VANCOUVER, British Columbia – West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) has announced its financial and operating results for the three months ended March 31, 2026, marking the first quarter of post-commercial production ramp-up at the Madsen Mine in the Red Lake mining district of Ontario. The company also provided an operational update and will host a webcast to discuss the results. All figures are in Canadian dollars unless otherwise noted.
Q1 2026 Highlights
During the quarter, West Red Lake Gold produced 5,667 ounces of gold and sold 6,165 ounces at an average realized gold price of US$4,938 per ounce. Revenue reached $41.8 million, generating $15.3 million in income from mine operations. The company reported adjusted net earnings of $6.4 million, or $0.02 per basic share. EBITDA stood at $3.3 million, while adjusted EBITDA was $14.4 million. Cash cost per ounce was US$2,594, and all-in sustaining cost (AISC) was US$4,678. The quarter ended with a cash balance of approximately $35.9 million.
Financial and Operating Statistics
- Gold produced: 5,667 ounces
- Gold sold: 6,165 ounces
- Average realized gold price: US$4,938/ounce
- Revenue: $41.8 million
- Income from mining operations: $15.3 million
- Operating margin: 37%
- Adjusted net earnings: $6.4 million ($0.02 per basic share)
- Cash and cash equivalents: $35.9 million
The company noted that the foreign exchange rate used was CAD/USD 1.3717. Non-IFRS measures were referenced for certain financial metrics.
Management Commentary
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. Revenue for Q1 2026 was generated from the sale of 6,165 ounces of gold at an average realized gold price of US$4,938 per ounce, generating approximately $41.8 million in revenue and $15.3 million in income from mine operations. The Company also generated positive EBITDA and began debt repayments during the quarter while exiting Q1 2026 with approximately $35.9 million in cash.”
Operational Progress
Progress continued through April and May across underground development, ore movement, and mill throughput, consistent with the planned ramp-up strategy. Production is expected to continue building through 2026, with approximately 60% of annual production weighted toward the second half of the year as additional mining areas are brought into the production profile.
