West Red Lake Gold Mines (TSXV: WRLG; OTCQX: WRLGF)
Management view (VP IR): high-grade Red Lake restart (Madsen ~8 g/t reserves) turning cash-positive — Q2 production +51%, AISC down 30% to $3,284/oz — building a "hub and spoke" around the permitted mill with Rowan (13 g/t) as the key satellite; combined PFS due end-Sep 2026; watch the Nebari debt and warrant overhang.
In one line: the company's own case, not an independent view: West Red Lake has restarted the high-grade Madsen mine in Ontario's Red Lake district and plans to feed its permitted mill from nearby high-grade satellites (Fork, Starratt-Olsen, Rowan) in a "hub and spoke" model, arguing the market still values it as a single-asset miner.
Q2 was the proof of concept. Production +51% (~8,500 oz), ounces sold +34%, AISC down 30% to $3,284/oz, ~$9.7M free cash flow, and the mill ran above its 800 tpd rating (842 tpd). She expects AISC to settle at ~$2,500–2,800/oz once ramped up. (2026-SEP-16)
High grade is the edge. Madsen reserves ~480k oz at just over 8 g/t; Rowan ~335k oz indicated at 13 g/t (up 70%), trucked ~80 km to the Madsen mill. (2026-SEP-16)
Catalyst: the combined Rowan–Madsen PFS. Due by end-September 2026, then phase two of the shaft refurbishment (~700 tpd hoisted direct to the mill). Rowan development is likely 2028, feeding the mill around end-2029. (2026-SEP-16)
Watch the balance sheet. Still roughly cash-flow neutral while development continues; $31.2M cash, slightly negative working capital, the Nebari loan under review for refinancing, and ~110M warrants on 413M shares. (2026-SEP-16)
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