West Red Lake Gold Secures US$35 Million Credit Facility to Restart Madsen Mine

• West Red Lake Gold entered into US$35 million credit facility with Nebari Natural Resources Credit Fund II
• Initial US$15 million tranche drawn down on December 31, 2024
• Funds to be used to complete remaining capital costs to restart Madsen Mine and for corporate/exploration expenses
• Madsen Mine targeting restart in 2025 after detailed mine ramp up activities in coming months
• Credit facility de-risks project and provides access to non-dilutive capital on favorable repayment terms

About West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) is a publicly traded mineral exploration and development company focused on advancing its flagship Madsen Gold Mine project in the prolific Red Lake district of Ontario, Canada. The company holds a 47 km2 highly prospective land package in this world-class gold mining jurisdiction that has produced over 30 million ounces of high-grade gold. In addition to Madsen, West Red Lake Gold Mines also owns the Rowan Property which covers 31 km2 and hosts three past producing gold mines.

Nebari Credit Facility

West Red Lake Gold announced that on December 31st, 2024, it had entered into a credit agreement with Nebari Natural Resources Credit Fund II LP for a US$35 million credit facility. The credit facility will be issued in three tranches:

• US$15 million (Tranche 1)
• US$15 million (Tranche 2)
• US$5 million (Tranche 3)

Tranche 1 was drawn down on the closing date of December 31, 2024. The credit facility was first announced on October 17, 2024 when the companies entered into a non-binding term sheet. Over the last 2.5 months, West Red Lake Gold and Nebari worked closely on detailed due diligence covering all aspects of the company and Madsen project.

Use of Proceeds

The proceeds from the Nebari credit facility will be used for two main purposes:

• Completing the remaining capital costs required to restart the Madsen Mine
• Corporate, exploration and working capital expenses

This non-dilutive financing provides West Red Lake Gold with the capital needed to advance Madsen to production while maintaining solid operational flexibility. It allows the company to sustain momentum as it pushes to restart the historic high-grade gold mine.

Madsen Mine Restart Plans

With the credit facility now in place, West Red Lake Gold will continue advancing its detailed mine ramp up schedule at Madsen over the coming months. Key activities include:

• Test mining to generate bulk samples from four stopes in two resource areas
• Continuing to increase daily development meterage rates
• Starting up the mill in late Q1 2025 to process the bulk sample and reconcile grades
• Commencing production mining and milling ramp up in Q2 2025

The company is targeting a full restart of the permitted Madsen Mine in 2025. The high-grade underground gold mine previously produced 2.5 million ounces at an average grade of 9.9 g/t gold. With significant infrastructure already in place, West Red Lake Gold is well positioned for a rapid restart once the remaining capital upgrades are completed.

Investment Thesis for West Red Lake Gold Mines

West Red Lake Gold Mines presents a compelling investment case based on its flagship Madsen Gold Mine and highly prospective Red Lake land package.

• World-Class Jurisdiction: Red Lake is a world-renowned gold mining camp with over 30 million ounces of past production from high-grade deposits. It is one of the most productive and highest-grade gold districts globally.
• Permitted Mine Restart: Madsen is a previously producing mine with existing permits, infrastructure and 2.5 million ounces of historic production at 9.9 g/t gold. This significantly reduces permitting, development and startup risks compared to a greenfield project.
• Exploration Upside: In addition to the mining opportunity at Madsen, West Red Lake Gold holds a dominant 47 km2 land position in the heart of the Red Lake district. The company's highly prospective properties offer substantial exploration upside in this prolific high-grade gold environment.
• Strong Financial Position: The US$35 million Nebari credit facility puts West Red Lake Gold in a strong financial position to execute the Madsen restart. With US$15 million already drawn and up to US$20 million remaining, the company is well funded to bring the mine back into production in 2025.
• Proven Management Team: West Red Lake Gold has an experienced management team with a proven track record in mine development, operations and capital markets.

The US$35 million credit facility from Nebari is a major milestone for West Red Lake Gold Mines that significantly de-risks the Madsen restart. With an initial US$15 million drawn and up to US$20 million remaining, the company now has the financial resources to complete the remaining capital upgrades and bring the historic high-grade mine back into production in 2025.

In the coming months, West Red Lake Gold will be focused on ramping up development activities at Madsen, including test mining, mill recommissioning and an overall increase in daily development rates. This will set the stage for the targeted restart next year.

Importantly, the credit facility provides access to non-dilutive capital on favorable terms, allowing West Red Lake Gold to maintain solid operational flexibility. It is a strong endorsement of both the Madsen project and the company's management team.

Looking ahead, West Red Lake Gold is entering an exciting period as it transitions back into a gold producer in the prolific Red Lake mining district. With a permitted mine, 2.5 million ounces of historic high-grade production and a dominant land position in one of the world's best gold camps, the company has a unique opportunity to create significant shareholder value. The Nebari credit facility is an important catalyst that will help unlock this potential in 2025 and beyond.