West Red Lake Gold Mines (WRLG.V), after the close Thursday, reported its 2025 production results and 2026 guidance.
The company said in 2025, the Madsen mine transitioned from restart activities to an operating mine, establishing mining fronts, advancing underground development and improving mill performance to support sustained operations. This progress is expected to continue through the first half of 2026, with a full production run rate targeted in the second half of the year, the company said.
Madsen mine produced 20,000 ounces of gold in 2025, while revenue totaled C$103 million. The company expects 2026 gold production from the Madsen mine to range between 35,000 ounces and 45,000 ounces.
"We established a strong operating base at Madsen in 2025 and ramp up is progressing as planned. We are now focused on building consistency into the operation through 2026. Our priority is execution, expanding available mining areas, improving sequencing, and continuing to advance underground development. As production increases further, we expect to generate meaningful cash flow that will be directed toward accelerated development and infrastructure to support higher mining rates and improved costs, as well as earmarked for debt repayment," said chief executive Shane Williams.
WRLG said it is executing on a strategy that is "centered on building a scalable, multi-asset gold operation in the Red Lake district, anchored by the Madsen mill and supported by a hub and spoke model".
"It begins with establishing sustainable production and advancing infrastructure in 2026, followed by integrating additional mining areas and satellite deposits starting in 2027," it added.
Shares of the company closed down $0.01 at $1.02 on TSX Venture Exchange on Thursday.