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

The operational ramp-up lifted gold sales 34% to 8,260 ounces compared with 6,165 ounces in Q1. Higher output and mining rates lowered unit costs, with cash costs falling 23% to US$2,000 per ounce sold from US$2,594 per ounce in the previous period. All-in sustaining costs dropped 30% to US$3,284 per ounce sold from US$4,678 per ounce in Q1, bringing the result within the company's 2026 guidance range of US$2,800 to US$3,600 per ounce.

“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, CEO

The cost improvements and higher sales volumes allowed West Red Lake Gold to generate $9.7 million in positive free cash flow during the quarter. The company ended June 30, 2026, with approximately $31.2 million in cash and cash equivalents.

Non-sustaining growth capital expenditures totaled $6.32 million during Q2, directed toward advancing the Fork Deposit access drift and the Madsen shaft refurbishment project. Higher mining rates relative to mill throughput also enabled the company to build a surface stockpile containing approximately 10,768 tonnes of ore at the end of June, providing additional operating flexibility between underground mining and processing.

West Red Lake Gold is executing a hub-and-spoke growth strategy where the Madsen mill and infrastructure serve as a central processing hub for multiple past-producing high-grade deposits across the Red Lake District. The company plans to achieve a full production run rate at the Madsen Mine in the second half of 2026.

Read the full announcement: West Red Lake Gold Q2 Results Deliver Higher Gold Production and Strong Financial Performance