West Red Lake Gold takes delivery of three scoops in Q4

Executive Summary

• West Red Lake Gold Mines provided a mid-Q4 update on the ramp-up activities at its Madsen mine, highlighting a 24% month-over-month increase in mined ore production in October.
• The company is targeting full-scale commercial production early in 2026, with daily tonnage tracking toward commercial levels for Q1.
• Significant progress was made in equipment delivery and site management, including the arrival of rolling stock, a new maintenance shop, and key leadership hires to strengthen operational oversight.

Key Details

• Production Metrics: Mined ore production increased by 24% in October compared to September. This increase is attributed to enhanced ore trucking capacity after eliminating the need to transport waste rock to surface, which freed up significant trucking capacity.
• Production Targets: The mine is on track to reach commercial production levels early in Q1 2026.
• Equipment and Infrastructure:
  • Delivery of three 4-yard scoops was completed in the first half of Q4.
  • The final 42-tonne haul truck is expected in the coming weeks.
  • Components for a new maintenance shop arrived on site to enhance mobile fleet maintenance capabilities.
• Management Changes:
  • Sean McCormack joined as Mine General Manager in Q2, previously serving as GM of the Kiena mine at Wesdome Mines and Holt complex at Kirkland Lake Gold.
  • Bright Asamoah joined as Chief Engineer, bringing 13 years of experience from Newmont Gold (including roles at Ahafo, Porcupine, Hoyle Pond, and Borden mines).
  • James Armstrong joined as Mill Manager, with 30 years of experience, previously serving as Mill Manager at Nyrstar’s Middle Tennessee mines.
  • William Curry joined as Senior Operations Manager, previously GM of Talisker Resources' Bralorne mine and VP at Sinomine Resources’ Tanco mine.
• Strategic Focus: The ramp-up phase has moved from bulk sampling into full ramp-up, with a focus on getting the shaft operational and completing the final equipment list.

Notable Quotes

• "We have worked diligently through the stages and challenges of mine ramp-up, always focused on getting the Madsen mine into full-scale operations early in 2026, and we are now in sight of that goal," said Shane Williams, president and chief executive officer.
• "The complexity of mining means it takes strong, experienced leadership to perform in the moment while simultaneously setting up to maximize medium- and long-term opportunities," said Hayley Halsall-Whitney, vice-president, operations.