West Red Lake Gold Mines (WRLG) Q4 2025 earnings summary

Executive summary

• Achieved commercial production at Madsen Mine in January 2026, transitioning from restart to full operations in 2025 and ramping up through H1 2026.

• 2025 focused on establishing mining fronts, advancing underground development, and improving mill performance.

• 2026 strategy centers on building a scalable, multi-asset gold operation in Red Lake, with Madsen as the hub.

Financial highlights

• 2025 gold production: 20,000 oz; gold revenues: C$103 million; year-end cash balance: C$48 million (including gold receivables).

Outlook and guidance

• 2026 gold production guidance: 35,000–45,000 oz.

• 2026 cash costs: US$2,400–$3,100/oz sold; AISC: US$2,800–$3,600/oz sold.

• Growth capex for 2026: C$15 million; regional exploration: C$5 million; corporate G&A: C$10 million.

• Production weighted toward H2 2026, with ~60% of annual output expected in H2.

• Long-term plan targets phased production growth to ~120,000 oz/year by 2029, a 300% increase over 2026 levels.