Red Lake Gold Sees 51% Increase in Production, Strong Financial Performance

West Red Lake Gold Mines Ltd., a Canadian gold producer and developer, reported its Q2 2026 results showing significant improvements in production, sales, and financial performance at its Madsen Mine. The company saw a 51% increase in gold production to 8,576 ounces and a 34% rise in gold sales to 8,260 ounces compared to the first quarter.

The higher mining rates allowed the company to establish a surface stockpile containing approximately 10,768 tonnes of ore. This provides additional flexibility between underground mining and mill processing. The company generated $9.7 million of positive free cash flow during Q2 while continuing to invest in underground development and infrastructure.

Adjusted EBITDA increased by 54% to $22.1 million, compared with $14.4 million in Q1. Adjusted net earnings rose by 98% to $12.6 million or $0.03 per basic share, up from $6.4 million or $0.02 per basic share in the first quarter.

The company's average realized gold price decreased by 13% to $4,288 per ounce compared to Q1. However, revenue increased by 17% to $49.0 million, generating income from mining operations of $20.1 million, a 31% increase from Q1.