West Red Lake Gold Mines (WRLG) Q1 2026 earnings summary

Executive summary

• Achieved commercial production at Madsen Mine in January 2026, marking a major operational milestone and the first quarter of post-commercial ramp-up focused on operational discipline and safety.

• Q1 2026 focused on ramp-up, with deliberate operational decisions prioritizing underground development and infrastructure over near-term production.

• Produced 5,667 ounces of gold and sold 6,165 ounces, generating CAD 42 million (US$41.8 million) in revenue at an average realized price of US$4,938/oz.

• Positive EBITDA and adjusted net earnings of $6.4 million, with debt repayments initiated and a quarter-end cash balance of $35.9 million.

Financial highlights

• Revenue for Q1 2026 was approximately CAD 42 million (US$41.8 million), with an average realized gold price of $4,938/oz.

• Income from mine operations was CAD 15.3 million, yielding a 37% operating margin.

• Adjusted net earnings were CAD 6.4 million (CAD 0.02 per share); adjusted EBITDA was CAD 14.4 million; EBITDA was CAD 3.3 million.

• Cash cost per ounce was $2,594; All-In Sustaining Cost (AISC) per ounce was $4,678, reflecting ramp-up phase costs.

• Sustaining capital expenditures totaled $15.4 million; growth capital was $3.6 million.

Outlook and guidance

• 2026 is a transition and ramp-up year, with production expected to build and 60% of annual output weighted to H2 2026 as new mining areas come online.

• AISC per ounce expected to decrease as production and mining rates increase through the year.

• Guidance for 2026 is 35,000–45,000 ounces, with ramp-up progressing as planned.

• Ongoing development to access the 904 mining complex and Fork deposit, with shaft refurbishment Phase 1 on track for H2 2026.

• Ongoing operational updates and quarterly production/financial reporting planned.