West Red Lake Gold Files Technical Report Supporting 42% After-Tax IRR at Rowan Project

• West Red Lake Gold has formally filed the NI 43-101 technical report for its Rowan project, validating preliminary economic assessment results showing 35,230 ounces average annual gold production over a five-year mine life.
• The project demonstrates strong economics with a 42% after-tax internal rate of return and modest initial capital requirements of just over $70 million through a toll milling operation strategy.
• High-grade mineralization averaging 8.0 grams per tonne gold with 10.4 g/t average grade in the first year provides attractive production economics with 75.8% to 94.9% gold recovery rates.
• The company benefits from established infrastructure in the Red Lake Gold District, with multiple mills having excess capacity and the Rowan project located 80 kilometers from the company's operating Madsen Mine.
• Significant exploration upside exists through expansion drilling on main veins at depth, parallel vein development, and testing of new targets including Apex and Big Bend prospects.

West Red Lake Gold Mines has completed a significant regulatory milestone with the filing of its independent preliminary economic assessment technical report for the Rowan project. This development provides investors with comprehensive documentation supporting the positive economics announced in July 2025, while advancing the company's multi-asset strategy in Canada's prolific Red Lake Gold District.

West Red Lake Gold Mines Ltd. is a gold development and mining company focused on its flagship Madsen Gold Mine and associated 47 square kilometer land package in Ontario's Red Lake district. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an property position covering 31 km2 including three past producing gold mines - Rowan, Mount Jamie, and Red Summit.

Technical Report Filing Validates Economic Assessment

West Red Lake Gold Mines announced the filing of its independent Preliminary Economic Assessment technical report for its 100% owned Rowan project located in the Red Lake Gold District of northwestern Ontario, Canada.

The technical report represents the formal documentation required under National Instrument 43-101 standards and was prepared by Fuse Advisors Inc., an independent consulting firm. Importantly for investors, there are no material differences in the PEA Technical Report from the information disclosed in the July 8, 2025 news release, providing consistency and reliability in the economic projections.

Project Economics & Production Profile

The Rowan project demonstrates compelling economics for investors, with the preliminary economic assessment outlining a financially robust operation. High-Grade Efficient Mine: Underground mine via long hole retreat method, delivering an average diluted head grade of 8.0 grams per tonne ("g/t") gold ("Au"), accentuated by 10.4 g/t Au average grade in Year 1.

The production profile shows consistent output over the mine life, with 35,230 oz. average annual gold production over the 5-year mine life from an average mining rate of 385 tonnes per day. This positions the project as a mid-tier producer with steady cash flow generation potential.

Key economic highlights include a 42% after-tax internal rate of return, demonstrating the project's ability to generate substantial returns for shareholders. The all-in sustaining costs are projected at US$1,408 per ounce, providing attractive margins at current gold price levels.

Capital Requirements & Toll Milling Strategy

One of the most attractive aspects for investors is the project's modest capital requirements. Modest Initial Capital: Multiple mills in the area with excess capacity create the opportunity to develop Rowan as a toll milling operation with initial capital of just over $70 million.

This toll milling approach significantly reduces the typical capital intensity of gold mining projects by leveraging existing regional infrastructure. Multiple mills in the Red Lake area have excess capacity and are designed to process mineralization of similar nature to the deposit at Rowan. West Red Lake Gold is planning Rowan as a mine that sends its material to another mill for processing. The toll milling plan eliminates the need for a mill and an on-site tailings facility at Rowan.

The strategy provides operational synergies with the company's existing Madsen Mine operations. Madsen is one mill in the region that could potentially take Rowan mineralization. The Madsen Mill has a nameplate capacity at 1,089 tonnes per day (tpd), and is currently permitted to run at 800 tpd average annually.

Resource Confidence & Metallurgical Characteristics

The project benefits from high-confidence mineral resources that support development planning. High Confidence Inventory: PEA mine design includes 63% of mined tonnes and 72% of mined ounces from the Indicated category – provides solid base for transition into Pre Feasibility Study level assessment.

Metallurgical testing has confirmed favorable processing characteristics, with simple Metallurgy: Free gold-dominant mineralization resulting in 75.8% to 94.9% gold recovery through gravity processing during metallurgical test work, which also supports toll milling potential. These high recovery rates reduce processing risks and support the economic projections.

The mineral resource estimate utilizes current industry standards, with mineral Resources were estimated at a gold cut-off grade of 3.80 g/t using a long-term gold price of $1,800 USD per ounce. This conservative pricing assumption provides downside protection for the economic model.

Development Timeline & Regulatory Progress

Management has outlined a clear development pathway for investors. The Company plans to complete a Pre Feasibility Study on the Rowan Project by Q3 2026, to continue advancing this valuable opportunity.

Environmental baseline work is advancing on schedule, with the final year of 3-year baseline environmental data collection period is underway and the Company has been engaging with the regulators to support an expedited permitting process. This proactive approach to regulatory compliance demonstrates management's commitment to timely project advancement.

Management Commentary & Strategic Vision

Company leadership has articulated a clear vision for the Rowan project within the broader corporate strategy. President and CEO Shane Williams emphasized the project's geological advantages:

"Rowan is a high grade, relatively wide, nearly vertical deposit that starts at surface and this PEA captures how such designed-for-mining characteristics lead to strong economics."

The management team sees significant potential beyond the current resource base. Williams noted that "there is ample opportunity to grow the resource further at Rowan along strike, at depth, and via discovery at new nearby targets, but we ideally want to do that work while turning this asset into a mine sending" material to processing facilities.

Exploration Upside & Growth Potential

The Rowan project offers multiple avenues for resource expansion that could enhance project economics. There are multiple opportunities to define additional mineralization at Rowan by (1) expansion drilling on the two main veins of the deposit included in this PEA mine plan (v001 and v004) especially at depth, (2) infill and expansion drilling on parallel veins adjacent to the PEA mine plan with data gaps stemming from selective historic drill sampling, (3) drill testing expansion targets along strike from the Rowan vein system, and (4) testing high potential new targets at the property including Apex and Big Bend.

This exploration potential provides investors with optionality for resource growth and mine life extension, potentially improving the already attractive project economics.

Regional Context & Infrastructure Advantages

The Red Lake Gold District provides established infrastructure and a proven geological environment for gold mining operations. The Rowan Project is 80 kilometers by road from the operating Madsen Mine and mill. This proximity enables operational synergies and shared infrastructure utilization.

The regional mining history demonstrates the area's geological potential, with decades of successful gold production providing confidence in the geological model and mining practices applicable to the Rowan project.

For Investors

West Red Lake Gold's filing of the NI 43-101 technical report for the Rowan project represents a significant regulatory milestone that validates the strong economics outlined in the preliminary economic assessment. The project offers investors exposure to a high-grade gold deposit with modest capital requirements, attractive returns, and significant exploration upside in a proven mining district.

The toll milling strategy reduces development risks and capital intensity while leveraging existing regional infrastructure. With 42% after-tax IRR, over 35,000 ounces of average annual production, and multiple expansion opportunities, the Rowan project strengthens West Red Lake Gold's asset portfolio and provides a clear pathway for production growth.

Investors evaluating WRLG should consider the company's dual-asset strategy combining the operational Madsen Mine with the development-stage Rowan project, providing both current production and future growth optionality in Ontario's prolific Red Lake Gold District. The formal filing of the technical report removes a key regulatory milestone and positions the company to advance toward prefeasibility studies and eventual development decisions.