West Red Lake Gold reports Q2 2026 results, including a 51% Increase in Gold Production and 30% reduction in AISC

Canada’s West Red Lake Gold Mines Ltd announces its financial and operating results for the three and six months ended June 30, 2026 from the Madsen Mine located in the Red Lake mining district of Ontario. 

Financial performance strengthened during Q2 as higher gold production and sales contributed to improved margins, lower unit costs and positive free cash flow as operating and sustaining costs were allocated across a greater number of ounces sold. Cash costs decreased 23% to US$2,000 per ounce sold, while AISC decreased 30% to US$3,284 per ounce sold, within the Company’s 2026 guidance range.

Gold sold increased 34% to 8,260 ounces, generating revenue of approximately $49.0 million, a 17% increase from Q1. Income from mining operations increased 31% to $20.1 million, with operating margin improving to 41% from 37% in Q1.

Adjusted EBITDA increased 54% to $22.1 million, compared with $14.4 million in Q1, while adjusted net earnings increased 98% to $12.6 million, or $0.03 per basic share, compared with $6.4 million, or $0.02 per basic share, in Q1.

The Company generated $9.7 million of positive free cash flow during Q2 while continuing to invest in underground development and infrastructure. The Company ended the quarter with approximately $31.2 million in cash and cash equivalents.

Shane Williams, President and CEO, commented, “Q2 demonstrated the progress we are making at Madsen, with higher mining rates and gold production translating into stronger financial performance. Gold production increased 51% and gold sales increased 34% over Q1, contributing to a 30% reduction in AISC to US$3,284 per ounce, within our 2026 guidance range, while Madsen generated $9.7 million of positive free cash flow.”