West Red Lake Gold Mines Ltd (QX) (WRLGF)

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF

Crux Investor just put out a "7 Things You Need to Know" breakdown of West Red Lake Gold (TSXV: WRLG, OTC: WRLGF) and its Rowan update. Worth reading if you follow the junior producer space. Here is what stood out to me.

The thing Crux leads with is the de-risked entry point. The Madsen mill is fully permitted and the company has declared commercial production status. Crux's point is that this materially reduces development execution risk relative to peers still working through permitting or construction.

Second, the model reconciles. Crux cites grade reconciliation of 95.5% on tonnage, 100.7% on grade, and 96.1% on gold ounces. That kind of reconciliation supports the reliability of the geological model, reduces production variability, and improves guidance credibility.

Third, it is direct gold leverage. Crux frames Madsen as high-grade Ontario underground production with a cost structure it says holds up across a broad range of gold-price scenarios. The summary line from Crux: a differentiated profile within the junior and emerging producer universe.

Now the Rowan resource that prompted all this. The June 9, 2026 MRE lifted Rowan Indicated 70% to 334,825 ounces at an average grade of 13.03 grams per tonne. Inferred climbed 52% to 179,013 ounces at 15.31 grams per tonne. (See June 9, 2026 MRE news.)

Crux's profile points back to Rowan's 2025 PEA: a 42% after-tax internal rate of return and C$125 million net present value at US$2,500 per ounce gold. The toll milling operation would require only C$70 million in initial capital and could produce over 35,000 ounces annually for five years. (See Aug 2025 Rowan PEA.)

For context, gold currently trades around US$4,350, well above that PEA's US$2,500 assumption.

The catalyst Crux is watching is the combined Madsen-Rowan PFS, targeted for the third quarter of 2026. Crux calls it the primary near-term valuation reference for investors.

With the resource upsized and an independent profile flagging that same Q3 PFS as the next data point, the study sets up as the moment the integrated Madsen-Rowan story gets put to hard numbers, with room to reframe how the market values the multi-asset platform.

Full breakdown here: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-rowan-resource-update-7-things-you-need-to-know

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF announced the commencement of a fully funded surface drilling program at the historic past-producing Starratt-Olsen Mine located approximately 1.1 kilometers southwest of its 100% owned Madsen Mine in the Red Lake Mining District of Northwestern Ontario, Canada.

Highlights:
- The drill program at Starratt will consist of up to 4,000 metres of oriented HQ diameter diamond drilling.
- Targeted areas will focus on up- and down-plunge extensions to previously mined panels at Starratt - investigating for unmined portions of previously defined mineralization and testing for new sub-parallel lenses.
- This program marks the first focused effort in drill testing the main areas of historic mining at Starratt since mining ceased in the 1950’s.
- Starratt is the second largest gold producer historically on the Madsen property with ~164,000 oz of gold produced between 1948-1956 at an average grade of 6.17 grams per tonne gold.
- The 4,000m program is expected to be completed mid-August 2026, with assay results released as they become available.

Will Robinson, Vice President of Exploration, commented, “Following a highly successful drilling season at Rowan and Fork, we are maintaining our momentum by moving the surface drill to the past-producing Starratt-Olsen Mine…

Given that underground development is now underway at Fork and the deposit is advancing toward inclusion in the Madsen production profile in 2027, it is logical to continue defining new resources along this main southwestern structural corridor.”

Full news release: https://westredlakegold.com/west-red-lake-gold-commences-surface-drilling-at-past-producing-starratt-olsen-gold-mine/

Posted on behalf of West Red Lake Gold Mines — WRLG.v; WRLGF

Will Robinson, VP of Exploration at West Red Lake Gold Mines, recently sat down with The KE Report to discuss the company’s promising drilling success at its Rowan and Mount Jamie satellite deposits, located near its flagship Madsen Gold Project.

During an incredibly efficient 6,300-meter infill drill program at the Rowan deposit, WRLG managed to increase its indicated resource category by 70%—up to 334,000 ounces grading 13 g/t gold. Additionally, the inferred category jumped 52% to 179,000 ounces while nearly doubling in grade to 15.3 g/t gold.

With an estimated discovery cost of just $17.60 CAD per ounce, the company is proving it can rapidly and cost-effectively expand the deposit. These high-confidence indicated ounces will now feed directly into the upcoming Pre-Feasibility Study (PFS) alongside the primary Madsen operation.

At the nearby Mount Jamie satellite deposit, located just two kilometers from Rowan, the team sees clear geological synergies and strong potential for resource expansion through future infill drilling.

Meanwhile, a surface rig has just been deployed to the historic Starratt Olsen mine area at Madsen to test high-priority targets, setting the stage for steady exploration catalysts throughout the rest of the year.

Watch the interview here:

Posted on behalf of West Red Lake Gold Mines Ltd. — WRLG.v; WRLGF

Following the release of an updated resource estimate for the Rowan Project and a maiden resource for Mount Jamie, West Red Lake Gold’s VP of Exploration, Will Robinson, further broke down the details of the announcement in a short video.

He explained that the significant resource growth was achieved through a highly focused 6,300-meter drill program, which successfully added high-confidence ounces and sets up the assets to be mined simultaneously as key satellite operations.

He additionally explained:
- The 37-hole drilling program successfully upgraded Rowan’s higher-confidence Indicated resources by 70% to 334,000 ounces at 13 g/t gold, while simultaneously boosting Inferred resource grades by 75% to an impressive 15.3 g/t gold.
- The maiden resource at the nearby Mount Jamie deposit successfully establishes an initial 49,000 Indicated ounces at 14 g/t gold, providing the critical data needed to establish two separate satellite mining areas.

Looking ahead, these newly updated resource figures will be incorporated into a combined Madsen-Rowan Pre-Feasibility Study (PFS). The company is actively advancing this study and plans to release the final results in the second half of 2026.

Watch the video here:

Posted on behalf of West Red Lake Gold Mines Ltd. — WRLG.v; WRLGF

This Morning, West Red Lake Gold Mines announced an updated 2026 Mineral Resource Estimate for its Rowan Project alongside a maiden estimate for the nearby Mount Jamie deposit.

The results successfully de-risk the project by shifting a massive portion of ounces into the higher-confidence Indicated category while expanding the overall resource base.

Key highlights from the resource update include:
- The company increased Rowan's Indicated gold ounces by 70% to 334,825 ounces grading 13.03 g/t gold, while Inferred resources also grew by 52% to 179,013 ounces grading 15.31 g/t gold.
- The maiden resource estimate at the Mount Jamie deposit, located just two kilometers away, adds an Indicated 49,407 ounces at 14.13 g/t gold and an Inferred 35,791 ounces at 11.97 g/t gold.
- This substantial resource growth was achieved with high capital efficiency, utilizing only 3.5 million CAD for a 6,300-meter drill program to deliver a highly economic discovery cost of approximately 17.60 CAD per ounce.
- The updated Rowan resource will be incorporated into the combined Madsen-Rowan Pre-Feasibility Study anticipated in the second half of 2026, directly supporting the company's long-term hub-and-spoke strategy for the district.

By significantly upgrading and expanding these high-grade satellite deposits, West Red Lake Gold continues to build out the long-term production profile centered around its Madsen processing hub.

View the full News Release here: https://westredlakegold.com/west-red-lake-gold-significantly-increases-rowan-mre-including-a-70-increase-in-indicated-resources-to-755k-tonnes-containing-335k-oz-at-13-g-t-au/

West Red Lake Gold Mines Ltd.: West Red Lake Gold Significantly Increases Rowan MRE Including a 70% Increase in Indicated Resources to 755k Tonnes Containing 335k oz at 13 g/t Au

https://www.finanznachrichten.de/nachrichten-2026-06/68718289-west-red-lake-gold-mines-ltd-west-red-lake-gold-significantly-increases-rowan-mre-including-a-70-increase-in-indicated-resources-to-755k-tonnes-con-399.htm

West Red Lake Rowan deposit appears to have a lot more gold than previously thought.

News should be very bullish but WRLGF needs to demonstrate they can actually pull the gold out of the ground.

I bought more shares yesterday, but I'm tapped out right now.

Posted on behalf of West Red Lake Gold Mines Ltd. — WRLG.v; WRLGF

As featured in a recent Streetwise Reports article, West Red Lake Gold Mines Ltd. has released its financial and operational results for the first quarter of 2026, marking the initial post-commercial production ramp-up phase at the Madsen Mine.

Key highlights from the quarter include:

- Revenue and Earnings: The company sold 6,165 ounces of gold at an average realized price of US$ 4,938 per ounce. This generated US$ 41.8 million in revenue and US$ 15.3 million in income from mining operations. Adjusted net earnings came in at US$ 6.4 million, or US$ 0.02 per basic share, with an adjusted EBITDA of US$ 14.4 million.
- Cost Structure: Due to the early stage of the ramp-up, fixed operating costs were distributed across a lower volume of produced ounces, which totaled 5,667 ounces for the quarter. This resulted in a cash cost of US$ 2,594 per gold ounce sold and an all-in sustaining cost of US$ 4,678 per gold ounce sold.
- Balance Sheet Strength: The company initiated its first debt repayments during the quarter while maintaining strong liquidity, ending the period with approximately US$ 35.9 million in cash and cash equivalents.

President and CEO Shane Williams stated that this first quarter demonstrated strong operational discipline and safety during a vital transition period.

Looking ahead, development continues toward additional high-priority mining areas, including Austin 904, Fork, and the eastern connection drift toward the Derlak complex. Meanwhile, Phase 1 of the shaft refurbishment program remains firmly on track for the second half of 2026.

See the full article here: https://www.streetwisereports.com/article/2026/06/03/gold-producer-reports-us-41-8m-quarter-as-ontario-mine-ramp-up-advances.html?utm_source=delivra&utm_medium=email&utm_campaign=TRR6-4-2026&utm_id=49614787

$WRLGF Added a few more cheap shares this morning. 

I totally agree.   
WRLGF deserves the terrible share price right now, but I do see a path to better days ahead.  

The 904 complex has some eye-popping results and has never been mined before.   However, that ore doesn't hit the mill until 2027.  

On the other hand, there are lots of gold mining companies on sale right now.

Nevada, Utah, Idaho. and Arizona all have companies on sale right now.  Low cost open pit mines with potential for substantial ounces per year.  Various stages of development. 

I see the value here, but also feel the sting of frustration as well.

Good luck in 2026.Appreciate all your posts.

I keep looking at those extremely good drill  results from the 904 complex.   Very High Grade.


Near term, the 13 level East Drive will open up 350,000 high grade ounces.  

What if the company created a 13 Level West Drive to unlock the Upper 8 zone and extended further to the west to unlock potential below Starratt-Olson?

WRLGF has so much High Grade potential long term it is incredible to think how cheap the shares are right now.

Yes, but my suggestion would be to use the mid point between 35,000 and 45,000 which would be 40,000. If they dont at least come close to my numbers in Q2 I will consider moving some money elsewhere. As of right now I am still adding a little at a time.

40,000 × 40% = 16,000 in 2026-H1.
Q1 = 5,667
Q2 = 10,333

40,000 × 60% = 24,000 in 2nd half

Thanks for posting.  I've been trying to download this for a few weeks now. 

Posted on behalf of West Red Lake Gold Mines Ltd. — WRLG.v; WRLGF

In their newly updated presentation, West Red Lake Gold Mines details its immediate operational strategy to stabilize and scale up production at the Madsen Mine following its commercial production declaration in January 2026.

The company is targeting a total gold output of 35,000 to 45,000 ounces for the year, with roughly 60% of that volume weighted toward the second half of 2026 during the ongoing infrastructure ramp-up.

Initial underground development is officially underway at the Fork satellite deposit, and crews are working to secure access to the high-grade 4447, 960, and 904 complexes.

Other immediate operational milestones include executing Phase 1 of shaft refurbishment, driving the 13 Level East Drive toward the Derlak complex, and delivering an updated Pre-Feasibility Study that combines both the Madsen and Rowan projects into a unified hub-and-spoke model.

View the full presentation here: https://westredlakegold.com/

Corperate Presentation: https://westredlakegold.com/wp-content/uploads/2026/06/WRLG_CorpDeck_June-2026.pdf

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF

West Red Lake Gold recently reported a strong financial quarter, generating $41.8 million in revenue and $14.4 million in adjusted EBITDA as commercial production scales up at its flagship Madsen Mine.

This financial strength is actively backing the company's transition into a regional multi-mine operation by accelerating development at the high-grade Rowan deposit, located 85 kilometres away.

Envisioned as a high-grade underground direct shipping opportunity targeted for production by 2029, Rowan's 2025 PEA outlines an attractive 35,000 ounces per year grading 8.0 g/t gold over a five-year mine life.

A 6,000-metre drill program is currently underway at Rowan to prepare for a Pre-Feasibility Study in Q3 2026. The long-term plan involves trucking this high-grade mineralization to the Madsen mill, expanding the facility's throughput from 800 to 1,200 tonnes per day to seamlessly integrate production from across the district.

View the full report here: https://westredlakegold.com/west-red-lake-gold-reports-q1-2026-financial-results-and-operations-summary/

I will admit the "noise" comment is probably justified.   

Rick Rule is obviously a very successful investor and has acquired his positions over decades.  In this video he describes selling 25% of his Jr gold positions as "aggressive selling".   


My only point is that smart people may have a lower purchase cost  and may sell sooner.  Rick Rule may be one of the smartest people in every stock he owns.  He does use the strategy you talk about of owning "free shares".

That is all just noise. What makes you think that Rick Rule will sell his shares? I tend to ignore the noise and base my decisions on fundamentals. Though the share price has suffered lately it is my opinion that the fundamentals have gotten better. For this reason, as the share price decreases I am gradually increasing my holdings. I am not expecting quick money here and plan to hold for another year or two. We all have different tactics and opinions and mine may be right or wrong. If I am wrong certainly would not be the first time.

Rick Rule symposium again in 2026.   


Not sure how many shares Rick Rule owns. But I sure hope I can sell my shares before Rick Rule sells his shares.   

In my opinion when a large shareholder exits a small cap low volume stock he can quickly destroy market cap value for the remaining shareholders.   Just my opinion.  

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF

A recent Crux Investor article outlines what comes next for West Red Lake Gold Mines as it transitions from initial commercial production into a scalable, long-term producer at the Madsen Mine.

- 2026 Production Outlook: The company is targeting 35,000 to 45,000 ounces of gold production in 2026, with 60% of the output heavily weighted toward the second half of the year as underground development access expands.
- Infrastructure Catalysts: Underground crews are driving the 13 Level East Drive toward the Derlak complex to establish new drilling platforms. Additionally, Phase 1 of the shaft refurbishment is on track for H2 2026, which is expected to reduce material haulage costs by up to 90%.
- Upcoming Technical Studies: The market is anticipating an updated Mineral Resource Estimate and a combined Pre-Feasibility Study later this year, which will formally define the expanded mine life and economic profile of the asset.

View the full article here: https://www.cruxinvestor.com/posts/madsen-as-a-mill-hub-west-red-lakes-path-to-120-000-oz-year

My guess is we accept the lower guidance until the company proves otherwise.  We should also take Mr Williams word that 60% of production in the 2nd half of the year.  My quick math:


35,000 × 40% = 14,000 in 2026-H1. 
Q1 = 5667   
Q2 = 8333 

35,000 × 60% = 21,000 in 2026-H2 
Q3 = 10,000 
Q4 = 12,000 

Will Robinson mentioned in a recent video that the 13-Level East Drive could open up 350,000 "non remnant" ounces.
150,000 ounces in the first 500 meters.  And.   200,000 ounces farther east in Derlak.

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF

West Red Lake Gold Mines has released its financial and operating results for the first quarter ended March 31, 2026, marking the initial phase of its post-commercial production ramp-up at the Madsen Mine.

- Q1 Financials: The company produced 5,667 ounces of gold and sold 6,165 ounces at an average price of US$4,938 per ounce, generating $41.8 million in revenue and exiting the quarter with $35.9 million in cash.
- Operations and Outlook: Mining focused on sill development at South Austin and the 4447 complex, with overall production expected to build through 2026 and remain 60% weighted toward the second half of the year.
- Development Targets: Underground advancement is ongoing toward the Austin 904 zone, the Fork deposit, and the eastern connection drift, while Phase 1 of the shaft refurbishment is on track for H2 2026.

Shane Williams, President and CEO, commented, “This first quarter represents the initial phase of our post commercial production ramp up at Madsen and I am proud of the focus, operational discipline and strong safety culture demonstrated by our teams during this important transition period.”

View the full report here: https://westredlakegold.com/west-red-lake-gold-reports-q1-2026-financial-results-and-operations-summary/

Wow, we are big time, a whole 6500 oz of production for the 1st quarter, I think they missed big and that's why the delay for earnings, now we have to decide, will they deliver what they say or is it another miss going forward.

We should see great improvement this quarter (if they have not re-sequenced again) we should see near double the production. Once the show that they can do the job, the share price will advance. After two quarters of improvement, we should be off to the races. I am still disgusted with this CEO because of his no notification re-sequencing. That truly damaged trust IMHO

I went back and reread the 2025 results and the 2026 guidance.  

I can understand the building blocks WRLGF is putting into place here.  
4447, + 904, + Fork, + East drive to Derlak, + Rowan, + 8 Zone.   Plus a few more showing up in the plan.
Multiple mining assets feeding the mill helps de-risk the whole operation.  The Hub and spoke model feeding the mill.   Building up an above ground inventory.

The work WRLGF is doing is really starting to make sense to me.  

Hopefully AISC will start looking better in Q2, but it may not be great until Q3.  

High grade from 4447 should start showing up in the mill in Q2 but AISC may look bloated for all of 2026 as new production access is created to Fork deposit, Lower Main Austin and the 13-Level East Drive.  Additionally, the shaft is still being refurbished.  Shaft will not be ready until  H2??   Q3?   Q4??

I bought back in at a great price.   I will be patient going forward.  This is a very high grade story unfolding here.  Frustrating for sure, but very high grade.

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF

West Red Lake Gold Mines was recently featured by Crux Investor in a new article detailing the company's transition from a single-asset operator into a district-scale production platform.

The article highlights:
- Following the achievement of commercial production, West Red Lake is now leveraging its centralized Madsen mill as a regional processing hub, outlining a clear path to 120,000 ounces of annual production.

- The Red Lake district is full of high-grade deposits that are too small to support the cost of a standalone mill. By utilizing Madsen's existing, permitted infrastructure, West Red Lake can highly efficiently process these external satellite deposits.

- The Rowan deposit—hosting over 600,000 high-grade ounces—is positioned as the first external feed source to be trucked to the mill. Meanwhile, the Fork deposit offers a massive near-mine expansion opportunity located just 250 metres from the existing underground workings.

View the full article here: https://www.cruxinvestor.com/posts/madsen-as-a-mill-hub-west-red-lakes-path-to-120-000-oz-year

Posted on behalf of West Red Lake Gold Mines Ltd. -West Red Lake Gold (WRLG): Permitted, Funded Producer with 35-45koz Guidance + 471 g/t Bonanza Hits – Positioned for the Central Bank-Driven Gold Squeeze

Central bank buying has fundamentally reshaped the gold market — and equity valuations have not yet caught up.

https://www.reddit.com/r/Inflation_Investment/comments/1tnl1oa/west_red_lake_gold_wrlg_permitted_funded_producer/

13 Level East Drive to New Hunting Grounds
By Shane Williams

CEO & President of West Red Lake Gold


?

?
As we drive deeper into the Madsen deposit, we are discovering more gold.

At 600 metres depth, the 4447 Jewelry Box Drill Highlights include 3.12 metres @ 37.09 grams per tonne (g/t) gold, 10.6 metres @ 114.26 g/t gold and 1 metre @ 99.80 g/t gold.

At 650 metres depth, the 904 Jewelry Box Highlights include 11.2 metres @ 26.16 g/t gold, 7.8 Metres @ 139.45 g/t gold, 8.7 metres @ 74.70 g/t gold and 4.75 metres @ 219.73 g/t gold.

As part of the drive to access and unlock deeper gold zones, we have built 4,200 metres of underground development. This is in addition to the 1,448-metre Connection Drift, connecting the East and West Portals of the Madsen Mine.

We have dewatered the mine down to 17 Level, at 800 metres depth. We are now going deeper, where the highest-grade gold lenses are typically found in the Red Lake gold camp.

On 13 Level, we have installed an electrical substation, providing power and ventilation to accelerate the development of the 904 Complex and South Austin zones.

A dedicated drill station at this level allows drills to fan out into the deeper gold zones with better angles and shorter hole lengths than would be possible from a drill rig at surface.

Now that we're at 13 Level, our geological team has collectively decided to drive laterally to the east, giving us access to the vastly under-explored eastern portion of the orebody.

The cost estimate for the 1.1-kilometre East Drive is C$10million – about the same as the Connection Drift. We believe it could have an equally positive effect on the future production scenario at Madsen by adding an additional mining front that cuts laterally across the deposit

The mineral resource model for Madsen suggests resource potential for this eastern zone, called Derlak, of 200,000 ounces @ 7.3 g/t gold. Importantly, the deposit remains open along strike and down plunge past the Derlak area.

Resource modelling involves the same de-risking technique we used at Austin, South Austin and McVeigh, where we bulk-mined a 14,490-tonne sample that carried an average grade of 5.72 g/t gold. That was 0.7% above the average predicted grade of 5.68 g/t gold for six stopes across three areas.

Close reconciliation between predicted and actual grades and tonnages, highlights the effectiveness of definition drilling and detailed stope design to create an accurate mining model. The gold recovery in the mill averaged 95%. Confirming theories about the past is a prerequisite to creating a clear plan for the future.

We want to get out on the edges of the deposit, to define new areas of mineable ore. We are targeting high tonnage areas of the deposit that have not been mined since the 1960s, when the central bank pegged the price of gold at US$35 per ounce, and the average nominal market price was US$41 per ounce.

We have set a Key Performance Indicator (KPI) objective to complete 500 metres of the 13 Level drift in 2026. That will get us into the heart of main Austin. We aim to finish the 13 Level drift in 2027, so that we can drill from underground into the eastern Derlak zone.

The 13 Level East Drive will give Jillian Christmann, the Chief Geologist at Madsen, an entirely new hunting ground to explore, develop and define.

In the next message, I will talk about the importance of timing cyclical and secular gold bull markets.

Great emails from CEO Shane Williams about the Madsen Mine.  
 Title:
13 Level East Drive to New Hunting GroundsBy Shane Williams  
CEO & President of West Red Lake Gold. 

Posted on behalf of West Red Lake Gold Mines Ltd. - Central bank buying has fundamentally reshaped the gold market — and equity valuations have not yet caught up.

Sovereign gold reserves have reached record levels, with continued central bank accumulation projected through 2026. At the same time, major producers are guiding lower output, global discovery rates remain weak, and capital continues to concentrate on brownfield drilling rather than new deposits. The structural supply squeeze is becoming more visible.

Against that backdrop, a small cohort of developers stands out: permitted, funded, and actively drilling. Historically, the market assigns a premium to that combination. Today, several names appear discounted relative to their operational positioning.

One example is West Red Lake Gold Mines (TSXV: WRLG | OTCQB: WRLGF), which has transitioned from restart to production growth at the Madsen Mine in Ontario.

2026 Outlook

• Guided production of 35,000–45,000 ounces in 2026

• ~20,000 ounces sold in 2025 at an average price of C$5,170/oz, generating C$103M in revenue

• Fully permitted infrastructure in place in a Tier-1 jurisdiction

In addition, exploration continues to unlock upside at the 100%-owned Rowan Project. Final drill results from the 2025–2026 program included a standout intercept of 471 g/t gold over 1 metre from Vein 013. Management noted that the campaign exceeded expectations, materially de-risking the vein system while demonstrating expansion potential in under-drilled areas.

An updated Mineral Resource Estimate is expected shortly.

The Bigger Picture

In a tightening gold market defined by constrained supply and rising sovereign demand, developers that are:

• Permitted

• Funded

• Producing or near-term production

• Actively expanding resources

are structurally positioned to benefit from both operational leverage and multiple expansion.

West Red Lake Gold represents one of the few juniors currently checking all four boxes — yet trades at levels that do not appear to fully reflect its production profile, infrastructure base, and ongoing exploration upside.

In a market increasingly focused on scarcity, funded gold builders may not remain inexpensive for long.

https://www.globenewswire.com/news-release/2026/05/07/3290107/0/en/why-funded-gold-builders-are-suddenly-looking-cheap-and-the-one-permitted-junior-drilling-next-week-that-few-have-priced-in.html

One can always expect AISC to be high during a ramp up and I am not worried about that. I do expect a much better Q2 for production and higher production numbers will spread the costs over more ounces, thus lowering the AISC

Found this description for AISC.
Using this definition makes the WRLGF Q1  report make more sense.
With current gold price, WRLGF has a steady growth future in a worst case scenario.   Push very high grade gold through the mill for a year and I can see a bright future.

My current goal is to double my share count from what it was before the last Q before the Q2 report I am just picking up a few at a time as I dont see any reason to rush. As I said before I dont think this one is going anywhere fast due to self inflicted credibility issues. Nothing wrong with changing mine sequencing but it is wrong to not keep investors informed.

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF
West Red Lake Gold Mines was recently highlighted by Crux Investor for its massive infrastructure advantage in a gold market currently facing severe supply shortfalls.

Because new gold mines typically take 10 to 15 years to build, the industry cannot quickly fix the current global supply deficit.
Instead of spending years and hundreds of millions of dollars to build a new processing facility, West Red Lake is bypassing this bottleneck entirely.

The company is rapidly advancing its high-grade Rowan Project as a satellite ore source to feed its fully built and permitted Madsen mill. By plugging high-grade rock directly into existing infrastructure, the company is executing a highly efficient, low-capital strategy to reach a target of 150,000 ounces of gold production per year.

View the full article here: https://www.cruxinvestor.com/posts/gold-prices-above-4-600-oz-constrained-mine-supply-support-margin-expansion-in-production-stage-gold-equities

I found a few more quarters and bought a few more shares.
West Red Lake Gold is a high grade story..
Gold price is facing some pressure right now but WRLGF production has some room for cash-flow. 

Posted on behalf of West Red Lake Gold Mines Ltd. - WRLG.v; WRLGF
In addition to drill results, West Red Lake has explained there are multiple opportunities to potentially expand and upgrade the resource and mine plan at the Rowan Project.

The Rowan resource comprises 26 domains that capture multiple parallel veins. Three of those veins – 001, 003 and 004 – are mined in the PEA.

Historic operators often only sampled and assayed drill core with quartz veining containing visible gold. Surrounding rock, including vein margins, narrow gaps between veins, and adjacent wall rock, was typically not sampled.

The next layer of opportunity at Rowan is based on expanding the deposit. Notably, the highest-grade intercept ever drilled at Rowan was achieved during the 2023 drill campaign when hole RLG-23-163B returned 70.8 g/t Au over 8.3 metres.

This intercept came from the deeper portion of Vein 001 and indicates potential for mineralization to continue at depth.

View the full NR here: https://westredlakegold.com/west-red-lake-gold-reports-471-g-t-au-over-1m-from-vein-013-and-10-84-g-t-au-over-3m-from-vein-006b-rowan-deposit/

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF
In a recent video update, VP of Exploration Will Robinson broke down the final assay results from the company's latest 6,300-metre drill program at the Rowan Project.

- Upgrading Resources: The drilling was successfully designed to convert existing inferred material in Veins 001 and 004 to the Indicated category.
-High Grade: The program also aimed to bring Veins 006b and 013 into mine design consideration, yielding a program-best intercept of 471 g/t gold over 1 metre.
- Looking Ahead: With a new vein model complete, the team is preparing an updated Mineral Resource Estimate that will flow directly into the highly anticipated combined Madsen-Rowan Pre-Feasibility Study (PFS) slated for Q3 2026.

View the full video here:
View the full news release here: https://westredlakegold.com/west-red-lake-gold-reports-471-g-t-au-over-1m-from-vein-013-and-10-84-g-t-au-over-3m-from-vein-006b-rowan-deposit/

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF
West Red Lake Gold Mines was recently featured in a Crux Investor article highlighting the company's highly capital-efficient growth strategy.

The feature explains how routing the Rowan project ore to the already-permitted Madsen mill allows West Red Lake to expand production without funding a new processing facility, reducing capital intensity and permitting risk.

CEO Shane Williams says, “We can see a pathway to 150,000 ounces a year in Red Lake. Our mill can be ramped up and effectively doubled with very little capital."

View the full Article here: https://www.cruxinvestor.com/posts/gold-prices-above-4-600-oz-constrained-mine-supply-support-margin-expansion-in-production-stage-gold-equities

West Red Lake Gold Mines (WRLG.v WRLGF) reported final results from its 6,300m, 37-hole 2025–2026 infill and conversion drill program at the 100% owned Rowan Project, highlighted by 471 g/t Au over 1m from Vein 013 and 10.84 g/t Au over 3m from Vein 006b, including higher-grade sub-intervals with visible gold.

Additional intercepts included 19.46 g/t Au over 1m and 6.88 g/t Au over 2.5m, further supporting the high-grade vein system. The new data will feed into an updated Mineral Resource Estimate and a planned combined PFS with the Madsen Mine to evaluate shared infrastructure and integrated mine planning. Full details here: https://westredlakegold.com/west-red-lake-gold-reports-471-g-t-au-over-1m-from-vein-013-and-10-84-g-t-au-over-3m-from-vein-006b-rowan-deposit/

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF
West Red Lake Gold recently announced the final drill results from its successful infill and conversion program at the 100% owned Rowan Project in Ontario. The program was designed to systematically de-risk the vein system, and these final assays delivered the best numbers of the entire 6,300-metre campaign.

The standout intercept of the program featured 471 g/t gold over 1 metre from Vein 013.

Other notable highlights included 10.84 g/t gold over 3 metres from Vein 006b—which was complimented by visible gold—as well as 19.46 g/t gold over 1 metre from Vein 011.

Vice President of Exploration Will Robinson noted that the drilling program exceeded expectations by demonstrating significant upside in historically under-drilled areas of the deposit.

Moving forward, the new drilling has been incorporated into an updated vein model with a revised Mineral Resource Estimate expected over the coming weeks.

View the full NR here: https://westredlakegold.com/west-red-lake-gold-reports-471-g-t-au-over-1m-from-vein-013-and-10-84-g-t-au-over-3m-from-vein-006b-rowan-deposit/

All of these items will require more funds, big change on what the original plan was, I hope they execute and do not come back looking for more funding with new ideas. Does anyone know what the All sustaining costs are currently are at, the last report said if I remember over $3,000 All in cost, then made a statement to the effect that the number was not correct, then why state it.

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF

West Red Lake Gold recently hosted a live webinar with CEO Shane Williams to discuss 2026 production guidance and the technical roadmap driving the Madsen Mine toward a 120,000-ounce-per-year production profile.

During the Q&A, Williams highlighted several critical operational strategies and engineering milestones:
- Strategic Ramp Up: The engineering team has successfully accelerated lateral underground development to 24 metres per day, ensuring consistent access to high-grade stopes for a strong second-half production run rate.
- Non Remnant Mining: Production in the second half of the year will be driven by the 904 complex. Because this is a completely untouched, "non-remnant" panel, the team can utilize highly efficient extraction methods to maximize both grade and tonnage.
- Shaft and Mill Scalability: Refurbishing the existing shaft to hoist up to 2,000 tonnes per day (tpd) will eliminate expensive surface trucking and drastically reduce All-In Sustaining Costs (AISC). Additionally, the Madsen mill has already tested at over 1,000 tpd and could scale to 1,500 tpd with minimal capital expenditure.
- Near Term Catalysts: WRLG is aggressively advancing a "hub and spoke" growth model, with investors looking forward to an upcoming integrated pre-feasibility study featuring the high-grade Rowan deposit alongside ongoing district exploration.

Watch the full webinar replay here:

I agree with you about the short term.  The high grade  hits have been remarkable.

Being able to buy back in at $0.61 a share was a great deal for me and too good to pass up.  Wish i could buy more, but out of funds at the moment.  

I will keep watching my portfolio for opportunities to rebalance, but I'm locked in right now on all my other positions.  

I Dont see this position doing much until a good earnings release that exceeds earnings expectations. Many are very cautious about investing in a project that has already gone broke regardless of management changes. Then you have a company that changes the mine sequencing without notifying investors and thus disappoints on their first Q. I can understand why many investors bailed, but IMHO bailing was very short sighted. I am a buyer.

Posted on behalf of West Red Lake Gold Mines - WRLG.v; WRLGF
West Red Lake Gold was recently featured in an article on Bloomberg focused on funded gold builders.

The company is in a unique position, proving its ability to successfully generate major cash flow while aggressively expanding its high-grade exploration targets.

The article highlights the company's dual-track success:
- Madsen Mine Cash Flow: Following a successful 2025 restart that generated C$103 million in revenue, WRLG is guiding for a robust 35,000 to 45,000 ounces of gold production in 2026.

- Rowan Drill Success: The company recently capped off an exceptional drill program at its Rowan Project, highlighted by a spectacular intercept of 471 g/t gold over 1 metre.

With this new high-grade drilling data fully de-risking the vein system, WRLG expects to release an updated Mineral Resource Estimate in the coming weeks.

View the full article here: https://www.bnnbloomberg.ca/press-releases/2026/05/07/why-funded-gold-builders-are-suddenly-looking-cheap-and-the-one-permitted-junior-drilling-next-week-that-few-have-priced-in/

My guess of GDXJ holdings as of May 5th.
GDXJ shows a position of US  $4,601,801 as of May 5th.

$4,601,801÷$0.52 = 8,849,617 shares.


I don't see any new accumulation of WRLG  at this time by GDXJ.

Posted on behalf of West Red Lake Gold Mines - WRLG.v WRLGF Last week, WRLG released drill results for its Rowan deposit and highlighted multiple opportunities to potentially expand and upgrade the project's resource and mine plan.

While the current Preliminary Economic Assessment (PEA) focuses on three specific veins, the Rowan resource comprises 26 domains with significant untapped potential.

- Targeting Overlooked Veins: The company is utilizing modern HQ drill core to infill analytical gaps on Veins 006b and 013, with the goal of bringing these high-grade zones back into future mine designs.

- Capturing Near-Vein Mineralization: Historic operators often only sampled visible gold, but WRLG has demonstrated that gold mineralization regularly persists into the altered wall rock adjacent to high-grade veins.

- Substantial Depth Potential: The Rowan vein system remains wide open for expansion at depth, highlighted by a 2023 intercept of 70.8 g/t Au over 8.3 metres from the deeper portion of Vein 001.

- Strike Expansion: In addition to depth, the deposit remains open for expansion along strike to both the east and west.

View the full NR here: https://westredlakegold.com/west-red-lake-gold-reports-471-g-t-au-over-1m-from-vein-013-and-10-84-g-t-au-over-3m-from-vein-006b-rowan-deposit/

Posted on behalf of West Red Lake Gold Mines Ltd. - West Red Lake Gold Explosive High-Grade Hits at Rowan: 1m @ 471 g/t Au + Multiple high-grade Intercepts – Resource Update Coming Soon in Tier-1 Red Lake

(TSXV: WRLG | OTCQB: WRLGF) has reported final drill results from its 2025–2026 infill and conversion program at the 100%-owned Rowan Project in Ontario’s Red Lake District — highlighted by exceptional high-grade intercepts.


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