Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us and fields a wide array of questions and detailed discussion with updates on underground operations, capital allocation projects, and exploration updates during the ongoing ramp-up towards commercial production at their 100% owned Madsen Mine.  Madsen is located in the Red Lake Gold District of Northwestern Ontario, Canada.   We also review the upcoming exploration strategy nearby at their secondary PEA-stage Rowan Project.

In Q3 the Madsen Mine produced 35,700 tonnes of ore at an average grade of 5.4 grams per tonne gold. The mill poured 7,055 ounces of gold. Note that mined and poured ounces do not align because of factors including month end timings and gold in circuit. Those ounces were sold at an average price of US$3,456 per ounce for gross proceeds of CAD$33 million.

This compares to 5,260 ounces of gold poured in Q2 for gross proceeds of CAD$24 million and 496 ounces of gold in Q1 for gross proceeds of CAD$2.1 million. Q3 gold production represented a 34% increase over Q2 gold production, a rate that positions Madsen to reach targeted output levels early in 2026.

Mined ore tonnage is increasing month over month, within the variability of mine ramp up. Increasing daily mined tonnage is the primary ramp-up factor at Madsen, so the Company is pleased to report ore tonnage rising consistently.

 Mined waste development is also progressing as planned, as crews drive access to new areas for drilling and mining. Importantly, as of mid-September mined waste is now being stored largely underground. The underground waste rock storage program is a key de-bottlenecking effort recently in effect and is directly supporting the mine’s ability to move ore tonnes. In the second half of September the mine moved over 1,000 tonnes of ore per day on several days, including a record day moving 1,400 tonnes. This new ability to store all waste rock underground, which has shifted trucking capacity away from waste haulage to ore haulage, bodes well for production.

Gwen outlines that the Company currently has a few more areas of focus to execute on over the next few months before declaring commercial production; including:

• Upgrades to shaft and hoist to improve efficiencies in ore throughput to mill, and lower costs
• More underground development work to increase throughput in the mill
• Delivery and utilization of rolling stock equipment that were ordered a while ago and should be arriving to site soon

At this point commercial production is targeted for Q1 2026. Gwen reiterates that when the management team and board have the confidence to announce everything is working as it should at the mine and mill at close to targeted levels, that the move into commercial production should also mean the Company is comfortably generating revenues at that point.

Next, we discussed the exploration strategy at both the nearby Rowan Project and the blue sky potential in many areas around Madsen.  Gwen points to drill results announced October 9^th that were drilled from the 12 Level in the Madsen Mine at approximately 600 meters (“m”) depth and demonstrate the potential for discovery of additional high-grade lenses of gold mineralization in the main Austin Zone very similar to those that have already been delineated in the South Austin zone during 2025. This Lower Austin Zone will continue to be a key focus of drilling for the remainder of 2025.

• Hole MM25D-12-4860-004 Intersected 7.75m @ 139.45 g/t Au, from 37.00m to 44.75m, Including 0.6m @ 17.49 g/t Au, from 37.55m to 38.15m, Also including 2m @ 532.25 g/t Au, from 39.15m to 41.15m. 
• Hole MM25D-12-4860-005 Intersected 8.7m @ 74.70 g/t Au, from 37.1m to 45.8m, Including 3m @ 134.58 g/t Au, from 37.1m to 40.1m, Also including 4.9m @ 49.73 g/t Au, from 40.9m to 45.8m.
• Hole MM25D-12-4860-002 Intersected 7.45m @ 18.31 g/t Au, from 39.65m to 47.10m, Including 0.5m @ 254.49 g/t Au, from 39.65m to 40.15m.

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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