West Red Lake Gold Reports Strong Q2 Operating Progress with Higher Mining Rates and Gold Production at Madsen Mine

• Ore mined increased 46% to 75,524 tonnes, while mined ounces rose 73% to 10,459 ounces during the second quarter of 2026.
• Gold production increased 51% to 8,576 ounces, while average mined grade increased 23% to 4.3 grams per tonne gold.
• Average underground mining rates increased 53% to 878 tonnes per day, while mill throughput averaged approximately 842 tonnes per day with 95% recovery.
• A surface stockpile of approximately 10,768 tonnes containing an estimated 1,500 ounces of gold was built as underground mining rates exceeded current mill capacity.
• The company expects processing rates to increase to approximately 1,000 tonnes per day during the second half of 2026 and reaffirmed 2026 production guidance of 35,000 to 45,000 ounces of gold.

Company Overview

West Red Lake Gold Mines Ltd. (TSXV: WRLG | OTCQX: WRLGF) is a Canadian gold producer and developer advancing a high-grade, district-scale opportunity in Ontario's Red Lake district. The company's flagship Madsen Mine achieved commercial production in 2025 and is positioned as the central processing hub for a growing multi-asset platform across a 47-square-kilometre land package in the Red Lake district, which has historically produced over 20 million ounces of gold. West Red Lake Gold also owns the Rowan Property in Red Lake, covering 31 square kilometres and including 3 past- producing mines, Rowan, Mount Jamie and Red Summit, representing a key source of future production growth.

Q2 Operating Performance Improves Across Mining and Processing Metrics

West Red Lake Gold Mines Ltd. reported stronger operating performance during the second quarter of 2026 at its Madsen Mine in Ontario, with increases in mined tonnes, mined ounces, gold production, mining rates and mill throughput compared with the first quarter. The company also built a surface stockpile as underground mining rates exceeded current mill capacity. The company said operational improvements reflected continued progress in the ramp-up of the Madsen Mine, supported by additional mining fronts, improved mine sequencing and ongoing efforts to optimise mill throughput and operating efficiency. Management said the operation remains on track to achieve its full-year production guidance of 35,000 to 45,000 ounces of gold.

During the second quarter, ore mined increased 46% to 75,524 tonnes from 51,616 tonnes in the first quarter, while mined ounces rose 73% to 10,459 ounces from 6,033 ounces. Gold production totalled 8,576 ounces, a 51% increase from 5,667 ounces in the first quarter of 2026. Average mined grade increased 23% to 4.3 grams per tonne gold from 3.5 grams per tonne, while the average underground mining rate increased 53% to 878 tonnes per day from 575 tonnes per day in the first quarter.

Mining & Processing Performance

The mill processed ore at an average rate of approximately 842 tonnes per day during the quarter, compared with 572 tonnes per day in the first quarter. Gold recovery averaged 95%. Underground mining rates exceeded 1,000 tonnes per day from the middle of the quarter onward. As mining rates exceeded current processing capacity, West Red Lake Gold built a surface stockpile of approximately 10,768 tonnes by the end of the quarter, representing an estimated 1,500 contained ounces of gold. Additional mining fronts and improved mine sequencing contributed to higher mining productivity and operational flexibility during the period.

Guidance & Operational Outlook

West Red Lake Gold said processing rates are expected to increase to approximately 1,000 tonnes per day during the second half of 2026 as ramp-up activities continue. The company reaffirmed its 2026 production guidance of 35,000 to 45,000 ounces of gold and said operational improvements achieved during the second quarter support its expectation that the Madsen Mine remains on track to meet that target.

The company remains focused on improving operational consistency, increasing production rates and advancing self-funded development and exploration activities across its Red Lake property portfolio. This operating update provides details on mining, processing and production performance at the Madsen Mine during the second quarter of 2026, including progress on mining rates, mined grades, mill throughput and gold production, as well as the company's outlook for the remainder of the year.

Next Steps

West Red Lake Gold expects processing rates to increase toward approximately 1,000 tonnes per day during the second half of 2026 while continuing efforts to improve operational consistency and production rates at the Madsen Mine. The company also announced it will release its unaudited financial and operating results for the three and six months ended June 30, 2026 on August 25, 2026, followed by a management webcast on August 26, 2026.

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