West Red Lake Gold Declares Commercial Production at Madsen Gold Mine
January 12, 2026
Vancouver, BC
West Red Lake Gold Declares Commercial Production at Madsen Gold Mine
West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”)
(TSXV: WRLG) (OTCQX: WRLGF) is pleased to declare commercial production at its 100%
owned Madsen Gold Mine, located in the Red Lake Mining District of Northwestern Ontario,
Canada.
The Madsen Mine achieved commercial production as of January 1, 2026. The mill averaged
689 tonnes per day (“tpd”) in December 2025. This represents 86% of permitted throughput
of 800 tpd and meets the Company’s internal commercial production requirement of 30
consecutive days of mill throughput at 65% or greater of permitted capacity. Operational
stability, the other internal requirement, is also in place at Madsen. Consistent strong mill
recoveries, which averaged 94.6% in December, enabled production of 3,215 ounces of gold.
“We are delighted to announce commercial production at the Madsen Mine, achieved only
seven months after completion of the bulk sample, ” said Shane Williams, President and CEO.
“Achieving commercial production is a major milestone for any producer and it comes after
a strong December that saw tonnage, grade, recoveries, and production all perform to plan.
Credit and gratitude go to the site operations team, who delivered a responsible and
methodical mine ramp up. I also want to thank our partners the Lac Seul and Waba uskang
First Nations and the community of Red Lake for their longstanding support.”
“We will continue to ramp up from this strong base, and I anticipate Madsen will reach
sustained permitted capacity by mid-2026.”
For the first quarter (“Q1”) of 2026, mill feed will come predominantly from the 4447 area ,
the high-grade zone in South Austin that the Company defined in 2025. Mill feed is expected
to average in excess of 6 grams per tonne gold (“g/t Au) in Q1.
In December the Madsen Mine produced 21,389 tonnes of ore, which is an average of 689
tonnes per day. The tonnes carried an average grade of 4.94 g/t Au. Mill recovery of 94.6%
over the month produced 3,215 ounces of gold in December.
In the fourth quarter (“Q4”) of 2025 the Madsen Mine produced 49,162 tonnes of ore, which
is an average of 534 tonnes per day. The tonnes carried an average grade of 5.06 g/t Au. Mill
recovery of 95% over the quarter recovered 7,379 ounces of gold in the quarter.
2
The operation poured 7,200 ounces of gold in Q4. (Note that recovered and poured ounces
do no align exactly due to gold in circuit and timing of gold pours.) Those ounces were sold
at an average price of US$4,150 per ounce for total gold sales revenue of US$30 million.
In 2025, the Madsen Mine poured 20,000 oz. gold. This gold was sold at an average price of
US$3,650 per oz. for total gold sales revenues of US$73 million. The Company ended 2025
with CAD$46 million cash and gold receivables.
Tonnes
Milled
% Permitted Daily
Mill Capacity
Gold Grade
(g/t Au) Ounces Produced
December 2025 21,389 86% 4.94 3,215
Q4 2025 49,162 67% 5.06 7,379
Ounces
Poured
Average Sale Price
(US$ per oz.) Total Gold Sales Revenue
Q4 2025 7,200 US$4,150 US$30M
FY 2025 20,000 US$3,650 US$73M
Table 1. Madsen Mine operational results for December and Q4 2025
“The potential to continue creating value at Madsen through multiple opportunities makes
this achievement of commercial production especially exciting, ” said Mr. Williams.
“We are drilling at Fork with a view to bring that deposit into the mine plan this year. The
shaft is nearing operation and work to date has revealed a path to potentially increase shaft
tonnage significantly in the medium term. We are starting to delineate a new high-grade
area in Lower Austin called the 904 Complex that is similar to 4447, the high-grade area in
South Austin that we advanced through definition drilling, mine design, and access
development within 8 months so that today we are mining this high-margin mineralization.
The immediate impact of mining these jewelry box-type areas was realized when material
from 4447 lifted the gold grade through the Madsen Mill to levels reaching 8.9 g/t Au in
December. We look forward to pulling a majority of our ore tonnes from the 4447 area
through Q1. ”
“It has taken immense work to get here and it is fantastic to see our methodical approach
generate the results and opportunities we knew Madsen could deliver. ”
The Company anticipates releasing 2026 guidance during Q1.
The technical information presented in this news release has been reviewed and approved
by Will Robinson, P .Geo., Vice President of Exploration for West Red Lake Gold and the
Qualified Person for exploration at the West Red Lake Project, and by Hayley Halsall-Whitney,
P .Eng., Vice President of Operations for West Red Lake Gold and the Qualified Person for
3
technical services at the West Red Lake Project, as defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a gold mining company that is publicly traded and focused
on its flagship high-grade Madsen Gold Mine and the associated 47 km 2 highly prospective
land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District
of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high -grade
zones and hosts some of the world's richest gold depo sits. WRLG also owns the Rowan
Property in Red Lake, which hosts a small, high -grade deposit tha t West Red Lake Gold is
looking to advance towards production.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gwen Preston
4
Vice President Communications
Tel: (604) 609-6132
Email: [email protected] or visit the Company’s website
at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute “forward -looking
information” within the meaning of applicable securities laws. Forward-looking information
generally can be identified by words such as “anticipate” , “expect” , “estimate” , “forecast” ,
“planned” , and similar expressions suggesting future outcomes or events. Forward-looking
information is based on current expectations of management; however, it is subject to known
and unknown risks, uncertainties and other factors that may cause actual results, levels of
activity, production levels, performance or achievement of the Company to differ materially
from the forward-looking information in this news release.
Forward-looking information involves numerous risks and uncertainties and actual results ,
levels of activity, production levels, performance or achievement of the Company might
differ materially from those suggested in any forward -looking information. These risks and
uncertainties include, among other things, unexpected changes in production and costs
guidance, market volatility; the state of the financial markets for the Company’s securities;
fluctuations in commodity prices; and changes in the Company’s business plans. Forward-
looking information is based on a number of key expectations and assumptions, including
without limitation, that the Company will continue with its stated business objectives and its
ability to raise additional capital to proceed. Al though management of the Company has
attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such
forward-looking information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such forward -looking information.
Accordingly, readers sh ould not place undue reliance on forward -looking information.
Readers are cautioned that reliance on such information may not be appropriate for other
purposes. Additional information about risks and uncertainties is contained in the
Company’s management’s discussion and analysis for the year ended December 31, 2024,
and the Company’s annual information form for the year ended December 31, 2024, copies
of which are available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein is expressly qualified in its entirety by this
cautionary statement. Forward -looking information reflects management’s current beliefs
5
and is based on information currently available to the Company. The forward -looking
information is made as of the date of this news release and the Company assumes no
obligation to update or revise such information to reflect new events or circumstances,
except as may be required by applicable law.
For more information on the Company, investors should review the Company’s continuous
disclosure filings that are available on SEDAR+ at www.sedarplus.ca.