For 2027, Madsen Leans on Unmined 904 Ground and the Fork Deposit

• West Red Lake Gold Mines is targeting 2027 for the 904 Complex and the Fork deposit to enter Madsen's production profile.
• September drilling at the 904 returned 5.3 meters (m) at 176.04 grams per tonne (g/t) gold.
• The 904 is an approximately 200m by 200m panel of intact gold mineralization that was not historically mined.
• Fork is a near-surface satellite deposit 250m from existing Madsen infrastructure, with initial development scheduled through the second half of 2026.
• Gold production rose 51% to 8,576 ounces (oz) in the second quarter of 2026.

West Red Lake Gold Mines (TSXV: WRLG | OTCQX: WRLGF) achieved commercial production at its 100%-owned Madsen Mine in Ontario's Red Lake Mining District on January 1, 2026, and has framed 2026 as a ramp-up year. The company has designated 2027 as the operating leverage stage of its growth roadmap, when the 904 Complex and the Fork satellite deposit enter the production profile and shaft haulage capacity scales up. Both are non-remnant ground, meaning rock that earlier operators did not mine. Drilling reported in September added new high-grade intercepts to the 904 as the company prepares the complex for that step.

The 2026 Ramp-Up at Madsen  

For the 2026 ramp-up year, Madsen's guidance of 35,000 to 45,000 ounces (oz) is weighted approximately 60% toward the second half. Gold production rose 51% from 5,667 oz in the first quarter to 8,576 oz in the second quarter, while all-in sustaining cost per ounce fell 30% from US$4,678 to US$3,284.

President and Chief Executive Officer of West Red Lake Gold Mines, Shane Williams, wanted the third quarter to extend a pattern rather than stand alone:

"I want to try and show the market that Q1 was X, then we've jumped up maybe 20% or 30% to Q2, and then there'll be another jump up to Q3. That's kind of if we can show that steady state ramp up pouring grade, and tonnage and ounces produced, then the market can get that confidence that we're getting to that steady state, we're getting where we need to be basically." 

As of July 2026, management said the mine was probably another quarter of ramp-up away from steady state, and it put second-half 2026 production at probably 25,000 to 30,000 oz. Management also said grade rose from the first quarter to the second and that it looked for a similar step up in the third quarter.

Drilling at the 904 Complex on the 13 & 14 Levels

The 904 results reported on September 22, 2026, were drilled from the 13 and 14 Levels of the Madsen Mine, at approximately 650 meters (m) and 700m depth. The lead 904 intercept returned 5.3m at 176.04 grams per tonne (g/t) gold, including 1m at 925.52 g/t, and an intercept from the South Austin target returned 4.5m at 128.32 g/t gold, including 1m at 566.81 g/t. The assays are uncapped, meaning no upper limit was applied to the highest grades, and true thickness has not been calculated, but it is expected to be at least 70% of the downhole length. The round adds to earlier 2026 results from the complex, including 219.73 g/t gold over 4.8m in February and 215.46 g/t gold over 5.35m in April.   

The 904 is an approximately 200m by 200m panel of intact gold mineralization that was not historically mined. With access to the entire mineralized zone, the company is targeting larger stopes, the underground openings ore is mined from, and higher efficiency in design and extraction. The Austin 955 and Austin 904 complexes lie close to existing underground infrastructure and have the potential to be integrated into the Madsen mine plan in 2027. 

The 904 Complex is in development for the first half of 2027, with drilling aimed at defining multiple high-grade lenses near infrastructure and with minimal historic workings to impede extraction.  

Fork, the 13 Level East Drive & Shaft Haulage  

The company is targeting 2027 for Fork to enter Madsen's production profile as a second new source of mill feed. Fork is a near-surface, non-remnant deposit 250m from existing Madsen infrastructure, where a 3,200m drill program has been completed, and initial development is scheduled through the second half of 2026. Fork has an indicated resource of 20,900 oz and an inferred resource of 49,500 oz at an average grade of 5.2 g/t gold, from a December 2024 estimate. 

The 13 Level East Drive is advancing toward the Derlak complex in the second half of 2026 and is scheduled to open additional mining fronts in 2027. It also provides drill access for expansion east of the current mineral resource.   

Phase 1 of the Madsen shaft refurbishment was completed in August 2026, and the company is targeting 2027 for scaling up shaft haulage capacity alongside underground development and continued resource-expansion drilling.    

Mine Model Reconciliation & Mill Capacity 

New feed in 2027 would enter a mine that management described in July 2026 as already mill constrained. As of July 2026, management said underground mining had held at about 1,000 tons a day since around the middle of the second quarter. The Madsen Mill is fully permitted for 800 tons per day (tpd) of throughput, against a nameplate capacity of 1,100 tpd, with expansion potential. Management put the resulting stockpile build at 5,000 to 6,000 tons a month.

Management also says the resource model, built on more than 200,000m of underground drilling over the past 2 years, reconciles very well with the gold produced. On tonnage, Williams ties the step-up directly to the model:

"So, that's been working very well, which has allowed us to ramp up underground tonnage, move the material with the confidence that now when we go to mine an area, we know that the models will mine this, we'll get the gold out." 

As of July 2026, all mining had used long-hole open stoping, a bulk method that drills and blasts ore in large blocks between levels. 

What the 2027 Sequence Requires

The second half of 2026 includes preparatory steps, including access to the 904 Complex and Fork, and an updated pre-feasibility study proposing to combine Madsen and Rowan. Beyond 2027, the company is targeting the first half of 2029 for the ramp-up of Rowan development and production under a proposed hub-and-spoke model with multiple complexes and mines feeding the Madsen mill. With access and development work scheduled ahead of each 2027 entry, the second half of 2026 provides the first checkpoints for the 2027 feed schedule.

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