West Red Lake Gold Mines Ltd. reported a 51% increase in gold production to 8,576 ounces in the three months ended June 30, 2026, compared with 5,667 ounces in the first quarter. Gold sales climbed 34% to 8,260 ounces, driving revenue to approximately US$49.0 million, up 17% from the prior quarter.
Income from mine operations rose 31% to US$20.1 million, lifting the operating margin to 41% from 37%. Adjusted net earnings more than doubled to US$12.6 million, or US$0.03 per basic share, while adjusted EBITDA increased 54% to US$22.1 million. Cash costs fell 23% to US$2,000 per ounce sold, and all-in sustaining costs declined 30% to US$3,284 per ounce, within the company’s 2026 guidance range of US$2,800 to US$3,600 per ounce.
Positive free cash flow totaled US$9.7 million during the quarter, with cash and cash equivalents at approximately US$31.2 million at period-end. Tonnes mined rose 46% to 75,524, while the average mined grade increased 18% to 4.3 grams per tonne. Mill throughput averaged 842 tonnes per day, up 47%, with gold recovery steady at about 95%.
Capital expenditures for non-sustaining growth projects totaled C$6.3 million, primarily allocated to the Fork Deposit access drift and Madsen shaft refurbishment. The company controls a 47-square-kilometre land package in Ontario’s Red Lake district, including the Rowan Property and past-producing mines Rowan, Mount Jamie and Red Summit.
Management reiterated guidance for processing rates to rise to roughly 1,000 tonnes per day in the second half of 2026. President and CEO Shane Williams said Q2 performance reflected progress at the Madsen Mine, with higher output and lower costs supporting stronger financial results and free cash generation.
