West Red Lake Gold Secures $41 Million Funding to Advance Mining
West Red Lake Gold Closes $41 Million Bought Deal Offering
West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is thrilled to share that it has finalized its previously announced bought deal public offering. This offering involved 37,526,800 common shares sold at C$0.95 each, amassing total gross proceeds of C$35,650,460. Additionally, the offering included 3,760,000 charity-flow through shares at a price of C$1.33, contributing another C$5,000,800, bringing the total proceeds to C$40,651,260.
Strategic Use of Proceeds to Enhance Mining Developments
The funds raised from this offering will primarily bolster the advancement of the Madsen Gold Mine. This involves the completion of the ramp-up to commercial production, along with pursuing diverse growth opportunities. The net proceeds will also be allocated toward working capital and general corporate purposes.
Support for Exploration and Development
Another key allocation of proceeds will be directed towards the charity-flow through shares, designed to support qualifying Canadian exploration expenses on the Company's assets. This funding is expected to significantly enhance operations chiefly at the Rowan Project. Here, planned activities include crucial infill drilling, engineering, and environmental work, all pivotal to the approaching Pre-Feasibility Study.
Management Insights on the Future of West Red Lake Gold
“We are genuinely excited about the opportunities this financing opens up as we move forward with the ramp-up of the Madsen Mine,” expressed Shane Williams, President and CEO. “At Madsen, we are focused on a variety of priorities each week, ensuring we establish a steady operational state for the mine. The additional funding will quicken specific capital projects that could lead to increased output at Madsen, particularly taking advantage of the favorable gold price trends.”
Plans for Production Growth
Williams emphasized that this flow-through capital is essential for drilling activities aimed at supporting a Pre-Feasibility Study for Rowan in the upcoming year. This step positions West Red Lake Gold on a clear trajectory to potentially produce over 100,000 ounces of gold annually in Red Lake.
Details of the Offering and Documentation
In relation to the Offering, the Company had filed a prospectus supplement, dated September 17, 2025, which accompanies its short-form base shelf prospectus from April 30, 2024. Investors can find the relevant documentation on SEDAR+.
Contact Information for Investors
For additional inquiries, interested parties can reach out to the Company at Suite 3123 – 595 Burrard Street, Vancouver, British Columbia, V6X 1J1, or via email at investors@westredlakegold.com.
About West Red Lake Gold Mines
West Red Lake Gold Mines Ltd. is a leading gold development and mining entity, dedicated to its flagship operation—the Madsen Gold Mine. It is situated within a highly promising 47 km² land package in the renowned Red Lake district of Ontario. This area is historically rich, having produced over 30 million ounces of gold from its high-grade zones.
Exploration Potential in Red Lake
WRLG also owns the Rowan Property in Red Lake, encompassing an area of 31 km² that includes three previously productive gold mines: Rowan, Mount Jamie, and Red Summit. The management team continues to survey the area for opportunities to enhance the resource base and increase production outputs.
Frequently Asked Questions
What is the purpose of the recent funding secured by West Red Lake Gold?
The funding is intended to advance the Madsen Gold Mine's ramp-up to commercial production, support exploration activities at Rowan, and cover general corporate expenses.
How much was raised in the bought deal offering?
The total gross proceeds from the offering amounted to C$40,651,260.
What are the next steps following the funding announcement?
Following this funding, the Company plans to expedite capital projects at the Madsen Mine and begin drilling efforts at the Rowan Project for further exploration.
Which properties does West Red Lake Gold focus on?
West Red Lake Gold focuses on its flagship Madsen Gold Mine and the Rowan Property, which includes several former gold-producing mines.
Who leads West Red Lake Gold?
Shane Williams serves as the President and CEO, guiding the company's strategic direction and operational execution.
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