Briefing
The plant will process 33 t/h on average with a target grind size of approximately 80% passing 75 µm at an average LOM head grade of 8.16 g/t Au. Key points: The plant will process 33 t/h on average with a target grind size of approximately 80% passing 75 µm at an average LOM head grade of 8.16 g/t Au; The results of the sensitivity analysis indicate that NPV for the Rowan Property project is most sensitive to gold price and gold mill head grade; The PFS validated the rationale to restart Madsen mine by generating strong economic results, including almost $70 million in average annual free cash flow over 6 full production years; Table 10: Madsen Mine production schedule Total 2025 2026 2027 2028 2029 2030 2031 2032 Production Rate (tpd) 460 813 796 791 813 813 522 54 Ore Recovered (kt) 1,823 166 293 286 285 293 293 188 20 Head Grade (Au g/t) 8.1; Capital Cost Estimate The initial capital cost for the Rowan Property project is estimated to be C$70.4 million and the life of mine (LOM) sustaining capital cost is estimated to be C$102.6 million; The project is most sensitive to changes in gold price, with every 1% change in gold price affecting project NPV by approximately C$11M, while the project is least sensitive to changes in capital costs, with every 1% cha. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.
Source Notes
The plant will process 33 t/h on average with a target grind size of approximately 80% passing 75 µm at an average...
Extractive summary evidence · source
The results of the sensitivity analysis indicate that NPV for the Rowan Property project is most sensitive to gold price and gold...
Extractive summary evidence 2 · source
The PFS validated the rationale to restart Madsen mine by generating strong economic results, including almost $70 million in average annual free...
Extractive summary evidence 3 · source
Table 10: Madsen Mine production schedule Total 2025 2026 2027 2028 2029 2030 2031 2032 Production Rate (tpd) 460 813 796 791...
Extractive summary evidence 4 · source
Extracted Document Text
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# 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 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]