Interview with Gwen Preston, VP Communications, West Red Lake Gold Mines Our previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-all-known-questions-answered-7761 Recording date: 18th November 2025 West Red Lake Gold Mines is restarting the Madsen Mine in Ontario's prolific Red Lake district, positioning itself as a rare new gold producer emerging at the beginning of a bull market rather than after years of depressed prices . The company targets commercial production in early 2026 with expected annual output of 50,000 ounces, growing to 100,000 ounces by 2028 through site optimization and development of the high-grade Rowan deposit . The third quarter of 2025 demonstrated significant operational momentum, with production exceeding 7,000 ounces generating $33 million in revenue . October data showed a 24% increase in daily mine tons compared to September, driven by completion of underground waste rock storage solutions that eliminated the need to truck waste material to surface, freeing equipment for ore movement . The company has achieved cash-flow positive status during ramp-up while maintaining over $45 million in treasury, providing substantial financial flexibility heading into commercial production . West Red Lake's dual-asset production growth plan aims to reach 100,000 annual ounces without requiring external financing . The first phase involves optimizing Madsen production to 60-65,000 ounces by 2027 as mining progresses to deeper, less-historically-worked zones with higher grades . The Rowan project, located 80 kilometers by road from Madsen, will contribute an additional 35,000 ounces annually starting in 2028 from a remarkably high-grade deposit averaging nearly 13 grams per ton . Critically, Rowan requires no mill construction, with ore trucked to the existing Madsen facility, simplifying permitting to an advanced exploration permit rather than full mining authorization. The company expects to finance Rowan's $70 million capital cost entirely from operational cash flow, spread over multiple quarters beginning mid-2026 . Management has explicitly stated no further equity financing is expected for Madsen, contrasting sharply with typical junior producers who exhaust capital during construction and face dilutive financings just as production begins . This financial discipline resulted from acquiring the asset at favorable terms and executing a methodical restart plan that prioritized reaching cash flow over aggressive production targets . Learn more: https://www.cruxinvestor.com/companies/west-red-lake-gold-mines-inc Sign up for Crux Investor: https://cruxinvestor.com
