WEST Red Lake GOLD Announces Close of Upsized $41 Million Bought Deal Public Offering
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September 23, 2025
Vancouver, British Columbia
WEST RED LAKE GOLD ANNOUNCES CLOSE OF UPSIZED $41 MILLION
BOUGHT DEAL PUBLIC OFFERING
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
The shelf prospectus supplement and the corresponding base shelf prospectus are accessible
through SEDAR+
VANCOUVER, British Columbia, September 23, 2025 — West Red Lake Gold Mines Ltd. (“West
Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to
announce that it has closed its previously announced bought deal public offering (the “Offering”)
of 37,526,800 common shares of the Company (“ Common Shares ”) at a price of C$0.95 per
Common Share for gross proceeds of C$35,650,460, which , includes the full exercise of the over-
allotment option, and 3,760,000 charity-flow through shares (the “Charity Flow-Through Shares”)
at a price of C$1.33 per Charity Flow -Through Share for gross proceeds of C$5,000,800. In
combination, the Company has closed on aggregate gross proceeds totaling C$40,651,260
through the issuance of the Common Shares and the Charity Flow -Through Shares. The Offering
was led by Raymond James Ltd., as sole underwriter and bookrunner (the “Underwriter”).
The net proceeds from the issuance of the Common Shares will be used to continue to advance
the Madsen Gold Mine, including completing ramp -up to commercial production and pursuing
growth opportunities as well as for working capital and general corporate purposes.
The gross proceeds pursuant to the issuance of the Charity Flow -Through Shares will be used to
incur qualifying Canadian exploration expenses on the Company’s assets, primarily at the Rowan
Project where the Company plans to complete infill drilling, engin eering, and continuing
environmental work in support of a pending Pre-Feasibility Study.
“We are excited for the opportunities this financing creates as we complete the ramp up of the
Madsen Mine,” said Shane Williams, President and CEO. “At Madsen we are developing, mining,
milling and balancing priorities weekly to set up the mine for steady state operations. The
additional funding accelerates specific capital projects that have the potential to result in greater
output from Madsen, allowing us to capitalize on the current strong gold price environment. The
flow-through capital will fund drilling to support a Pre -Feasibility Study for Rowan next year,
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providing West Red Lake Gold a clear near -term path to producing over 100,000 ounces of gold
annually in Red Lake.”
In connection with the Offering, the Company filed a prospectus supplement (the “Supplement”)
dated September 17, 2025, to the Company’s short form base shelf prospectus dated April 30,
2024 (the “Shelf Prospectus”), with the securities regulatory authorities in each of the provinces
of Canada (except Quebec). Copies of the Shelf Prospectus and the Supplement can be found on
the Company’s profile on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the she lf
prospectus supplement and the corresponding base shelf prospectus may be obtained, without
charge, from the Company at Suite 3123 – 595 Burrard Street, Vancouver, British Columbia, V6X
1J1 or by email at [email protected].
The securities have not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be
offered or sold in the United States without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with the requirements of an applicable exemption
therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to
buy securities in the United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a gold development and mining company that is publicly
traded and focused on its flagship Madsen Gold Mine and the associated 47 km2 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 deposits. WRLG also holds the
wholly owned Rowan Property in Red Lake, with an property position covering 31 km 2
including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gwen Preston
VP Communications
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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.
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, uncertai nties and other factors that may cause actual results to differ
materially from the forward- looking information in this news release and include without
limitation, statements relating to the a ctu a l use of proceeds of the Offering, and the
Company’s future objectives and plans. Readers are cautioned not to place undue reliance on
forward-looking information.
Forward-looking information involve numerous risks and uncertainties and actual results
might differ materially from results suggested in any forward -looking information. These
risks and uncertainties include, among other things, risks associated with mineral exploration
and development activities, environmental risks, market volatility; the state of the financial
markets for the Company’s securities; fluctuations in commodity prices; timing and results of
the cleanup and recovery at the Madsen Mine; 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. Although 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 should 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.
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The forward-looking information contained herein is expressly qualified in its entirety by this
cautionary statement. Forward -looking information reflects management’s current beliefs
and is based on information currently available to the Company. The forw ard-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.