MDA

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# MDA

Source: https://westredlakegold.com/wp-content/uploads/2025/11/WRLG-Q3-2025-MDA-FINAL.pdf
Published: 2025-11-25T00:00:00+00:00
Fetched: 2026-05-12T16:34:01.399+00:00
Source artifact: ae3bb166-dc5f-4bb5-ba22-cb2f9cdf7e72
Normalizer input: text

## Content

# MDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the three and nine months ended September 30, 2025 and August 31, 2024
(Expressed In Thousands of Canadian Dollars, unless otherwise stated)
West Red Lake Gold Mines Ltd.
Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and August 31, 2024
(expressed in Thousands of Canadian dollars, unless otherwise stated)
This Management’s Discussion and Analysis (“MD&A”) was prepared as of November 25, 2025, and provides an analysis of the
financial and operating results of West Red Lake Gold Mines Ltd. (“West Red Lake”, “WRLG” or the “Company”) for the three
and nine months ended September 30, 2025. Additional information regarding West Red Lake, as well as other information filed
with the Canadian regulatory authorities, are available under the Company’s profile on the System for Electronic Document
Analysis and Retrieval Plus (“SEDAR+”) at www.sedarplus.ca. All monetary amounts are in Canadian dollars unless otherwise
specified.
The following discussion and analysis of the financial condition and results of operations of West Red Lake should be read in
conjunction with the Company’s unaudited condensed interim consolidated financial statements for the three and nine months
ended September 30, 2025 and August 31, 2024 (the “Q3 2025 Quarterly Financial Statements”), as well as the audited
consolidated financial statements for the 13 months ended December 31, 2024 and 12 months ended November 30, 2023 and
the related notes (the “Annual Financial Statements”), which have been prepared in accordance with IFRS® Accounting
Standards as issued by the International Accounting Standards Board (“IFRS”).
This MD&A should also be read in conjunction with the Company’s most recently filed annual information form (“AIF”). Other
than the information set out under the heading ‘Risk Factors’ in the AIF, which is incorporated by reference herein, the AIF does
not constitute part of this MD&A.
The Audit Committee of the Company’s Board of Directors (the “Board”) reviews and recommends for approval to the Board,
who then review and approve, the Q3 2025 Quarterly Financial Statements and this MD&A. This MD&A contains forward-looking
information. Please see the section, “Cautionary Note Regarding Forward-Looking Information” for a discussion of the risks,
uncertainties and assumptions used to develop the Company’s forward-looking information.
1
West Red Lake Gold Mines Ltd.
Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and August 31, 2024
(expressed in Thousands of Canadian dollars, unless otherwise stated)
CAUTIONARY NOTE REGARDING FORWARD – LOOKING INFORMATION
This MD&A contains or incorporates by reference “forward-looking statements” (also referred to as “forward-looking information”)
within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of
providing information about management's current expectations and plans and allowing investors and others to get a better
understanding of the Company’s operating environment. All statements, other than statements of historical fact, are forward-
looking statements. In this MD&A, forward-looking statements include, but are not limited to statements regarding the
Company’s future results and are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties
and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially
different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking
statements include, without limitation, the uncertainties associated with: regulatory and permitting considerations, financing of
the Company’s acquisitions and other activities, exploration, development and operation of mining properties and the overall
impact of misjudgments made in good faith in the course of preparing forward-looking information. Forward-looking statements
involve risks, uncertainties, assumptions, and other factors including those set out below, that may never materialize, prove
incorrect or materialize other than as currently contemplated which could cause the Company’s results to differ materially from
those expressed or implied by such forward-looking statements. Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not
always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates",
"assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions,
events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative
of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements. Such factors
include, among others: risks related to: exploration and development activities at the Company’s projects, and factors relating
to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards and
risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected
geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of
materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations
governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances,
land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be
amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources,
which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating
metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need
to reassess feasibility of a particular project that estimated mineral resources will be recovered or that they will be recovered at
the rates estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be
challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment
and crews, on a timely basis and at reasonable cost; risks related to high inflation, interest rate increases and price volatility;
geopolitical risks and tariffs; competition within the mining industry for the discovery and acquisition of properties from other
mining companies; risks related to the stage of the Company’s development, including risks relating to limited financial resources,
limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key
personnel; inability to obtain adequate or any insurance; currently unprofitable operations; risks regarding the ability of the
Company and its management to manage growth; potential conflicts of interest; risks related to the restrictive covenants
contained in the US$35 million credit facility entered into on December 31, 2024 with Nebari Resources Credit Fund II LP (the
“Nebari Credit Facility”) and the ability for the Company to obtain additional financing; risks relating to being able to service the
Company’s current debt obligations under the gold-linked notes issued in 2024, (the “Gold-Linked Notes”) and Nebari Credit
Facility; and all those risks identified in the section entitled “Risk Factors” in this MD&A and other risk factors identified in the
AIF.
The foregoing list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-
looking statements are statements about the future and are inherently uncertain, and the Company’s actual achievements or
other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without limitation, those referred to in this MD&A.
Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has
been no change in the Company’s affairs since the date of this MD&A that would warrant any modification of any forward-looking
statement made in this document, other documents periodically filed with or furnished to the relevant securities regulators or
documents presented on the Company’s website. All subsequent written and oral forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their entirety by this notice. The Company disclaims any
intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or
factors, whether as a result of new information, future events or otherwise, subject to the Company’s disclosure obligations under
applicable Canadian securities regulations. Investors are urged to read the Company’s filings with Canadian securities regulatory
agencies, which can be viewed online at www.sedarplus.ca.
2
West Red Lake Gold Mines Ltd.
Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and August 31, 2024
(expressed in Thousands of Canadian dollars, unless otherwise stated)
BUSINESS OVERVIEW
West Red Lake is an exploration, development, and extraction stage company that is focused on advancing and developing its
flagship Madsen Gold Mine project (the “Madsen Property” or “Madsen Mine”) and the associated 47 sq-kilometer (“km2”) highly
prospective land package in the Red Lake Gold District of Ontario. West Red Lake also holds the wholly owned Rowan property
in Red Lake, with a property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and
Red Summit (the “Rowan Property”).
The Company was incorporated on March 4, 1993 under the Business Corporations Act (Ontario) as New Dolly Varden Minerals
Inc., and continued under the Business Corporations Act (British Columbia) on November 27, 2017 as DLV Resources Ltd. On
July 15, 2022, the Company consolidated its then outstanding common shares on the basis of five (5) old common shares for
one (1) new common share. The Company changed its name to West Red Lake Gold Mines Ltd. on December 29, 2022, and
is listed on the TSX Venture Exchange (“TSXV”) under the symbol ‘WRLG’. The Company’s registered and records office is 25th
Floor, 700 West Georgia Street, Vancouver, British Columbia, V7Y 1B3. The Company is a reporting issuer in each of the
provinces of Canada, other than Quebec.
HIGHLIGHTS
Operational
For the three months ending September 30, 2025, the Company sold 7,000 ounces of gold which generated revenue of $32,479
with associated cost of sales of $21,510 resulting in income from mining operations of $10,969.
In the third quarter (“Q3”) the Company’s Madsen operation mined 35,700 tonnes of ore at an average grade of 5.4 grams per
tonne. Mined ore tonnage increased month over month, within the variability of mine ramp up. Increasing daily mined tonna

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