West Red Lake Gold Mines delivered a strong Q2 2026 at the Madsen Mine, with gold production rising 51% from Q1 to 8,576 ounces as the company accessed higher-grade non-remnant mining areas.
Canada, 31st Aug 2026 – Global Stocks News – Sponsored content disseminated on behalf of West Red Lake Gold. On August 25, 2026, West Red Lake Gold Mines (TSXV: WRLG) (OTCQB: WRLGF) announced Q2, 2026 financial and operating results from the Madsen Mine located in the Red Lake mining district of Ontario, Canada.
West Red Lake Gold is executing a hub-and-spoke growth strategy. The Madsen mill and infrastructure are intended to serve as a central processing hub for multiple past-producing high-grade deposits across the Red Lake District.
This multi-asset approach is designed to provide greater operational flexibility, expand margins, extend mine life, and support a larger production profile over time.
Three months ago, West Red Lake Gold CEO Shane Williams told Guy Bennett, CEO of Global Stocks News that “We are now accessing higher-grade non-remnant mining areas. In the next quarter we expect an increase in revenue, mine income, gold sales and gold production.”
West Red Lake Gold demonstrated that progress, with improvements across both the operating and financial performance of the Madsen Mine. Gold production increased 51% over Q1 to 8,576 ounces, while gold sales increased 34% to 8,260 ounces.
The stronger operating performance was reflected in lower unit costs with cash costs(1)(2) decreasing 23% to US$2,000 per ounce sold, compared with US$2,594 per ounce in Q1.
All-in sustaining cost (AISC) (1)(2) decreased 30% to US$3,284(1) per ounce sold, compared with US$4,678 per ounce in Q1, bringing Q2 AISC within the Company’s 2026 guidance range of US$2,800 to US$3,600 per ounce.
WRLG generated $9.7 million of positive free cash flow during Q2, and ended Q2, 2026 with approximately $31.2 million in cash and cash equivalents.
“Q2 demonstrated the progress we are making at Madsen, with higher mining rates and gold production translating into stronger financial performance,” stated Williams in the August 25, 2026 press release.
“Gold production increased 51% and gold sales increased 34% over Q1, contributing to a 30% reduction in AISC to US$3,284 per ounce, within our 2026 guidance range, while Madsen generated $9.7 million of positive free cash flow.”
“Our focus for the balance of 2026 is on consistent execution while continuing to invest in underground development and infrastructure to build production inventory and greater operating flexibility.”
Non sustaining growth capital expenditures totaled $6.32 million in Q2, primarily related to the continued advancement of the Fork Deposit access drift and the Madsen shaft refurbishment project, positioning WRLG to access additional mining areas while supporting future production growth, increased hauling capacity and improved operating flexibility.
Higher mining rates relative to mill throughput allowed WRLG to establish a surface stockpile during the quarter. At June 30, 2026, the stockpile contained approximately 10,768 tonnes of ore. The stockpile provides additional flexibility between underground mining and mill processing.
(1)Foreign exchange rate of CAD$/USD$ 1.3843 Q2 and CAD$/USD$ 1.3781 Year to Date (2) Refer to Non-IFRS Measures
One of WRLG’s key spokes is the satellite Rowan Project positioned within trucking distance of the Madsen mill. On June 9, 2026 WRLG announced an updated 2026 Mineral Resource Estimate (MRE) for the Rowan Project as well as a maiden MRE for the nearby Mount Jamie deposit, located 2 kilometres from Rowan.
Rowan Indicated gold ounces increased by 70% to 335,058 ounces @13.04 grams per tonne (g/t) gold, compared to 196,747 ounces @12.78 g/t gold in the 2025 MRE (See news release dated June 9, 2026 and July 22, 2026).
Rowan Inferred gold ounces increased by 52% to 179,029 oz grading 15.31 g/t Au, compared to 421,181 tonnes containing 118,155 oz grading 8.73 g/t Au in the 2025 MRE.
Minimal exploration expenditure of C$3.5 million, combined with low drilling of 6,300 metres, represented a modest discovery cost of approximately C$17.60/oz gold.
Meanwhile, the price of gold has rebounded US$500 in the last 30 days, from $4,000 to $4,500.
“We’ve been a very big advocate of gold, not so much as a yielding instrument, but as a defensive asset,” stated Mike Wilson, chief US equity strategist and CIO at Morgan Stanley.
“At the end of last year, the Fed started printing money with this reserve management program. That led directly to gold and silver stocks taking off.”
“Gold has been in a bull market for 25 years,” Wilson added. “People kind of woke up to this idea more recently.”
Source: https://www.bullionbypost.com/gold-price/25year/ounces/USD/
The total U.S. national debt is currently about $40 trillion, translating to a debt burden of $297,000 per US household. Interest on the US national debt is now $1 trillion annually, exceeding Medicare spending for the first time.
“The cost of servicing that debt needs to be lower than the rate at which the currency is depreciating,” stated Brien Lundin in a 2024 interview. “Otherwise, the entire house of cards collapses.” Lundin has speculated that gold may rise to $6,000-$8,000 within the current cycle.
“We’re pleased with the progress the team has made during this quarter,” stated Williams on an August 26, 2026 Q2 financials webcast. “It’s important to note that this improvement wasn’t isolated to one part of the operation.”
“We had higher mining rates on the ground, improved grades, higher mill throughput, all of which contributed to the higher gold production as part of our ongoing ramp-up,” concluded Williams.
The technical information presented in this release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project.
Contact: guy.bennett@globalstocksnews.com
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