West Red Lake achieves commercial production at Madsen gold mine

Core Viewpoint - West Red Lake Gold has successfully achieved commercial production at its Madsen gold mine, marking a significant milestone in its operational timeline [1][3]. Production and Performance - The Madsen mine reached an average throughput of 689 tonnes per day (tpd) in December 2025, which is 86% of the permitted capacity of 800 tpd, meeting the requirement for commercial production [1]. - The mill achieved an average gold recovery rate of 94.6% in December, resulting in the production of 3,215 ounces of gold [2]. - In Q4 2025, the mine processed a total of 49,162 tonnes of ore at an average gold grade of 5.06 grams per tonne (g/t), with a mill recovery of approximately 95%, leading to the production of 7,379 ounces of gold [5]. Financial Performance - The operation generated $30 million (C$41.62 million) from sales in Q4 2025, with an average gold price of $4,150 per ounce [5]. - Throughout 2025, the mine sold a total of 20,000 ounces of gold at an average price of $3,650 per ounce, yielding $73 million in revenue [6]. - By the end of 2025, the company reported having C$46 million in cash and gold receivables [6]. Future Outlook - The company anticipates that the Madsen mine will reach sustained permitted capacity by mid-2026, with most mill feed expected to come from the high-grade 4447 area in South Austin [4]. - The first quarter of 2026 is projected to see an average gold grade of over six grams per tonne from the mill feed [4].