West Red Lake Gold Reports Strong Q2 Operating Progress with 73% Increase in Mined Ounces and 51% Higher Gold Production over Q1 at Madsen Mine
West Red Lake reports a 51% production surge in Q2, with Madsen on track for 35-45koz despite ongoing cost and debt pressures.
West Red Lake Gold Mines Ltd. (WRLG) reported a strong second-quarter 2026 operational update for its Madsen Mine, with gold production jumping 51% quarter-over-quarter to 8,576 oz. This increase was driven by a 46% rise in mined tonnes to 75,524 t and a 23% improvement in average mined grade to 4.3 g/t Au, compared to 3.5 g/t in the first quarter.
Mill throughput averaged 842 tpd during the period, while gold recovery remained stable at 95%. The company also built a surface stockpile of approximately 10,768 t, containing roughly 1,500 oz of gold. Underground mining rates exceeded 1,000 tpd from mid-quarter onward, running ahead of the currently permitted mill rate of 800 tpd.
Management reaffirmed full-year production guidance of 35,000 – 45,000 oz and expects mill throughput to climb toward 1,000 tpd in the second half of 2026. Unaudited second-quarter financials are scheduled for release on August 25, 2026.
West Red Lake Gold Mines Ltd. (WRLG) released an operational update that provides concrete evidence of improving mine volumes and grade, helping to address market doubts regarding its production profile and costs. The company’s stock had fallen from approximately $1.40 in late February to $0.61 in late June, reflecting investor skepticism about the ramp-up trajectory.
First-quarter production of 5,667 ounces left the company needing a steep increase to meet even the low end of its 35,000-ounce annual guidance. However, second-quarter output of 8,576 ounces, representing a 51% quarter-over-quarter increase, indicates that the ramp-up is progressing. While the update reaffirms full-year guidance rather than raising it, the data suggests the mine is improving, which may help rebuild confidence despite unresolved cost concerns.
West Red Lake Gold Mines Ltd. (WRLG) is a junior gold producer operating the 100%-owned Madsen Mine in Ontario’s Red Lake district. The company achieved commercial production at Madsen on Jan 1, 2026, following a rehabilitation project costing more than $150 million.
The company’s strategy employs a hub-and-spoke model, feeding satellite ore to the Madsen mill, which has a permitted capacity of 800 tonnes per day and a nameplate capacity of 1,100 tonnes per day. The facility is expandable, with a long-term production target of more than 150,000 ounces per year.
In addition to Madsen, WRLG holds the high-grade Rowan project, which is in the preliminary economic assessment (PEA) stage with approximately 335,000 ounces of indicated resources at 13 grams per tonne of gold. The company also controls the Fork satellite deposit and several other exploration targets.