VANCOUVER, British Columbia — West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) has released its annual operating and financial summary for the year ended December 31, 2025, alongside production guidance and an operational outlook for 2026. This follows the achievement of commercial production at the Madsen Mine in January 2026.
2025 Highlights
During 2025, the Madsen Mine transitioned from restart activities to an operational mine, establishing mining fronts, advancing underground development, and improving mill performance. These efforts are expected to continue through the first half of 2026, with full production run rate planned for the second half of 2026.
Key 2025 figures include gold production of 20,000 ounces, gold revenues of C$103 million, and a cash balance including gold receivables of C$48 million. The average realized gold price was C$5,170 per ounce.
2026 Production Guidance
For 2026, West Red Lake Gold expects gold production between 35,000 and 45,000 ounces. Cash costs are projected at US$2,400 to US$3,100 per ounce sold, and mine all-in sustaining costs (AISC) are estimated at US$2,800 to US$3,600 per ounce sold. Growth capital expenditure, including the Fork Deposit, is budgeted at C$15 million, with C$5 million allocated for regional exploration and C$10 million for corporate general and administrative expenses.
CEO Commentary
Shane Williams, President and CEO, stated: “We established a strong operating base at Madsen in 2025 and ramp-up is progressing as planned. Our priority is execution, expanding available mining areas, improving sequencing, and continuing to advance underground development. As production increases, we expect to generate meaningful cash flow directed toward accelerated development and debt repayment. The first half of 2026 reflects the ramp-up phase, with approximately 60% of targeted annual output anticipated in H2.”
All financial figures are expressed in Canadian dollars unless otherwise noted. Cash costs and AISC are non-IFRS measures and may not be comparable to similar measures reported by other companies.
