What Do Analysts Think of This New Gold Producer in Ontario's Red Lake District?
Analyst Consensus Report

1. West Red Lake Gold Mines is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of West Red Lake Gold Mines.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Street Smart Average Price Target Formula

   Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

   The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Red Cloud, West Red Lake Gold Mines, January 13, 2026:

Disclosure Requirement: Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities' registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, investment banking or other services to the companies mentioned in this document and may buy and/or sell their securities.

Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Disclosures West Red Lake Gold Mines Ltd. 1,2 Ticker Symbol TSXV:WRLG 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. 10. A major shareholder of Red Cloud Mining Capital (the parent company of Red Cloud Securities Inc.), serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.

Dissemination: Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification: Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

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

Disclaimers: The opinions, estimates, and projections contained in this report are those of Cantor Fitzgerald Canada Corporation (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Cantor Fitzgerald Canada Corporation, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, CFCC., a member of the Canadian Investment Regulatory Organization (“CIRO”), the Toronto Stock Exchange, the TSX Venture Exchange, and the CIPF. This report has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non-US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule 15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients, and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.

Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors, and employees may from time to time acquire, hold, or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of January 12, 2026: Cantor has not provided investment banking services or received investment banking-related compensation from West Red Lake Gold Mines Ltd. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of West Red Lake Gold Mines Ltd. The analyst responsible for this report has visited the material operations of West Red Lake Gold Mines Ltd. No payment or reimbursement was received for related travel costs. Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers, or industries discussed herein.

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Disclosures for Velocity Trade Capital, West Red Lake Gold Mines, November 26, 2025:

Important Disclosures and Disclaimers: This research has been prepared for the general use of the institutional clients of Velocity and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this research in any way. If you received this research in error, please tell us immediately by return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. Velocity has established and implemented written policies and procedures to minimize conflicts of interest between its Clients and Velocity and its Analysts. Velocity does not allow its Analyst or their household family members to hold or trade in any security on which the Analyst writes research reports. Other than what is disclosed below, Velocity is not aware of any material conflict of interest between itself and its Analyst and the Firm’s Clients. No employee, officer, or director of Velocity is a director, officer, or employee of the issuer or has received remuneration from the issuer, other than normal course investment advisory or trade execution services in the last 12 months. As with all employees of Velocity, a portion of the Analyst’s compensation may be derived from Investment Banking earnings. The Analyst does not receive any direct compensation from Investment Banking fees received from this issuer. Analyst Certification: I, Paul O’Brien, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. I receive compensation from Velocity that is based upon various factors including Velocity total revenues, a portion of which are generated by Velocity Investment Banking activities. * Note: Paul O’Brien also serves as Director for two publicly-listed companies (MTH.TSXV and RI.CSE), which are separate from the analyst’s coverage group and unrelated to any issuers discussed herein. Company-Specific Disclosures: Is this an Issuer specific or Sector related research publication? Issuer • West Red Lake Gold Mines Ltd. Does the Analyst, Associate, or any person involved in the preparation of this report have a direct or indirect financial interest (long or short) in the securities of the subject issuer? No. Is any partner, director, officer, employee, or agent of Velocity also an officer, director, or employee of the issuer, or serve in any advisory capacity to the issuer? No. Does the Analyst have any material non-public information with respect to the subject issuer? No. Does Velocity or the Analyst have any actual material conflicts of interest with the subject issuer? No. During the last 12 months, has Velocity provided Investment Banking related services or Financial Advice to the subject issuer? No. During the last 12 months, has Velocity managed or co-managed or participated in any public offering or private placement of securities of the subject issuer? No. During the last 12 months, has the Analyst had an onsite visit with this issuer? • If ‘Yes’, has the issuer paid or reimbursed any of the Analyst’s travel expenses with respect to the visit? No. Has the Analyst received any compensation from the subject issuer in the past 12 months? No. Is Velocity a market maker in the issuer’s securities at the date of this report? No. Has Velocity or its affiliates held 1% or more of any class of the issuer’s equity securities? No (a) as of the end of the month prior to the issuance date of the research report, or (b) as of the end of the second most recent month if the report issuance date is less than 10 days after the end of the prior month.

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Disclosures for Raymond James, West Red Lake Gold Mines, November 18, 2025:

Relationship Disclosures: The person(s) responsible for the production of this report declare(s) that, as far as they are aware, there are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation directly or indirectly. This statement applies equally to any persons closely associated with him or her. However, it is possible that persons making communications in relation to a security may have a holding in that security and this will be disclosed. As stated, Raymond James has controls in place to manage such risks. In the event that this is a compendium report (i.e., covers six or more subject companies), Raymond James may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: raymondjames.bluematrix.com/sellside/Disclosures: action or call toll free at 1.800.237.5643 in the United States or 1.800.667.2899 in Canada. In other jurisdictions, please contact your local Raymond James representative. Company Name Disclosure: West Red Lake Gold Mines Ltd. with respect to the issuer. West Red Lake Gold Mines Ltd. issuer. West Red Lake Gold Mines Ltd. with respect to the issuer. West Red Lake Gold Mines Ltd. Lake Gold Mines Ltd. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to the issuer. Raymond James Ltd. has received compensation for investment banking services within the past 12 months. The fundamental analyst or associate at Raymond James Ltd. has viewed the material operations of West Red Lake Gold Mines Ltd. Investor Disclosures: In the United States (or U.S.), RJA is registered with the Financial Industry Regulatory Authority (FINRA) as a member firm. RJA is responsible for the preparation and distribution of reports created in the United States. RJA is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, Florida 33716 (Raymond James Financial (RJF) Corporate Headquarters), 727.567.1000. Raymond James Financial Services, Inc. (RJFS) is registered with FINRA as a Member Firm. RJFS is located at the RJF Corporate Headquarters. RJA non-U.S. affiliates, which are not FINRA member firms (with the exception of Raymond James (USA) Ltd.), include the following entities, which are responsible for the creation or distribution of reports in their respective areas: In Canada, RJL is registered with the Canadian Investment Regulatory Organization (CIRO) as a member firm. RJL is responsible for the preparation and distribution of reports created in Canada. RJL is located at Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2 (RJL Head Office), 604.659.8200. Raymond James (USA) Ltd. (RJLU) is registered with FINRA as a member firm, which is responsible for the distribution of reports created in Canada and the United States to both American clients living in Canada and Canadian clients living in the United States. RJLU is located at the RJL Head Office. In the United Kingdom, Raymond James Financial International Ltd. (RJFI) and Raymond James Investment Services, Ltd. (RJIS) are authorised and regulated by the Financial Conduct Authority (FCA). RJFI and RJIS are located at Ropemaker Place, 25 Ropemaker Street, London, England, EC2Y 9LY, +44 203 798 5600.

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StreetSmart Research™

West Red Lake Gold Mines Ltd.

(WRLG:TSX.V - WRLGF:OTCQX - UJO:FSE)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform

Target: US $1.56 / CA $2.15

How Avg Analyst Ratings Are Calculated

01/13/2026

Taylor Combaluzier – Red Cloud Securities

Price at Time of Rating: US $0.81 / CA $1.12

Rating: Buy

Target Price: US $1.67 / CA $2.30

01/12/2026

Matthew O'Keefe – Cantor Fitzgerald

Price at Time of Rating: US $0.75 / CA $1.04

Rating: Buy

Target Price: US $1.81 / CA $2.50

11/26/2025

Paul O'Brien – Velocity Trade Capital

Price at Time of Rating: US $0.64 / CA $0.88

Rating: Outperform

Target Price: US $1.49 / CA $2.05

11/18/2025

Craig Stanley – Raymond James

Price at Time of Rating: US $0.61 / CA $0.84

Rating: Outperform

Target Price: US $1.27 / CA $1.75

West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQX; UJO:FSE) declared commercial production at its fully owned Madsen Gold Mine in the Red Lake Mining District of Ontario, effective January 1, 2026. This milestone followed a December ramp-up where the mill averaged 689 tonnes per day (tpd), or 86% of the permitted 800 tpd capacity.

The company has strengthened its position in Ontario's Red Lake Gold District through strategic development and exploration at Madsen. Since acquiring the asset in 2023, the company has executed a comprehensive turnaround strategy focused on infrastructure upgrades, targeted definition drilling, and preparation for ongoing production expansion.

According to the company, internal criteria for commercial production were met, including 30 consecutive days of throughput above 65% capacity and overall operational stability. In December, Madsen processed 21,389 tonnes of ore grading 4.94 g/t gold, with a recovery rate of 94.6%, producing 3,215 ounces. For Q4 2025, the mine produced 7,379 ounces from 49,162 tonnes at 5.06 g/t gold and 95% recovery. The company reported pouring 7,200 ounces in Q4, selling gold at an average price of US$4,150 per ounce for total revenue of US$30 million. For the full year 2025, West Red Lake Gold poured 20,000 ounces and generated US$73 million in sales at an average price of US$3,650 per ounce. Year-end cash and gold receivables stood at CAD$46 million.

President and CEO Shane Williams commented on the milestone, saying, "Achieving commercial production is a major milestone for any producer, and it comes after a strong December that saw tonnage, grade, recoveries, and production all perform to plan."

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Outperform, with an average target price of US$1.56 / CA$2.15.

Taylor Combaluzier — Red Cloud

West Red Lake Gold announced it has reached commercial production at its fully owned Madsen mine in northwestern Ontario, according to an updated research report by Red Cloud Analyst Taylor Combaluzier on January 13.

This milestone is viewed positively, and the company is expected to continue ramping up operations smoothly, the analyst said. Although WRLG is still in the early stages of becoming a mid-tier gold producer, achieving commercial production just over seven months after restarting operations is encouraging. The company has swiftly revitalized the asset since acquiring it in 2023 and can continue to benefit from a strong gold price environment.

Madsen reached commercial production on January 1, 2026, a little over seven months after resuming mining operations, he noted. Production ramp-up is anticipated to continue throughout the year, with permitted capacity likely to be reached by mid-2026.

In December 2025, Madsen produced 21,389 tonnes of ore, averaging 689 tonnes per day, which is 86% of its permitted throughput of 800 tpd. The monthly production was 3,215 ounces of gold at an average grade of 4.94 grams per tonne gold (g/t Au), with mill recoveries of 94.6%, Combaluzier said.

In Q4 2025, the mine produced 49,162 tonnes of ore, averaging 534 tpd. This was achieved at average grades of 5.06 g/t Au and mill recoveries of 95%, resulting in 7,379 ounces of recovered gold, the analyst wrote. Madsen poured 7,200 oz of gold, sold at an average price of US$4,150/oz, generating total gold sales revenues of US$30 million.

Throughout 2025, Madsen poured 20,000 ounces of gold at average prices of US$3,650/oz, resulting in total gold sales revenue of US$73 million, the report said. WRLG ended the year with approximately CA$46 million in cash and gold receivables.

According to Combaluzier, guidance is expected to be released during the quarter. Mill feed is projected to come from a higher-grade zone in South Austin, known as the 4447 area, with an average feed of >6 g/t Au in Q1 2026. WRLG aims to incorporate the Fork deposit into the mine plan this year. The shaft is nearing operation, with potential to significantly increase shaft tonnage in the medium term. The company is also working to delineate a new higher-grade area in the Lower Austin area, known as the 904 Complex.

After restarting operations ahead of schedule, WRLG continues to ramp up, the analyst said. The PFS outlined an average head grade of 8.16 g/t Au for approximately 67.6k oz/year of production over a 7.25-year LOM (life of mine). At US$2,200/oz Au, Madsen generates an after-tax NPV5% of $315M, IRR of 255%, and a payback period of less than one year.

"We maintain our BUY rating and target price of CA$2.30/share," the analyst wrote, denoting a 106% gain from the price at time of writing. "Our target is based on a DCF model of Madsen and Rowan to determine our post-financing NAVPS5% of CA$3.01 (was CA$3.04) upon which we apply a 0.75x multiple."

Upcoming catalysts for the company include ongoing infill and regional drilling assays and continued ramp-up of the Madsen mine.

Matthew O'Keefe — Cantor Fitzgerald

West Red Lake Gold announced that its fully owned Madsen Mine in Red Lake, Ontario, achieved commercial production as of January 1, 2026, according to an updated research note by Analyst Matthew O'Keefe for Cantor Fitzgerald on January 12. During the 2025 ramp-up, the mine poured 20,000 ounces of gold.

The analyst called the update a "positive" for the company. WRLG reported that the Madsen mill averaged a throughput of 689 tonnes per day in December 2025, which is 86% of the permitted throughput of 800 tpd. This met the commercial production requirement of 30 consecutive days of mill throughput at 65% or greater of permitted capacity, he wrote.

Achieving commercial production marks a significant milestone for WRLG, demonstrating a successful transition from construction and commissioning to stable operations, establishing it as a junior gold producer, O'Keefe noted. In 2025, the mine poured 20,000 ounces of gold, realizing an average price of US$3,650 per ounce, resulting in sales revenues of US$73 million. The company plans to release 2026 guidance during Q1 2026.

"We maintain our Buy rating and CA$2.50 per share price target," the analyst wrote. The price target would mean a 140% return at the time of writing.

The Madsen mine averaged a mill throughput of 689 tpd in December 2025, or 86% of the permitted throughput of 800 tpd, meeting WRLG’s internal commercial production requirement of 30 consecutive days of mill throughput at 65% or greater of permitted capacity, he said.

In Q4 2025, the Madsen Mine produced 49,162 tonnes of ore (averaging 534 tpd) with an average grade of 5.06 g/t Au and a mill recovery of 95%, resulting in 7,379 ounces of gold recovered and 7,200 ounces of gold poured. During the 2025 ramp-up year, Madsen poured 20,000 ounces of gold, the report noted.

According to O'Keefe, the company anticipates releasing 2026 guidance during Q1 2026 and expects to reach sustained permitted capacity (800 tpd) by mid-2026.

Paul O'Brien — Velocity Trade Capital

According to an updated research note on November 26, 2025, Analyst Paul O'Brien of Velocity Trade Capital noted his firm was maintaining its target price of CA$2.05 per share and Outperform rating for West Red Lake Gold Mines Ltd. following the company's announcement of a 3,000-meter surface drilling program at the Fork deposit, located 250 meters southwest of the Madsen mine in the Red Lake District of northern Ontario.

The Fork deposit, currently a shallow resource of approximately 80,000 ounces of gold, can be drilled from the surface and is close to Madsen’s existing underground development, which can be connected from Level 3, O'Brien wrote. We expect the capital required to be modest (less than CA$3 million, as the previous 1.2 km connection ramp was completed for about CA$11 million) and could be quickly integrated into the mine plan for production in 2026. Evaluating Fork alongside the Rowan and Starratt-Olsen areas suggests a potential hub-and-spoke system, reducing reliance on Madsen.

Despite the existing resource at Fork (~80,000 oz Au), the company has identified a high-grade core with preliminary estimates targeting 130,000 to 150,000 tonnes at 8 to 9 g/t Au (33,000 to 43,000 oz Au, not included in the company’s PFS) and open down-plunge, he wrote. Velocity's Madsen model already includes an additional 35% of the Indicated resource (at 7.0 g/t Au, lower than the 2P reserve grades of 8.2 g/t Au), resulting in an 11.6-year mine life (compared to 7.2 years in the PFS). Importantly, the development from Level 3 to Fork can unlock underground exploration potential between the two mining areas. Historical drilling has identified high-grade intersections, such as 13.97 g/t Au over 13.1 meters and 8.1 g/t over 9.3 meters.

"After a ramping-up period at Madsen, we estimate average production of 67,000 oz/yr Au at AISC of US$1,600/oz Au in the first full four years (2026 to 2029)," O'Brien wrote. "Beyond 800 tpd capacity, we have estimated a mill expansion in 2030 to 1,200 tpd, increasing average production to ~102,000 oz/yr Au at AISC of US$1,500/oz Au. As gold prices have increased to +US$4,000/oz, we estimate payback in 2026 (a past-producing mine with infrastructure and milling capacity already in place, resulting in a modest capital to recover)."

Although Q3 gold sales were below Velocity's CA$49 million estimate, production increased by 34% compared to Q2, indicating the company is on track for its target output levels by early 2026. For Q4, we estimate approximately 9,000 oz Au poured at an average US$4,100/oz Au, resulting in around CA$50 million in sales, the analyst said.

Velocity's estimated NAV per share for 2025 has been adjusted slightly from CA$2.43 to CA$2.40, while its target price remains at CA$2.05 per share, based on adjustments for shares outstanding. That would mean a gain of 132% based on the stock's price when the note was written.

With the onset of commercial production, O'Brien said the firm anticipated a re-rating and multiple expansion, a reduction in discount rates from 7.5% to 5.0%, and a narrowing of the gap between current and fully valued NAV multiples. The company is currently trading at 0.36x P/NAV, compared to a blended target multiple of 0.85x, which was previously 0.84x.

As WRLG approaches production and continues to increase to steady-state production levels amid a rising gold price environment, we observe that P/CF forward multiples for 2026 to 2029 are less than 3.0x, which we consider unjustified. We anticipate further details on the 2026 mine plan with the inclusion of Fork, more information and timing on Rowan, as well as additional guidance on 2026 production. Notably, WRLG’s NAV is highly sensitive to gold price changes, with a +/-17% change for each +/-10% fluctuation in gold prices.

"As WRLG … continues to ramp up to steady-state production levels in a rising gold price environment, we note P/CF forward multiples (2026E to 2029E) are less than 3.0x, which we regard as unwarranted," O'Brien wrote. "We expect further details on a 2026 mine plan with the addition of Fork, more details and timing on Rowan, as well as further guidance on 2026E production. Of note, WRLG's NAV leverage to gold price results in a +/-17% change for each +/-10% change in gold prices."

Craig Stanley — Raymond James

In an updated note on November 18, 2025, Analyst Craig Stanley of Raymond James noted that the company reported that mined ore production in October increased by 24% compared to September. In the third quarter of 2025, Madsen produced 35.7 kilotonnes of ore with an average grade of 5.4 g/t Au. Ore mining rates rose from 435 tonnes per day in July to 463 tonnes per day in August. In the latter half of September, the mine achieved 1,000 tonnes on several days, including a record of 1,400 tonnes.

"The increase in ore production is the result of mined waste now being stored underground since mid- September, allowing trucking capacity to be focused on moving ore," wrote the analyst, who rated the stock Outperform 2 with a CA$1.75 per share target price, a 108% increase from the time of writing.

A pre-feasibility study that combines Madsen with the satellite Rowan deposit is planned for the third quarter of 2026, targeting a production rate of 100,000 ounces per year, Stanley said. Efforts continue to prepare the existing 24-level (1,273 meters deep) shaft for production. Previously, the pre-feasibility study indicated that material above the 8 Level would be trucked to the surface.

As of the last update at the time of the note, the shaft was dewatered to the 17 Level and rehabilitated to the 12 Level.

Given the challenging conditions for experienced labor, it is positive that WRLG has strengthened its team, the analyst also noted. The company announced had that Sean McCormack has been hired as mine general manager. He was previously the general manager of Wesdome’s Kiena Mine in Quebec for five years. Additionally, Hayley Halsall-Whitney was appointed vice president of operations in January, joining from Wesdome where she served as GM of the Eagle River Mine in Ontario for four years. WRLG also announced the hiring of a chief engineer, mill manager, and senior operations manager.

Ownership and Share Structure²

Institutions own about 30% of West Red Lake Gold, while management, insiders, and advisors hold around 10%. The remaining shares are held by retail investors. The company's market capitalization is CA$507.79 million, with a 52-week stock price range of CA$0.54-CA$1.31.