17.87 g/t Au from 68.80m, including 3.10m @ 35.02 g/t Au. Additional intercepts at Austin 904 included:

• MM26D-14-4929-022: 5.65m @ 7.91 g/t Au
• MM26D-14-4929-021: 2.85m @ 15.82 g/t Au
• MM26D-14-4929-013: 1.70m @ 24.09 g/t Au
• MM26D-14-4875-004: 1.70m @ 15.27 g/t Au and 2.10m @ 11.55 g/t Au
• MM26D-13-5022-039: 8.75m @ 4.12 g/t Au
• MM26D-13-5022-040: 6.40m @ 4.50 g/t Au

At South Austin, hole MM26D-13-4727-013 returned 4.50m @ 128.32 g/t Au from 138.50m, including 1.00m @ 566.81 g/t Au. Other South Austin intercepts included:

• MM26D-13-4727-002: 4.00m @ 14.34 g/t Au
• MM26D-13-4727-003: 4.00m @ 7.60 g/t Au
• MM26D-13-4727-004: 4.55m @ 9.70 g/t Au
• MM26D-13-4727-014: 9.65m @ 4.19 g/t Au

At Austin 955, hole MM26D-12-4990-019 returned 6.85m @ 35.72 g/t Au from 73.50m, including 1m @ 233.76 g/t Au. Additional intercepts at Austin 955 included:

• MM26D-12-4990-005: 12.80m @ 7.93 g/t Au
• MM26D-12-4990-007: 11.70m @ 8.09 g/t Au
• MM26D-12-4990-028: 1.90m @ 44.36 g/t Au
• MM26D-12-4990-002: 11.15m @ 7.31 g/t Au
• MM26D-12-4990-004: 14.50m @ 5.29 g/t Au
• MM26D-12-4990-001: 12.00m @ 3.00 g/t Au
• MM26D-12-5110-069: 7.00m @ 5.32 g/t Au
• MM26D-12-5110-085: 5.80m @ 6.45 g/t Au

Table 1 in the release lists 24 holes, while Table 2 provides collar, azimuth, and dip data for those same holes. The release does not state how many holes were drilled in the programme versus those reported.

West Red Lake Gold Mines Ltd. described Austin 904 as a roughly 200m x 200m panel of non-remnant, previously unmined mineralization located near existing infrastructure. The company stated the area is targeted for integration into the 2027 mine plan to facilitate larger stopes.

While the release headline claims "35.72 g/t Au over 13.35m," Table 1 shows hole MM26D-12-4990-019 as 6.85m @ 35.72 g/t. There is no 13.35m interval in the release; 13.35m was the width of a 10.22 g/t interval reported on July 7, 2026.

West Red Lake Gold Mines Ltd. (WRLG) declared commercial production on 1 January 2026, transitioning from a grassroots explorer to a producer. The company recently released drill results from infill and resource-definition holes located within the known Austin and South Austin framework. These holes are designed to convert the 904 and 955 panels into the 2027 mine plan. The results serve as confirmations against the resource grade anchor of 7.4 g/t for Indicated resources, 8.16 g/t for reserves, and a 3.38 g/t cut-off.

Many intervals sit at or above the 7.4-8.16 g/t range over mineable widths. Several high-grade lenses combined grade and width significantly above reserve grade, with specific intercepts including 933, 577, 245, and 111 g·m. These results support the continuity of the panel and the company’s stope-design assumptions. The drilling continues to de-risk the non-remnant 904 panel for the 2027 plan, featuring multiple consistent holes and credible QA/QC protocols.

The stock has round-tripped since its recent peak. It reached approximately C$1.40 on 27 February 2026, following the 219.73 g/t release, the declaration of commercial production, and a strong gold tape. The price subsequently fell to approximately C$0.61 on 10 June 2026 and currently sits at C$0.78. This level is below where the stock traded before the February and April 904 bonanza hits and represents a decline of approximately 44% from the 52-week high.

The results feed into a future resource update and the H1 2027 mine plan. No new ounces are quantified, no reserve is restated, and no mine-life number changes. This contrasts with the 9 June 2026 Rowan MRE, which added 70% to Indicated ounces, or the Q2 operating beat, which were releases that altered the investment thesis.

Prior-period context from the Q2 2026 filings and MD&A shows H1 2026 revenue of C$91.1M. Q2 net income was C$14.7M, with Q2 free cash flow of C$9.7M. The company holds C$31.2M in cash against total debt of C$93.2M, resulting in net debt of approximately C$74.6M. The company reported a negative working capital of C$4.1M. The equity is levered to ramp-up execution, AISC, and the gold price, rather than to definition drilling at depths of 650-700m.

West Red Lake Gold Mines Ltd. (TSXV: WRLG; OTCQX: WRLGF; FRA: UJO) is a gold producer and developer operating in the Red Lake district of Ontario. The company’s flagship Madsen Mine is 100% owned, with commercial production scheduled to begin on 1 January 2026. The mill is fully permitted at a capacity of 800 tonnes per day (tpd), featuring a nameplate capacity of approximately 1,100 tpd and expansion potential.

According to the 30 April 2026 Madsen Report, current resources include Indicated resources of 1.65 million ounces (Moz) at 7.4 grams per tonne (g/t) within 6.9 million tonnes (Mt), and Inferred resources of 0.37 moz at 6.3 g/t within 1.8 Mt. Probable reserves stand at 478,000 ounces (koz) at 8.16 g/t within 1.87 Mt. These figures utilize a cut-off of 3.38 g/t at US$1,800/oz, with a reserve price of US$1,680/oz.

Operating complexes include Austin, South Austin, McVeigh, and 8 Zone. The 904 and 955 complexes are currently being defined for the 2027 plan, while the 4447 complex served as the high-grade driver of 2026 feed.

The company’s Rowan Property spans 31 km² and includes the past-producing Rowan, Mount Jamie, and Red Summit mines. A June 2026 Mineral Resource Estimate (MRE) for Rowan reported Indicated resources of 335,058 oz at 13.04 g/t and Inferred resources of 179,029 oz at 15.31 g/t. This includes a maiden Mount Jamie resource of 49,740 oz Indicated at 14.02 g/t and 36,727 oz Inferred at 12.10 g/t. A 2025 Preliminary Economic Assessment (PEA) scoped production of approximately 35,230 oz/year at roughly 8 g/t diluted over approximately five years, with ore to be toll-milled at Madsen.

The Fork satellite deposit is located approximately 250 meters southwest of Madsen. It contains Indicated resources of 20,900 oz at 5.3 g/t and Inferred resources of 49,500 oz at 5.2 g/t. An access drift is underway, with the deposit targeted for inclusion in the 2027 production profile.

West Red Lake Gold Mines holds a land package of 47 km² at Madsen and 31 km² at Rowan. The company’s strategy involves using the Madsen mill as a central hub to process satellite feed in a "hub-and-spoke" model, with a long-term production target of 100,000 to 150,000 oz/year.

The company’s capital structure consists of 413.9 million basic shares and 554.5 million fully diluted shares, including approximately 110.5 million warrants with strikes between C$0.68 and C$0.95, 21.5 million options, 7.0 million restricted share units (RSUs), and 2.6 million deferred share units (DSUs). West Red Lake Gold Mines was added to the VanEck Junior Gold Miners ETF (GDXJ) on 20 March 2026. The company holds approximately C$315 million in tax loss carryforwards.

Management includes President and CEO Shane Williams, VP Exploration and Qualified Person Will Robinson, CFO Harpreet Dhaliwal, VP Operations Hayley Halsall-Whitney, and VP Corporate Development Jason Billan. The board is chaired by Tom Meredith.