Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us for a wide-ranging discussion on various operational and exploration updates around their 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.   We also review the key metrics and takeaways from the Rowan Project Preliminary Economic Assessment (PEA).

In July 2025, three gold pours were made at Madsen, producing a total of 3,800 ounces of gold. Of that, 3,595 ounces were sold at an average price of US$3,320 per oz, which generated CND $16.4 million in revenue.  In July the Madsen mine operations team completed sill development and mining in eight (8) areas spread across McVeigh, South Austin, and Austin. Mined material carried an average grade of 8.9 grams per tonne gold.

Gwen outlines that the Company currently has a dual focus during the Madsen Mine ramp-up for the balance of 2025.

1. Achieving targeted ramp-up gold ounce production.
2. Instituting new operational efficiencies.

These objectives will be reached by continuing to adding new equipment and haul trucks, developing more underground access to high-priority mining areas and stopes, and getting the first phase of Madsen Shaft rehabilitation operational.  Additionally, their operations team is working to get the Cemented Rock Fill (CRF) Project in place to convert waste rock into cement to be filled into historic underground voids, which are ideal repositories for this waste rock.    Once those objects have been achieved, then the Company will feel confident in declaring commercial production; with an internal target to reach this by year-end.

Next, we discussed the exploration strategy moving forward for expanding high-confidence ounces in the South Austin Zone of Madsen, which have seen some bonanza-grade intercepts from drilling throughout this year:

SOUTH AUSTIN ZONE EXPLORATION HIGHLIGHTS:

• Hole MM24D-08-4447-069 – Intersected 6 meters (m) @ 114.26 g/t gold (Au), from 122.0m to 132.6m, Including 0.7m @ 1,609.26 g/t Au, from 130.5m to 131.2m, within a broader high-grade interval of 4.25m @ 282.00 g/t Au
• Hole MM25D-12-4669-011 – Intersected 5m @ 52.86 g/t Au, from 25.0m to 29.5m, Including 1m @ 213.62 g/t Au, from 26.5m to 27.5m
• Hole MM25D-12-4669-024 – Intersected 7m @ 48.97 g/t Au, from 5.3m to 24.0m, Including 2m @ 428.83 g/t Au, from 20.5m to 22.5m
• Hole MM25D-08-4380-011 -Intersected 1m @ 61.51 g/t Au, from 11.0m to 23.1m, Including 1m @ 725.00 g/t Au, from 12m to 13m
• Hole MM25D-11-4420-024 Intersected 6.9m @ 36.85 g/t Au, from 79.1m to 86.0m

In addition to growing the known areas, there will also be a renewed focus on making new discoveries and following up on the promising earlier-stage drill targets tested in last year’s program like the high-grade shoot at Upper 8, the MJ/Wedge area, North Venus, and North Shore.  Gwen also highlights how the Fork Deposit will get some more drilling to further define the higher-grade zone and move it up the matrix of areas to potentially come into the mine sequencing in the medium-term.

Wrapping up we reviewed NI 43-101 PEA prepared on June 30^th, 2025, for a toll milling mine operation at its 100%-owned Rowan project in the Red Lake Gold District of northwestern Ontario, Canada.

Rowan PEA Highlights:

• Underground mine via long hole retreat method, High-Grade Efficient Mine: delivering an average diluted head grade of 8.0 grams per tonne (“g/t”) gold (“Au”), accentuated by 10.4 g/t Au average grade in Year 1.
• Notable Production: 35,230 oz. average annual Au production over the 5-year mine life from an average mining rate of 385 tonnes per day (“tpd”).
• Strong Value: $125.3M post-tax Net Present Value (“NPV”) at US$2,500 per oz Au. Post-tax NPV rises to $239M at US$3,250 per oz Au.
• Low Costs and Strong Returns: US$1,408/oz all-in sustaining cost (“AISC”) and 41.9% post-tax internal rate of return (“IRR”), underscoring the viability of the Company’s second potential mine in the region. IRR increases to 81.7% at a US$3,250/oz gold price.
• Modest Initial Capital: Multiple mills in the area with excess capacity create the opportunity to develop Rowan as a toll milling operation with initial capital of just over $70 million.
• High Confidence Inventory: PEA mine design includes 63% of mined tonnes and 72% of mined ounces from the Indicated category – provides solid base for transition into prefeasibility study (“PFS”) level assessment.

If you have any follow up questions for Gwen or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

• In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording, and may choose to buy or sell shares at any time.

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