# AIF

Source Brief: https://evesgoldminers.com/research/source-briefs/west-red-lake-gold-mines-ltd-2026-05-04-aif-aa7a7b0e
Original source: https://westredlakegold.com/wp-content/uploads/2026/05/WRLG-AIF-2026-for-YE2025-Final-Filing-Version-May-2026.pdf
Original published: 2026-05-04
EGM generated: 2026-09-04
Company: West Red Lake Gold Mines Ltd (WRLG)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# AIF

Source: https://westredlakegold.com/wp-content/uploads/2026/05/WRLG-AIF-2026-for-YE2025-Final-Filing-Version-May-2026.pdf
Published: 2026-05-04T00:00:00+00:00
Fetched: 2026-05-12T16:34:06+00:00
Source artifact: aa7a7b0e-faf5-41f5-bee2-7d738e92a733
Normalizer input: text

## Content

# AIF
ANNUAL INFORMATION FORM
For the 12 Months Ended December 31, 2025
May 4, 2026
ii
TABLE OF CONTENTS
ABOUT THIS ANNUAL INFORMATION FORM ................................................................................ 1
CURRENCY AND FINANCIAL INFORMATION .............................................................................................. 1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS...................... 1
TECHNICAL DISCLOSURE .......................................................................................................................... 3
ABOUT WEST RED LAKE ...................................................................................................................... 4
WEST RED LAKE’S CORPORATE STRUCTURE ........................................................................................... 5
GENERAL DEVELOPMENT OF THE BUSINESS OF THE CORPORATION ............................... 5
OVERVIEW................................................................................................................................................. 5
THREE YEAR HISTORY AND SIGNIFICANT ACQUISITIONS ........................................................................ 5
BUSINESS OF THE CORPORATION .................................................................................................. 13
STAGE OF DEVELOPMENT ....................................................................................................................... 13
SPECIALIZED SKILL AND KNOWLEDGE ................................................................................................... 14
COMPONENTS .......................................................................................................................................... 14
COMPETITIVE CONDITIONS ..................................................................................................................... 14
CYCLES ................................................................................................................................................... 14
ECONOMIC DEPENDENCE ........................................................................................................................ 14
CHANGES TO CONTRACTS ....................................................................................................................... 14
ENVIRONMENTAL PROTECTION .............................................................................................................. 14
EMPLOYEES ............................................................................................................................................. 15
FOREIGN OPERATIONS ............................................................................................................................ 15
SOCIAL OR ENVIRONMENTAL POLICIES .................................................................................................. 15
MINERAL PROJECTS ........................................................................................................................... 15
MADSEN MINE PROPERTY ........................................................................................................................ 15
ROWAN PROPERTY .................................................................................................................................. 36
RISK FACTORS....................................................................................................................................... 55
ACTUAL CAPITAL COSTS, OPERATING COSTS AND EXPENDITURES, PRODUCTION SCHEDULES AND
ECONOMIC RETURNS MAY DIFFER SIGNIFICANTLY FROM ANTICIPATION ............................................. 56
UNCERTAINTY RELATING TO PRODUCTION ESTIMATES......................................................................... 57
UNCERTAINTY RELATING TO MINERAL RESOURCES ............................................................................. 57
MINERAL RESOURCE AND RESERVE CALCULATIONS ARE ONLY ESTIMATES ........................................ 57
DEPLETION OF MINERAL RESERVES ....................................................................................................... 58
NEGATIVE OPERATING CASH FLOW AND DEPENDENCE ON THIRD-PARTY FINANCING ........................ 58
OPERATIONAL RISKS............................................................................................................................... 58
EXPLORATION AND DEVELOPMENT RISKS ............................................................................................. 59
METAL PRICE VOLATILITY ..................................................................................................................... 59
DEPENDENCE ON A SINGLE PROPERTY .................................................................................................... 59
UNINSURABLE RISKS .............................................................................................................................. 59
RISK WITH UNDERGROUND DEVELOPMENT ........................................................................................... 60
RECLAMATION COSTS ............................................................................................................................. 60
RELIANCE UPON KEY MANAGEMENT AND OTHER PERSONNEL ............................................................. 61
IMPRECISION OF MINERAL RESOURCE ESTIMATES................................................................................. 61
INDEBTEDNESS OF THE CORPORATION ................................................................................................... 61
SERVICING INDEBTEDNESS ..................................................................................................................... 62
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROLS OVER FINANCIAL REPORTING .. 62
CLIMATE CHANGE................................................................................................................................... 63
INDIGENOUS PEOPLES ............................................................................................................................. 63
iii
TITLE TO PROPERTIES ............................................................................................................................. 63
INFORMATION SYSTEMS AND CYBER SECURITY .................................................................................... 64
MERGERS, ACQUISITIONS, JOINT VENTURES AND INTEGRATION ............................................................. 64
CONFLICTS OF INTEREST ......................................................................................................................... 64
PERMITS AND LICENSES .......................................................................................................................... 65
GEOPOLITICAL RISKS AND TARIFFS........................................................................................................ 65
INTERNATIONAL CONFLICT ..................................................................................................................... 65
GOVERNMENT AND COMMUNITY/STAKEHOLDER REGULATION AND APPROVALS................................ 66
COMPETITION .......................................................................................................................................... 66
TRADING PRICE AND VOLATILITY OF SHARES ....................................................................................... 67
RISK OF LITIGATION ................................................................................................................................ 67
FLOW-THROUGH TAX LIABILITIES ......................................................................................................... 67
GENERAL INFLATIONARY PRESSURES .................................................................................................... 67
POTENTIAL DILUTION FROM FINANCINGS .............................................................................................. 68
NEGATIVE IMPACTS BY AN OUTBREAK OF INFECTIOUS DISEASE OR PANDEMIC ................................... 68
GENERAL ................................................................................................................................................. 68
DIVIDENDS .............................................................................................................................................. 68
DESCRIPTION OF CAPITAL STRUCTURE ...................................................................................... 69
MARKET FOR SECURITIES ................................................................................................................ 69
TRADING PRICE AND VOLUME ................................................................................................................ 69
PRIOR SALES ........................................................................................................................................... 69
ESCROWED SECURITIES .................................................................................................................... 70
DIRECTORS AND OFFICERS .............................................................................................................. 70
NAME, OCCUPATION AND SECURITY HOLDINGS ................................................................................... 70
CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS .................................................... 72
CONFLICTS OF INTEREST ......................................................................................................................... 73
PROMOTERS ........................................................................................................................................... 73
LEGAL PROCEEDINGS AND REGULATORY ACTIONS .............................................................. 73
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................. 74
TRANSFER AGENT AND REGISTRAR ............................................................................................. 74
MATERIAL CONTRACTS .................................................................................................................... 74
INTERESTS OF EXPERTS .................................................................................................................... 75
ADDITIONAL INFORMATION ............................................................................................................ 76
-1-
ABOUT THIS ANNUAL INFORMATION FORM
In this annual information form (“AIF”), except as otherwise required by the context, reference to the
“Corporation” or “West Red Lake” or “WRLG” means, collectively, West Red Lake Gold Mines Ltd. and
its subsidiaries. All information contained in this AIF is at December 31, 2025, the date of the Corporation’s
most recently completed financial year, unless otherwise stated.
This AIF has been prepared in accordance with Canadian securities laws and contains information regarding
West Red Lake’s history, business, mineral reserves and resources, the regulatory environment in which
West Red Lake conducts business, the risks that West Red Lake faces as well as other important information
for the Corporation’s shareholders.
Additional information relating to the Corporation may be found under the Corporation’s profile on
SEDAR+ (www.sedarplus.ca). This AIF incorporates by reference West Red Lake’s management
discussion and analysis (“MD&A”) for the 12 months ended December 31, 2025, and accompanying
audited consolida

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