"Our long-term vision is to emulate the success of mid-tier producers like Gold Corp and Kirkland Lake."

Shane Williams


February 02, 2024

Can you introduce West Red Lake Gold Mines?

West Red Lake Gold Mines (West Red Lake) is a developer located in the Red Lake region of Ontario. Our recent acquisitions include the renowned Madsen mine, and our origins trace back to the purchase of the Rowan project, also in the Red Lake area. We capitalized on the opportunity presented by the bankruptcy of Pure Gold Mining, the former operator of the Madsen mine that allowed us to procure the mine for a mere C$6.5 million, an exceptional deal considering the project's extensive history and the substantial C$350 million invested in it. Our mission is to revitalize and advance these projects, setting the stage for West Red Lake to become a key player in the mining industry. 

What are the highlights of West Red Lake’s activities in 2023?

We initiated the year by acquiring the Rowan property and promptly commenced drilling in April, yielding exceptional results. The success did not stop there, as we swiftly closed the acquisition of the Madsen property in June. Despite challenging market conditions, we demonstrated our resilience by raising nearly C$50 million through a private placement. 

Can you provide insights into West Red Lake's capital structure?

West Red Lake's capital structure is robust and supported by key stakeholders. Frank Giustra, holding over 10% of the company, stands as our largest shareholder. Sprott Resource Lending, the main lender to Pure Gold, converted their debt into equity, securing a substantial 24% stake in West Red Lake. Our recent financing activities have not only demonstrated the market's confidence in our potential but also attracted large institutional investors. This diverse and strategic blend of financial backing positions us strongly in a challenging financial landscape for junior developers in Canada. Our long-term vision is to emulate the success of mid-tier producers like Gold Corp and Kirkland Lake.

Why will the Madsen project be successful this time around?

The mine has a rich history, operating for 18 months before facing challenges under previous management. Our strategy involves a comprehensive approach to rectifying past issues. By intensifying underground drilling and development over the next 12 months, we aim to address historical setbacks, including issues arising from the COVID pandemic and debt-related pressures. Our goal is to capitalize on the existing infrastructure, eliminate challenges associated with greenfield development, and position the Madsen mine for success.

The Red Lake region in Ontario offers an ideal environment for West Red Lake's operations due to its rich mining history and strong infrastructure. We strategically chose this region for its government support and successful mining track record. With major players like Evolution Mining and Kinross, there is an opportunity for growth, and we are exploring JVs or partnerships with Rowan and Madsen to align with our long-term vision of building a successful mid-tier producer in Red Lake.

What is West Red Lake’s approach to ESG?

Madsen mine's past operations have inherently facilitated ESG compliance, given its adherence to high standards and responsible mining practices. Our approach involves maintaining positive relationships with First Nations groups, ensuring community engagement, and upholding stringent environmental standards. Northern Ontario's access to green power, particularly hydro, further enhances our ESG credentials. As we progress, we remain dedicated to meeting and exceeding industry ESG standards.

Going into 2024, what are the next steps for West Red Lake?

In 2024, West Red Lake is poised for significant growth and development. Our focus will be on intensive underground drilling and development at the Madsen mine, signaling a crucial phase in our journey. We anticipate the market's excitement as we unveil opportunities associated with drilling deeper areas. Despite being relatively new to the market, our team, assembled in June 2023, is geared for success. We have a robust mine ready for production, a seasoned team, and solid financial backing, positioning us for sustained growth over the next few years. To our audience, we extend our gratitude for their attention and emphasize the tremendous potential West Red Lake holds in the mining sector. We invite them to join us on this exciting journey as we strive to become a significant player in the industry.


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