West Red Lake's Madsen reaches commercial production

Executive Summary

• West Red Lake Gold Mines Ltd. has declared commercial production at its 100%-owned Madsen gold mine in the Red Lake mining district, effective January 1, 2026.
• The declaration follows 30 consecutive days of mill throughput at 65% or greater of permitted capacity (800 tpd), with December 2025 averaging 689 tonnes per day and achieving 94.6% mill recovery.
• The company produced 3,215 ounces of gold in December 2025 and 7,379 ounces in Q4 2025, with Q4 sales revenue totaling $30 million USD.

Key Details

• Commercial Production Criteria Met:
  • Achieved 30 consecutive days of mill throughput at ≥65% of permitted capacity (800 tpd).
  • Operational stability confirmed.
  • Effective date: January 1, 2026.
• December 2025 Operational Metrics:
  • Mill Feed: 689 tonnes per day (86% of permitted capacity).
  • Ore Tonnage: 21,389 tonnes.
  • Average Grade: 4.94 g/t Au.
  • Mill Recovery: 94.6%.
  • Gold Production: 3,215 ounces.
• Q4 2025 Operational Metrics:
  • Mill Feed: 534 tonnes per day average.
  • Ore Tonnage: 49,162 tonnes.
  • Average Grade: 5.06 g/t Au.
  • Mill Recovery: 95%.
  • Gold Production: 7,379 ounces.
  • Gold Poured: 7,200 ounces.
  • Sales Revenue: $30 million USD (based on average price of $4,150 USD/oz).
• 2025 Full Year Performance:
  • Gold Poured: 20,000 ounces.
  • Sales Revenue: $73 million USD (based on average price of $3,650 USD/oz).
  • Cash Position: $46 million USD (including gold receivables).
• Forward-Looking Guidance & Plans:
  • Q1 2026 Feed Source: Predominantly from the 4447 area (high-grade zone in South Austin).
  • Q1 2026 Grade Expectation: Mill feed expected to average >6 g/t Au.
  • Capacity Ramp-up: Anticipated to reach sustained permitted capacity by mid-2026.
  • Future Exploration/Development:
    • Drilling at Fork deposit to bring it into the mine plan in 2026.
    • Shaft nearing operation; potential for significant tonnage increase in medium term.
    • Delineating new high-grade area "904 complex" in Lower Austin (similar to 4447).
  • 2026 Guidance: To be released during Q1 2026.

Notable Quotes

• "We are delighted to announce commercial production at the Madsen mine, achieved only seven months after completion of the bulk sample... I also want to thank our partners, the Lac Seul and Wabauskang first nations and the community of Red Lake, for their long-standing support." — Shane Williams, President and CEO
• "We will continue to ramp up from this strong base, and I anticipate Madsen will reach sustained permitted capacity by mid-2026." — Shane Williams, President and CEO
• "The immediate impact of mining these jewellery-box-type areas was realized when material from 4447 lifted the gold grade through the Madsen mill to levels reaching 8.9 grams per tonne gold in December." — Shane Williams, President and CEO