West Red Lake closes $35.65-million public offering

Executive Summary

• West Red Lake Gold closed an upsized bought‑deal public offering raising $40.65 million in aggregate gross proceeds (≈$35.65 M from common shares and $5.00 M from charity flow‑through shares).
• Net proceeds will fund the ramp‑up to commercial production at the Madsen gold mine, additional capital projects, working capital and general corporate purposes.
• Charity flow‑through proceeds will be used for qualifying Canadian exploration expenses on the Rowan project, supporting infill drilling, engineering and environmental work toward a prefeasibility study.

Key Details

• Offering size: 37,526,800 common shares at C$0.95 per share → gross proceeds $35,650,460 (including full overallotment).
• Charity flow‑through component: 3.76 million charity flow‑through shares at C$1.33 per share → gross proceeds $5,000,800.
• Total aggregate gross proceeds: C$40,651,260.
• Underwriter: Raymond James Ltd., acting as sole underwriter and bookrunner.
• Use of common‑share net proceeds:
• Advance the Madsen gold mine (complete ramp‑up to commercial production).
• Pursue growth opportunities at Madsen.
• Working capital and general corporate purposes.
• Use of charity flow‑through proceeds:
• Qualifying Canadian exploration expenses, primarily on the Rowan project.
• Planned activities: infill drilling, engineering studies, environmental work supporting a pending prefeasibility study.
• Management comment (Shane Williams, President & CEO): Emphasized that the financing accelerates capital projects at Madsen, positioning the mine for steady‑state operations and enabling exploitation of the strong gold price environment; flow‑through funding will support drilling to target >100,000 oz Au/year production from Red Lake.
• Regulatory filing: Prospectus supplement dated September 17, 2025 filed to amend the short‑form base shelf prospectus (dated April 30, 2024) with Canadian securities regulators (except Quebec).

Notable Quotes

“We are excited for the opportunities this financing creates as we complete the ramp up of the Madsen mine… The additional funding accelerates specific capital projects that have the potential to result in greater output from Madsen, allowing us to capitalize on the current strong gold price environment.” – Shane Williams, President & CEO

“The flow‑through capital will fund drilling to support a prefeasibility study for Rowan next year, providing West Red Lake Gold a clear near‑term path to producing over 100,000 ounces of gold annually in Red Lake.” – Shane Williams