CEO.CA Chairman's Briefing

VANCOUVER, British Columbia, Oct. 27, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQX: WRLGF) is pleased to provide an operational update for the third quarter ended September 30, 2026 (“Q3 2026” or “Q3”) for the Madsen Mine (“Madsen” or the “Mine”), located in the Red Lake Gold District of Ontario.

Q3 Operating Highlights

• Gold production totaled 7,859 ounces during Q3 2026 bringing year-to-date production to 22,102 ounces. September was the strongest month since the restart of the Madsen Mine, with 3,320 ounces produced.        
• Mined tonnage totaled 63,945 tonnes in Q3 2026, while mined ounces totaled 7,689 ounces.
• Underground development continued to expand production inventory and advance access to additional mining areas, increasing the number of available mining fronts and building greater flexibility into the mine plan for 2027 and beyond.
• A secondary crusher was installed and commissioned during Q3. The crusher is now operational, supporting the mill’s ability to process up to 1,000 tonnes per day (“tpd”). The low grade surface stockpile generated in second quarter was processed during Q3.
• The mill achieved average processing rates of approximately 867 tpd during Q3.
  

Shane Williams, President and CEO, commented, “Q3 was another productive quarter for Madsen as we continued to advance the underground development and strengthen the operation to support our longer-term mine plan. September delivered our highest monthly gold production since restarting the Mine. This demonstrates the operational momentum we have built through the quarter and provides a solid foundation as we move into the fourth quarter.”

“During the quarter, we continued to experience industry-wide challenges with the recruitment and retention of skilled underground personnel. In addition, the extraction of certain remnant pillars proved more challenging than anticipated as mining activities remained concentrated in previously mined areas. At the same time, we continued to advance development toward additional mining fronts, including previously unmined areas deeper in the Madsen deposit. Our team remains focused and have actively been addressing these challenges, and we are seeing positive progress entering into the fourth quarter. We also took targeted steps to improve material handling and support our underground workforce, including commissioning the secondary crusher and adding specialized contractors. These are practical operating improvements that are helping us build a more flexible and consistent mine.”

“Looking ahead, our focus is on carrying this progress forward at Madsen while advancing the additional high-grade mining areas and satellite deposits that form part of our hub and spoke strategy. We also expect to release our integrated Madsen and Rowan Pre-Feasibility Study imminently, providing an updated view of the longer-term production profile and growth opportunity across this district.”

Operational results for the three and nine months ended September 30, 2026

Operational Performance 

Mining during the quarter was predominantly focused on remnant areas of the Madsen deposit, with the areas mined during Q3 carrying lower average grades than certain new mining areas being developed. Mining and development through these areas forms part of the mine sequence as the Company advances access deeper into the Madsen deposit, including toward unmined areas such as the 904 Complex.

Remnant mining requires more selective mining practices and additional ground control. These requirements, together with labour availability in certain specialized underground roles, affected mining rates during the quarter. To support ongoing mining activities while maintaining the pace of underground development, the Company supplemented its workforce with specialized contractors during Q3.

Material handling was also an area of focus during the quarter. The Company installed and commissioned a secondary crusher to improve the handling of underground material. The crusher is now operational and performing well.

Underground development continued throughout Q3, increasing production inventory and advancing access to additional mining areas. This work is increasing the number of available mining fronts and providing greater flexibility in mine sequencing as Madsen progresses into 2027.

2026 Outlook

West Red Lake Gold previously provided 2026 gold production guidance for the Madsen Mine of 35,000 to 45,000 ounces. However, in light of industry-wide labour challenges, as evidenced at the Madsen Mine during Q3, and the ongoing production ramp-up expected throughout the remainder of H2 2026, the Company has revised the 2026 guidance to 27,000 to 32,000 ounces.

Looking beyond current operations, the Company expects to release its Integrated Madsen and Rowan Pre-Feasibility Study (the “Integrated PFS”) in the coming weeks. The Integrated PFS will present Madsen and Rowan within a single production plan, with the Madsen mill serving as the central processing hub and Rowan as a high-grade underground satellite mine. Together with additional mining areas being developed at Madsen and the advancement of Fork, the Integrated PFS will provide an updated view of the Company’s longer-term production and growth plans in Red Lake.

Webcast Details

The Company will release its unaudited financial and operating results for the three, six and nine months ended September 30, 2026 on Friday, November 27, 2026 after market close. Management will host a webcast to discuss the results on Monday, November 30, 2026 commencing at 8:00 am PT / 11:00 am ET. Registration will open 20 minutes prior to the event start time.

Webcast Login: WRLG Webcast | Q3 2026 Conference Call

Qualified Persons

The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, and by Hayley Halsall-Whitney, P.Eng., Vice President of Operations for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Robinson and Ms. Halsall-Whitney are not independent of WRLG.

About West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer advancing a high-grade, district scale opportunity in the Red Lake district of Ontario. The Company’s flagship Madsen Mine has recently achieved commercial production and is positioned as the central hub of a growing multi asset platform. The Company controls a 47 km² land package in one of the world’s most prolific mining districts, which has historically produced over 20 million ounces of gold from high grade systems¹. West Red Lake also owns the Rowan Property in Red Lake, covering 31 km² that includes three past producing mines (Rowan, Mount Jamie and Red Summit) and represents a key source of future production growth.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams        
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Jaclyn Ruptash
V.P. Corporate Communications
Tel: (604) 569-5559
Email: investors@wrlgold.com or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the expectations of performance in 2026 and all guidance ranges for 2026; potential increase in production at Madsen and anticipated changes to production profile, operating efficiency and reduction of costs; anticipated deployment in capital for 2026; timing, completion and results of the anticipated integrated PFS; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information.

Forward-looking information involves numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s annual information form for the year ended December 31, 2025, copies of which are available on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.

_{¹ Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). “The Geological Setting and Estimation of Gold Grade of the High-Grade Zone, Red Lake Mine.” Exploration Mining Geology, Vol. 10, Nos. 1–2, pp. 19–34. Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).}

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Rowan & Madsen Project Locations Map

Rowan & Madsen Project Locations Map