West Red Lake Gold Mines (WRLG) investor relations material

Strategic development and production plans

• Targeting 150,000 ounces per year in Red Lake through a hub-and-spoke model integrating Madsen and Rowan properties.

• Madsen mine is in commercial production, with ramp-up ongoing and expected to reach steady profit rates by Q1 next year.

• Rowan property, with over 500,000 ounces at high grades, is planned as a satellite operation feeding Madsen, aiming for production around 2029.

• Pre-feasibility studies are underway to combine Madsen and Rowan for a 10-year, 100,000-ounce annual production plan.

• Expansion includes developing additional deposits like Fork and Starratt-Olsen, with exploration and drilling ongoing.

Operational and financial highlights

• Mill capacity is being increased from 800 to 1,500 tons per day, with upgrades expected to complete by end of next year for CAD 20 million.

• Positive free cash flow achieved in Q2, with most capital reinvested into development during ramp-up; capital returns to shareholders considered after platform establishment.

• Tailings facility has ample capacity and recent expansions, with further upgrades planned and strong permitting support.

• CAD 10 million exploration budget set for 2026, with increased focus on Madsen and deeper targets, while Rowan moves into permitting.

• Over CAD 315 million in tax losses available, supporting future development and financing.

Growth strategy and regional consolidation

• Multi-platform growth strategy leverages both remnant and non-remnant mining, with non-remnant mining expected to be 40% more cost-efficient.

• Actively consolidating smaller, high-grade deposits in Red Lake to expand production base.

• Workforce is split between local and fly-in staff, benefiting from established mining infrastructure and contractor availability.

• Long-term vision is to become a mid-tier producer, using current assets as a platform for further acquisitions and restarts.

• Management aims to mirror strategies of successful consolidators, targeting underutilized assets dropped by majors.