West Red Lake Gold Mines (TSE:WRLG)
:WRLG
Top Page
West Red Lake Gold Mines
(WRLG)
Select Model
Select Model
Rating:48Neutral
Price Target:
C$1.00
▲(1.01% Upside)
Action:ReiteratedDate:01/24/26
The score is held down primarily by weak financial performance (no revenue, accelerating losses and cash burn, and materially higher leverage), which raises funding and execution risk. Technicals are a near-term positive with a strong uptrend, but overbought momentum indicators add pullback risk. Valuation is constrained by negative earnings and no dividend yield data.
Positive Factors
Strategic focus in Red Lake district
Concentrating exploration and development in the Red Lake mining district gives durable strategic focus and regional expertise. Over months this specialization can improve discovery odds, streamline permitting familiarity and attract partner interest, supporting steady project progression toward development.
Negative Factors
No revenue / pre-production
Absence of operating revenue means the business relies entirely on financing to fund exploration and operations. Over the next several months this structural lack of cash generation raises persistent funding risk, potential dilution, and dependency on capital markets or partners for project continuity.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic focus in Red Lake district
Concentrating exploration and development in the Red Lake mining district gives durable strategic focus and regional expertise. Over months this specialization can improve discovery odds, streamline permitting familiarity and attract partner interest, supporting steady project progression toward development.
Read all positive factors
West Red Lake Gold Mines (WRLG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$408.47M
Dividend YieldN/A
Average Volume (3M)2.88M
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees182
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.03
Shares Outstanding412,591,400
10 Day Avg. Volume3,607,858
30 Day Avg. Volume2,876,046
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)5.27
Price to Sales (P/S)0.00
P/FCF Ratio-1.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.80Price Target Upside81.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.49
Revenue Forecast (FY)C$330.87M
West Red Lake Gold Mines Business Overview & Revenue Model
Company Description
West Red Lake Gold Mines Ltd., acquires, explores for, and develops gold deposits in Canada. It holds interests in the West Red Lake project that comprising the NT Zone, the Mount Jamie Mine, the Rowan Mine, and Red Summit Mine properties covering...
How the Company Makes Money
null...
West Red Lake Gold Mines Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
28
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2025 | Feb 2024 | Nov 2022 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.90M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 20.32M | -2.16M | -250.40K | 0.00 | 0.00 | 0.00 |
| EBITDA | -5.28M | -99.19M | -31.99M | -227.85K | -218.88K | -250.03K |
| Net Income | -9.02M | -106.88M | -32.51M | -192.31K | -177.28K | -226.70K |
Balance Sheet | ||||||
| Total Assets | 193.80M | 136.89M | 98.01M | 1.86M | 2.02M | 2.20M |
| Cash, Cash Equivalents and Short-Term Investments | 23.70M | 36.88M | 16.31M | 1.64M | 2.02M | 2.20M |
| Total Debt | 93.33M | 60.32M | 7.80M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 146.04M | 107.43M | 31.98M | 71.43K | 39.50K | 43.49K |
| Stockholders Equity | 47.76M | 29.46M | 66.03M | 1.79M | 1.98M | 2.16M |
Cash Flow | ||||||
| Free Cash Flow | -69.02M | -95.00M | -26.35M | -203.09K | -196.19K | -224.40K |
| Operating Cash Flow | -13.33M | -87.84M | -26.15M | -203.09K | -196.19K | -224.40K |
| Investing Cash Flow | -55.69M | -7.17M | -4.39M | -173.02K | 15.00K | 0.00 |
| Financing Cash Flow | 77.93M | 115.59M | 45.21M | 0.00 | 0.00 | 0.00 |
West Red Lake Gold Mines Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$578.98M | -44.17 | -3.53% | ― | ― | -445.00% | |
56 Neutral | C$356.51M | -77.48 | -2.03% | ― | ― | -40.00% | |
48 Neutral | C$408.47M | -37.29 | -15.78% | ― | ― | ― | |
46 Neutral | C$374.08M | -29.69 | -8.36% | ― | ― | 37.78% | |
45 Neutral | C$265.91M | -7.24 | -27.79% | ― | ― | ― | |
| ― | C$806.11M | -33.01 | -7.77% | ― | ― | -111.93% |
* Basic Materials Sector Average
TSE:WRLG
West Red Lake Gold Mines
0.99
0.29
41.43%
TSE:BYN
Banyan Gold
1.39
1.12
414.81%
TSE:NEXG
Treasury Metals
1.56
0.84
116.67%
TSE:GOLD
GoldMining
1.75
0.56
47.06%
TSE:AUXX
Goldshore Resources
1.48
1.12
311.11%
TSE:WGO
White Gold
1.61
1.35
507.55%
West Red Lake Gold Mines Corporate Events
Business Operations and Strategy
West Red Lake Gold De‑Risks Fork Deposit With High‑Grade Infill Drilling Near Madsen Mine
Positive
Mar 17, 2026
West Red Lake Gold Mines reported encouraging infill drilling results from its Fork Deposit, located about 250 metres southwest of the Madsen Mine in Ontario’s Red Lake district. The company highlighted multiple high‑grade gold interce...
Business Operations and Strategy
West Red Lake Gold Hits High-Grade Underground Intercepts at Madsen’s Austin 904 Complex
Positive
Feb 25, 2026
West Red Lake Gold Mines reported a new set of high-grade underground drill results from the Austin 904 Complex and South Austin zones at its Madsen Mine in Ontario, including standout intercepts of 219.73 g/t gold over 4.8 metres, 148.36 g/t over...
Business Operations and Strategy
West Red Lake Gold Hits New High-Grade Intercepts at Rowan Project
Positive
Feb 18, 2026
West Red Lake Gold reported additional high-grade gold intercepts from its fully funded infill and conversion drilling program at the Rowan Project in Ontario, including 84.3 g/t over 1 metre, 14.4 g/t over 5.5 metres and 24.4 g/t over 1.5 metres ...
Business Operations and StrategyExecutive/Board Changes
West Red Lake Gold Grants Equity Incentives to Management and Directors
Positive
Feb 6, 2026
West Red Lake Gold Mines has granted a substantial package of equity incentives to align management and board interests with shareholders, issuing 4,839,269 stock options to officers at an exercise price of $1.10, vesting over three years and exer...
Business Operations and Strategy
West Red Lake Gold Confirms High-Grade Vein Continuity at Rowan in Early Infill Drilling
Positive
Jan 29, 2026
West Red Lake Gold Mines reported the first batch of results from its fully funded infill and conversion drilling program at the Rowan Project, confirming high-grade continuity across several key gold-bearing veins. Early assays from seven of 38 p...
Business Operations and Strategy
West Red Lake Gold Marks Commercial Production Milestone at Madsen Mine
Positive
Jan 22, 2026
West Red Lake Gold Mines has released a video marking the achievement of commercial production at its Madsen Mine in Ontario, a key milestone in the restart of the formerly acquired asset. Since purchasing the mine in June 2023, the company has ex...
Business Operations and StrategyFinancial Disclosures
West Red Lake Gold Reaches Commercial Production at Madsen Mine and Targets Capacity Ramp-Up
Positive
Jan 12, 2026
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 ...
Business Operations and StrategyDelistings and Listing Changes
West Red Lake Gold Moves Up to OTCQX as It Nears Madsen Mine Production
Positive
Jan 7, 2026
West Red Lake Gold Mines has upgraded its U.S. trading venue, qualifying to trade on the OTCQX Best Market under the ticker WRLGF, a move that aligns it with higher financial and governance standards and is expected to enhance visibility and acces...
Business Operations and Strategy
ArcelorMittal Doubles India Renewables Capacity with $0.9 Billion Investment
Positive
Dec 22, 2025
ArcelorMittal has announced three new renewable energy projects in India totaling 1GW of solar and wind capacity, which will double its renewable capacity in the country to 2GW and lift its global renewable portfolio to 3.3GW. The $0.9 billion inv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.