West Red Lake Gold Reports Third Quarter Operations Update for Madsen Mine Ramp-Up

Core Viewpoint - West Red Lake Gold Mines Ltd. is making significant progress in ramping up operations at the Madsen Mine, with expectations for commercial production to begin in early 2026 [2][18]. Production and Performance - In Q3, the Madsen Mine produced 35,700 tonnes of ore at an average grade of 5.4 grams per tonne gold, resulting in 7,055 ounces of gold poured, sold at an average price of US$3,456 per ounce for gross proceeds of CAD$33 million [2][3]. - This production represents a 34% increase over Q2, where 5,260 ounces were poured for gross proceeds of CAD$24 million [3]. - The mine's operational performance has remained consistent, with strong reconciliation between planned and actual gold grades [2][11]. Ramp-Up Progress - The ramp-up of daily mining is progressing well, with increasing ore tonnage month over month [4]. - The mine achieved a record day of moving 1,400 tonnes of ore, with over 1,000 tonnes moved on several days in September [7]. - The underground waste rock storage program has been implemented, allowing for more efficient ore movement and production [8][16]. Operational Developments - The company is focusing on balancing ramp-up projects with regular mining operations, which has impacted ore production at times [10]. - Equipment availability has improved, with maintenance systems ramping up to keep haul trucks and other equipment at target levels [15]. - The company is also advancing its waste rock storage process, which has increased ore production due to enhanced truck availability and ventilation capacity [16][17]. Future Outlook - The Madsen Mine is on track for commercial production, with operational components being defined and implemented [16][18]. - The company anticipates the delivery of additional mining equipment, which will complete the planned fleet and support increased production [16]. - A detailed mine plan for 2026 is expected to be released by the end of the year, providing guidance for the declaration of commercial production [17]. Financial Information - The company raised CAD$40,651,260 through a bought deal public offering, with a cash commission paid to the lead underwriter [19].