Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to highlight the major company milestone last month of declaring commercial gold production at their 100% owned Madsen Mine; located in the Red Lake Gold District of Northwestern Ontario, Canada.  Additionally, we discuss both the exploration and development upside to access new high-grade areas of Madsen, and also to incorporate the satellite Rowan deposit into the expanded growth in their production profile over the next couple of years.

The Company announced on January 12^th that the Madsen Mine achieved commercial production as of January 1, 2026. The mill averaged 689 tonnes per day (“tpd”) in December 2025. This represents 86% of permitted throughput of 800 tpd and meets the Company’s internal commercial production requirement of 30 consecutive days of mill throughput at 65% or greater of permitted capacity. Operational stability, the other internal requirement, is also in place at Madsen. Consistent strong mill recoveries, which averaged 94.6% in December, enabled production of 3,215 ounces of gold.

Shane outlines how diligently the operations team has worked to achieve commercial production only seven months after completion of the bulk sample.  While they are not at full production capacity here in early 2026, the plan it to continue to ramp up from this strong base, and then reach sustained permitted capacity by mid-2026.  For this first quarter (Q1) of 2026, the mill feed will come predominantly from the 4447 area, the high-grade zone in South Austin that the Company defined in 2025. Mill feed is expected to average in excess of 6 grams per tonne gold (“g/t Au) in Q1.

Next we review all the development work in their underground operations that led up to gaining the confidence mining at Madsen since the middle of last year, opening of stopes in multiple areas like Austin and South Austin in addition to McVeigh.  Then we look ahead to other areas of growth like the new 904 high-grade zone in Lower Austin, the potential to drift over to Fork for 2027, as well as the potential to supplement mill throughput with ore from the satellite Rowan deposit in the next couple years. There has been ongoing drilling at these areas over the last few months which will continue moving forward, further defining the areas for expanded resources and future production growth.

If you have any follow up questions for Shane regarding West Red Lake Gold, then please email me at 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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