Adding Rowan Lifts West Red Lake Gold to 108,000 Ounces a Year in 2029 to 2034

• The integrated pre-feasibility study (PFS) combines the operating Madsen Mine and the Rowan deposit in a single 10-year mine plan.
• Gold production averages 88,000 ounces (oz) a year, rising to an average of 108,000 oz a year from 2029 through 2034.
• After-tax net present value at a 5% discount rate (NPV5%) is C$764 million at a long-term gold price of US$3,568 per ounce for gold.
• Combined probable mineral reserves total 4.41 million tonnes grading 6.79 grams per tonne (g/t) gold for 962,000 oz.
• Growth capital of C$200 million covers Rowan development and expansion of the Madsen mill and tailings management facility.

Company Overview

West Red Lake Gold Mines (TSXV: WRLG | OTCQX: WRLGF) is a Canadian gold producer and developer advancing a high-grade, district-scale opportunity in the Red Lake district of Ontario. Its flagship Madsen Mine recently achieved commercial production and is the central hub of a growing multi-asset platform. The company controls a 47-square-kilometer land package in a district that has historically produced over 20 million ounces of gold from high-grade systems. It also owns the Rowan Property in Red Lake, which covers 31 square kilometers and includes 3 past-producing mines: Rowan, Mount Jamie, and Red Summit.

One Mine Plan Built Around the Madsen Mill

The integrated pre-feasibility study (PFS) combines the operating Madsen Mine with the high-grade Rowan satellite deposit in a single production plan centered on the existing Madsen mill and facilities. Both deposits are 100% owned. The study has an effective date of September 1, 2026 and was prepared by independent consultants SLR Consulting (Canada) Inc., with input from Fuse Advisors Inc., Knight Piesold, and Nordmin Engineering Ltd.

Rowan is planned as a new mechanized underground mine, with ore trucked approximately 80 kilometers (km) by road for processing at the Madsen mill rather than through a mill of its own. The Madsen mill will run at a steady-state throughput of 1,350 tonnes per day (tpd), supported by targeted upgrades to its processing circuits and the necessary permitting amendments. Madsen declared commercial production during the first quarter of 2026 and is ramping up to 800 tpd by year-end 2026, and the plan raises Madsen output to as much as 1,200 tpd in some years.

President and Chief Executive Officer of West Red Lake Gold, Shane Williams, ties the plan to the permitted mill and infrastructure already in place:

"The integrated mine plan builds on the more cost-efficient long-hole mining methods already being implemented at Madsen, while taking advantage of our existing mill and infrastructure while supplying high-grade feed from the Rowan property. This is the advantage of having a fully permitted operating mine and mill at the center of our growing high-grade resource base."

Production Rises Once Rowan Starts

The plan outlines a 10-year mine life producing approximately 884,000 ounces (oz) of recovered gold, an average of 88,000 oz a year. Production averages 108,000 oz a year over the 6 years from 2029 through 2034, with peak annual production of 119,000 oz.

Rowan is expected to start development in 2028, with first gold production anticipated in 2029. It targets a steady-state mining rate of approximately 500 tpd over 6 years, and its ore will be blended with Madsen ore at a ratio of approximately 1:2. The mill processes Madsen ore only in 2027 to 2028 and 2035 to 2036. The combined average diluted head grade is 6.8 grams per tonne (g/t) gold, made up of 6 g/t from Madsen and 9 g/t from Rowan, and overall plant recovery is estimated to average 94.7%.

Reserves Rise 85% to 962,000 Ounces

Combined probable mineral reserves total 4.41 million tonnes grading 6.79 g/t gold for 962,000 oz of contained gold, based on a gold price of US$2,500 per ounce for gold. That is an 85% increase in contained reserve ounces compared with the 2025 PFS.

Madsen contributes 3.40 million tonnes grading 6.06 g/t for 662,000 oz. About 97% of its reserve tonnes are planned for longitudinal retreat longhole stoping, and about 13% of planned tonnes are remnant mineralization next to historic workings that will be probed, drained, and backfilled first. Rowan contributes 1.01 million tonnes grading 9.23 g/t for 300,000 oz, scheduled from 2029 to 2034.

C$764 Million After-Tax Value at the Base Case

At a long-term gold price of US$3,568 per ounce for gold, the after-tax net present value at a 5% discount rate (NPV5%) is C$764 million, discounted to October 1, 2026. Cumulative after-tax free cash flow exceeds C$1 billion, and the discounted payback period is 2.2 years. At a gold price of US$4,161 per ounce, 10% above the life-of-mine average of US$3,782 per ounce, the after-tax NPV5% increases 31% to C$1.0 billion.

Average cash costs are US$1,795 per ounce, and all-in sustaining costs are US$2,457 per ounce. A post-tax internal rate of return is not presented because the operation generates positive cash flow in the first year of the mine plan.

C$200 Million of Growth Capital

Growth capital of C$200 million covers developing Rowan and expanding the Madsen mill and tailings management facility, using existing road, power, and site infrastructure. Sustaining capital totals C$773 million and closure costs C$42 million, and the capital estimates include a 30% contingency.

The mill expansion adds a third gravity concentrator, a second pre-leach thickener, 2 leach tanks, and 4 carbon-in-pulp tanks, where activated carbon captures dissolved gold. The secondary crusher installed in September 2026 is treated as a sunk cost and is excluded from the capital estimate. Hauling Rowan ore to Madsen is costed at C$30.1 million, using a fleet of 4 trucks of 40-tonne capacity completing 13 loads a day.

Next Steps

A technical report supporting the integrated PFS will be filed on SEDAR+ within 45 days of the November 4, 2026 release. Rowan is being progressed through Advanced Exploration permitting, with final approvals expected to be received by 2029 ahead of mine development.

The mine plan excludes the Wedge, Russet, and Mount Jamie deposits, the past-producing Starratt-Olsen mine, which is still at the pre-resource stage, and potential extensions of both Madsen and Rowan at depth. Williams frames the study as a starting point for that wider portfolio:

"Importantly, this is a defined base case at a point in time. It does not capture the full opportunity across our Red Lake portfolio. Our priority is to execute this plan consistently while continuing to expand the mining inventory that can support further growth as we transition from a single-asset operation to a multi-asset producer in Red Lake."

West Red Lake Gold intends to evaluate those opportunities alongside execution of the integrated PFS mine plan.

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