News release
West Red Lake Gold Announces Integrated PFS Delivering C$764 Million Post-Tax NPV and Annual Gold Production of 100,000 Ounces Once Rowan Enters Production
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VANCOUVER, British Columbia, Nov. 04, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to announce the results of an integrated Red Lake pre-feasibility study (the “Integrated PFS”), prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101”), for the Company’s 100% owned Madsen Mine (the “Madsen Mine” or “Madsen”) and Rowan Project (“Rowan”) in the Red Lake Gold District of northwestern Ontario, Canada. The Company will host a webcast today at 8:00 am PT (Vancouver time) to discuss the results. Registration details are provided at the end of this release.
The Integrated PFS combines the operating Madsen Mine with the high-grade Rowan satellite deposit in a single production plan (collectively, the “Operation”) centered on the existing Madsen mill and facilities. The Operation outlines a 10-year mine life producing approximately 884 thousand ounces (“Koz”) of recovered gold over the life-of-mine (“LOM”), with an average annual production of 88 Koz. The Operation produces an average of 108 Koz of gold annually over a six-year period between 2029 and 2034, with peak annual gold production at 119 Koz. Rowan is planned to commence production in 2029, increasing high-grade mill feed and supporting a higher production profile while leveraging existing infrastructure at Madsen.
The Integrated PFS incorporates operating performance at Madsen, updated technical and cost assumptions, and the 2026 Rowan Mineral Resource Estimate. Rowan is planned as a high-grade underground satellite mine, with ore material transported approximately 80 kilometers by road for processing at the Madsen mill.
All dollar amounts in this news release are in Canadian dollars unless otherwise indicated. The effective date of the Integrated PFS is September 1, 2026. A technical report in compliance with NI 43-101 supporting the Integrated PFS will be filed on SEDAR+ and on the Company’s website at www.westredlakegold.com within 45 days of this news release.
The Integrated PFS was prepared by independent consultants, SLR Consulting (Canada) Inc. (“SLR”), consulting with input from Fuse Advisors Inc. (a subsidiary of SLR) (“Fuse”), Knight Piesold and Nordmin Engineering Ltd.
Integrated PFS Highlights
- Significant value at base case and spot gold prices: At a long-term gold price of USD $3,568 per ounce, the Integrated PFS generates an after-tax Net Present Value (“NPV”) of $764 million (“M”), and cumulative after-tax free cash flow of over $1 billion (“B”). At a 10% higher gold price of US$4,161 per ounce (10% above the LOM average gold price of US$3,782 per ounce), the after-tax NPV increases 31% to $1.0 B, highlighting the significant leverage to higher gold prices.
- Strong gold production profile: Average annual gold production of 88 Koz over a 10-year mine life, including average annual production of 108 Koz from 2029 through 2034 and peak annual production of 119 Koz. The LOM plan outlines approximately 884 Koz of total recovered gold production, supported by combined Mineral Reserves of 4.41 million tonnes grading 6.8 grams per tonne (“g/t”) gold (“Au”), representing an 85% increase in contained reserve ounces compared to the 2025 PFS.
- Competitive operating costs: LOM average cash costs of US$1,795 per ounce and all-in sustaining costs (“AISC”) of US$2,457 per ounce, supported by a combined average diluted head grade of 6.8 g/t Au, including 6 g/t Au from Madsen and 9 g/t Au from Rowan.
- Integrated production platform: A combined mine plan built around the operating Madsen Mine and mill, with Rowan and Fork providing additional sources of high-grade, non-remnant feed and increasing production flexibility.
- Capital efficient growth: $200 million of growth capital to develop the Rowan project, expand the Madsen mill and tailings management facility, leveraging existing road, power and site infrastructure to support the integrated operation.
- Further growth opportunities: The Integrated PFS mine plan does not include resources from the Wedge, Russet or Mount Jamie deposits, or consideration from the past producing Starratt-Olsen mine which is still pre-resource stage. It also does not include the potential opportunity to extend both the Madsen and Rowan deposits at depth. These areas provide opportunities to extend mine life, increase production and improve operating flexibility through future drilling, engineering and permitting.
Shane Williams, President and CEO, commented, “This Integrated PFS showcases the current life of mine plan of West Red Lake Gold. By bringing Rowan into the Madsen mine plan, we are outlining a combined operation capable of producing in excess of 100 Koz of gold annually over a six-year period between 2029 and 2034 with peak gold production reaching nearly 120 Koz per year in that timeframe."
"The base case scenario incorporating a long-term gold price of US$3,568/oz demonstrates robust economics with an after-tax NPV of $764M, increasing to $1B at a gold price of US$4,161 per oz representing a 10% increase over the LOM average price of US$3,782. The study also outlines the potential to generate meaningful free cash flow with relatively modest growth capital."
“The integrated mine plan builds on the more cost-efficient long-hole mining methods already being implemented at Madsen, while taking advantage of our existing mill and infrastructure while supplying high-grade feed from the Rowan property. This is the advantage of having a fully permitted operating mine and mill at the centre of our growing high-grade resource base.”
“Importantly, this is a defined base case at a point in time. It does not capture the full opportunity across our Red Lake portfolio. Our priority is to execute this plan consistently while continuing to expand the mining inventory that can support further growth as we transition from a single-asset operation to a multi-asset producer in Red Lake.”
Table 1: Integrated Life-of-Mine Plan Summary
(expressed in thousands of Canadian dollars, unless otherwise stated)
| Mine Life | Yrs | 10 | |
| Total Ore Mined | million tonnes | 4.3 | |
| Steady State Processing Rate | Tpd | 1,350 | |
| Average Head Grade (Gold “Au”) | g/t | 6.8 | |
| Gold Recovery | % | 95% | |
| Average Annual Gold | ounces per year | 88 | |
| Total Payable Gold | Ounces | 884 | |
| Total Operating Cost | US$ per ounce | 1,740 | |
| Long Term Gold Price | US$ per ounce | 3,570 | |
| Gross Revenue | $ | 4,450 | |
| Net Revenue | $ | 4,420 | |
| Growth Capital | $ | 200,000 | |
| Sustaining Capital | $ | 773,000 | |
| Average AISC | US$ per ounce | 2,460 | |
| Cumulative Net Cash Flow (pre-tax) | $ | 1,370,000 | |
| Cumulative Net Cash Flow (post-tax) | $ | 1,040,000 | |
| NPV (post-tax) | $ | 764,000 | |
| Discounted Payback Period | Yrs | 2.2 |
Notes:
- Gold price and exchange rate assumptions: gold price of US$4,597/oz (2027), US$4,482/oz (2028), US$4,371/oz (2029) and US$3,568/oz long-term (2030 onward); exchange rate of US$0.727 (2027), US$0.733 (2028), US$0.737 (2029) and US$0.748 long-term (2030 onward) per C$1.00. LOM average gold price of US$3,782/oz and LOM average exchange rate of US$0.744 per C$1.00 (weighted by payable ounces).
- NPV calculated at a 5% discount rate, discounted to October 1, 2026, using a mid-year convention.
- Total Operating Cost includes site operating costs (underground mining, processing, site infrastructure, G&A and operating contingency) per payable ounce and excludes doré transport, refining and royalties.
- AISC includes site operating costs, doré transport and refining, royalties, sustaining capital and reclamation and closure costs.
- Sustaining Capital excludes reclamation and closure costs (C$42.3M) and working capital.
- Post-tax IRR is not presented as it is not meaningful; the Operation generates positive cash flow in the first year of the mine plan.
- Totals may not sum due to rounding.
Figure 1: Annual Production Profile
Notes:
- Production represents recovered gold by calendar year under the life-of-mine plan. Recovered production reflects gold recovered through processing and is shown before application of the 99.9% doré payability factor used to calculate payable gold.
- Gold grade is the annual tonnage-weighted average mill-feed head grade from Madsen and Rowan, expressed in grams per tonne (g/t).
- Totals may not sum due to rounding.
Integrated Mine Plan and Production Schedule
The Integrated PFS combines production from the Madsen Mine and Rowan Project, leveraging existing processing infrastructure at Madsen to support increased production and operational efficiencies.
Madsen Mine: Madsen provides the foundation of the integrated mine plan, with continued underground development focused on expanding mining fronts and accessing higher-grade, non-remnant areas. The plan incorporates long-hole stoping, shaft refurbishment and material-handling improvements to support consistent production and increased mining capacity.
Rowan Project: Rowan is expected to commence development in 2028, with first gold production anticipated in 2029. The project will utilize long-hole mining methods, targeting a steady-state mining rate of approximately 500 tonnes per day (“tpd”) over 6 years. Ore will be transported by road to Madsen for processing, minimizing additional infrastructure requirements.
Integrated Processing: The Madsen mill will process ore from both operations, with throughput increasing as Rowan enters production. The plan contemplates steady-state throughput of 1,350 tpd, supported by targeted upgrades to the grinding, gravity, thickening, leach and CIP circuits and the necessary permitting amendments. Blending of ore from both deposits will be managed to optimize mill performance and metallurgical recoveries.
Figure 2: Post Tax Discounted Cashflow
Notes:
- Post-tax discounted cash flow is stated in real Canadian dollars and discounted at 5% to October 1, 2026, using a mid-year convention.
- Taxes reflect Ontario mining tax at 8.5%, Ontario corporate income tax at 10.0%, and federal income tax at 15.0%, including modeled deductions, tax pools and loss carrybacks.
- Cash cost (CC) comprises site operating costs plus transport, refining and royalties. All-in sustaining cost (AISC) comprises cash cost plus sustaining capital and closure/reclamation capital. The model is in real Canadian dollars; selected per-ounce presentation metrics may be converted to US dollars at the base-case exchange rate.
- Totals may differ due to rounding.
Mining Methods
The Integrated PFS plans two ramp-access underground mines, Madsen and Rowan, using mechanized trackless equipment. Together they target sustained production of approximately 1,350 tpd. Combined Probable Mineral Reserves total 4.41 million tonnes (“Mt”) grading 6.79 g/t Au, for 962,000 ounces of contained gold, based on a gold price of US$2,500/oz.
Madsen Mine
Madsen declared commercial production during the first quarter of 2026 and is ramping up to 800 tpd by year-end 2026. The PFS mine plan raises Madsen output to as much as 1,200 tpd in some years. The plan is based on Probable Mineral Reserves of 3.40 Mt grading 6.06 g/t Au (662,000 oz).
Longitudinal retreat longhole stoping accounts for about 97% of Madsen reserve tonnes:
- Stopes are 10 metres (“m”) along strike on nominal 17 m sublevels.
- The minimum undiluted mining width is 1.7 m.
- Wall dilution is 0.3 to 0.6 m, increasing with depth, plus 10% unplanned dilution.
- Mining recovery is 94%.
About 13% of planned tonnes are remnant in mineralization next to historic workings from the 1930s to the 1970s. Before adjacent stopes are mined, the historic stopes will be probed and drained and any open voids backfilled.
Ore is currently trucked to surface by ramp. The Madsen #2 Shaft is being reconditioned to allow hoisting from 10 Level starting in 2028, with subsequent refurbishment planned to extend to the 17 Level. The shaft is ultimately designed to reach 24 Level providing potential access to deeper horizons within the 8 Zone and lower Madsen.
The high-grade 8 Zone (11.5 g/t Au reserve grade) is expected to have challenging ground conditions. It will be mined by mechanized drift-and-fill, using 3 m × 3 m drifts, 2.4 m rounds, in-cycle shotcrete and cemented rockfill.
Madsen Mineral Resource Estimate
The mineral resource statement for the Madsen Mine deposits is provided in Table 2, with an effective date of January 1, 2026. The mineral resources have been adjusted to reflect the removal of all historical and recent production to the end of December 2025. The mineral resources are inclusive of mineral reserves and have been classified according to CIM Best Practice Guidelines (November 2019). Reasonable prospects of eventual economic extraction (“RPEEE”) were evaluated for final reporting of the Madsen mineral resource based on undiluted tonnes at a gold price of US$3,200/oz, a cutoff grade of 3.60 g/t gold for cut and fill and 2.00 g/t gold for long hole, and a density of 2.94 t/m3. Minimum stope width was assumed at 3 m for cut-and-fill and 1.7 m for long hole.
Since the effective date of the mineral resource, a total of 65,000 meters of definition drilling has been completed at Madsen. Based on review of the results of this drilling it has been determined by John Sims, Qualified Person for the Madsen Mineral Resource Estimate, that the information obtained will not have a material impact on the mineral resource estimate presented in the Integrated PFS.
The Russet and Wedge satellite deposits are included in the Madsen mineral resource statement but were not included in the Integrated PFS design.
Table 2: Mineral Resource Statement, Madsen Mine, Red Lake, Ontario, effective date January 1, 2026
| Classification | Deposit – Zone | Tonnes | Gold Grade (g/t) | Gold Troy Ounces |
| Indicated | Madsen-Austin | 4,060,994 | 5.3 | 697,120 |
| Madsen-South Austin | 1,948,819 | 6.5 | 406,414 | |
| Madsen-North Austin | 134,434 | 4.7 | 20,253 | |
| Madsen– McVeigh | 808,661 | 4.8 | 124,135 | |
| Madsen – 8 Zone | 108,627 | 16.4 | 57,087 | |
| Fork | 315,370 | 5.9 | 59,467 | |
| Russet | 88,700 | 6.9 | 19,700 | |
| Wedge | 313,700 | 5.6 | 56,100 | |
Total Indicated | 7,779,305 | 5.8 | 1,440,276 | |
Inferred | Madsen-Austin | 127,000 | 6.4 | 26,065 |
| Madsen-South Austin | 103,975 | 7.1 | 23,591 | |
| Madsen-McVeigh | 8,773 | 3.9 | 1,099 | |
| Madsen-8 Zone | 3,722 | 12.7 | 1,518 | |
| Fork | 170,949 | 4.7 | 26,029 | |
| Russet | 367,800 | 5.8 | 68,800 | |
| Wedge | 431,100 | 5.7 | 78,700 | |
Total Inferred | 1,213,319 | 5.8 | 225,802 |
Notes:
- CIM (2019) definitions were followed for Mineral Resources.
- Mineral Resources for cut-and-fill were estimated at a cutoff grade of 3.60 g/t Au and US$3,200/oz gold.
- Mineral Resources for long hole were estimated at a cutoff grade of 2.00 g/t Au and US$3,200/oz gold.
- Density used for the estimation on all domains was set at 2.94 t/m3.
- Madsen mineral resources are reported as inclusive of mineral reserves.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological data is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling.
- Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
- The effective date of the Madsen MRE is January 1, 2026.
- Russet and Wedge deposits have not been incorporated into the Integrated PFS mine design.
Madsen Mineral Reserve Estimate
The mineral reserve statement for the Madsen and Rowan Mine deposits is provided in Table 3, with an effective date of September 1, 2026. The mineral reserves have been adjusted to reflect the removal of all historical and recent production to the end of December 2025. The mineral reserves have been estimated according to CIM Best Practice Guidelines (November 2019) and reported as diluted tonnes delivered to the mill.
Madsen Mine access is via two existing ramps systems with the Madsen #2 Shaft currently being reconditioned down to 17 level. Two underground mining methods are planned with 97% being extracted by longitudinal retreat longhole stoping mining methods and the remainder by mechanized cut-and-fill (“MCF”) mining methods. 13% of the planned ore tonnes are being mined adjacent to historical workings which require probing, drainage and backfill prior to remnant mining.
Cut-off grades applied in this mineral reserve estimate vary depending on the mining method applied and whether the stope is adjacent to a historical stope. The cut-offs applied are as follows:
- Mechanized Cut and FIll: 4.6 gpt Au
- Longhole (breakeven): 3.9 gpt Au
- Longhole (Incremental): 2.4 gpt Au
- Remnant Longhole (breakeven): 6.5 gpt Au
- Remnant Longhole (incremental): 5.0 gpt Au
- Development (must take): 1.5 gpt.
Grant Carlson, P.Eng. (BC), Director of Technical Services at Fuse, has overseen the development of the mineral reserve estimate and the LOM plan in his role as an Independent Qualified Person for the Madsen Mineral Reserve Estimate.
Table 3: Mineral Reserve Statement, Madsen Mine and Rowan Mine Project, Red Lake, Ontario, effective date September 1, 2026
| Classification | Deposit – Zone | Tonnes (kt) | Gold Grade (g/t) | Contained Metal (Koz Au) |
| Probable | Madsen-Austin | 1,720 | 5.77 | 319 |
| Madsen-South Austin | 1,113 | 6.31 | 226 | |
| Madsen-North Austin | 18 | 6.33 | 4 | |
| Madsen-McVeigh | 186 | 5.94 | 36 | |
| Madsen-Fork | 258 | 4.85 | 40 | |
| Madsen-8 Zone | 102 | 11.50 | 38 | |
| Total | Madsen | 3,398 | 6.06 | 662 |
| Probable | Rowan | 1,011 | 9.23 | 300 |
| Total | Madsen + Rowan | 4,408 | 6.79 | 962 |
Notes:
- Mineral Reserves estimated in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, CIM, November 29, 2019.
- Madsen deposit assumes the following cut-off grade based on estimated operating costs (CAD) of $400/t total longhole operating cost composed of $230/t mining, $50/t mill fixed, $15/t mill variable, $85/t G&A, and $20/t premium. Cut and fill operating cost is estimated at $465/t assuming $315/t mining cost and no premium. Estimates are based on 2026 Madsen Budget adjusted for full production. Additional $267/t remnant mining cost is assigned to all remnant material that requires backfill of historic void and account for the cost of additional development and CRF.
- 6.5 gpt Au Remnant Longhole Breakeven;
- 5.0 gpt Au Remnant Longhole Incremental;
- 4.6 gpt Au Cut and Fill;
- 3.9 gpt Au Longhole Breakeven
- 2,4 gpt Au Longhole Incremental
- 1.5 gpt Au Development Must Take.
- Rowan Longhole stope cut-off grade of 3.0 g/t.
- Mineral reserve estimates based on a gold price of USD2,500/oz and an exchange rate of 1.35 CAD/USD.
- Grant Carlson, Director of Technical Service with Fuse, has overseen the development of the mineral reserve estimate and the Life of Mine plan in his role as Independent Qualified Person for the Madsen and Rowan Mineral Reserve Estimate.
- Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
Rowan Mine
Rowan is a road accessible, past producing, high-grade underground deposit located approximately 80 kilometres (“km”) from the Madsen mill. The Integrated PFS advances Rowan from the 2025 Preliminary Economic Assessment and incorporates the updated 2026 Mineral Resource Estimate, additional infill drilling, updated metallurgy, geotechnical work, engineering and site-specific development as well as updated capital and operating cost assumptions. Capital costs have been estimated from 1st principals at a PFS level and operating costs have used actual operating costs from Madsen underground operation. Ore extracted from Rowan will be transported to Madsen via truck and processed at the Madsen mine.
Rowan Mining Methods
Rowan will be developed as a new mechanized underground mine using longitudinal longhole open stoping:
- Stope design: 20 m sublevels, stopes 20 m along strike, and a minimum undiluted mining width of 2.2 m.
- Optimization: stope shapes were optimized at a 3.0 g/t Au cut-off, with Inferred material treated as waste.
- Dilution and recovery: the reserve applies 15% dilution to stopes and 10% to lateral development, with 97% mining recovery based on actual performance at Madsen.
- Backfill: completed stopes are filled with cemented rockfill or development waste, as the extraction sequence requires.
Access is by a 5 m x 5 m main ramp, with narrower 3.0 m x 3.5 m ore drives. Load-haul-dump units carry ore to loadout bays on the main ramp, and 45-tonne haul trucks take it to surface. Twin-boom jumbos will drive the capital development and single-boom jumbos will advance the ore drives.
Rowan’s Probable Mineral Reserves are 1.01 Mt grading 9.23 g/t Au (300,000 oz). They are scheduled from 2029 to 2034 at about 500 tpd:
- After a first-year ramp-up of about 89,000 tonnes in 2029, production holds near 185,000 tonnes per year from 2030 to 2034.
- Annual head grade ranges from 8.3 to 10.9 g/t Au.
- About 84% of ore comes from stoping and 16% from development.
- LOM development totals 7,721 m of capital lateral, 10,587 m of operating lateral and 994 m of raises. It is front-loaded, with 3,272 m of capital lateral development in 2027.
Rowan Infrastructure
The Rowan mine site will be supported by surface infrastructure suited to a remote underground operation. A 100-person modular camp will house personnel. A modular site office with dry facilities, a sprung mobile maintenance facility and sprung warehouse will support daily operations. Onsite power will come from four 750 kw diesel generator, with 100,000 gallons of fuel storage on site. Mine ventilation will be provided by two exhaust raises with surface fan installations - one primary 200 hp ventilation fan and a 70 hp secondary fan. Intake air will be heated by six 2 MW propane, direct fire air heaters installed inside the portal, fed from propane storage tanks located outside it. Potable water will be supplied from onsite wells, and a dedicated fire water tank will provide fire protection.
No crushing or other ore preparation will take place at the Rowan site. All run-of-mine ore will be hauled from the mine, placed in a temporary stockpile outside the portal and loaded onto highway trucks for haulage to the Madsen Mill.
All waste materials, including hazardous waste and sewage, will be stored on site until they are shipped to authorized disposal facilities near Red Lake.
Two embankments off the south side of the portal pad will contain mine and contact water. A water treatment plant will treat that water before it is pumped through a pipeline to the discharge point in the Golden Arm of Red Lake.
Rowan Ore Haulage
Run-of-mine ore from the Rowan mine will be place in a temporary stockpile outside the portal where it will be loaded into highway trucks for haulage to the Madsen Mill for processing. The haulage will follow existing resource and public roads 80 km from the Rowan mine site to processing facility. It is contemplated that 40-tonne capacity trucks will be employed with an approximate 3-hour cycle time between the mine and mill, requiring an operating fleet of 4 trucks completing 13 loads of ore per day.
Rowan and Mount Jamie Mineral Resources
The mineral resource statement for the Rowan and Mount Jamie deposits is provided in Table 4, with an effective date of June 1, 2026. The mineral resources have been classified in accordance with CIM Definition Standards and were evaluated for RPEEE. Mineral resources are reported at a cutoff grade of 2.00 g/t gold for Rowan and 3.80 g/t gold for Mount Jamie, using an assumed gold price of US$3,200 per ounce.
The mineral resource estimates were developed using 22 mineralized domain wireframes for Rowan and five for Mount Jamie, incorporating drill hole assay data within the context of lithological and structural controls. Contacts between mineralized veins and favourable host lithologies were the primary controls used to define the mineralized domains. A minimum modelling width of two metres was applied to both deposits to account for dilution in narrower mineralized zones. Gold grades were estimated using an inverse distance cubed (ID³) interpolation method, with variable orientation applied to align estimation parameters with the geometry of the mineralized domains.
The Rowan mineral resource forms the resource basis for the Rowan component of the Integrated PFS. Mount Jamie has not been incorporated into the Integrated PFS mine design or economic analysis. Located approximately two kilometres west of Rowan, Mount Jamie represents an additional mineral resource with potential to support future development opportunities within the Company's broader Red Lake portfolio.
Table 4: Summary of the Rowan and Mount Jamie 2026 Mineral Resources, effective date June 1, 2026
| Mineral Resource Statement – Rowan Deposit | |||
| Classification | Tonnes (t) | Gold Grade (g/t) | Gold Troy Ounces (oz Au) |
| Indicated | 798,989 | 13.04 | 335,058 |
| Inferred | 363,602 | 15.31 | 179,029 |
| Mineral Resource Statement – Mount Jamie Deposit | |||
| Classification | Tonnes (t) | Gold Grade (g/t) | Gold Troy Ounces (oz Au) |
| Indicated | 110,385 | 14.02 | 49,740 |
| Inferred | 94,394 | 12.10 | 36,727 |
Notes:
- CIM (2019) definitions were followed for Mineral Resources.
- Mineral Resources for Rowan were estimated at a cutoff grade of 2.00 g/t Au and a gold price of USD $3,200 per ounce.
- Mineral Resources for Mount Jamie were estimated at a cutoff grade of 3.80 g/t Au and a gold price of USD $3,200 per ounce.
- Density used for the estimation on all domains was set at 2.8 g/cm3.
- Mineral resources reported for Rowan are inclusive of mineral reserves.
- There are no mineral reserves currently estimated for Mount Jamie.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological data is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling.
- The effective date of the Rowan and Mount Jamie MRE is June 1, 2026.
- Mount Jamie has not been incorporated into the Integrated PFS mine design.
Rowan Reserves
Rowan’s Probable Mineral Reserves are estimated at 1.01 Mt grading 9.23 g/t Au, containing 300,000 oz of gold, as summarized in the table below. The reserve is based on a mine plan whereby the Rowan deposit is developed as a new mechanized underground mine where run-of-mine ore is hauled to the Madsen mill for processing – rather than constructing an onsite Rowan mill. The mine plan employs longitudinal longhole open stoping on 20 m sublevels, with a minimum undiluted mining width of 2.2 m. Stope shapes were optimized at a 3.0 g/t Au cut-off grade, with Inferred material treated as waste. The cut-off reflects the combined costs of underground mining, highway haulage of ore to the Madsen Mill, and processing at that existing and operating facility. The reserve includes 15% dilution for stopes and 10% for lateral development, and a 97% mining recovery based on actual performance at Madsen. Mining is scheduled from 2029 to 2034 at about 500 tpd.
Grant Carlson, P.Eng.(BC), Director of Technical Services at Fuse, has overseen the development of the mineral reserve estimate and the Life of Mine plan in his role as Independent Qualified Person for the Rowan Mineral Reserve Estimate.
Table 5: Summary of the Rowan a 2026 Mineral Reserves, effective date September 1, 2026
| Deposit | Classification | Tonnes (kt) | Au grade (g/t) | Cut-off (g/t) | Recovery | Au Contained (Koz) | |
| Rowan | Proven | Not reported | Not reported | Not reported | Not reported | Not reported | |
| Rowan | Probable | 1,011 | 9.23 | 3.00 | 97 | % | 300 |
| Rowan | Total Proven and Probable | 1,011 | 9.23 | 3.00 | 97 | % | 300 |
Notes:
- All figures are rounded to reflect the relative accuracy of the estimates.
- Totals may not sum due to rounding.
- Mineral reserves are reported using a cutoff grade (“COG”) of 3 g/t Au.
- Mineral reserves have been stated on the basis of a mine design and mine plan.
- Mining recovery of designed areas is 97%.
- Mining dilution is applied at zero grade and ranges from 10% to 20%.
Mineral Processing and Metallurgical Testing
Metallurgical testwork supporting the Integrated PFS was completed by Base Metallurgical Laboratories Ltd. (“Base Met”) in Kamloops, British Columbia, on behalf of the Company through Fuse. Recovery assumptions in the Integrated PFS were based on this testwork in conjunction with Madsen plant operating data from January to July 2026.
Working with the Company site and corporate geology teams, Fuse selected representative samples from both Rowan and Madsen deposits and conducted comminution testing, gravity and cyanidation testing, dewatering and cyanide destruction testing.
The Madsen plant achieved consistently high recoveries when feed grade is over 3 g/t, with shift recoveries ranging from 93% to 98%, increasing as a function of feed grade. The operating data shows no impact of throughput (up to 900 tpd) or grind size (from 45 um to 80um) on recovery. A comminution study by Orway Mineral Consultants Ltd. (“Orway”) indicates that the existing SAG and ball mills can achieve a grind of 80% passing (“P80”) 106 µm at 1,350 tpd without additional grinding power when fed a blend of Rowan and Madsen ore.
The Madsen plant has never operated at a grind size of 106 µm, so recovery at 106 µm cannot be determined from plant data, instead testwork is used to estimate a recovery loss from grinding coarser at the higher throughput. Testwork on Madsen ore suggests that coarsening the grind from 75 µm to 106 µm results in a recovery loss of ~3%. Testwork on Rowan material consistently achieved high recoveries of 98% to over 99% at all grind sizes, with fast leach kinetics and residue grades of 0.03 to 0.14 g/t Au. Testwork on a 2:1 blend of Madsen ore and Rowan material achieved recoveries comparable to the weighted recovery of each individually, suggesting there is no synergy effect, either positive or negative, from blending.
Gold recovery is estimated at 97% for Rowan ore. Madsen recovery is grade-dependent and capped at 97% at the 75 µm grind and 94% at the 106 µm grind. Overall plant recovery is estimated to average 94.7% over the LOM.
Recovery Methods
Ore from the Rowan Mine will be trucked to the Madsen site and processed at the Madsen mill. From 2029 to 2034, Rowan ore will be blended with Madsen ore ahead of the primary crusher at a ratio of approximately 1:2, and the mill will operate at an expanded nominal throughput of 1,350 tpd. In 2027–2028 and 2035–2036, the mill will process Madsen ore only.
The process flowsheet remains consistent with the existing Madsen plant, with some changes to allow for the expanded nominal throughput. Rowan and Madsen ore will be fed to the existing primary crusher, then fed to a secondary cone crusher installed in September 2026, followed by grinding using the existing semi-autogenous grinding (“SAG”) mill and ball mill. The target grind is 80% passing 75 µm during current throughput Madsen-only years and is coarsened to 80% passing 106 µm at the expanded throughput. Gravity concentration will recover gold from the ball mill discharge, with the gravity concentrate treated in an intensive leach reactor. Cyclone overflow will be thickened to 50% solids in pre-leach thickeners, pre-oxidized with oxygen for two hours, and then leached for 24 hours. Gold in solution will then be recovered by carbon-in-pulp (“CIP”) adsorption with a residence time of five hours, followed by elution, electrowinning, and refining to produce gold doré on site. After cyanide destruction, tailings will be pumped to the tailings management facility.
To accommodate the expanded throughput, the plant will add a third gravity concentrator and screen, a second pre-leach thickener and associated trash screen, a second pre-aeration tank, two leach tanks (seven total), four CIP tanks (ten total), a third cyanide destruction tank, and a third oxygen generator, along with supporting pump and piping upgrades. The existing crushing circuit, including a secondary crusher installed in September 2026, along with the grinding mills, intensive leach, carbon processing, and refining circuits, have sufficient capacity and will not be modified. The secondary crusher has been treated as a sunk cost and is excluded from the capital estimate.
Travis O’Farrell, P.Eng.(BC), Director of Metallurgy and Tailings at Fuse has overseen the metallurgical testing and the required plant modifications and is an Independent Qualified Person for the Mineral Processing and Metallurgical Testing and Recovery methods.
Tailings and Mine Rock - Madsen
Tailings generated from the mining of the Madsen and Rowan deposits will be managed in a Tailings Management Facility (“TMF”) located at Madsen Mine. An expansion to the existing TMF is proposed to manage a total of 4.1 Mt of tailings, while also providing capacity for operating ponds, surplus contact water storage, and flood water management. Mine rock from underground development will be primarily managed in the existing Mine Rock Management Facility (“MRMF”), with a smaller component used in the underground mine as a backfill or used for construction activities during operations. Mine Rock will also be used at closure to cover the TMF with material being sourced from the MRMF.
Initial, Operating and Sustaining Capital
Initial capital needs are relatively evenly spread across five requirements: underground development to access mining areas, surface infrastructure, mining equipment procurement, TMF and Madsen plant expansion. Capital spend estimates include a 30% contingency.
Surface infrastructure needs include a polishing pond and water treatment plant, a waste rock facility, a mine dry facility, a small camp, a maintenance shop, and electrical infrastructure. Operating costs were informed using the actual at Madsen and include a 10% contingency.
A trucking cost of $30.1 million has been included for the transportation of material from Rowan to Madsen. Trucking costs of $0.21 per tonne per kilometre was calculated based on calculated operating hours, highway truck operating costs and fuel consumption. The total ore haulage cost also includes road maintenance and a front-end loader to load truck at the Rowan mine site.
Table 6: Capex Summary (C$M)
| Description | Growth Capex | Sustaining Capex | Closure Capex | Total Capex | ||||
| Madsen Mine | $0.0 | $559.6 | $559.6 | |||||
| Rowan Mine | $39.8 | $74.3 | $114.0 | |||||
| Mineral Processing | $20.6 | $0.0 | $20.6 | |||||
| Tailings Management Facility | $17.1 | $0.0 | $17.1 | |||||
| On-Site Infrastructure | $41.7 | $0.0 | $41.7 | |||||
| Off-Site Infrastructure | $1.7 | $0.0 | $1.7 | |||||
| Total Direct Cost | $121.0 | $633.9 | $754.8 | |||||
| Indirect Costs | $29.3 | $37.4 | $66.7 | |||||
| Owner Costs | $10.0 | $0.0 | $10.0 | |||||
| Provisions | $40.1 | $101.7 | $141.9 | |||||
| Total Indirect Cost | $79.4 | $139.1 | $218.5 | |||||
| Total | $200.4 | $773.0 | $42 | $1,015 | ||||
Notes:
- Capital costs are stated in real Q4 2026 Canadian dollars unless otherwise noted. Initial/expansion capital comprises development and infrastructure required to deliver the planned expansion; sustaining capital maintains planned operations and asset capacity; closure/reclamation capital covers final site closure and rehabilitation obligations
- Estimated closure costs total C$42 million, comprising C$30 million for the Madsen Mine and C$12 million for the Rowan Project.
Table 7: Capital and Operating Cost summary
| Growth Capex | ($M) | $200.4 | |
| Sustaining Capex | ($M) | $773.0 | |
| Reclamation & Closure Capex | ($M) | $42 | |
| Total Capex | ($M) | $985.7 | |
| Underground Mining | (C$/t mined) | $286.1 | |
| Processing | (C$/t milled) | $62.2 | |
| Site Infrastructure | (C$/t milled) | $13.2 | |
| G&A | (C$/t milled) | $78.5 | |
| Operating Contingency | (C$/t milled) | $44.0 | |
| Total Site Operating Cost | (C$/t milled) | $484.0 | |
| LOM Cash Cost | (US$/oz) | $1,795 | |
| LOM All-in Sustaining Cost | (US$/oz) | $2,457 | |
Notes:
- Total Capex excludes working capital (C$10.0M). LOM Cash Cost includes site operating costs, doré transport and refining, and royalties, per payable ounce. AISC includes LOM Cash Cost plus sustaining capital and reclamation and closure costs. Totals may not sum due to rounding.
- Costs are life-of-mine unless a specific year is identified.
- Total cash cost includes operating costs plus transport, refining and royalties. AISC comprises total cash costs plus sustaining and closure/reclamation capital.
- Estimated closure costs total C$42 million, comprising C$30 million for the Madsen Mine and C$12 million for the Rowan Project.
- The model is in real Canadian dollars; selected per-ounce presentation metrics may be converted to US dollars at the base-case exchange rate.
Permitting
The Rowan Project is being progressed through Advanced Exploration permitting. Exploration programs have strengthened the Company’s understanding of the deposit and informed the mine plan, while environmental baseline studies underway since 2023 will support the permitting process with final approvals expected to be received by 2029 ahead of mine development.
An important advantage of Rowan is that the infrastructure and permitting requirements associated with its relatively small Advanced Exploration footprint are expected to closely align with those required for future mining operations, providing a streamlined pathway toward development. Under the integrated mine plan, mineralized material from Rowan will be processed at the existing Madsen mill, with associated tailings managed at the Madsen Mine site.
Economic Sensitivities
The base case uses a gold price of US$3,568 per ounce and a Canadian dollar to U.S. dollar exchange rate of $0.74. Economic results are discounted to October 1, 2026. The following table presents after-tax NPV at a 5% discount rate and cumulative after-tax free cash flow across a range of gold prices.
The base case uses a long-term gold price of US$3,568 per ounce from 2030 onward (LOM average of US$3,782 per ounce, including near-term prices for 2027 to 2029) and a long-term exchange rate of US$0.748 per C$1.00 (LOM average of US$0.744). Economic results are discounted to October 1, 2026. The following table presents after-tax NPV at a 5% discount rate and cumulative after-tax free cash flow across a range of gold prices, with the gold price flexed by ±10% and ±20% in all years.
Table 8: After-Tax NPV At A 5% Discount Rate and Cumulative After-Tax Free Cash Flow Across a Range of Gold Prices
| Gold Price Case | LOM Average Gold Price (US$/oz) | Long-Term Gold Price (US$/oz) | After-Tax NPV 5% (C$M) | After-Tax Cumulative Free Cash Flow (C$M) | |
| -20 | % | 3,026 | 2,854 | 272 | 429 |
| -10 | % | 3,404 | 3,211 | 522 | 737 |
| Base Case | 3,782 | 3,568 | 764 | 1,042 | |
| +10 | % | 4,161 | 3,925 | 1,004 | 1,347 |
| +20 | % | 4,539 | 4,282 | 1,245 | 1,653 |
Notes: Gold price flexed by the percentage shown in all years of the mine plan, relative to the base case price deck. All other assumptions held constant.
Figure 3: After-Tax NPV (5%) Sensitivity to Key Inputs (C$M)
Notes: Sensitivities vary one input at a time while all other base-case assumptions are held constant; results are independent and are not additive. Cases apply -20%, -10%, base, +10% and +20% changes, except gold recovery is capped at 100%.
Future Growth Opportunities Across the Red Lake Portfolio
The Integrated PFS establishes a foundation for future production and growth in Red Lake. Beyond the defined mine plan, West Red Lake Gold has identified several opportunities to expand its mining inventory, optimize operations, and potentially increase production across its Red Lake portfolio. These opportunities are not incorporated into the Integrated PFS economic analysis and represent potential upside beyond the base case.
Madsen Resource Conversion: The Company continues to advance definition drilling and technical evaluation of Mineral Resources located at depth and near existing underground infrastructure at Madsen. This work is focused on improving geological confidence, expanding the inventory of mineable stopes and supporting the potential conversion of additional Mineral Resources into Mineral Reserves. Successful conversion could provide greater flexibility in mine sequencing, extend mine life, and support a more consistent production profile.
Additional Madsen Deposits: Several prospective deposits and mineralized zones within the broader Madsen property are not included in the Integrated PFS mine plan. These include the past-producing Starratt-Olsen Mine, located approximately 1.1 km southwest of Madsen, as well as Upper 8, where recent exploration drilling has confirmed the presence of high-grade gold mineralization. The Company intends to continue evaluating Starratt-Olsen, Upper 8 and other nearby deposits including Russet and Wedge for their potential to contribute additional mining inventory and future feed to the existing Madsen processing facility.
Rowan and Mount Jamie Resource Expansion: Significant exploration potential remains at Rowan, where the principal high-grade vein systems remain open for expansion along strike and at depth. Future exploration programs will focus on extending known mineralization, testing parallel vein structures, and evaluating additional targets across the broader Rowan property. These include the nearby Mount Jamie deposit, where a maiden Mineral Resource has been established, and the past producing Red Summit mine. Continued exploration success could support future resource growth and potentially expand Rowan's contribution to the integrated production profile.
Increased Mining and Processing Throughput: The Company will continue assessing opportunities to increase mining and processing rates as underground development progresses and additional mining areas become available. At Madsen, ongoing improvements to material handling infrastructure, including the recently commissioned secondary crusher, together with planned shaft refurbishment and potential increases to permitted mill capacity, could provide opportunities to support higher throughput. Any future expansion would be evaluated in the context of available mining inventory, infrastructure capacity, operating performance, and permitting requirements.
Operational Optimization: As Madsen continues to establish a more extensive operating history, the Company expects to leverage ongoing geological reconciliation, mining productivity, and cost performance data to further refine the integrated mine plan. Opportunities include optimizing stope sequencing, improving development efficiency, refining equipment utilization and evaluating mining methods across different deposits. These initiatives are intended to improve operating consistency, enhance cost efficiency, and maximize the value of existing infrastructure.
The Company intends to evaluate these opportunities alongside execution of the Integrated PFS mine plan, with future investment decisions guided by technical results, economic considerations, and operational performance. None of these opportunities have been incorporated into the current Integrated production or financial forecasts.
Webcast Details
The Company will host a webcast on Wednesday, November 4, 2026, at 8:00 am PT / 10:00 am ET to discuss the results. Registration will open 20 minutes prior to the event start time.
Webcast Link: WRLG Webcast | Integrated PFS 2026 Conference Call
Qualified Persons
Grant Carlson, P.Eng. Fuse Advisors Inc. Professional Registration: Engineers and Geoscientists of British Columbia #39395. Area of Responsibility: mining and infrastructure
John Sims, P. Geo. Sims Resource LLC. Professional Registration: American Institute of Professional Geologists CPG-10924. Area of Responsibility: resource estimate and modeling.
Travis O’Farrell, P.Eng. Fuse Advisors Inc. Professional Registration: Engineers and Geoscientists of British Columbia #46026. Area of Responsibility: processing and metallurgy (and associated cost estimate)
Daniel Ruane, P.Eng. Knight Piesold Ltd. Specialist Engineer. Professional Registration: Engineers and Geoscientists of British Columbia #42894. Area of Responsibility: waste rock and water management, site-wide water balance (and associated cost estimate)
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, and by Hayley Halsall-Whitney, P.Eng., Vice President of Operations for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by NI 43-101.
About West Red Lake Gold Mines
West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer advancing a high-grade, district scale opportunity in the Red Lake district of Ontario. The Company’s flagship Madsen Mine has recently achieved commercial production and is positioned as the central hub of a growing multi asset platform. The Company controls a 47 km² land package in one of the world’s most prolific mining districts, which has historically produced over 20 million ounces of gold from high grade systems1. West Red Lake also owns the Rowan Property in Red Lake, covering 31 km² that includes three past producing mines (Rowan, Mount Jamie and Red Summit) and represents a key source of future production growth.
1 Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). “The Geological Setting and Estimation of Gold Grade of the High-Grade Zone, Red Lake Mine.” Exploration Mining Geology, Vol. 10, Nos. 1–2, pp. 19–34. Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jaclyn Ruptash
V.P. Corporate Communications
Tel: (604) 569-5559
Email: investors@wrlgold.com or visit the Company’s website
at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Measures
This press release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, adjusted net earnings, cash costs, all-in sustaining costs (“AISC”), sustaining and growth capital expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company’s future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS.
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for the six months ended June 30, 2026 available on the Company’s website at www.westredlakegold.com and on SEDAR+ at www.sedarplus.ca.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the projected economic, operating, and technical results of the Integrated PFS, including projected NPV, IRR, cash flows, capital and operating costs, sustaining capital, closure costs, mine life, production rates, grades, recoveries, payabilities, taxes and other projected metrics and assumptions; the timing and filing of the NI 43-101 technical report; expectations of performance in 2026; potential increase in production at Madsen and anticipated changes to production profile, operating efficiency and reduction of costs; anticipated deployment in capital for 2026; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information involves numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, the ability to be accurate on cost assumptions; market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s annual information form for the year ended December 31, 2025, copies of which are available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8a4e475-0795-4509-aad3-6f9fa0956123
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Figure 1:
Annual Production ProfileFigure 2: 
Post Tax Discounted CashflowFigure 3: 
After-Tax NPV (5%) Sensitivity to Key Inputs (C$M)Figure 4 
Rowan & Madsen Projects Location Map