West Red Lake Gold Mines (WRLG) Investor update summary

Integrated PFS economics

• Integrated Madsen-Rowan PFS targets >100,000 oz/y from 2029; estimated cumulative after-tax free cash flow >CAD 1bn and NPV ~CAD 764m.

• Study uses a CAD 3,500/oz long-term gold price; a 10% gold-price increase was said to add >CAD 1bn to NAV and lift NAV ~31%.

• Project CapEx is ~CAD 200m; includes Rowan development and Madsen mill, infrastructure and tailings work.

• AISC is estimated at CAD 2,400–2,500/oz; management said the updated estimate reflects operating experience and a shift to long-hole open stoping.

Production and mine plan

• Madsen production is planned to ramp through 2027–28; Rowan is expected to start production in late 2029.

• Rowan plan grows from 35,000 oz/y in the prior PEA to 50,000 oz/y; diluted grades cited at ~9 g/t for Rowan and ~6 g/t for Madsen.

• Combined operating grade is ~6.8–7 g/t; management expects production to average ~100,000 oz/y from 2029 onward.

• Mill is designed to expand to 1,350 tpd with limited CapEx; permitting work is also targeting flexibility up to 1,500 tpd.

• Rowan construction is targeted to start around mid-2028, with production planned for 2029; permitting work is underway.

Reserves and growth potential

• Integrated reserves are just under 1 Moz at ~6.8 g/t Au, ~85% higher than the prior PFS; Rowan contributes >300,000 oz of first-time reserves.

• Mine life is 10 years, compared with ~8.5 years in the prior Madsen PFS; ~65,000 m of drilling completed since the reserve/resource cutoff was excluded.

• Management sees a pathway to 150,000 oz/y through Madsen, Rowan and nearby deposits, with growth largely using existing facilities and potentially funded from cash flow.

• Further opportunities include Madsen’s Fork, Wedge and West deposits, plus Rowan-area Mount Jamie and Red Summit; several are outside the study plan.