BC Co. Establishes Itself as Junior Gold Producer
Research Report

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Disclosures for Cantor Fitzgerald, West Red Lake Gold Mines Ltd., January 12, 2026

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West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQX; UJO:FSE) reached commercial production at its Madsen mine in Ontario's Red Lake Gold District as of the first of this year, reported Cantor Fitzgerald Analyst Matthew O'Keefe in a Jan. 12 research note.

"Achieving commercial production is a major milestone for West Red Lake Gold, demonstrating the successful transition from construction and commissioning to stable operations and establishing it as a junior gold producer," O'Keefe wrote.

140% Return Implied

Cantor reiterated its CA$2.50 per share (CA$2.50/share) price target on the British Columbia-based producer, noted O'Keefe. The calculation assumes US$5,000 per ounce (US$5,000/oz) gold for year-end 2026 and US$4,000/oz gold in the longer term, Cantor's recently updated prices.

"The stock continues to offer good value, trading at 0.4x net asset value versus other junior gold producing peers trading at an average of 0.8x," the analyst wrote. "We expect WRLG's valuation multiples to expand as the company establishes and meets its production and cost guidance over the course of 2026."

At the time of O'Keefe's report, the producer's stock price was about CA$1.04/share. From there, the return to target is 140%.

West Red Lake Gold remains a Buy.

The company has 392.4 million shares outstanding. Its market cap is CA$408.1 million (CA$408.1M). Its 52-week low and high are CA$0.54/share and CA$1.18/share, respectively.

About 2025 Production

For West Red Lake Gold, reaching commercial production required 30 consecutive days of the Madsen mill putting out 65% or more of permitted capacity. The mill achieved this in December 2025, when throughput averaged 689 tons per day (689 tpd), or 86% of its 800 tpd permitted capacity.

During the 2025 ramp-up, the Madsen mine poured 20,000 ounces (20 Koz) of gold. Revenues from gold sales totaled US$73M, given the average price of US$3,650/oz.

In Q4/25, the mine produced 49,162 tons of ore, or an average of 534 tpd, the average grade of which was 5.06 grams per ton gold. At a 95% rate, the mill recovered 7.379 Koz of gold and poured 7.2 Koz of gold.

What is Coming Up

O'Keefe reported that West Red Lake Gold expects to announce is production guidance for 2026 sometime this quarter. Also, the producer expects to reach the 800 tpd permitted capacity of the Madsen mill by mid-year.