West Red Lake Gold Mines Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

West Red Lake Gold Mines is a publicly-traded developer focused on its flagship Madsen Mine in the Red Lake Gold District of Ontario. Madsen operated successfully from 1938 to 1972, producing 2M oz. gold from rock averaging 9 g/t gold. Arecent restart failed because that team's lack of experience building mines led to significant mining challenges and high operating costs. West Red Lake Gold's team, which has deep mining experience, bought Madsen because they saw the opportunity to remedy those errors and use access to capital and the project's established infrastructure and permits to rapidly turn Madsen into a high-grade Canadian gold mine.

“Our goal is to continue to build high-grade resources in one of the richest gold districts in Canada. Every mining company starts with one good mine.” – Frank Giustra, Major Shareholder

Projects in Hand

Madsen Gold Project

• The Company's fully-permitted, debt-free Madsen gold mine is in one of the richest greenstone belts in Canada
• The flagship Madsen asset commanded a peak value of over C$1 Billion under the previous company.
• Significant infrastructure in place with over C$350 million invested to date.
• Brand-new 800+ tonne per day mill, underground mine, tailings facility and water treatment plant
• Potential to unlock synergies with its near-by high-grade Rowan Deposit (195 koz Au @ 12.87 g/t₍₂₎)
• Potentially transferable Tax assets
• 1.7Moz at 7.4 g/t Au (Indicated) & 0.4Moz at 6.3 g/t Au (Inferred)₍₁₎
• Currently de-risking asset with systematic underground drilling to increase confidence in and expand the resource, underground development to support drilling and create flexibility and resilience when operations restart, and detailed restart planning including infrastructure projects to support efficient mine operations.
• Unlock value with robust new mine plan developed by experienced operators with strong shareholder support

High Grade 8-Zone

The Company's Potential Game Changer – more than twice the grade of the main resource, the 8 Zone sits at the bottom of the existing shaft and shares encouraging parallels with the High Grade Zone that transformed the nearby Red Lake Mine into a highly profitable operation producing over 500,000 oz. gold annually.

Mineral Resources

• 87,700 Oz at 18 g/t Au Indicated₍₁₎
• 18,200 Oz at 14.6 g/t Au Inferred₍₁₎
• Remains open up and down plunge

Drilling 8 Zone from underground planned in Q2 2024

Path Forward – Madsen Gold Project

Overall Focus:

• Define a critical mass of high-grade Resources
• Optimize project to focus on sustainable cash flowing operation
• Execute on the Vision

Rowan Gold Project

• 100% owned and operated by West Red Lake Gold Mines. Comprised of 3 past producing mines. (Rowan, Mt. Jamie, and Red Summit)
• Current indicated resources 195 koz Au at 12.87 g/t & inferred resources 115 koz Au at 8.76 g/t₍₂₎ at Rowan Mine. Au extending from surface to 500m depth – deposit remains open in all directions.
• Confirmed mineralized strike length of over 1.5 km and open
• Deposit is within 80 km trucking distance of the Madsen mill.
• NT Zone target with bulk tonnage potential similar to the Dixie project (Great Bear Resources)

(1) Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023, and amended April 24, 2024 (the “Madsen Report”). The Madsen Resource Estimate has an effective date of December 31, 2021 and excludes depletion of mining activity during the period from January 1, 2022 to the mine closure on October 24, 2022 as it has been deemed immaterial and not relevant for the purpose of the Madsen Report. A full copy of the Madsen Report is available on the Company's website and on SEDAR+ at www.sedarplus.ca.

(2) Mineral Resources are estimated at a cut-off grade of 3.8 g/t Au and using a gold price of US$1,800/oz. Please refer to the technical report entitled “Updated Mineral Resource Estimate for the Rowan Property, Ontario, Canada” dated April 26, 2024 and prepared for WRLG by Sims Resources, LLC. A full copy of the report is available on the Company's website and on SEDAR+ at www.sedarplus.ca.

Management

Management, Directors, and Advisors

Shane Williams​, B.Eng., M.Sc., President & Chief Executive Officer, Director

Prior to joining West Red Lake, Mr. Williams was the Chief Operating Officer for Skeena Resources where he was involved in advancing the past producing Eskay Creek Gold project towards a restart. Between 2013 and 2019 he was Vice President of Operations and Capital Projects at Eldorado Gold where under his leadership the Lamaque Gold project was brought from Preliminary Economic Assessment (PEA) to commercial operation in just 18-months. He also served as Project Director for Eldorado Gold for their Greek assets and was responsible for the development of both the Skouries and Olympias projects which together had a capex of over US$1B. Mr. Williams also has extensive open-pit development experience from his time working with Rio Tinto at the Iron Ore Company of Canada and at Kaunis Iron in Northern Sweden where he, as Project Director, was responsible for the successful staged development of this large, open-pit iron ore operation from early exploration into commercial operation over a rapid 3.5 year period.

Harpreet Dhaliwal, CPA, CA,Chief Financial Officer

Ms. Dhaliwal is a highly regarded and accomplished financial executive with 16 years of extensive experience in the resource sector. Most recently, Ms. Dhaliwal served as the Chief Financial Officer at NexGen Energy Ltd.

Will Robinson, P.Geo., Vice President of Exploration

Mr. Robinson is an exploration and mining professional with 19 years of industry experience, primarily in precious metals, planning and successfully implementing exploration programs at all stages of advancement, from remote grassroots field programs to advanced-stage resource development projects. Mr. Robinson was most recently Exploration Manager for Coeur Mining, Inc.

Jason Billan, MBA, Vice President of Corporate Development

Mr. Billan has spent 15 years in the mining sector, with an emphasis on corporate development, strategy, financing, and executive leadership. Most recently, Mr. Billan spent time at Wheaton Precious Metals International before being appointed CEO of Gatling Exploration in 2020, which rapidly advanced its Larder project in Ontario before being sold to mid-tier silver miner MAG Silver in 2022.

Gwen Preston, Vice President of Investor Relations

Maurice Mostert, P.Eng., Vice President of Technical Services

Derek Teevan, Vice President of Community Affairs

Jasvir Kaloti, Corporate Secretary

Tom Meredith, Executive Chairman, Director

Anthony Makuch, Director

Duncan Middlemiss, Director

Hugh Agro, Director

John Heslop, Director

Susan Neale, Director

Advisors

Robert Mcleod, Shawn Khunkhun, Frank Giustra, Gordon Keep, Alex Deluce, Ryan Weymark, Rob van Egmond

News Update

On April 15, 2025, West Red Lake Gold Mines Ltd. announced the positive results from the 2024 regional surface mapping, geochemical sampling and core re-logging program (the “Program”) at its 100% owned Rowan Property located in the Red Lake Gold District of Northwestern Ontario, Canada. Highlights:

• The Program at Rowan in 2024 consisted of a diamond drill core re-logging and sampling program, expansion of the 2023 till sampling grid, and compilation of a new deposit-scale 3D geologic model to enhance targeting of favorable structural and lithologic settings for gold mineralization at Rowan.
• The re-logging program included 50 diamond drill holes for a total of 16,830 meters (“m”) of drill core – this core was predominately from historic drilling campaigns (Figure 2). A total of 3,070 samples were collected over 4,604m of core to fill analytical gaps in the historic data set and update mineralized domains at Rowan.
• A total of 984 till samples were collected in 2024 with an emphasis on prospective geology and interpreted structural trends that are believed to be important controls for gold mineralization at Rowan. This was in addition to the 344 till samples collected during 2023 (Figure 3).
• Geochemical data from 2023-2024 till sampling campaigns were integrated to refine what is interpreted to be the main mineralized structural trend at Rowan, which has been folded and conforms to a regional-scale east verging antiform (Figure 1). This structural trend is constrained geochemically by strong potassic (“K”) alteration and Ag-Cd-Zn loading. Visible gold in drill core at Rowan is often associated with the presence of sphalerite (Zn-sulphide).
• Two (2) new till anomalies were defined at Rowan that also align spatially with deflections and folding in the main regional shear. These two newly defined target areas have seen very little previous drilling. The areas immediately northeast and southwest along strike from the main Rowan deposit, and the Mount Jamie area also remain highly prospective for expansion and discovery potential.

On April 09, 2025, With the Madsen mine in Ontario, Canada, on track to start operating in a few months, West Red Lake Gold Mines Ltd. looks back at 22 months of achievements that have brought the project to this point.

"As we process our bulk sample -- producing gold and further reinforcing that our systematic approach will successfully deliver Madsen as a new, high-grade gold mine in Canada -- it is time to reflect on how West Red Lake has delivered on its goals," said Shane Williams, president and chief executive officer. "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."

West Red Lake Gold completed the purchase of the Madsen mine in June, 2023. By October, 2023, the company published its first set of plans to advance Madsen and the nearby Rowan project. In June, 2024, the company added detail to those plans through a list of projects designed to advance Madsen to production in 2025.

On April 01, West Red Lake Gold Mines Ltd. completed the bonus warrants.

Loan value: $7.5-million (U.S.)

Bonus securities: 2,691,934 warrants

Commission terms: Each non-transferable warrant is exercisable at 79.69 Canadian cents until June 30, 2028.

On April 01, 2025, West Red Lake Gold Mines Ltd. reported the drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the high-grade Austin Zone. The Austin Zone currently contains an Indicated mineral resource of 914,200 ounces (“oz”) grading 6.9 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 104,900 oz grading 6.5 g/t Au.

It intersects 23.81 g/t Au over 5.4m, 30.16 g/t Au over 4.3m and 12.43 g/t Au over 10.5m at Austin – Madsen Mine.

The purpose of this drilling was definition and expansion within priority areas of Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in 2025. The Company recently filed a Technical Report for its Pre-Feasibility Study for Madsen on February 18, 2025.

Shane Williams, President & CEO, stated, “It’s a huge advantage that our team has been active underground at the Madsen mine for almost two years, because we have been able to get drills to many high priority areas of the deposit ahead of mine restart. This includes deeper portions of the resource that possess very attractive tonnage and grade profiles - many of these deeper areas were never accessed by the two previous operators. High grade panels in Austin, like the one highlighted in this update, are currently within the life-of-mine plan and are expected to deliver meaningful, high-margin tonnes during the first eighteen to twenty-four months of production. We fully expect the Austin and South Austin zones to continue producing impressive grades over significant widths as we continue to access and define these high-grade shoots at depth.”

On March 28, 2025, Tony Makuch is stepping down from West Red Lake Gold Mines Ltd.'s board of Directors. Mr. Makuch is the chief executive officer of Discovery Silver, which recently announced the $425-million (U.S.) acquisition of the Porcupine operation from Newmont.

"My involvement with Discovery Silver in the acquisition of the Porcupine assets from Newmont requires my full commitment," said Mr. Makuch. "I enjoyed my time working with both the management and all the other board members of West Red Lake Gold, and I have confidence that the company will be successful in advancing the Madsen project and bringing the mine to commercial production."

Mr. Makuch joined the company in June, 2023, and has been a valuable member of the board. The board and management are grateful to Mr. Makuch for his many contributions during his tenure and wish him well in his future endeavours.

On March 19, 2025, West Red Lake Gold Mines Ltd. has provided an update on mine restart activities at the Madsen mine, where the mill is processing low-grade material ahead of introducing Stope 1 of the bulk sample next week.

In addition, the camp is housing workers, the pace of underground development continues to rise and the connection drift is within 84 metres (94 per cent) of completion. There is active development and mining in multiple areas of the mine.

"Turning on the Madsen mill to process the bulk sample was a very exciting moment for the entire West Red Lake Gold team, who have been working tirelessly in recent months as we push towards production," said Shane Williams, president and chief executive officer. "A smooth restart of this major piece of infrastructure reinforces that our level of preparation has created translated into successful operational readiness ahead of initial production. With gold prices trading at record levels, it is an exciting and fortuitous time to be making the transition from developer to producer."

On February 26, 2025, West Red Lake Gold Mines Ltd. completed the financing.

Gross proceeds: $20,053,083.60

Offering: 23,628,000 charity flow-through units consisting of 23,628,000 charity flow-through shares with 23,628,000 common share purchase warrants

Offering price: 84.87 cents per listed share

Warrant exercise terms: 90 cents per warrant for a three-year period

On February 26, 2025, West Red Lake Gold Mines Ltd. reported the drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the high-grade South Austin Zone, which currently contains an Indicated mineral resource of 474,600 ounces (“oz”) grading 8.7 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au.

It intersects 114.26 g/t Au over 10.6m, 77.90 g/t Au over 3m and 24.48 g/t Au over 8.5m at South Austin – Madsen Mine.

Shane Williams, President & CEO, stated, “As we continue to define and expand this deeper portion of South Austin from the 08-4447 drill bay, it’s very encouraging to see consistent increases in grade and thickness of the mineralized zone as the drilling program advances. This success speaks to our Geology team’s understanding of the orebody and systematic approach to how data is received, processed and interpreted to ensure the next round of drilling is directed exactly where it needs to be. We see tremendous potential at depth in the Madsen orebody and results like the ones highlighted in this update illustrate the exceptional high-grade potential that exists within Red Lake gold systems.”

On February 25, 2025, West Red Lake Gold Mines Ltd. has closed its previously announced public offering of 23,628,000 charity flow-through units of the company at a price of 84.87 cents per charity flow-through unit for aggregate gross proceeds to the company of $20,053,083.60. The offering was led by Raymond James Ltd., as sole underwriter and bookrunner.

The gross proceeds of the offering will be used to incur Canadian development expenses, within the meaning of the Income Tax Act (Canada), on the company's assets.

On February 19, 2025, West Red Lake Gold Mines Ltd. has agreed with Raymond James Ltd. to increase the size of its previously announced bought-deal financing. West Red Lake Gold will now issue 23,628,000 charity flow-through units of the company at a price of 84.87 cents per charity flow-through unit for aggregate gross proceeds to the company of approximately $20-million.

The gross proceeds pursuant to the issuance of the charity flow-through units will be used to incur Canadian development expenses, within the meaning of the Income Tax Act (Canada), on the company's assets.

On February 18, 2025, West Red Lake Gold Mines Ltd. has entered into an agreement with Raymond James Ltd. as sole underwriter pursuant to which Raymond James has agreed to purchase, on a bought deal basis, 14,493,000 charity flow-through units of the company at a price of 84.87 cents per charity flow-through unit for aggregate gross proceeds to the company of approximately $12.3-million.

On February 18, 2025, West Red Lake Gold Mines Ltd. has filed its independent prefeasibility study technical report for its 100-per-cent-owned Madsen mine project located in the Red Lake gold district of Northwestern Ontario, Canada, with an effective date of Jan. 7, 2025.

The PFS technical report was prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and supports the disclosure made by the company in its Jan. 7, 2025, news release announcing the results of the PFS. There are no material differences in the PFS technical report from the information disclosed in the Jan. 7, 2025, news release.

On February 13, 2024, West Red Lake Gold Mines Ltd. has provided an update on restart readiness activities, including the in-progress bulk sample, at its 100-per-cent-owned Madsen mine project in the Red Lake Gold District of Northwestern Ontario, Canada.

"With test mining under way, bulk sample stockpiles building on surface and the mill set to initiate campaign processing in the coming weeks, we have achieved many key operational milestones at the mine site," said Shane Williams, president and chief executive officer. "The connection drift development and test mining efforts have been very successful to date, which is a testament to our mine crews' ability to operate safely and efficiently. I'm proud to say that the ramps, sills and stopes we are developing at Madsen are best in class.

"Things are increasingly busy across the site with final installation work under way for the camp and mine dry facilities, mine engineering picking up pace, and a head count that stands at 185 employees and 50 contractors currently active on site. The team is excited to get the bulk sample complete, which is expected to demonstrate that our approach to mining at Madsen works, followed by rolling into production mining and processing with an aim to start selling gold into this record price environment, where gold is selling for over $4,100 per ounce today."

On January 29, 2025, West Red Lake Gold Mines Ltd. has released positive results from the 2024 regional surface mapping and geochemical sampling program across its 100-per-cent-owned Madsen property located in the Red Lake gold district of Northwestern Ontario, Canada. Highlights:

• The program at Madsen was focused on the Confederation Assemblage of rocks, which has remained mostly unexplored until West Red Lake completed this first phase of work. The Confederation rocks are known to host significant gold mineralization in the Red Lake district, including Kinross Gold's Great Bear project, located approximately 24 kilometres southeast of Madsen.
• The program consisted of 1,460 till samples and 42 channel samples, as well as 69 representative lithologic samples collected to support the geological mapping program.
• Six anomalous areas were defined with a geochemical signature of Au-W-As-Ag-Bi (gold-tungsten-arsenic-silver-bismuth), which is analogous to the geochemical signature of Madsen-style alteration and mineralization. The most compelling of these targets is the North Shore anomaly which has already demonstrated high prospectivity from limited drilling completed in 2024, as well as its spatial association to the Russet Lake ultramafic (RLUMAF). The area beneath the strongest part of the anomaly has never been drilled and will be a top target for 2025.
• Geologic resolution and understanding within the Confederation Assemblage was greatly enhanced through the detailed mapping program and will be a valuable data set for advancing targets within this package of rocks.

On January 21, 2025, West Red Lake Gold Mines reported definition drill results from the McVeigh Zone which contains an Indicated mineral resource of 79,800 oz grading 6.4 g/t Au , with an additional Inferred resource of 14,300 oz grading 6.9 g/t Au .

These results follow up on the significant intercepts previously announced on August 12, 2024 and August 27, 2024 from McVeigh - where drilling highlights included 106.99 g/t Au over 2.35 meters and 17.77 g/t Au over 5.5 m , respectively.

Definition drilling is an ongoing effort at the Madsen Mine testing various parts of the known deposit as West Red Lake Gold continues building an inventory of high-confidence ounces to support the restart of production, which is expected in mid 2025.

“The McVeigh zone is a shallow and easily accessible portion of the Madsen deposit and will be a key focus area during early phases of mining,” stated Shane Williams, President & CEO in the January 20 press release.

“The tight spaced drilling we are completing at McVeigh coupled with our enhanced geologic model and understanding of the structural controls will enable the engineering team to produce a very robust and high confidence mine plan that will reduce both external and internal dilution during mining.”

On January 14, 2025, West Red Lake Gold Mines Ltd. has appointed Hayley Halsall-Whitney to the role of vice-president, operations.

Ms. Halsall-Whitney is a professional engineer with more than 20 years of experience driving operational excellence at Canadian mining operations. She most recently held the position of general manager at Wesdome Gold Mines' Eagle River mine (2020 to 2024), where she quickly led the operation to record production in 2021 through intense and constant attention to all facets of the Eagle River mine complex, including the health and safety, environmental and tailings, maintenance, electrical, human resources, technical services (geology and mine engineering), and finance departments, at both the underground and Mishi open-pit mine and mill operations.

"I am delighted to welcome Hayley Halsall-Whitney to West Red Lake Gold and to the Madsen mine," said Shane Williams, president and chief executive officer. "With bulk sample mining under way, two-thirds of planned operations staff in place, including strong mine site leads, bulk sample processing planned for March and first production targeted midyear, the Madsen mine is at point where an experienced leader fully focused on optimizing all aspects of underground mining is essential to smooth start-up and reliable, optimized operations. Such leaders are rare in today's mining industry, so we are thrilled that Hayley saw the opportunity we see in the Madsen mine and chose to join our team."

On January 07, 2025, West Red Lake Gold Mines Ltd. reported the bonus warrants:

Loan value: $15-million (U.S.) ($21.54-million (Canadian) (based on exchange rate of 1.436))

Bonus securities: 5,867,376 warrants

Commission terms: Each non-transferable warrant is exercisable at 73 Canadian cents for a 42-month period.

Disclosure: Refer to the company's news releases dated Oct. 17, 2024, and Jan. 2, 2025.

On January 07, 2025, West Red Lake Gold Mines Ltd. announced the results of the pre-feasibility study (“PFS”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the imminent restart of its 100% owned Madsen Mine project in the Red Lake Gold District of northwestern Ontario, Canada. Results for Madsen Gold Mine with $315M After-Tax NPV and $70M Average Annual Free Cash Flow.

“West Red Lake Gold has worked intensely over the last 16 months to greatly improve our knowledge of the orebody and de-risk the project with the objective of executing a successful restart of the Madsen Mine, and this PFS is the culmination of that effort,” said Shane Williams, President and CEO. “This initial reserve mine plan only taps well defined and tightly drilled parts of the deposit relatively close to existing workings and still generates robust margins based on a production rate of approximately 70,000 oz. per year that generate almost $400 million in post-tax free cash flow over a 7-year mine life.

“Initial capital is low because the capital projects needed for restart are well advanced or already complete. That is unusual for a ‘PFS-level’ project, as is having already completed 58,000 metres of definition drilling and detailed engineering to define 18 months of mineable inventory on a stope-by-stope level.

“We are excited to deliver a PFS that solidifies Madsen as a rare high-grade gold mine starting production in 2025. We built a realistic and achievable plan for this first mining opportunity at Madsen that we are confident we can deliver and that will justify returning the mine to production. Beyond that, we strongly believe Madsen has potential to grow well beyond this initial plan in the coming years as we source new resources and reserves near existing infrastructure while also gaining access to the deeper parts of the system, where notable upside optionality remains untapped.”

On January 02, 2025, West Red Lake Gold Mines Ltd. announced that on December 31, 2024, the company entered into a completed credit agreement with Nebari Natural Resources Credit Fund II LP, pursuant to which the company will borrow up to a maximum principal amount of $35-million (U.S.) to be issued in three tranches of: (i) $15-million (U.S.) (tranche 1); (ii) $15-million (U.S.) (tranche 2); and (iii) $5-million (U.S.) (tranche 3). Tranche 1 was drawn down on Dec. 31, 2024.

The credit facility was first announced on Oct. 17, 2024, when the company and Nebari had entered into a non-binding term sheet. West Red Lake Gold and Nebari have worked closely over the last 2.5 months through a detailed due diligence process that investigated all aspects of West Red Lake Gold and the Madsen mine project.

"Closing this transaction with Nebari is a major derisking step and gives West Red Lake access to up to $35-million (U.S.) of non-dilutive capital at highly favourable repayment terms, which offers us solid operational flexibility going forward and allows the company to sustain the momentum as we push to restart the Madsen project. I would like to thank Nebari for working with us to realize the opportunity in the high-grade gold, infrastructure, permits and upside potential at Madsen. With this credit facility in place, West Red Lake Gold is well funded to restart the Madsen mine in 2025."

Richard Gaze, managing director of Nebari, commented: "Nebari is excited to partner with West Red Lake Gold to support the restart of the Madsen project. We have high confidence in the dedication and professionalism of the West Red Lake Gold team and look forward to the successful restart of commercial gold production at Madsen."

The proceeds from the credit facility will be used for: (1) completing the remaining capital costs to restart the Madsen mine; and (2) other corporate, exploration and working capital expenses.

On December 10, 2024, West Red Lake Gold Mines Ltd. provided an update on the Company’s interpretation and vision for the Fork Deposit (“Fork”) at its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada.

The Fork deposit currently contains an Indicated mineral resource of 20,900 ounces (“oz”) grading 5.3 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 49,500 oz grading 5.2 g/t Au.

WRLG has recently completed a re-evaluation of the Fork deposit and has recognized a shallow,high-grade, low-plunging zone of gold mineralization that is located approximately 250 meters (“m”) southwest from existing underground development at Madsen.

The zone trends north-south and has been defined by previous drilling over an area of 400m by 250m and shows potential for further expansion along strike to the south. Average thickness of the zone is conservatively estimated at approximately 2m based on existing core length intercepts.

The shallow nature of this target will allow for systematic and efficient infill and expansion drilling from surface with holes averaging 150-250m depth. Fork will be a priority drill target for WRLG in 2025.

Shane Williams, President and CEO, stated, “What was once considered a somewhat broad, intermediate-grade portion of the satellite resource inventory at Madsen, Fork has now been re-envisioned as a high-grade near-mine resource expansion target that will be a top priority for the exploration team in 2025. The shallow nature of this target will allow for rapid advancement through surface definition drilling and, with its proximity to existing underground development, it's not difficult to see a path forward for Fork making its way into the production pipeline at Madsen. This strategy is directly in-line with WRLG’s hub-and-spoke model for Madsen as we continue to evaluate and advance additional high-grade gold opportunities within the Red Lake district.”

On December 04, 2024, West Red Lake Gold Mines Ltd. has provided an operations update on restart readiness activities at its 100-per-cent-owned Madsen mine project in the Red Lake gold district of Northwestern Ontario, Canada.

"As we push towards our goal of restarting the Madsen mine next year, the team continues to make great progress on achieving key operational readiness milestones," said Shane Williams, president and chief executive officer. "Access development for test mining has been under way since late summer, putting us on the edge of mining. The bulk samples generated through the test mining program will be stockpiled on surface and then batch processed. Meanwhile the connection drift, primary crusher and camp projects are being completed on schedule while definition drilling and mine planning and optimization continue.

"The entire WRLG team has been collectively working towards a successful restart of the Madsen mine. We are now approaching the finish line on many of the fundamental pieces that support this goal, including final optimization on the prefeasibility study, completing key capital projects, mining our first underground stopes and starting up the mill. It is a very exciting time for WRLG as we make the transition from developer to producer."

On November 01, 2024, West Red Lake Gold Mines Ltd. announced the update position of Frank Giustra holding on the company shares.

As of Oct. 24, 2024, Frank Giustra no longer holds shares representing over 10 per cent of the outstanding shares of West Red Lake Gold Mines Ltd. due to the dilution caused by West Red Lake's recent public offering of units.

As announced by West Red Lake on Oct. 24, 2024, West Red Lake completed a public offering of 41,666,800 units at a price of 69 cents per unit, for aggregate gross proceeds of $28,750,092. Each unit comprised one common share of the issuer and one common share purchase warrant. Each unit warrant entitles the holder thereof to acquire one common share for an exercise price of 90 cents per share for 36 months, expiring Oct. 24, 2027.

Mr. Giustra did not acquire or dispose of any securities of the issuer pursuant to the offering.

On October 31, 2024, West Red Lake Gold Mines Ltd. has provided an update on restart readiness activities at the Madsen mine project in Red Lake, Ont.

"Advancing multiple projects and goals simultaneously in preparation for restart means the Madsen mine site is a busy place," said Shane Williams, president and chief executive officer. "The tailings dam lift is now complete and came in ahead of schedule and under budget, which is a great example of how strong alignment and effective communication between contractors, site personnel and management can yield positive results. This accomplishment sets the standard for delivery of all projects at the Madsen operation as we move through the redevelopment phase and towards our goal of a full mine restart next year.

"We look forward to issuing a prefeasibility study in the coming weeks and then pushing ahead to an official restart decision."

On October 24, 2024, West Red Lake Gold Mines Ltd. has closed its previously announced public offering of 41,666,800 units of the company at a price of 69 cents per unit, for aggregate gross proceeds to the company of $28,750,092, including the full exercise of the overallotment option. The offering was led by Raymond James Ltd., as sole underwriter and bookrunner.

Each unit comprises one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share for an exercise price of 90 cents per share for 36 months from the closing of the offering.

The net proceeds of the offering are expected to be used to continue to advance the development of a restart plan for the Madsen gold mine as well as for working capital and general corporate purposes.

On October 18, 2024, West Red Lake Gold Mines Ltd. announced that it has agreed with Raymond James Ltd., to increase the size of its previously announced bought-deal financing. West Red Lake will now issue 36,232,000 units of the Company (“Units”) at a price of C$0.69 per Unit for gross proceeds of C$25,000,080 (the “Offering”). Each Unit is comprised of one common share (each a “Common Share”) and one common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.90 for a period of 36 months following the closing of the Offering.

The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15% of the base Offering, for additional gross proceeds to the Company of up to C$3,750,012, to acquire Units, Common Shares and/or Warrants (or any combination thereof), at the Underwriters’ discretion, and shall be exercisable by the Underwriters, in whole or in part, for a period of 30 days from and including the closing date.

In all other respects, the terms of the Offering and use of proceeds there from will remain as previously disclosed in the original press release dated October 24, 2024.

On October 17, 2024, West Red Lake Gold Mines Ltd. has secured commitments totalling in excess of $68-million to finance the restart of its Madsen gold mine. Madsen remains on track to recommence production in 2025. The financing package is composed of the following:

• $35-million (U.S.) (approximately $48-million) loan facility with Nebari Natural Resources Credit Fund II LP, bearing interest of SOFR (secured overnight financing rate) plus 8 per cent, with a term of 42 months; a non-binding term sheet has been signed, and closing of the loan facility remains subject to entering into definitive documentation and due diligence;
• $20-million bought deal equity offering of 28,986,000 units of the company at a price of 69 cents per unit led by Raymond James Ltd.

"This finance package provides the capital anticipated to restart the Madsen mine, according to our detailed internal mine plan," said Shane Williams, president and chief executive officer. "Upon closing this $68-million package, along with existing cash on hand, we anticipate the company will be well positioned to complete the Madsen prefeasibility study, the ongoing test mining program, the pro-active capital projects under way at the mine site, and the restart and ramp-up of the mine, including working capital and corporate requirements.

"We worked closely with our partners to develop a finance package that addresses the balance of the capital required for Madsen, as currently estimated in our detailed internal mine plan, and preserves strong upside from the Madsen mine for West Red Lake Gold shareholders."

On October 08, 2024, West Red Lake Gold Mines Ltd. reported the drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the high-grade South Austin Zone, which currently contains an Indicated mineral resource of 474,600 ounces (“oz”) grading 8.7 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au.

These results follow-up on the significant intercepts previously announced on September 24, 2024, where drilling returned 49.39 g/t Au over 4.48 meters (“m”) and 18.46 g/t Au over 11.2m at South Austin.

The purpose of this drilling was definition within priority areas of South Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in H2 2025. The Company expects to complete a pre-feasibility study in support of that restart goal in the coming months.

Shane Williams, President & CEO, stated, “The underground definition drilling program at Madsen has been very successful. The value added from this high confidence, tightly spaced drilling cannot be overstated. Having the opportunity to focus drills on defining an inventory of high confidence ounces well ahead of mine restart provides the team with a huge advantage and allows for incorporating the necessary optionality into the mining schedule ahead of restart, focusing on higher grade and higher tonnage portions of the deposit to help facilitate a smooth, sustainable ramp-up towards full production. It’s also particularly exciting that the team continues to encounter new, previously unrecognized zones of mineralization adjacent to the main deposit in South Austin supporting our belief that Madsen still holds plenty of upside as we continue accessing and drilling off deeper portions of the deposit.”

On October 07, 2024, West Red Lake Gold Mines reported initial drill results from the Upper 8 Target at its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada. UPPER 8 HIGHLIGHTS:

• Hole WRL24-002 Intersected 4.1m @ 14.20 g/t Au , from 354.8m to 358.9m, Including 1.3m @ 44.17 g/t Au , from 357.0m to 358.3m.
• Hole WRL24-003 Intersected 1.85m @ 6.33 g/t Au , from 332.45m to 334.30m, Including 0.5m @ 20.63 g/t Au , from 333.8m to 334.3m.

The Upper 8 target is a shallower geologic analog to the well-known high-grade 8-Zone . It is hosted in ultramafic rocks approximately 750 meters up-plunge from the main 8-Zone deposit.

The 8 Zone currently contains an Indicated mineral resource of 87,700 ounces (“oz”) grading 18 grams per tonne gold , with an additional Inferred resource of 18,200 oz grading 14.6 g/t Au .

“For decades, the 8-Zone has been the shiny penny of the Madsen project,” Will Robinson, VP of Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “Highlighted by previous operators, it is geologically similar to the High-Grade Zone that transformed The Red Lake Complex next door to us.”

“The Upper 8 Target sits in the same type of rocks as the 8-Zone, so naturally when we began putting together our regional surface drill program, it was flagged as an area of interest,” continued Robinson. “There is limited drilling in this area, but while reviewing the available data, the team discovered an anomaly that piqued our interest even further.”

On October 02, 2024, West Red Lake Gold Mines Ltd. has released the initial drill results from the Upper 8 target from its 100-per-cent-owned Madsen property, located in the Red Lake gold district of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the Upper 8 target, which is a shallower geologic analog to the well-known high-grade 8 zone. The Upper 8 target is hosted within the same lithologic unit (Russet Lake ultramafic) approximately 750 metres (m) up-plunge from the main 8 zone deposit. Its location in ultramafic rocks, its style of mineralization and its exceptionally high grades make the 8 zone geologically unique from the main Madsen deposit. The 8 zone currently contains an indicated mineral resource of 87,700 ounces (oz) grading 18 grams per tonne (g/t) gold (Au), with an additional inferred resource of 18,200 oz grading 14.6 g/t Au.

These are the first drill results announced from a continuing 10,000 m surface exploration drilling program designed to test a number of high-priority targets across the Madsen property. Details and target descriptions for this program were outlined in a previous news release dated Aug. 10, 2024. Upper 8 highlights:

• Hole WRL24-002 intersected 4.1 m at 14.20 g/t Au, from 354.8 m to 358.9 m, including 1.3 m at 44.17 g/t Au, from 357.0 m to 358.3 m.
• Hole WRL24-003 intersected 1.85 m at 6.33 g/t Au, from 332.45 m to 334.30 m, including 0.5 m at 20.63 g/t Au, from 333.8 m to 334.3 m.

On September 27, 2024, West Red Lake Gold Mines Ltd. will hold a town hall meeting in Red Lake to engage with community members about the company's plans at the Madsen mine and to recruit new employees.

West Red Lake Gold aims to restart the Madsen mine in 2025. In preparation, the Madsen site is very active: underground, there are two to three development crews active at all times alongside two definition drill rigs, while on surface there are multiple large capital projects happening alongside an exploration drilling program.

"We have been active at the Madsen mine site for over a year and are pushing to restart this mine in 2025," said Shane Williams, president and chief executive officer. "We are keen to host this town hall meeting so we can communicate our plans, hear feedback from the community and spread the word that we will be hiring for multiple positions over the next six months."

On September 26, 2024 West Red Lake Gold Mines reported definition drill results focused on the high-grade South Austin Zone.

“This definition drilling is part of the de-risking process ahead of the mine restart,” Will Robinson, VP Exploration told Guy Bennett, CEO of Global Stocks News (GSN). “We’re targeting the highest grade, highest tonnage areas, prioritising the drill stations based on that ranking.”

“A lot of the existing mineral resource at South Austin is built on historic drilling,” Robinson added. “We’ve been able to incorporate that data into the model because we have all the assay certificates, which is not typical for long-lived projects, but speaks to the quality and completeness of our database.”

“The tight drill spacing enables us to get a much clearer, more detailed picture of the gold grade distribution, allowing us to refine the local resource models ahead of mine design.”

South Austin Zone currently contains an Indicated mineral resource of 474,600 ounces @ 8.7 g/t gold , with an additional Inferred resource of 31,800 @ 8.7 g/t gold.

The purpose of this drilling was definition within priority areas of South Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in 2025. The Company expects to complete a pre-feasibility study outlining its restart plans in Q4.

On September 19, 2024, A test mining and bulk sample program is now under way at West Red Lake Gold Mines Ltd.'s Madsen mine, adding a key derisking component to the efforts being made to prepare the mine for a targeted restart in 2025.

"Data and experience are invaluable in mining," said Shane Williams, president and chief executive officer of West Red Lake Gold. "Test mining will provide data on how best to mine at Madsen, bulk samples will allow us to compare modelled and actual mine resources, and the process will give our team another layer of operational experience. As we continue to push towards restarting the Madsen mine in 2025, I am very excited this program is under way."

On September 10, 2024, West Red Lake Gold Mines Ltd. has released drill results from its 100-per-cent-owned Madsen mine, located in the Red Lake gold district of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the high-grade Austin zone. The Austin zone currently contains an indicated mineral resource of 914,200 ounces grading 6.9 grams per tonne gold, with an additional inferred resource of 104,900 ounces grading 6.5 g/t Au.

The purpose of this drilling was definition within priority areas of Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in the second half of 2025. The company expects to complete a prefeasibility study in support of that restart goal in the coming months.

Austin zone highlights:

• Hole MM24D-12-4791-020 intersected four metres at 54.19 g/t Au, from 32 m to 36 m, including one m at 215.61 g/t Au, from 33 m to 34 m.
• Hole MM24D-12-4791-026 intersected 3.53 m at 23.73 g/t Au, from 27.5 m to 31.03 m, including one m at 79.81 g/t Au, from 30.03 m to 31.03 m.

Shane Williams, president and chief executive officer, stated: "The deeper portions of the Austin zone are continuing to return very positive results as we advance the infill drilling programs and increase our confidence in these areas of the mine. Due to limited underground development, the two previous operators were only able to access portions of the Madsen deposit down to around nine level. We are very excited to continue accessing deeper portions of the deposit which were historically mined during a period when gold was only valued at $20 to $40 per ounce. This resulted in very selective mining practices targeting just the core of the system that left behind a lot of mineralization that would be considered high grade by current standards. With gold prices now in excess of $2,500 (U.S.) per ounce, we are taking full advantage of that remnant material and see a lot of upside at depth in Madsen."

On September 06, 2024, West Red Lake Gold Mines Ltd. has released the results of its annual general meeting of shareholders held on Sept. 5, 2024. The company elected seven directors to its board, namely, Tom Meredith, Shane Williams, Anthony Makuch, Duncan Middlemiss, Hugh Agro, John Heslop and Susan Neale.

The shareholders approved all other matters as proposed, including the appointment of MNP LLP, chartered professional accountants, as auditor of the company and approval of the company's stock option plan and the company's restricted share unit, performance share unit and deferred share unit compensation plan.

On September 05, 2024, West Red Lake Gold Mines Ltd. has received conditional approval from the TSX Venture Exchange to list the unsecured gold-linked notes and common share purchase warrants that were previously issued by the company in a private placement of units disclosed in news releases of March 20, 2024, and April 4, 2024. An aggregate of 27,165,631 notes, in an aggregate principal amount of $27,165,631 (U.S.), and 19,287,598 warrants were issued.

The company anticipates that the notes and warrants will commence trading on the TSX-V on or about Sept. 9, 2024, under the symbols WRLG.NT and WRLG.WT.A, respectively. The ISIN (international securities identification number) and the Cusip number of the notes are CA95556LAA94 and 95556LAA9, respectively. The ISIN and the Cusip number of the warrants are CA95556L1351 and 95556L135, respectively.

On September 04, 2024, West Red Lake Gold Mines Ltd. has provided an update on activities at the Madsen mine as the company advances toward its goal of a targeted restart in 2025.

Since acquiring the Madsen mine project last year, the company has completed a site-wide operational assessment to make informed decisions about what surface and underground upgrades would underpin a sustainable mining operation.

"I have led teams through many mine builds and each build reinforced the lesson that operational readiness is essential to a successful mine startup," said Shane Williams, president and chief executive officer. "Operational readiness spans the entirety of a mine, from infill drilling to stope and development planning to budgeting to maintenance and procurement systems to strong staffing and an active safety culture and much more.

"Since the Madsen mine was acquired with an abundance of infrastructure, our focus has been understanding what to add to increase efficiency and optionality. The team is doing impressive work on these key deliverables and I am pleased to provide this update on the work under way at site."

On August 22, 2024 West Red Lake Gold Mines Ltd. announced the start of a 2024 surface drilling program across its 100% owned Madsen Mine Property located in Ontario, Canada.

“After completing a thorough review of the available geologic data for the Madsen property, our team has generated some new exploration concepts and identified a number of highly prospective targets that share characteristics with known resource areas,” stated Will Robinson, VP of Exploration in the August 20, 2024 PR.

“We had originally planned to do follow up drilling at Rowan, where we have high confidence ounces and a strategy to grow the resource,” Robinson told Guy Bennett, the CEO of Global Stocks News (GSN). “But given the time it will take to get Rowan plugged into our production pipeline, we decided to allocate 2024 flow-through exploration dollars to areas closer to Madsen.”

On August 20, 2024, West Red Lake Gold Mines Ltd. has started a 2024 surface drilling program across its 100-per-cent-owned Madsen mine property located in the Red Lake gold district of Northwestern Ontario, Canada.

The company plans to drill up to 10,000 metres of NQ diamond drill core testing a number of high-priority targets across the Madsen property that were generated through a systematic evaluation of all available geologic data. Drill targets were selected based on: (1) their position along primary structural trends; (2) proximity to the Russet Lake and Venus ultramafic units; and (3) periodicity along strike of the main Madsen structural corridor relative to known mineralized splays (Fork, McVeigh and North Austin).

The company recently recognized this periodicity of known mineralized splays along the Madsen structural corridor through an evaluation of deposit-scale structural relationships. The average spacing between these known mineralized splays is approximately one kilometre. Interpretation of the regional aeromagnetic data set, which was flown in 2014, suggests that additional splays could be present along strike from Madsen to the northeast.

On August 12, 2024, West Red Lake Gold Mines Ltd. has released drill results from its 100-per-cent-owned Madsen mine located in the Red Lake gold district of Northwestern Ontario, Canada.

The drill results featured in this news release are focused on the high-grade Austin and McVeigh zones. The Austin zone currently contains an indicated mineral resource of 914,200 ounces (oz) grading 6.9 grams per tonne (g/t) gold (Au), with an additional inferred resource of 104,900 oz grading 6.5 g/t Au. The McVeigh zone currently contains an indicated mineral resource of 79,800 oz grading 6.4 g/t Au, with an additional inferred resource of 14,300 oz grading 6.9 g/t Au.

The purpose of this drilling was definition within priority areas of Austin and McVeigh to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in H2 2025. The company expects to complete a prefeasibility study in support of that restart goal in the coming months.

Shane Williams, president and chief executive officer, stated: "The team continues to make great progress with the underground definition drill program at Madsen. We always had high expectations for the Austin zone, which makes up the bulk of the existing resource, but to see this zone capable of producing gold grades in excess of 250 grams per tonne over meaningful widths is particularly exciting and underscores the upside that still exists within the main deposit. Additionally, the results coming out of McVeigh are quite positive. With a better understanding of the geologic model, structural controls and ore distribution in McVeigh, we are seeing renewed potential in this area."

July 9, 2024, West Red Lake Gold Intersects 13.40 g/t Au over 10m and 12.21 g/t Au over 3m at North Austin Zone – Madsen Mine

https://westredlakegold.com/west-red-lake-gold-intersects-13-40-g-t-au-over-10m-and-12-21-g-t-au-over-3m-at-north-austin-zone-madsen-mine/

June 25, 2024, West Red Lake Gold has appointed Jason Billan as vice-president, corporate development, effective June 24, 2024.

https://westredlakegold.com/west-red-lake-gold-strengthens-management-team-2/

June 13, 2024, West Red Lake Gold reported that a gold bar was poured using the refinery in the Madsen mill on June 8, 2024. The gold was recovered during the Madsen mill cleanup and gold recovery program (the “Gold Recovery Program”) at its Madsen Mine.

https://westredlakegold.com/west-red-lake-gold-pours-gold-bar-from-madsen-mill-cleanup/

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