Interview with Shane Williams, President & CEO, West Red Lake Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-tsxvwrlg-cash-positive-miner-targets-100k-oz-by-2028-without-dilution-8551

Recording date: 13th January 2026

West Red Lake Gold Mines declared commercial production at its Madsen Gold Mine effective January 1, 2026, achieving this milestone just seven months after completing its bulk sample program. The mill averaged 689 tonnes per day in December 2025, representing 86% of permitted capacity with strong 94.6% recovery rates, producing 3,215 ounces of gold. This performance met the company's internal requirements of 30 consecutive days at 65% or greater throughput combined with operational stability.

The company generated US$30 million in gold sales revenue during Q4 2025, selling 7,200 ounces at an average price of US$4,150 per ounce. For full-year 2025, Madsen poured 20,000 ounces generating US$73 million in revenue, with the company ending the year holding CAD$46 million in cash and gold receivables. Management confirms the operation is self-funding with positive monthly cash flow, eliminating future dilution risk.

West Red Lake Gold is transitioning to higher-grade ore from the 4447 zone in South Austin, expecting Q1 2026 mill feed to average over 6 grams per tonne gold compared to 4.94 g/t in December. The company targets 800 tpd sustained throughput by mid-2026 while advancing multiple growth initiatives including the Fork deposit, newly identified 904 Complex, and shaft optimization studies that could significantly increase production capacity.

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Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-inc

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