West Red Lake Gold Reaches Commercial Production at Madsen Mine and Targets Capacity Ramp-Up

West Red Lake Gold Mines ( (TSE:WRLG) ) has issued an update.

West Red Lake Gold has declared commercial production at its Madsen Gold Mine as of January 1, 2026, after the mill operated for 30 consecutive days at 86% of its permitted 800-tonne-per-day capacity in December, delivering an average recovery of 94.6% and producing 3,215 ounces of gold. In the fourth quarter of 2025, the mine processed 49,162 tonnes of ore at an average grade of 5.06 g/t gold, poured 7,200 ounces that generated US$30 million in revenue at an average price of US$4,150 per ounce, and contributed to full-year 2025 sales of 20,000 ounces for US$73 million, leaving the company with CAD$46 million in cash and gold receivables. Management says the operation has reached a stable production base and plans to ramp up to sustained permitted capacity by mid-2026, with near-term mill feed expected to be dominated by the high-grade 4447 zone in South Austin and additional upside targeted from new high-grade areas such as the 904 Complex and potential integration of the Fork deposit into the mine plan, positioning the company for higher grades, improved margins, and expanded output.

The most recent analyst rating on (TSE:WRLG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on West Red Lake Gold Mines stock, see the TSE:WRLG Stock Forecast page.

Spark’s Take on TSE:WRLG Stock

According to Spark, TipRanks’ AI Analyst, TSE:WRLG is a Neutral.

Overall score is held down primarily by weak financial performance (no revenue, sharply higher losses, rising leverage, and accelerating cash burn). Technicals are a relative positive with the stock trading above key moving averages and positive momentum indicators, while valuation is difficult to support given negative earnings and no dividend data.

To see Spark’s full report on TSE:WRLG stock, click here.

More about West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. is a Canadian gold mining company focused on the exploration, development, and production of gold in the Red Lake Mining District of Northwestern Ontario. Its primary asset is the 100%-owned Madsen Gold Mine, where the company is advancing underground mining and milling operations aimed at high-grade gold production for the North American market.

YTD Price Performance: -1.92%

Average Trading Volume: 1,660,724

Technical Sentiment Signal: Buy

Current Market Cap: C$412.2M

For an in-depth examination of WRLG stock, go to TipRanks’ Overview page.