West Red Lake Gold Mines (WRLG) Q2 2026 earnings summary

Executive summary

• Gold production rose 51% to 8,576 ounces in Q2 2026, with gold sales up 34% to 8,260 ounces compared to Q1.

• Achieved significant operational milestones in Q2, including a 46% increase in tons mined and a 51% increase in gold production compared to Q1.

• Revenue increased 17% to $49.0 million, and income from mine operations grew 31% to $20.1 million quarter-over-quarter.

• Operational improvements included higher mining rates, improved grades, and increased mill throughput.

• Built a surface stockpile, enhancing operational flexibility and supporting future production consistency.

Financial highlights

• Revenue rose 17% quarter-over-quarter to approximately CAD 49 million, driven by higher gold sales.

• All-in sustaining costs dropped 30% to $3,284/oz, and cash costs fell 23% to $2,000/oz, both within 2026 guidance.

• Adjusted EBITDA increased 54% to CAD 22 million, and adjusted net earnings nearly doubled to CAD 13 million.

• Free cash flow was positive at CAD 9.7 million for Q2.

• Adjusted earnings per share increased 50% to $0.03.

Outlook and guidance

• Full-year production expected to be within 2026 guidance, with production weighted toward the second half.

• Focus remains on building operational consistency and flexibility, with ongoing underground development and infrastructure investment.

• Processing rates are expected to increase to approximately 1,000 tpd in the second half of 2026.

• Updated pre-feasibility study combining Madsen and Rowan expected by mid to late September.