West Red Lake Gold Mines Ltd · TSXV:WRLG
West Red Lake Gold Mines — Investor Presentation (April 2026)
34 slides from West Red Lake Gold Mines's investor presentation, Apr 9, 2026
Slide 1: West Red Lake Gold: The New Canadian Gold Mine
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Slide 2: Cautionary Statement and Forward-Looking Information
CAUTIONARY STATEMENT AND FORWARD - LOOKING INFORMATION Certain statements contained in this news release may constitute “forward - looking information” within the meaning of applicable securities laws. Forward - looking information generally can be identified by words such as “anticipate”, “expect”,
Slide 3: Future Oriented Financial Information
FUTURE ORIENTED FINANCIAL INFORMATION To the extent any forward - looking information in this presentation constitutes “future - oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the an
Slide 4: Madsen: The New Canadian Gold Mine
MADSEN: THE NEW CANADIAN GOLD MINE March to May 2025: bulk sample → validated technical approach June: Madsen Mine restarted July to December: ramp up to stable operations: increase pace & complete key projects (underground waste rock storage, mobile fleet, shaft, 2026 detailed mine plan) 1st Januar
Slide 5: Reasons for Confidence
REASONS FOR CONFIDENCE Bulk sample : 95% reconciliation on tonnes , grade, ounces Restart : delivered on time Ramp up : 7 months from bulk sample to commercial production Team established : transition from developer to producer team largely complete Geology - mine reconciliation : remains strong TSX
Slide 6: Madsen: What's Ahead
MADSEN: WHAT’S AHEAD H1 2026: 960 area (large stopes, development done) and high - grade 4447 area FY 2026 Guidance: expected mid Q1 H1 Drill Results : 904 (new Lower Austin high - grade zone), Fork, Rowan H2 2026 : start mining 904 (high grade, non remnant) Q3 Joint Madsen - Rowan Pre Feasibility S
Slide 7: Why We're Here: New & Growing Miners Outperform in Gold Bull Markets
WHY WE’RE HERE: NEW & GROWING MINERS OUTPERFORM IN GOLD BULL MARKETS 12 Month Relative Performance (%) GDXJ 178.3% GDX 164.6% West Red Lake 114.9% Producers with Organic Growth New & growing gold Avino 561.6% miners are up 297% Jaguar 284.6% Steppe 204.5% average in 12 Serabi 183.3% months, K92 183.
Slide 8: Valuation Considerations
VALUATION CONSIDERATIONS Proving success: with reliable quarterly production Madsen should step out from shadow of the mine’s 2022 failure Multiples rising: market is giving developers and miners higher P/NAVs as gold price rises Rarity of growth : few producers have significant near - term growth (
Slide 9: How We Got Here
HOW WE GOT HERE 2022: shared vision with Frank Giustra that the best way to create leverage in the expected gold bull market would be to build a new gold producer 2023: bought a distressed asset with gold at US$1970/oz and pushed hard to production 9
Slide 10: Technical Approach
TECHNICAL APPROACH Vein system has been altered, deformed, and reactivated repeatedly – gold is high grade and pervasive but not always continuous Tight definition drilling to inform an accurate geologic model is essential in mitigating continuity risk. WRLG is tightening drill spacing from ~20 m to
Slide 11: Bulk Sample: Testing the Approach
BULK SAMPLE: TESTING THE APPROACH Madsen Mine Bulk Sample Predicted Actual Reconciliation Tonnage (t) 8,402 8,089 96.3% Austin Grade (g/t Au) 5.38 5.77 107.2% Gold (oz) 1,452 1,499 103.2% Tonnage (t) 2,653 2,544 95.9% South Austin Grade (g/t Au) 5.83 5.59 95.8% Gold (oz) 497 457 91.9% Tonnage (t) 4,
Slide 12: Capital Projects Completed
CAPITAL PROJECTS COMPLETED 1.4- km Connection Drift → underground highway fit for large trucks utilizing the efficient East Portal 114- person on - site camp 4 - metre tailings dam lift 1400+ metres of UG development pre restart Dewatered to Level 17 (850 vertical metres ) 23 major pieces of undergr
Slide 13: Shaft: Mid-Q1
SHAFT: MID -Q1 Timbered shaft built in 1950s WRLG refurbished the shaft above 12L in 2024 Ordered hoist components in summer 2025 Fall: started developing underground loading pocket and headframe chute Expect to start moving 350 tpd up the shaft in Q1 (at 10% of cost of trucking) TSX -V: WRLG OTCQ X
Slide 14: Pre-Feasibility: A Value Base Case
PRE-FEASIBILITY: A VALUE BASE CASE PFS mine plan at US$1,680/oz is small, high - grade stopes with significant access development. Mine design @ US$2,500/oz, often after definition drilling adds high grade, leads to… Larger stopes because halo Mine more of the deposit (+ mine life, production) miner
Slide 15: High Grade Hits from Definition Drilling
HIGH GRADE HITS FROM DEFINITION DRILLING 15
Slide 16: Madsen Valuation Considerations
Drilling Potential MADSEN VALUATION CONSIDERATIONS • Delineate new near - resource mineralization Rowan deposit • Find more “jewel boxes” • PEA as toll milling • Discovery at new targets mine: 35,200 oz/yr like North Shore Fork deposit for 5 years, 42% IRR, $125M NPV • Non - remnant high - grade ton
Slide 17: Near-Mine Expansion Opportunity: Fork
NEAR-MINE EXPANSION OPPORTUNITY: FORK High - grade core within this 5.2 g/t deposit • Target of 130 - 150kt @ 8 - 9 g/t Au for 33- 43 koz gold, open down plunge • 3,000m drill program just complete; construction decision pending • Near surface, non remnant, and within 250m of mine workings TSX -V: W
Slide 18: Rowan Project
ROWAN PROJECT [2] High - grade deposit 80 road km away with strong growth potential 478,707t indicated @ 12.78 g/t gold → 196,747 oz. 421,181t inferred @ 8.73 g/t gold → 118,155 oz. PEA as toll mill underground mine: 35,200 oz. gold per year for 5 years after $70M capex (no mill, tailings) 5000m dri
Slide 19: Finding More at Madsen
FINDING MORE AT MADSEN 1m @ 32.97 g/t Au 1m @ 19.50 g/t Au 1.9m @ 40.40 g/t Au 2m @ 27.30 g/t Au 3m @ 104.10 g/t Au 2021 Mineral Resource Estimate @® >10g/tAu @® 6-10g/tAu > 3-6g/tAu High Grade Lenses Open for expansion: increasingly un-drilled and un-mined Strong gold-in-soil anomaly coincident wit
Slide 20: 4447 and 904: New High-Grade Lenses
4447 and 904: NEW HIGH - GRADE LENSES Red Lake deposits often include high - grade ’jewelry boxes’. Red Lake/Campbell Mine has delivered many Madsen’s million metres of historic drilling & extensive mining records → we have a list of jewelry box targets 20
Slide 21: 904 Complex: New, Unmined Lower Austin
904 COMPLEX: NEW, UNMINED LOWER AUSTIN Looking North Historic drilling showed large area of unmined HG mineralization CD Bay 2 North Austin Historically not mined due to proximity to a then - critical, now - unused ventilation shaft Drilling now → large stopes with strong grades emerging. Overall Go
Slide 22: 13L East Drive - Unlock Upside Across Deposit
13L EAST DRIVE - UNLOCK UPSIDE ACROSS DEPOSIT 13L East Drive provides optionality and access to high grade and high tonnage areas of deposit – adds another mining front, provides drill access for expansion east of current MRE – 500m planned in 2026 22
Slide 23: Finding More Around Known Deposit with Depth
FINDING MORE AROUND KNOWN DEPOSIT WITH DEPTH Upper reaches of Madsen were mined 3x prior to WRLG. Deeper areas have seen less exploration and mining → More known gold per vertical meter & more discovery potential, including unmined jewelry boxes From Evolution Mining Red Lake Site Visit September 20
Slide 24: Finding More Below
FINDING MORE BELOW Strong potential to extend Madsen to depth • Strong results in scattered deep intercepts • Comparable Red Lake deposits go to 3km+, versus Madsen to 1.2km • Geophysics clearly shows structure extending to depth
Slide 25: Discovery Potential
DISCOVERY POTENTIAL Upper 8 Discovery Shallower geologic analog to high -grade 8 Zone , in same ultramafic unit ~750m up - plunge. 15 of 17 initial holes returned gold, including 1.3m @ 44.17 g/t Au and 0.5m @ 20.63 g/t Au Potential for more stacked lenses between Upper 8 and 8 Zone Deep Top regiona
Slide 26: Management and Board of Directors
Management Board of Directors Shane Williams Harpreet Dhaliwal Will Robinson Hayley Halsall -Whitney Tom Meredith Duncan Middlemiss Susan Neale President & CEO CFO P.GEO - VP VP Operations Executive Chairman, Director Director Director Exploration Jaclyn Ruptash Jason Billan Derek Teevan Hugh Agro J
Slide 27: Share Structure
SHARE STRUCTURE Capitalization Current Shares Issued 412,945,113 Major Shareholders Outstanding Options, Warrants, Gold - focused institutions ~30% RSU's & DSU's 180,987,522 APAC, Accilent , Commodity Discovery, Extract, RSU's 6,849,006 Libra, Parkwood Samara, Primevest , Ruffer, DSU's 2,602,594 Sil
Slide 28: Strong Trading Liquidity
STRONG TRADING LIQUIDITY WRLG’s Average Daily Volume (ADV) stands out relative to peers Peer composite: • Ascot Resources • EMX Royalty • Galiano Gold • Integra Resources • Lumina Gold • Meridian Mining • Montage Gold • New Pacific Metals • Osisko Development • Rio2 • Skeena Resources • Titan Mining
Slide 29: Contact
TSX -V: WRLG OTCQX : WRL GF FRA: UJ0 W E S T R E D L A K E G O L D .C O M Suite 3123 - 595 Burrard Street Shane Williams Vancouver, BC V7X 1J1 Canada @West Red LakeGold President & CEO Office: 604 - 609 - 6138 swilliams@wrlgold.com West Red Lake Gold Mines Ltd. Investor Relations: 604 609 6132 Email
Slide 30: Mining IS Risk Mitigation
Mining IS Risk Mitigation New Mine Risk Examples WRLG Mitigation Approach Grade, continuity, modelling Rubicon, Brucejack , Argonaut Definition drilling to 7 - metre spacing, strong geo - engineering errors (Magino ) feedback loop, focus on resource confidence Iamgold (Cote), Marathon, New $350M inv
Slide 31: Reserve Potential
RESERVE POTENTIAL Boosting the gold price used to define reserves from US$1680/oz significantly increases the resource tonnes that could be economic to mine – we are engineering and mining larger stopes than the PFS showed We expect to mine more tonnes in each area . Resource tonnes This could lower
Slide 32: Current Resources
CURRENT RESOURCES Mineral Resource Statement– Madsen[1] Classification Deposit- Zone Tonnes Gold Grade (g/t) Gold Troy Ounces Madsen- Austin 4,147,000 6.9 914,200 Madsen-South Austin 1,696,000 8.7 474,600 Madsen- McVeigh 388,700 6.4 79,800 Indicated Madsen- 8 Zone 152,000 18 87,700 Fork 123,800 5.3
Slide 33: Current Reserves
CURRENT RESERVES Mineral Reserve Statement – Madsen Tonnes Gold Grade Contained Metal Classification Deposit - Zone (kt) (g/t) (koz Au) Probable Madsen - Austin 778 7.37 184 Madsen - South Austin 861 8.21 227 Madsen - McVeigh 66 7.37 16 Madsen - 8 Zone 118 13.38 51 Total Probable 1,823 8.16 478 Note
Slide 34: Madsen Has Red Lake/Campbell Potential
1155 Complex MADSEN HAS RED LAKE/CAMPBELL POTENTIAL Red Lake/Campbell Mine Madsen Today Hosted in Balmer volcanic sequence Similar stratigraphic horizon, with added potential recognized in near Confederation unconformity – Confederation rocks major regional structure 8 Zone similar grades in ultrama
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