West Red Lake Gold Reports Q2 2026 Results Including 51% Increase in Gold Production and 30% Reduction in AISC

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^{(1) Foreign exchange rate of CAD$/USD$ 1.3843 Q2 and CAD$/USD$ 1.3781 Year to Date
(2) Refer to Non-IFRS Measures}

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Financial Results

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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.

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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.

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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.

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Non sustaining growth capital expenditures totaled $6,322 in Q2 primarily related to the continued advancement of the Fork Deposit access drift and the Madsen shaft refurbishment project, positioning the Company to access additional mining areas while supporting future production growth, increased hauling capacity and improved operating flexibility.

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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.

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Operating Results

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Operating performance improved during Q2 as additional mining areas became available and mine sequencing continued to advance (see news release dated July 15, 2026).

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The Company mined 75,524 tonnes during Q2, a 46% increase from Q1, while average mined grade increased 18% to 4.3 g/t Au. Together, these improvements resulted in 10,459 mined ounces, a 73% increase from Q1. Gold production increased 51% to 8,576 ounces, while average mill throughput increased 47% to approximately 842 tpd. Gold recovery remained approximately 95%. Over the second half of 2026, processing rates expected to increase to approximately 1,000 tpd.

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Higher mining rates relative to mill throughput allowed the Company to establish a surface stockpile during the quarter. At June 30, 2026, the stockpile contained approximately 10,768 tonnes of ore. The stockpile provides additional flexibility between underground mining and mill processing.

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Webcast Details

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Management will host a webcast to discuss the results on Wednesday, August 26, 2026 commencing at 8:00 am PT / 11:00 am ET. Registration will open 20 minutes prior to the event start time.

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The Company’s unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026 (“Financial Statements”) and related management’s discussion and analysis (“MD&A”) are available for download on the Company’s profile on SEDAR+ at www.sedarplus.ca  and on the Company’s website at www.westredlakegold.com.

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Qualified Persons

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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.