West Red Lake Gold Mines Ltd · TSXV:WRLG
West Red Lake Gold Mines — Q2 2026 Earnings Presentation
31 slides from West Red Lake Gold Mines's earnings presentation, Aug 26, 2026
Slide 1: Establishing a Multi Asset Gold Mining Platform in a Tier One Jurisdiction
Establishing a Multi Asset Gold Mining Platform in a Tier One Jurisdiction Targeting 150,000+ oz/year in Red Lake, Canada TSX-V: WRLG OTCQX: WRLGF FRA: UJ0 WESTREDLAKEGOLD.COM TSX-V: WRLG OTCQX: WRLGF Corporate Presentation FRA: UJ0 | August 2026 WESTREDLAKEGOLD.COM 1
Slide 2: Cautionary Statement and Forward-Looking Information
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION This presentation of West Red Lake Gold Mines Ltd. (“WRLG” or the "Company") is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for an
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 antici
Slide 4: Executing a District Scale Strategy in Red Lake
EXECUTING A DISTRICT SCALE STRATEGY IN RED LAKE ✓ Positioned in one of Canada’s highest grade and historic gold districts in Red Lake, Ontario, a Tier One jurisdiction 1 ✓ Experienced leadership and technical team with deep operational, mine building and capital markets expertise ✓ Strong reconcilia
Slide 5: Strategic Advantage
STRATEGIC ADVANTAGE ✓ Commercial production achieved at the Madsen Mine on January 1, 2026 ✓ 2026 post commercial production guidance of 35,000 to 45,000 ounces with approximately 60% weighted toward H2 2026 reflecting ramp up year ✓ Advancing development across key high-grade non-remnant mining are
Slide 6: Operational Results for the Three Months Ended June 30, 2026
OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2026 OPERATI NG STATISTICS UNITS Q1 2026 Q2 2026 % CHANGE YTD Gold produced ounces 5,667 8,576 51% 14,243 Ore Mined tonnes 51,616 75,524 46% 127,140 Average Grade (Gold “Au”) g/t 3.5 4.3 23% 4.0 Mined Ounces ounces 6,033 10,459 73% 16,492 Avera
Slide 7: Near Term Execution & Anticipated Growth Roadmap
NEAR TERM EXECUTION & ANTICIPATED GROWTH ROADMAP H1 2026 H2 2026 2027 2029+ 1 2 3 4 F OUN DAT IO N R AM P-UP OP ER ATI NG L EVE RA GE M ULT I-ASS ET PLAT F OR M Commercial Production and Ramp Up Production Weighting Leverage Emerges Portfolio Expansion ➢ Commercial Production declared Jan ➢ Access
Slide 8: Madsen Mine: Property Highlights
MADSEN MINE: PROPERTY HIGHLIGHTS MINERAL RESOURCE ESTIMATE Effective June 2023 | Cut-off: 3.38 g/t Disciplined 2026 Ramp Up Execution | High-Grade Production Platform Category Ounces of Gold Grade MADSEN MINE CAMP EXISTING INFRASTRUCTURE MADSEN MILL >$350M of prior investment with an Lowers capital
Slide 9: Multiple Complexes Supporting Production Growth
MULTIPLE COMPLEXES SUPPORTING PRODUCTION GROWTH ➢ Multiple underground complexes remain open at depth and along strike ➢ Ongoing drilling continues to demonstrate expansion potential across key mining areas including 904 Complex ➢ Significant unmined inventory beyond current mining areas ➢ Potential
Slide 10: Unmined Complexes Driving Current & Near Term Production
UNMINED COMPLEXES DRIVING CURRENT & NEAR TERM PRODUCTION ➢ High grade non remnant mining areas supporting future production growth ➢ Active and emerging mining areas include 960, 4447, 904 and the Derlak Complexes ➢ Mining 960 & 4447 Complexes H1/H2, 2026 ➢ 904 Complex and Fork satellite deposit to
Slide 11: 904 Complex: New, Unmined, In Development for H1 2027
904 COMPLEX: NEW, UNMINED, IN DEVELOPMENT FOR H1 2027 ➢ Large non-remnant Complex (200m x 200m) effectively a new underground complex within Madsen ➢ Drilling now - wide intervals with strong grades emerging ➢ Support 2027 mining by defining multiple high-grade, near- infrastructure lenses with mini
Slide 12: Fork Satellite Deposit: Resource Expansion
FORK SATELLITE DEPOSIT: RESOURCE EXPANSION ➢ Near-surface, non-remnant deposit with high- grade core and near workings ➢ Recent infill drilling successfully de risks resource ahead of development decisions 1 ➢ Mineralization is open down plunge creating upside potential ➢ Current resource 2: 20.9
Slide 13: Fork: Delivering on Phase One Development
FORK: DELIVERING ON PHASE ONE DEVLOPMENT Capital-Efficient Growth: 250m from Existing Madsen Infrastructure ➢ 3,200m drill program completed establishing high grade mineralization ➢ Initial development underway expected to commence through H2 2026. ➢ Expected to enter 2027 production profile TSX-V:
Slide 14: Madsen Mine - Development Supporting Production Growth
MADSEN MINE - DEVELOPMENT SUPPORTING PRODUCTION GROWTH ➢ Geophysical data traces the Madsen corridor beyond current workings demonstrating depth extension below current mine footprint ➢ Active development across multiple underground mining complexes supporting operational flexibility and a sustained
Slide 15: Exploration & Discovery Upside at Madsen
EXPLORATION & DISCOVERY UPSIDE AT MADSEN 47 km² Highly Endowed Land Package | Multiple Underexplored Targets DEPTH EXTENSION POTENTIAL ➢ Strong intercepts in historical deep holes confirm mineralization continues ➢ Geophysics clearly shows structure extending to depth ➢ Deep exploration is high-prio
Slide 16: 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 TSX-V: WRLG OTCQX: WRLGF FRA: UJ0 WESTREDLAKEGOLD.COM 16
Slide 17: Rowan Project Property Highlights
ROWAN PROJECT PROPERTY HIGHLIGHTS MINERAL RESOURCE ESTIMATE 1 Effective June 2026 | Cut-off: 2.00 g/t Au Second Engine for Growth Targeting H1 2029 Production Profile Category Ounces of Gold Grade Indicated 335,058 13.04 g/t (1) EXISTING ROAD, TRUCKING ADDING ~35,000 OZ/YR AT STRATEGIC SATELLITE SOU
Slide 18: Rowan Project: 2025-2026 Drill Program Results
ROWAN PROJECT: 2025-2026 DRILL PROGRAM RESULTS PEA-Stage Satellite Asset | Updated Mineral Resources Estimate Announced June 9, 2026 Rowan Drilling Location Map Post-PEA drilling results continue to advance Rowan: ➢ Recent 6,300m drill program targeted veins 001, 004, 006b, 013 ➢ Designed to suppo
Slide 19: Key Investment Considerations
KEY INVESTMENT CONSIDERATIONS WRLG is positioned to increase mining rates, improve flexibility, and lower costs over time through a discovery driven growth and consolidation strategy with a long-term target of 150,000 ounces per year. ✓ Commercial producer with meaningful production growth profile a
Slide 20: Madsen | Comparable Canadian Underground Mines
MADSEN | COMPARABLE CANADIAN UNDERGROUND MINES Reserve Grade (g/t AuEq) 12.22 10.61 9.13 8.16 7.76 7.20 6.66 6.65 6.43 6.41 5.10 5.10 5.05 4.63 4.57 2.20 1.60 Laronde Casa Berardi Young- Project Eagle River Island Gold Kiena Madsen Macassa Lamaque Westwood Brucejack Musselwhite Meliadine Eleonore Se
Slide 21: Rowan | Comparable North American Underground Projects
ROWAN | COMPARABLE NORTH AMERICAN UNDERGROUND PROJECTS Rowan is one of the highest-grade undeveloped projects situated in a Tier-1 mining jurisdiction Resource Grade (g/t AuEq) M&I Inferred 16.22 15.31 13.04 11.61 11.47 9.81 9.55 9.35 8.93 8.51 8.94 9.03 8.39 7.11 6.56 5.63 5.39 5.61 5.07 4.83 4.41
Slide 22: Share Structure
SHARE STRUCTURE CAPITALIZATION (as at August 1, 2026) ~C$310M Shares Issued & Outstanding 412,959,642 Market Cap August 5, 2026 Warrants 110,473,807 ~30% Options 21,483,057 Gold-focused C$0.75 ~C$36M institutions Share Price Cash Balance RSUs 6,996,156 August 5, 2026 March 31, 2026 Major DSUs 2,602,
Slide 23: Strong Trading Liquidity
STRONG TRADING LIQUIDITY WRLG’s Average Daily Volume (ADV) TSX-V: WRLG OTCQX: WRLGF FRA: UJ0 WESTREDLAKEGOLD.COM 23
Slide 24: New & Growing Miners Outperform in Gold Bull Markets
NEW & GROWING MINERS OUTPERFORM IN GOLD BULL MARKETS New & growing gold miners are up 297% average in 12 months as at January 2026, vs 165% for GDX and 178% for GDXJ* WRLG is a rare new entry * Raymond James TSX-V: WRLG OTCQX: WRLGF FRA: UJ0 WESTREDLAKEGOLD.COM 24
Slide 25: Safety, Environment & Community
SAFETY, ENVIRONMENT & COMMUNITY Safe Actions, Strong Culture, One Team SAFETY FIRST COMMUNITY & FIRST NATIONS Safe production is the compass that guides every decision at West Red Lake Gold Mines. WRLG is committed to open and honest communications with local communities Protecting one another and e
Slide 26: Our Team
OUR TEAM Experienced Team with Proven Mine-Building Track Record Shane Williams Harpreet Dhaliwal Jason Billan Jaclyn Ruptash President & CEO CFO VP Corporate Development VP Communications & IR Mining executive with 25+ years of Mining finance and deal executive experience in mine construction, Reso
Slide 27: Jaclyn Ruptash VP Corporate Communications
Jaclyn Ruptash VP Corporate Communications jruptash@wrlgold.com @WestRedLakeGold West Red Lake Gold Mines Ltd. Suite 3123 - 595 Burrard Street Vancouver, BC V7X 1J1 Canada Investor Relations: (604) 569-5559 Email: investors@wrlgold.com TSX-V: WRLG OTCQX: WRLGF FRA: UJ0 WESTREDLAKEGOLD.COM 27
Slide 28: Current Reserves
CURRENT RESERVES Mineral Reserve Statement - Madsen Classification Deposit – Zone Tonnes (kt) Gold Grade (g/t) Contained Metal (koz Au) Madsen – Austin 778 7.37 184 Madsen – South Austin 861 8.21 227 Probable Madsen – McVeigh 66 7.37 16 Madsen – 8 Zone 118 13.38 51 Total Reserves 1,823 8.16 478 Note
Slide 29: Current Resources
CURRENT RESOURCES Mineral Resource Statement – Madsen1 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 Madsen – 8 Zone 152,000 18 87,700 Indicated Fork 123,800
Slide 30: Madsen Has Red Lake/Campbell Potential
MADSEN HAS RED LAKE/CAMPBELL POTENTIAL Red Lake/Campbell Mine Madsen Today Hosted in Balmer volcanic sequence near Confederation unconformity – major regional structure Similar stratigraphic horizon, with added potential recognized in Confederation rocks 8 Zone similar grades in ultramafic rocks at
Slide 31: 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
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