West Red Lake Gold Mines (WRLG) Corporate presentation summary

Strategy and execution

• Madsen’s permitted mine and mill anchor a Red Lake hub-and-spoke plan, with high-grade Rowan ore trucked ~80 km to the mill from 2029.

• Longer-term district ambition exceeds 150,000 oz of annual gold production, supported by exploration, resource growth and regional consolidation.

• Commercial production began Jan. 1, 2026; revised 2026 guidance is 27,000–32,000 oz, with Madsen targeting 800 tpd by year-end.

• Fork and the 904 Complex are scheduled to enter the production profile in 2027; Rowan development is planned to begin in 2029.

Madsen operating performance

• Q1–Q3 2026 gold production totaled 22,102 oz; YTD mill throughput averaged 819 tpd and gold recovery averaged 95%.

• Mill throughput increased 52% from Q1 to Q3 2026, reaching 867 tpd in Q3.

• Shaft refurbishment and the 13 Level East Drive are intended to expand hoisting capacity and access additional mining fronts.

Integrated Madsen-Rowan plan

• Integrated PFS after-tax NPV at 5% is C$764M at a base-case gold price of US$3,568/oz; mine life is 10 years with C$200M growth capex.

• Plan projects 108 koz/year average production in 2029–2034, peaking at 119 koz in 2034; LOM recovered gold is ~884 koz.

• LOM average cash cost is US$1,795/oz and AISC is US$2,457/oz; discounted payback is 2.2 years.

• Rowan contributes ~500 tpd of high-grade feed from 2029; planned recovery is 97%, with blended mill throughput rising to 1,350 tpd in 2029–2034.

• A 10% increase over the LOM average gold price of US$3,782/oz increases after-tax NPV by 31% to ~C$1.0B.