VANCOUVER, British Columbia, Aug. 25, 2026 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") (TSXV: WRLG) (OTCQB: WRLGF) announces its financial and operating results for the three and six months ended June 30, 2026 ("Q1" and "Q2") from the Madsen Mine ("Madsen") located in the Red Lake mining district of Ontario. The Company will hold a webcast on August 26, 2026 to discuss the results. Please refer to the webcast details provided near the end of this release for information on how to attend.

Q2 2026 Highlights

   -- Gold production increased 51% to 8,576 ounces, compared with 5,667 ounces 
      in Q1. 
 
   -- Gold sales increased 34% to 8,260 ounces, compared with 6,165 ounces in 
      Q1. 
 
   -- Revenue increased 17% to $49.0 million, generating $20.1 million of 
      income from mine operations, a 31% increase from Q1. 
 
   -- Adjusted net earnings(2) increased 98% to $12.6 million, compared with 
      $6.4 million in Q1. 
 
   -- Adjusted EBITDA(2) increased 54% to $22.1 million, compared with $14.4 
      million in Q1. 
 
   -- Cash costs(1)(2) decreased 23% to US$2,000 per ounce sold, compared with 
      US$2,594 per ounce in Q1. 
 
   -- All-in sustaining cost ("AISC") (1)(2) decreased 30% to US$3,284"(1)  per 
      ounce sold, compared with US$4,678 per ounce in Q1, bringing Q2 AISC 
      within the Company's 2026 guidance range of US$2,800 to US$3,600 per 
      ounce. 
 
   -- The Company generated $9.7 million of positive free cash flow during Q2. 
 
   -- The Company ended Q2 with approximately $31.2 million in cash and cash 
      equivalents. 

Shane Williams, President and CEO, commented, "Q2 demonstrated the progress we are making at Madsen, with higher mining rates and gold production translating into stronger financial performance. Gold production increased 51% and gold sales increased 34% over Q1, contributing to a 30% reduction in AISC to US$3,284 per ounce, within our 2026 guidance range, while Madsen generated $9.7 million of positive free cash flow."

"Our focus for the balance of 2026 is on consistent execution while continuing to invest in underground development and infrastructure to build production inventory and greater operating flexibility. These investments are important to strengthening the operation over the longer term, and the progress achieved during our first six months of commercial production has provided a stronger foundation from which to continue advancing Madsen."

Financial key results for three months ended June 30, 2026

(expressed in thousands of Canadian dollars, unless otherwise stated)

 
                          For the      For the 
                           three        three                     For the 
                          months       months                       six 
                          ended,       ended,                      months 
                           March        June                       ended, 
  Operating                 31,          30,                      June 30, 
  Statistics     Units     2026         2026        % Change        2026 
--------------            -------      -------      --------      -------- 
  Gold 
   produced       ounces    5,667        8,576            51%       14,243 
  Gold sold       ounces    6,165        8,260            34%       14,425 
  Average 
   realized 
   gold          US$ per 
   price(1)        ounce    4,938        4,288           (13%)       4,567 
  Financial 
  Information 
--------------  --------  -----------  -----------  ------------  ------------ 
  Gold revenue         $   41,755       49,035            17%       90,790 
  Income from 
   mining 
   operations          $   15,289       20,083            31%       35,372 
  Operating 
   margin              %       37%          41%           11%           39% 
 
  Adjusted 
   EBITDA(2)           $   14,398       22,106            54%       36,504 
 
  Adjusted net 
   earnings(2)         $    6,376       12,632            98%       19,008 
  Adjusted 
   earnings 
   per share 
   -- 
   basic(2)            $     0.02         0.03            50%         0.05 
 
  Sustaining 
   capital(2)          $   15,365       12,265           (20%)      27,630 
  All in 
   sustaining 
   costs               $   39,563       37,549            (5%)      77,112 
  Cash cost 
   per gold 
   ounce(1)      US$ per 
   (2)             ounce    2,594        2,000           (23%)       2,254 
  AISC per 
   gold 
   ounce(1)      US$ per 
   (2)             ounce    4,678        3,284           (30%)       3,879 
  Free cash 
   flow                $   (6,140)       9,664           257%        3,524 
 
  Cash and 
   cash 
   equivalents         $   35,917       31,214           (13%)      31,214 
--------------  --------  -------      -------      --------      -------- 
 

(1) (Foreign exchange rate of CAD$/USD$ 1.3843 Q2 and CAD$/USD$ 1.3781 Year to Date)

(2) Refer to Non-IFRS Measures

Financial Results

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.

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.

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.

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.

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.

Operating Results

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

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.

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.

Webcast Details

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.

Webcast Link: WRLG Webcast | Q2 2026 Results

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.

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.

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 km(2) 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 systems(1) . West Red Lake also owns the Rowan Property in Red Lake, covering 31 km(2) that includes three past producing mines (Rowan, Mount Jamie and Red Summit) and represents a key source of future production growth.

________________________________

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").

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