West Red Lake Gold Mines

West Red Lake Gold Mines is ramping up its first gold mine, which is the Madsen mine, with a view to achieving operational stability and commercial production very early in 2026. Madsen is a high-grade underground gold mine that operated historically; the restarted mine will produce approximately 50,000 oz. in 2026 as one of very few new single-asset operators in this gold market. By 2028 the company plans to boost output to 100,000 oz. per year by boosting output at Madsen some and putting its nearby Rowan project into production. Production growth of this scale is rare in the gold space.

Management Profile

Gwen Preston, Vice President Communications

Gwen Preston has been the face of West Red Lake since early 2024 when she joined the company after 16 years analyzing mineral projects and mining companies from an investor perspective. Through these research efforts, including hundreds of site visits, she attained extensive knowledge of exploration, development, and mining operations within the cyclical metals market. Ms. Preston started her career writing for The Northern Miner, where she covered exploration and mining stories around the globe. From 2014 to 2024 Gwen ran the Resource Maven newsletter business, reviewing stocks and explaining the rationale behind her investment decisions to her subscribers. Ms. Preston is a graduate of McGill University (Bachelor of Science) and The University of British Columbia (Masters of Journalism).

What is your rationale for taking part in 121 Mining Investment?

West Red Lake Gold is transitioning from Developer to Producer as it gets the Madsen Mine ramped up to full production, after which the company will shift focus fully to expanding production as quickly as possible. The rationale driving the company is that production growth is the best way of creating leverage to a rising gold price, particularly when a producer grows from new/small to mid-tier. We are therefore looking for investors seeking leveraged exposure to gold created through calculated but aggressive growth by a team of mine builders and operators. We are looking for market buying.

What recent news would you like to highlight to investors attending?

• 9 Oct: Drills Intersect New High-Grade Zone in Lower Austin, with highlight results including 139.45 g/t Au over 7.8m, 74.70 g/t Au over 8.7m and 18.31 g/t Au over 7.5m.
• 7 Oct: Third Quarter Update on the Ramp Up of the Madsen Mine
• 23 September: Close of Upsized $41M Bought Deal Financing
• 12 August: Drills Expand High-Grade Zone in South Austin, with highlight results including 36.85 g/t Au over 6.9m, 92.39 g/t Au over 2m and 8.79 g/t Au over 15.5m.
• 8 July: West Red Lake Gold Announces Positive Preliminary Economic Assessment for the Rowan Project, Including Over 35,000 oz. Average Annual Production and 42% After-Tax IRR

What are your key goals for the next 3, 6 and 12 months?

3 Months

Complete ramp-up of Madsen Mine to commercial production. Complete drilling at Rowan and start PFS metallurgical and engineering work.

6 Months

Meet stated guidance on tonnes, grade, and cost for first quarter of commercial operations. Update life-of-mine plan for Madsen; complete bulk of engineering work for joint Madsen-Rowan PFS.

12 Months

Continue to meet guidance quarter after quarter. Complete projects at Madsen that support production growth. Publish joint Madsen-Rowan PFS. Apply for Rowan mine permit and Madsen mill throughput expansion permit amendment.

All the while, pursue M&A with an eye to growing West Red Lake Gold into a mid-tier producer.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

The market cap of the company does not reflect the underlying value of the Perron project therefore Amex is doing a lot of marketing, ie. interviews, conferences, meetings and articles to get the story out to as many people as possible.

What do you think makes your company such a compelling investment?

Ramping up a mine is proving that a mine works as planned. the Madsen Mine failed under a prior operator three years ago. That failure has added pressure to our ramp up; as a result the company is arguably undervalued today relative to the re-rating that usually accompanies a mine ramping up to production. As we deliver this mine and chart a clear path to doubling production within 2 to 2.5 years, there is good potential the market will hand out value for achieving production and for having growth ahead.

What are the top 3 key investor takeaways?

1. Rare new gold mine operated by a single-asset company, just now ramping up to full production, and doing so in a proven high-grade Canadian gold district.

2. Clear path to significant production growth.

3. Team with deep experience building and operating mines striving to build a mid-tier gold producer during this gold bull market.