West Red Lake Gold Mines Ltd. produced 8,576 ounces of gold during the second quarter of 2026 at its Madsen Mine in Ontario, a 51% increase from the first quarter's 5,667 ounces.

The ramp-up lifted gold sales 34% to 8,260 ounces, generating $49.0 million in revenue and $20.1 million in mining income. Operating margins rose to 41%.

Higher output lowered unit costs. Cash costs fell 23% to US$2,000 per ounce sold, while all-in sustaining costs dropped 30% to US$3,284 per ounce, meeting the company's 2026 guidance range of US$2,800 to US$3,600.

This improved cost structure drove positive free cash flow of $9.66 million, up from negative $6.14 million in Q1. West Red Lake Gold ended the period with approximately $31.2 million in cash.

Commercial production at Madsen began in January 2026. In the second quarter, the company mined 75,524 tonnes at 4.3 g/t Au for 10,459 mined ounces. Mill processing averaged 842 tonnes daily with 95% recoveries, leaving a surface stockpile of 10,768 tonnes of ore in late June.

“Q2 demonstrated the progress we are making at Madsen, with higher mining rates and gold production translating into stronger financial performance. 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.”

— Shane Williams, President and CEO

Processing rates should reach 1,000 tonnes per day in late 2026. Quarterly capital expenditures totaled $6.3 million, focused on the Fork Deposit access drift and Madsen shaft refurbishment. Phase Two hoist and skip upgrades are slated for late 2027 to boost hoisting capacity to roughly 700 tonnes daily.

Read the full announcement: West Red Lake Gold Reports Q2 2026 Results Including 51% Increase in Gold Production and 30% Reduction in AISC