Madsen's Strongest Month Since Restart Arrives With a 27,000 to 32,000-Ounce 2026 Reset

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.

Third-Quarter Production at Madsen

Gold production at Madsen totaled 7,859 ounces (oz) in the third quarter of 2026, which ended September 30, bringing year-to-date production to 22,102 oz. September delivered 3,320 oz, the strongest month since the restart of the mine.

Ore mined in the quarter totaled 63,945 tonnes at an average grade of 3.8 grams per tonne gold, for 7,689 oz mined. Gold recovery was 94%. Certain second-quarter figures were updated to reflect final reconciled actuals, and on that basis second-quarter production was 8,576 oz with a recovery rate of 95%.

Secondary Crusher & Mill Throughput

West Red Lake Gold installed and commissioned a secondary crusher at Madsen during the third quarter to improve the handling of underground material. The crusher is now operational and supports the mill's ability to process up to 1,000 tonnes per day (tpd).

The mill averaged approximately 867 tpd in the third quarter, compared with 842 tpd in the second quarter. During the third quarter, the mill also processed the low-grade surface stockpile generated in the second quarter.

Remnant Mining & Workforce Constraints

Mining in the third quarter was predominantly focused on remnant areas of the Madsen deposit, which carried lower average grades than certain new mining areas being developed. Remnant mining requires more selective mining practices and additional ground control. Those requirements, together with labor availability in certain specialized underground roles, affected mining rates, and the average mining rate was 710 tpd against 867 tpd in the second quarter.

To support mining while maintaining the pace of underground development, West Red Lake Gold supplemented its workforce with specialized contractors during the quarter.

President and Chief Executive Officer of West Red Lake Gold, Shane Williams, links the quarter's challenges to recruitment and remnant pillar extraction:

"During the quarter, we continued to experience industry-wide challenges with the recruitment and retention of skilled underground personnel. In addition, the extraction of certain remnant pillars proved more challenging than anticipated as mining activities remained concentrated in previously mined areas. At the same time, we continued to advance development toward additional mining fronts, including previously unmined areas deeper in the Madsen deposit. Our team remains focused and have actively been addressing these challenges, and we are seeing positive progress entering into the fourth quarter."

Mining and development through the remnant areas form part of the mine sequence as West Red Lake Gold advances access deeper into the deposit, including toward unmined areas such as the 904 Complex.

Revised 2026 Production Guidance

West Red Lake Gold revised its 2026 production guidance for Madsen to 27,000 to 32,000 oz, from the 35,000 to 45,000 oz it previously provided. The revision follows industry-wide labor challenges, evident at Madsen during the third quarter, and the production ramp-up expected through the remainder of the second half of 2026.

Integrated Madsen & Rowan Pre-Feasibility Study

West Red Lake Gold expects to release its integrated Madsen and Rowan pre-feasibility study (PFS) imminently. The PFS will present Madsen and Rowan within a single production plan, with the Madsen mill serving as the central processing hub and Rowan as a high-grade underground satellite mine.

Williams describes the next phase of work at Madsen and its satellite deposits:

"Looking ahead, our focus is on carrying this progress forward at Madsen while advancing the additional high-grade mining areas and satellite deposits that form part of our hub and spoke strategy."

The PFS will also take in the additional mining areas being developed at Madsen and the advancement of Fork, giving an updated view of the company's longer-term production and growth plans in Red Lake.

Next Steps

West Red Lake Gold will release its unaudited financial and operating results for the 3, 6, and 9 months ended September 30, 2026 on Friday, November 27, 2026, after market close. Management will host a webcast to discuss the results on Monday, November 30, 2026, starting at 8:00 am Pacific time, or 11:00 am Eastern time.

Underground development continued throughout the third quarter, increasing production inventory and the number of available mining fronts. That work provides greater flexibility in mine sequencing as Madsen progresses into 2027.

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