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# FS

Source: https://westredlakegold.com/wp-content/uploads/2026/04/WRLG-FS-YE-2025-FINAL.pdf
Fetched: 2026-09-09T11:42:39.096+00:00
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# FS
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED DECEMBER 31, 2025 AND
13 MONTHS ENDED DECEMBER 31, 2024
(Expressed in thousands of Canadian Dollars)
Independent Auditor's Report
To the Shareholders of West Red Lake Gold Mines Ltd.:
Opinion
We have audited the consolidated financial statements of West Red Lake Gold Mines Ltd. and its subsidiaries (the
"Company"), which comprise the consolidated statements of financial position as at December 31, 2025 and
December 31, 2024, and the consolidated statements of loss and comprehensive loss, changes in equity and cash
flows for the 12 months ended December 31, 2025 and 13 months ended December 31, 2024, and notes to the
consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Company as at December 31, 2025 and December 31, 2024, and its
consolidated financial performance and its consolidated cash flows for the 12 months ended December 31, 2025 and
13 months ended December 31, 2024 in accordance with IFRS® Accounting Standards as issued by the International
Accounting Standards Board.
Basis for Opinion
We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Company in accordance with the ethical
requirements that are relevant to our audits of the consolidated financial statements in Canada, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Valuation of gold-linked notes
Key Audit Matter Description
We draw attention to Notes 3, 4 and 10 to the consolidated financial statements.
During the 13-months ended December 31, 2024, the Company issued units containing gold-linked notes and
common share purchase warrants, which are required to be remeasured at fair value at each reporting period. The
valuation of the gold-linked notes at December 31, 2025 is complex and involves significant management judgment
and estimation, including the use of valuation models and key assumptions.
As a result, evaluating the reasonableness of the valuation of the gold-linked notes was a key audit matter. The audit
procedures performed in this area required a high degree of auditor judgment, an increased extent of audit effort,
and the involvement of valuation specialists.
MNP LLP
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre 1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
Audit Response
Our audit work in relation to this included, but was not restricted to, the following:
 Obtaining an understanding of the Company’s processes and internal controls over the accounting and
valuation of the gold-linked notes, and testing the design and implementation of those controls;
 Obtaining and reviewing management’s memo assessing the appropriateness of the accounting treatment for
the gold-linked notes and the related warrants;
 Assessing the appropriateness of the accounting treatment applied to the gold-linked notes, including
consideration of relevant accounting standards;
 Obtaining valuation reports prepared by management’s independent valuation specialists;
 Engaging our internal valuation specialists to assess the methodologies used and the reasonableness of the
valuations;
 Evaluating the reasonableness of key assumptions and inputs used in the valuation models;
 Reviewing management’s supporting working papers, agreeing amounts to supporting documentation
(including contractual agreements), performing recalculations, verifying transaction costs on a sample basis, and
tracing the receipt of funds to bank statements; and
 Assessing the adequacy and appropriateness of related disclosures in the notes to the consolidated financial
statements.
Other Information
Management is responsible for the other information. The other information comprises Management’s Discussion
and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audits of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audits or otherwise appears to be materially misstated. We
obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work we
have performed on this other information, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial
Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such
internal control as management determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre
1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
 Conclude on the appropriateness of management's use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
 Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
 Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Company as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction, supervision and review of the audit
work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audits and significant audit findings, including any significant deficiencies in internal control that we
identify during our audits.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre
1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement partner on the audit resulting in this independent auditor's report is Kate Duholke.
Vancouver, British Columbia
April 21, 2026 Chartered Professional Accountants
Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre
1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca
West Red Lake Gold Mines Ltd.
Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
As at As at
December 31, December 31,
2025 2024
Assets
Current assets
Cash and cash

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