West Red Lake Gold's Systematic Approach for H2 2025 Production

• West Red Lake Gold Mines has completed 22 months of systematic development at the Madsen Mine in Ontario, Canada, with production anticipated to begin in the second half of 2025.
• The company has exceeded its drilling targets, completing 88,191 meters of underground drilling through Q1 2025, with approximately 90% focused on definition drilling to increase resource confidence.
• Key infrastructure projects have been completed on schedule, including a 1,448-meter Connection Drift, a 4-meter tailings dam lift, and installation of a permanent primary crusher.
• The company successfully processed a bulk sample through the Madsen mill, confirming the viability of mining methods and resource estimates, with full reconciliation results expected by May 2025.
• The January 2025 Pre-Feasibility Study projects strong economics, including approximately $70 million in average annual free cash flow over six full production years.

West Red Lake Gold Mines Ltd. (TSXV:WRLG) is a mineral exploration company focused on advancing and developing its flagship Madsen Gold Mine and associated 47 km² land package in the Red Lake district of Ontario. The company operates in the highly productive Red Lake Gold District, which has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. In addition to the Madsen Mine, West Red Lake Gold holds the wholly owned Rowan Property in Red Lake, which covers 31 km² and includes three past-producing gold mines—Rowan, Mount Jamie, and Red Summit.

With the Madsen Mine on track to begin operations in the second half of 2025, West Red Lake Gold presents investors with exposure to a near-term gold producer in a tier-one mining jurisdiction that has systematically delivered on its stated development goals.

Systematic Development Approach Yields Results

Since acquiring the Madsen Mine in June 2023, West Red Lake Gold has implemented a methodical development plan to bring the mine back into production. The company published its initial plans in October 2023 and added further detail in June 2024 with a list of specific projects designed to advance Madsen to production in 2025.

Shane Williams, President and CEO of West Red Lake Gold, reflected on the company's progress, stating:

"It is time to reflect on how West Red Lake has delivered on its goals. We bought a complicated asset, assessed needs, and got to work. We stated specific goals and we have delivered on those goals. Our plan has always been to restart Madsen as a sustainable mine and, with anticipated production just months away, we are on track to deliver this project from purchase to production in only two years."

The company's ability to meet or exceed nearly all of its stated operational goals demonstrates management's capability to execute on plan and suggests potential for successful mine operations once production begins.

Drilling Program Exceeds Targets

One of the most significant achievements has been the drilling program. The company initially set a goal of completing 39,000 meters of underground drilling by the end of 2024 but has substantially exceeded this target. From October 2023 through Q1 2025, West Red Lake Gold completed 88,191 meters of drilling from underground at Madsen.

Approximately 90% of the drilling has been definition drilling, which has increased confidence in the resource and identified very high-grade zones of gold mineralization. A notable example is the recent discovery of 114.26 grams per tonne gold over 10.6 meters in the South Austin zone, representing a high-grade panel between 400 and 500 meters vertical depth that has seen limited historic development.

The remaining 10% of drilling has focused on resource expansion, with promising initial results including 27.15 g/t Au over 10.28m and 22.31 g/t Au over 8.5m at the North Austin zone. Additional drilling is planned for 2025 to continue extending this zone.

Infrastructure Development Milestones

West Red Lake Gold set numerous infrastructure development goals, which have been systematically achieved on or near schedule:

Underground Development

The company completed a 1,448-meter Connection Drift connecting the East and West Portals. This underground highway is described as essential for efficiently moving material throughout the mine and represents the largest capital project supporting the mine restart.

West Red Lake Gold completed 3,065 meters of underground development at Madsen in 2024, slightly short of its 3,200-meter goal. The company has already added another 1,178 meters of development in 2025, positioning key mining areas for production.

Tailings Management

A 4-meter tailings dam lift was completed on October 2024 to ensure adequate capacity for tailings management. This major earthworks project was completed on schedule and under budget.

Processing Equipment

A permanent primary crusher with a nominal capacity of 145 tons per hour is now operating at the Madsen Mine. The Terex brand crusher was delivered on November 2024 and commissioned within two weeks.

Mine Dewatering Progress

Dewatering has progressed to nearly level 17, achieving 70 vertical meters of dewatering since operations began in fall 2023. This marks the first time since 1972 that level 17 of the Madsen Mine has been dry. Two evaporator fans capable of managing 2,000 cubic meters of water daily were installed and commissioned in summer 2024 to increase overall water management capacity.

Economic Assessment & Project Timeline

The Pre-Feasibility Study (PFS) for the Madsen Mine restart was published on January 2025, slightly later than the original November 2024 target to allow for further mine design optimization. The PFS validated the economic rationale for restarting the mine, projecting almost $70 million in average annual free cash flow over six full production years.

The company has described the PFS as the base case for the mine restart, noting its conservative nature. Particularly, reserves were determined at a gold price of US$1,680 per ounce, suggesting potential upside if gold prices remain at current levels.

With the current development trajectory, West Red Lake Gold is on track to start operating the Madsen Mine in the second half of 2025, consistent with the timeline set when the company acquired the asset.

Test Mining & Bulk Sample Validation

West Red Lake Gold initiated a test mining program to assess longhole stope and cut-and-fill mining methods, an essential step in derisking the return to mining. The six-month program has successfully produced a bulk sample and provided valuable knowledge for safe and effective mining operations.

Importantly, the test mining program proved the mineability of ore directly adjacent to historic stopes, demonstrating that these areas can be safely mined without excessive dilution. The bulk sample program comprising six stopes totaling at least 15,000 tonnes is nearing completion, with three stopes already processed through the Madsen mill. The company expects to release reconciliation results by May 2025, which will compare expected versus actual tonnes and grade.

Rowan Property Progress

While the Madsen Mine has been the primary focus, West Red Lake Gold has also advanced its Rowan Property. An updated Mineral Resource Estimate (MRE) for Rowan was published in March 2024. The company is now completing an internal scoping study to evaluate the potential for a direct shipping ore scenario at Rowan.

Investment Considerations

West Red Lake Gold Mines Ltd. has demonstrated consistent execution on its development plans for the Madsen Mine, positioning the project for production in the second half of 2025. As CEO Shane Williams notes:

"Restarting the Madsen mine as a sustainable, efficient operation required a multitude of projects. We delivered every named project on or close to schedule, while also completing a host of other requirements from staffing the mine to securing funding. Collectively, these efforts have Madsen on track to start operating in H2 2025, which is on the schedule we stated since the start."

For investors considering West Red Lake Gold, the company offers exposure to a near-term gold producer in the established Red Lake mining district of Ontario. The systematic approach to development, successful execution of stated goals, and strong Pre-Feasibility Study economics suggest potential for the company to deliver shareholder value as it transitions from developer to producer.

The conservative nature of the PFS, particularly regarding gold price assumptions, may provide additional upside potential in the current gold price environment. With major development milestones achieved and production on the horizon, West Red Lake Gold represents an opportunity for investors seeking exposure to a gold producer approaching first production in a tier-one jurisdiction.