West Red Lake Gold Mines Ltd · TSXV:WRLG
West Red Lake Gold Mines — Investor Presentation (July 2024)
30 slides from West Red Lake Gold Mines's investor presentation, Jul 4, 2024
Slide 1: West Red Lake Gold Mines
TSX-V:WRLG OTCQB: WRLGF FRA: UJ0
Slide 2: Our Vision
OUR VISION Our goal is to restart the Madsen Mine while continuing to build high-grade resources in one of the richest gold districts in Canada. Every mining company starts with one good mine. Frank Giustra Major shareholder TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 2
Slide 3: Red Lake district has produced 30 million ounces of gold
• The Red Lake district has produced 30 million ounces of gold – and counting. v • The district is renowned for high-grade gold in structures with significant depth extent 3
Slide 4: Madsen Timeline
Madsen Timeline TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 4
Slide 5: Madsen Mine Acquisition
MADSEN MINE ACQUISITION >$1 Billion Future Flagship asset commanded over Unlock value with robust new mine plan developed by $1 Billion in peak market capitalization experienced operators with strong shareholder support >$350M The Madsen project has had over $350M in investment Acquisition Terms C$6
Slide 6: What We Bought
WHAT WE BOUGHT UG Equipment Double Ramp Access 1,275 Metre Deep Shaft Expandable 800+ tpd Mill Excess Tailings Capacity Water Treatment Plant TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 6
Slide 7: Brand New Mill - Madsen Gold Project
BRAND NEW MILL- Madsen Gold Project • Standard gold CIP flowsheet with significant gravity recovery • Mill constructed and commissioned in 2020 • 800 tpd Mill, permit constrained to 1,089 tpd with expandability potential up to 1,500 tpd with modest investment • Mill achieved 95% gold recovery during
Slide 8: What We're Doing: Geology & Infill Drilling
WHAT WE’RE DOING • Vein system has been altered, deformed, and reactivated repeatedly - gold is high grade and pervasive but not continuous Geology & Infill Drilling • Answer: tight drilling & informed, accurate geologic model 8
Slide 9: What We're Doing: Accurate Geologic Modelling
WHAT WE’RE DOING • Madsen started to produce in line with estimates near the end of its 2020-2022 stint because improved modelling Accurate Geologic Modelling enabled more accurate mining. WRLG is building on that TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 9
Slide 10: Infill Drilling
INFILL DRILLING Finding More Around South Austin • Infill drilling at South Austin intersected new mineralized lens adjacent to mine workings that remains open at depth and along strike • Multiple high-grade intercepts over 100 metres strike TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O
Slide 11: Preparing to Mine
PREPARING TO MINE • West Portal: decline is steep and twisty – inefficient for trucking. In places decline narrows to __dimensions__, which cannot accommodate trucks larger than 30 tonnes • East Portal + Connection Drift: decline is more gradual and has fewer corners. Can Connection Drift accommodat
Slide 12: Derisking
Derisking There is a variety of mining environments at Madsen: unmined areas with range of widths, resource adjacent to backfilled stopes, resource adjacent to void stopes. Test Mining Test mining will help • Derisk mining of known resources • Understand additional resource potential within buffer z
Slide 13: Preparing for Operations
Preparing for Operations Surface Infrastructure Primary crusher: En route to replace leased item that created inefficiencies Camp: Building 100-person camp on site to house non-resident workers and contractors. Efficient for WRLG and attractive for employees Operational Readiness: Mine dry and mecha
Slide 14: The Goal: Production in H2 2025
The Goal: Production in H2 2025 PFS in early 2025 but major mine restart projects will be well underway or done when PFS comes out TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 14
Slide 15: Developer to Producer
Developer to Producer WRLG is being valued as a development story. Price to Net Asset Value Ratios for Gold Stocks The market rewards production and scale with higher multiples. Developers trade at a substantial discount. (Credit: Raymond James) TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD
Slide 16: High Grade Expansion Potential at Madsen
High Grade Expansion Potential at Madsen Drill results that are not included in the current v resource estimate - potential to add ounces within and by extending known zones. TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 16
Slide 17: High Grade Expansion Potential Underway
High Grade Expansion Potential Underway Infill drilling has encountered new near-mine zones Little ‘wildcat’ drilling done to date – potential to find new zones by turning drills around (no results or images available yet) TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 17
Slide 18: High Grade Expansion Potential Underway
High Grade Expansion Potential Underway Expansion drilling is extending known mineralization TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 18
Slide 19: Transformative Growth
Transformative Growth Top Tier Assets, Top Tier Jurisdictions Red Lake Mine – Newmont/Goldcorp/Evolution • 1995 production 53,876 oz @ 8.1 g/t Au • 1996 high grade discovery @ ~1400 m depth • 2004 production 552,000 oz @ 77.1 g/t Au Macassa Mine – Kirkland/Agnico Eagle • 2000’s average production 31
Slide 20: Red Lake Systems Have Deep Roots
Red Lake Systems Have Deep Roots Madsen Defined Down to 1.3km Depth with +3km Depth Potential Note: Conceptual mineralization shapes indicated are conceptual only and have been interpreted from very limited drilling data including re-logging of drill hole AD-11-01. Mine Deposit ro ected Mineralizati
Slide 21: Deep targets better drilled from underground
• Deep targets are better drilled from underground – short holes from v good angles are cost effective, efficient, and accurate [1] Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 T
Slide 22: Seismic surveys show structure
Seismic surveys show structure. Gaining traction as a technique to explore orogenic gold systems in Canada The seismic anomaly tracking the mineralized structure at Madsen is clear and aligns exactly with historic hole PG17-456 that returned 34.6 g/t Au over 4.3 m [1] Mineral resources are estimated
Slide 23: High Grade 8-Zone
High Grade 8-Zone Our Potential Game Changer Drilling 8 Zone from underground planned in Q2 2024 Goldcorp HGZ Discovery Madsen 8-Zone (1995) • Quartz veins in flexure Geologic • Quartz veins in flexure along along mafic-ultramafic Setting mafic-ultramafic contact contact • 4.3m at 466 g/t Au Key Dri
Slide 24: Management, Board of Directors and Advisors
Management Board of Directors Shane Williams Harpreet Dhaliwal Will Robinson Jason Billan Tom Meredith Anthony Makuch Duncan Middlemiss President & CEO CFO P.GEO - VP VP Corporate Executive Chairman, Director Director Director Exploration Development Gwen Preston Maurice Mostert Derek Teevan Jasvir
Slide 25: Capital Structure
CAPITAL STRUCTURE TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WEST RED LA KEGO LD .C O M 25
Slide 26: Regional Exploration Targets at Madsen
REGIONAL EXPLORATION TARGETS AT MADSEN [1] Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, pre
Slide 27: Rowan - High Grade Deposit Next Door
ROWAN – HIGH GRADE DEPOSIT NEXT DOOR 195 koz @ 12.87 g/t Au [2] Indicated resource at Rowan could provide high-grade feed to Madsen Mill Looking to Permit collecting baseline data for application efficiency if decision is made to mine Rowan Project Madsen Ind: 195 koz Au @ 12.87 g/t is within trucki
Slide 28: 2024 Drill Program Focused on Growth at Rowan Mine Deposit
2024 Drill Program Focused on Up to 15,000 meters planned targeting high-priority expansion Growth at Rowan Mine Deposit areas (1) Mineral Resources are estimated at a cut-off grade of 3.8 g/t Au and using a gold price of US$1,800/oz. Please refer to the technical report entitled “Updated Mineral Re
Slide 29: 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 30: West Red Lake Gold Mines contact details
TSX-V: WRLG OTCQB: WRLGF FRA: UJ0 WESTRED LA KEGO LD .CO M Shane Williams Suite 3123 - 595 Burrard Street President & CEO @WestRedLakeGold Vancouver, BC V7X 1J1Canada 1-778-899-1707 Office: 604-609-6110 West Red Lake Gold Mines Ltd. swilliams@wrlgold.com Investor Relations: 416-203-9181 Email: inves
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