West Red Lake Gold Mines Ltd. press release

West Red Lake Gold Announces Integrated PFS Delivering C$764 Million Post-Tax NPV and Annual Gold Production of 100,000 Ounces Once Rowan Enters Production

2026-11-04

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VANCOUVER, British Columbia, Nov. 04, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “_Company_”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to announce the results of an integrated Red Lake pre-feasibility study (the “IntegratedPFS”), prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101”), for the Company’s 100% owned Madsen Mine (the “Madsen Mine” or “Madsen”) and Rowan Project (“Rowan”) in the Red Lake Gold District of northwestern Ontario, Canada. The Company will host a webcast today at 8:00 am PT (Vancouver time) to discuss the results. Registration details are provided at the end of this release.

The Integrated PFS combines the operating Madsen Mine with the high-grade Rowan satellite deposit in a single production plan (collectively, the “Operation”) centered on the existing Madsen mill and facilities. The Operation outlines a 10-year mine life producing approximately 884 thousand ounces (“Koz”) of recovered gold over the life-of-mine (“LOM”), with an average annual production of 88 Koz. The Operation produces an average of 108 Koz of gold annually over a six-year period between 2029 and 2034, with peak annual gold production at 119 Koz. Rowan is planned to commence production in 2029, increasing high-grade mill feed and supporting a higher production profile while leveraging existing infrastructure at Madsen.

The Integrated PFS incorporates operating performance at Madsen, updated technical and cost assumptions, and the 2026 Rowan Mineral Resource Estimate. Rowan is planned as a high-grade underground satellite mine, with ore material transported approximately 80 kilometers by road for processing at the Madsen mill.

All dollar amounts in this news release are in Canadian dollars unless otherwise indicated. The effective date of the Integrated PFS is September 1, 2026. A technical report in compliance with NI 43-101 supporting the Integrated PFS will be filed on SEDAR+ and on the Company’s website atwww.westredlakegold.comwithin 45 days of this news release.

The Integrated PFS was prepared by independent consultants, SLR Consulting (Canada) Inc. (“SLR”), consulting with input from Fuse Advisors Inc. (a subsidiary of SLR) (“Fuse”), Knight Piesold and Nordmin Engineering Ltd.

Integrated PFS Highlights

Significant value at base case and spot gold prices: At a long-term gold price of USD $3,568 per ounce, the Integrated PFS generates an after-tax Net Present Value (“NPV”) of $764 million (“M”), and cumulative after-tax free cash flow of over $1 billion (“B”). At a 10% higher gold price of US$4,161 per ounce (10% above the LOM average gold price of US$3,782 per ounce), the after-tax NPV increases 31% to $1.0 B, highlighting the significant leverage to higher gold prices.

Strong gold production profile:Average annual gold production of 88 Koz over a 10-year mine life, including average annual production of 108 Koz from 2029 through 2034 and peak annual production of 119 Koz. The LOM plan outlines approximately 884 Koz of total recovered gold production, supported by combined Mineral Reserves of 4.41 million tonnes grading 6.8 grams per tonne (“g/t”) gold (“Au”), representing an 85% increase in contained reserve ounces compared to the 2025 PFS.

Competitive operating costs:LOM average cash costs of US$1,795 per ounce and all-in sustaining costs (“AISC”) of US$2,457 per ounce, supported by a combined average diluted head grade of 6.8 g/t Au, including 6 g/t Au from Madsen and 9 g/t Au from Rowan.

Integrated production platform:A combined mine plan built around the operating Madsen Mine and mill, with Rowan and Fork providing additional sources of high-grade, non-remnant feed and increasing production flexibility.

Capital efficient growth:$200 million of growth capital to develop the Rowan project, expand the Madsen mill and tailings management facility, leveraging existing road, power and site infrastructure to support the integrated operation.

Further growth opportunities:The Integrated PFS mine plan does not include resources from the Wedge, Russet or Mount Jamie deposits, or consideration from the past producing Starratt-Olsen mine which is still pre-resource stage. It also does not include the potential opportunity to extend both the Madsen and Rowan deposits at depth. These areas provide opportunities to extend mine life, increase production and improve operating flexibility through future drilling, engineering and permitting.

Shane Williams, President and CEO, commented,“This Integrated PFS showcases the current life of mine plan of West Red Lake Gold. By bringing Rowan into the Madsen mine plan, we are outlining a combined operation capable of producing in excess of 100 Koz of gold annually over a six-year period between 2029 and 2034 with peak gold production reaching nearly 120 Koz per year in that timeframe."

"The base case scenario incorporating a long-term gold price of US$3,568/oz demonstrates robust economics with an after-tax NPV of $764M, increasing to $1B at a gold price of US$4,161 per oz representing a 10% increase over the LOM average price of US$3,782. The study also outlines the potential to generate meaningful free cash flow with relatively modest growth capital."

“The integrated mine plan builds on the more cost-efficient long-hole mining methods already being implemented at Madsen, while taking advantage of our existing mill and infrastructure while supplying high-grade feed from the Rowan property. This is the advantage of having a fully permitted operating mine and mill at the centre of our growing high-grade resource base.”

“Importantly, this is a defined base case at a point in time. It does not capture the full opportunity across our Red Lake portfolio. Our priority is to execute this plan consistently while continuing to expand the mining inventory that can support further growth as we transition from a single-asset operation to a multi-asset producer in Red Lake.”

Table 1: Integrated Life-of-Mine Plan Summary (expressed in thousands of Canadian dollars, unless otherwise stated)

| Mine Life | Yrs | 10 | | | Total Ore Mined | million tonnes | 4.3 | | | Steady State Processing Rate | Tpd | 1,350 | | | Average Head Grade (Gold “Au”) | g/t | 6.8 | | | Gold Recovery | % | 95% | | | Average Annual Gold | ounces per year | 88 | | | Total Payable Gold | Ounces | 884 | | | Total Operating Cost | US$ per ounce | 1,740 | | | Long Term Gold Price | US$ per ounce | 3,570 | | | Gross Revenue | $ | 4,450 | | | Net Revenue | $ | 4,420 | | | Growth Capital | $ | 200,000 | | | Sustaining Capital | $ | 773,000 | | | Average AISC | US$ per ounce | 2,460 | | | Cumulative Net Cash Flow (pre-tax) | $ | 1,370,000 | | | Cumulative Net Cash Flow (post-tax) | $ | 1,040,000 | | | NPV (post-tax) | $ | 764,000 | | | Discounted Payback Period | Yrs | 2.2 | |

Notes:

1. Gold price and exchange rate assumptions: gold price of US$4,597/oz (2027), US$4,482/oz (2028), US$4,371/oz (2029) and US$3,568/oz long-term (2030 onward); exchange rate of US$0.727 (2027), US$0.733 (2028), US$0.737 (2029) and US$0.748 long-term (2030 onward) per C$1.00. LOM average gold price of US$3,782/oz and LOM average exchange rate of US$0.744 per C$1.00 (weighted by payable ounces). 2. NPV calculated at a 5% discount rate, discounted to October 1, 2026, using a mid-year convention. 3. Total Operating Cost includes site operating costs (underground mining, processing, site infrastructure, G&A and operating contingency) per payable ounce and excludes doré transport, refining and royalties. 4. AISC includes site operating costs, doré transport and refining, royalties, sustaining capital and reclamation and closure costs. 5. Sustaining Capital excludes reclamation and closure costs (C$42.3M) and working capital. 6. Post-tax IRR is not presented as it is not meaningful; the Operation generates positive cash flow in the first year of the mine plan. 7. Totals may not sum due to rounding.

Figure 1: Annual Production Profile

Notes:

1. Production represents recovered gold by calendar year under the life-of-mine plan. Recovered production reflects gold recovered through processing and is shown before application of the 99.9% doré payability factor used to calculate payable gold. 2. Gold grade is the annual tonnage-weighted average mill-feed head grade from Madsen and Rowan, expressed in grams per tonne (g/t). 3. Totals may not sum due to rounding.

Integrated Mine Plan and Production Schedule

The Integrated PFS combines production from the Madsen Mine and Rowan Project, leveraging existing processing infrastructure at Madsen to support increased production and operational efficiencies.

Madsen Mine:Madsen provides the foundation of the integrated mine plan, with continued underground development focused on expanding mining fronts and accessing higher-grade, non-remnant areas. The plan incorporates long-hole stoping, shaft refurbishment and material-handling improvements to support consistent production and increased mining capacity.

Rowan Project:Rowan is expected to commence development in 2028, with first gold production anticipated in 2029. The project will utilize long-hole mining methods, targeting a steady-state mining rate of approximately 500 tonnes per day (“tpd”) over 6 years. Ore will be transported by road to Madsen for processing, minimizing additional infrastructure requirements.

Integrated Processing:The Madsen mill will process ore from both operations, with throughput increasing as Rowan enters production. The plan contemplates steady-state throughput of 1,350 tpd, supported by targeted upgrades to the grinding, gravity, thickening, leach and CIP circuits and the necessary permitting amendments. Blending of ore from both deposits will be managed to optimize mill performance and metallurgical recoveries.

Figure 2: Post Tax Discounted Cashflow

Notes:

1. Post-tax discounted cash flow is stated in real Canadian dollars and discounted at 5% to October 1, 2026, using a mid-year convention. 2. Taxes reflect Ontario mining tax at 8.5%, Ontario corporate income tax at 10.0%, and federal income tax at 15.0%, including modeled deductions, tax pools and loss carrybacks. 3. Cash cost (CC) comprises site operating costs plus transport, refining and royalties. All-in sustaining cost (AISC) comprises cash cost plus sustaining capital and closure/reclamation capital. The model is in real Canadian dollars; selected per-ounce presentation metrics may be converted to US dollars at the base-case exchange rate. 4. Totals may differ due to rounding.

Mining Methods

The Integrated PFS plans two ramp-access underground mines, Madsen and Rowan, using mechanized trackless equipment. Together they target sustained production of approximately 1,350 tpd. Combined Probable Mineral Reserves total 4.41 million tonnes (“Mt”) grading 6.79 g/t Au, for 962,000 ounces of contained gold, based on a gold price of US$2,500/oz.

Madsen Mine

Madsen declared commercial production during the first quarter of 2026 and is ramping up to 800 tpd by year-end 2026. The PFS mine plan raises Madsen output to as much as 1,200 tpd in some years. The plan is based on Probable Mineral Reserves of 3.40 Mt grading 6.06 g/t Au (662,000 oz).

Longitudinal retreat longhole stoping accounts for about 97% of Madsen reserve tonnes:

Stopes are 10 metres (“m”) along strike on nominal 17 m sublevels. The minimum undiluted mining width is 1.7 m. Wall dilution is 0.3 to 0.6 m, increasing with depth, plus 10% unplanned dilution. Mining recovery is 94%.

About 13% of planned tonnes are remnant in mineralization next to historic workings from the 1930s to the 1970s. Before adjacent stopes are mined, the historic stopes will be probed and drained and any open voids backfilled.

Ore is currently trucked to surface by ramp. The Madsen #2 Shaft is being reconditioned to allow hoisting from 10 Level starting in 2028, with subsequent refurbishment planned to extend to the 17 Level. The shaft is ultimately designed to reach 24 Level providing potential access to deeper horizons within the 8 Zone and lower Madsen.

The high-grade 8 Zone (11.5 g/t Au reserve grade) is expected to have challenging ground conditions. It will be mined by mechanized drift-and-fill, using 3 m × 3 m drifts, 2.4 m rounds, in-cycle shotcrete and cemented rockfill.

Madsen Mineral Resource Estimate

The mineral resource statement for the Madsen Mine deposits is provided in Table 2, with an effective date of January 1, 2026. The mineral resources have been adjusted to reflect the removal of all historical and recent production to the end of December 2025. The mineral resources are inclusive of mineral reserves and have been classified according to CIM Best Practice Guidelines (November 2019). Reasonable prospects of eventual economic extraction (“RPEEE”) were evaluated for final reporting of the Madsen mineral resource based on undiluted tonnes at a gold price of US$3,200/oz, a cutoff grade of 3.60 g/t gold for cut and fill and 2.00 g/t gold for long hole, and a density of 2.94 t/m3. Minimum stope width was assumed at 3 m for cut-and-fill and 1.7 m for long hole.

Since the effective date of the mineral resource, a total of 65,000 meters of definition drilling has been completed at Madsen. Based on review of the results of this drilling it has been determined by John Sims, Qualified Person for the Madsen Mineral Resource Estimate, that the information obtained will not have a material impact on the mineral resource estimate presented in the Integrated PFS.

The Russet and Wedge satellite deposits are included in the Madsen mineral resource statement but were not included in the Integrated PFS design.

Table 2: Mineral Resource Statement, Madsen Mine, Red Lake, Ontario, effective date January 1, 2026

| Classification | Deposit – Zone | Tonnes | Gold Grade (g/t) | Gold Troy Ounces | | Indicated | Madsen-Austin | 4,060,994 | 5.3 | 697,120 | | | Madsen-South Austin | 1,948,819 | 6.5 | 406,414 | | | Madsen-North Austin | 134,434 | 4.7 | 20,253 | | | Madsen– McVeigh | 808,661 | 4.8 | 124,135 | | | Madsen – 8 Zone | 108,627 | 16.4 | 57,087 | | | Fork | 315,370 | 5.9 | 59,467 | | | Russet | 88,700 | 6.9 | 19,700 | | | Wedge | 313,700 | 5.6 | 56,100 | | | Total Indicated | 7,779,305 | 5.8 | 1,440,276 | | Inferred | Madsen-Austin | 127,000 | 6.4 | 26,065 | | | Madsen-South Austin | 103,975 | 7.1 | 23,591 | | | Madsen-McVeigh | 8,773 | 3.9 | 1,099 | | | Madsen-8 Zone | 3,722 | 12.7 | 1,518 | | | Fork | 170,949 | 4.7 | 26,029 | | | Russet | 367,800 | 5.8 | 68,800 | | | Wedge | 431,100 | 5.7 | 78,700 | | | Total Inferred | 1,213,319 | 5.8 | 225,802 |

Notes:

1. CIM (2019) definitions were followed for Mineral Resources. 2. Mineral Resources for cut-and-fill were estimated at a cutoff grade of 3.60 g/t Au and US$3,200/oz gold. 3. Mineral Resources for long hole were estimated at a cutoff grade of 2.00 g/t Au and US$3,200/oz gold. 4. Density used for the estimation on all domains was set at 2.94 t/m3. 5. Madsen mineral resources are reported as inclusive of mineral reserves. 6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological data is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. 7. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content. 8. The effective date of the Madsen MRE is January 1, 2026. 9. Russet and Wedge deposits have not been incorporated into the Integrated PFS mine design.

Madsen Mineral Reserve Estimate

The mineral reserve statement for the Madsen and Rowan Mine deposits is provided in Table 3, with an effective date of September 1, 2026. The mineral reserves have been adjusted to reflect the removal of all historical and recent production to the end of December 2025. The mineral reserves have been estimated according to CIM Best Practice Guidelines (November 2019) and reported as diluted tonnes delivered to the mill.

Madsen Mine access is via two existing ramps systems with the Madsen #2 Shaft currently being reconditioned down to 17 level. Two underground mining methods are planned with 97% being extracted by longitudinal retreat longhole stoping mining methods and the remainder by mechanized cut-and-fill (“MCF”) mining methods. 13% of the planned ore tonnes are being mined adjacent to historical workings which require probing, drainage and backfill prior to remnant mining.

Cut-off grades applied in this mineral reserve estimate vary depending on the mining method applied and whether the stope is adjacent to a historical stope. The cut-offs applied are as follows:

Mechanized Cut and FIll: 4.6 gpt Au Longhole (breakeven): 3.9 gpt Au Longhole (Incremental): 2.4 gpt Au Remnant Longhole (breakeven): 6.5 gpt Au Remnant Longhole (incremental): 5.0 gpt Au Development (must take): 1.5 gpt.

Grant Carlson, P.Eng. (BC), Director of Technical Services at Fuse, has overseen the development of the mineral reserve estimate and the LOM plan in his role as an Independent Qualified Person for the Madsen Mineral Reserve Estimate.

Table 3: Mineral Reserve Statement, Madsen Mine and Rowan Mine Project, Red Lake, Ontario, effective date September 1, 2026

| Classification | Deposit – Zone | Tonnes (kt) | Gold Grade (g/t) | Contained Metal (Koz Au) | | Probable | Madsen-Austin | 1,720 | 5.77 | 319 | | Madsen-South Austin | 1,113 | 6.31 | 226 | | | Madsen-North Austin | 18 | 6.33 | 4 | | | Madsen-McVeigh | 186 | 5.94 | 36 | | | Madsen-Fork | 258 | 4.85 | 40 | | | Madsen-8 Zone | 102 | 11.50 | 38 | | | Total | Madsen | 3,398 | 6.06 | 662 | | Probable | Rowan | 1,011 | 9.23 | 300 | | Total | Madsen + Rowan | 4,408 | 6.79 | 962 |

Notes:

1. Mineral Reserves estimated in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, CIM, November 29, 2019. 2. Madsen deposit assumes the following cut-off grade based on estimated operating costs (CAD) of $400/t total longhole operating cost composed of $230/t mining, $50/t mill fixed, $15/t mill variable, $85/t G&A, and $20/t premium. Cut and fill operating cost is estimated at $465/t assuming $315/t mining cost and no premium. Estimates are based on 2026 Madsen Budget adjusted for full production. Additional $267/t remnant mining cost is assigned to all remnant material that requires backfill of historic void and account for the cost of additional development and CRF. 6.5 gpt Au Remnant Longhole Breakeven; 5.0 gpt Au Remnant Longhole Incremental; 4.6 gpt Au Cut and Fill; 3.9 gpt Au Longhole Breakeven 2,4 gpt Au Longhole Incremental 1.5 gpt Au Development Must Take.

3. Rowan Longhole stope cut-off grade of 3.0 g/t. 4. Mineral reserve estimates based on a gold price of USD2,500/oz and an exchange rate of 1.35 CAD/USD. 5. Grant Carlson, Director of Technical Service with Fuse, has overseen the development of the mineral reserve estimate and the Life of Mine plan in his role as Independent Qualified Person for the Madsen and Rowan Mineral Reserve Estimate. 6. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.

Rowan Mine

Rowan is a road accessible, past producing, high-grade underground deposit located approximately 80 kilometres (“km”) from the Madsen mill. The Integrated PFS advances Rowan from the 2025 Preliminary Economic Assessment and incorporates the updated 2026 Mineral Resource Estimate, additional infill drilling, updated metallurgy, geotechnical work, engineering and site-specific development as well as updated capital and operating cost assumptions. Capital costs have been estimated from 1stprincipals at a PFS level and operating costs have used actual operating costs from Madsen underground operation. Ore extracted from Rowan will be transported to Madsen via truck and processed at the Madsen mine.