Why Do These Three Analysts Like This Emerging Gold Producer in Ontario
Analyst Consensus Report

1. West Red Lake Gold Mines Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of West Red Lake Gold Mines Ltd. 
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Street Smart Average Price Target Formula

Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Raymond James, West Red Lake Gold Mines Ltd., October 9, 2025:

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Craig Stanley of Raymond James Ltd. is a non-US Analyst

Company Specific Disclosures

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Target Prices: The information below indicates Raymond James’ target price and rating changes for any subject companies over the past three years. Price targets set to NM = Not Meaningful. Securities rated Market Perform and Underperform are not assigned a price target.

West Red Lake Gold Mines Ltd.

Our target price is based on a combination of the NPV of the Madsen Project, an exploration credit, and net financial assets.

General Risk Factors

Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.

Company Specific Risk Factors

West Red Lake Gold Mines Ltd. Volatility in metal prices, foreign exchange markets and investor interest in mining equities could affect financing, capital spending and exploration decisions that may impact the company’s valuation and subject West Red Lake Gold shares to price volatility. Financing risk: West Red Lake Gold currently does not generate cash flow and is dependent on outside sources of financing. In the future, the company may not be able to raise money due to market conditions or may do so at a price that is dilutive to existing shareholders. Technical risk: Future commodity prices and technical studies may not prove resources economic. There is no current economic study on the Madsen Mine. The previous owner went bankrupt, partly due to not understanding the geology. Political and regulatory risk: Changes in government and/or policies could lead to revised mining laws and taxes. The Madsen Mine is permitted, and the company has an agreement with the Lac Seul and Wabauskang First Nations. Employee/personnel risk: If the market becomes more favourable to mining and the demand for skilled personnel materially increases, the company may not be able to retain key employees and contractors. Liquidity and volatility risk: West Red Lake Gold’s shares are relatively illiquid compared to large-cap equities and even minor changes in precious metal prices would likely result in price volatility. Climate Change Risk: The physical risks of climate change, such as extreme weather events, could adversely impact operations. As well, concerns around climate change may affect the share price if investors divest interests in industries that are perceived to have environmental impacts.

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Company Name Disclosure

West Red Lake Gold Mines

Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months Ltd. with respect to the issuer.

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Raymond James Ltd. has received compensation for investment banking services within the past 12 months with respect to the issuer.

The fundamental analyst or associate at Raymond James Ltd. has viewed the material operations of West Red Lake Gold Mines Ltd.

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Disclosures for Cantor Fitzgerald, West Red Lake Gold Mines Ltd., October 7, 2025:

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Disclosures as of October 7 , 202 5

Cantor has not provided investment banking services or received investment banking related compensation from West Red Lake Gold Mines Ltd. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of West Red Lake Gold Mines Ltd. The analyst responsible for this report has visited the material operations of West Red Lake Gold Mines Ltd. No payment or reimbursement was received for related travel costs.

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Disclosures for Red Cloud, West Red Lake Gold Mines Ltd., October 8, 2025:

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StreetSmart Research™

West Red Lake Gold Mines Ltd.

(WRLG:TSX.V - WRLGF:OTCQB - FRA:UJO)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform

Target: US $1.39 / CA $1.95

How Avg Analyst Ratings Are Calculated

10/09/2025

Craig Stanley – Raymond James

Price at Time of Rating: US $0.71 / CA $1.00

Rating: Outperform

Target Price: US $1.25 / CA $1.75

10/08/2025

Taylor Combaluzier – Red Cloud Securities

Price at Time of Rating: US $0.69 / CA $0.97

Rating: Buy

Target Price: US $1.64 / CA $2.30

10/07/2025

Matthew O'Keefe – Cantor Fitzgerald

Price at Time of Rating: US $0.68 / CA $0.95

Rating: Buy

Target Price: US $1.29 / CA $1.80

West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQB; FRA:UJO) has bolstered its foothold in Ontario's Red Lake Gold District through strategic development and exploration at the Madsen Mine. Since acquiring the asset in 2023, the company has implemented a comprehensive turnaround strategy centered on infrastructure upgrades, focused definition drilling, and preparation for ongoing production expansion.

By mid-2025, the Madsen mill was processing an average of 650 tonnes per day with a 95% gold recovery rate, and gold production from January to July reached 9,550 ounces. Bulk sample reconciliations from the Austin, South Austin, and McVeigh zones showed strong consistency between projected and actual grades, affirming the reliability of the company's resource estimates.

The company's operational strategy emphasizes the transition to full commercial production, with key milestones including the completion of shaft refurbishment, commissioning of the cemented rock fill plant, and acquisition of additional underground equipment.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Outperform, with an average target price of US$1.39 / CA$1.95.

Craig Stanley — Raymond James

In an updated company brief on October 9, Raymond James Analyst Craig Stanley maintained the firm's Outperform rating and its CA$1.75 per share price target, a more than 150% return from the share price of CA$0.68 at the time of writing.

West Red Lake Gold Mines has resumed production at the Madsen Gold Mine in Red Lake, Ontario. The mill produced 7,055 ounces of gold in the third quarter of 2025, up from 5,260 ounces in the second quarter. Management anticipates declaring commercial production and releasing 2026 guidance in the first quarter of 2026.

On October 9, West Red Lake announced assay results from underground drilling in the Austin Zone. Austin is the largest zone at Madsen, with a total resource of 1 million ounces (Moz) at 6.86 grams per tonne gold (g/t Au), including an indicated 914,000 ounces at 6.9 g/t Au. It is the second-largest zone by reserves, with 184,000 ounces at 7.37 g/t Au.

Highlights from the announcement, according to Stanley, include:

• 7.75 meters at 139.45 g/t Au, including 2 meters at 532.25 g/t Au
• 8.7 meters at 74.7 g/t Au
• 7.45 meters at 18.31 g/t Au

True thickness is expected to exceed 70% of the downhole thickness, the analyst said. These holes were drilled from the 12 Level at approximately 600 meters depth.

The high-grade intercepts align with a similar plunge line as those in South Austin, suggesting up to 600 meters of continuity, Stanley wrote. The most recent assays from South Austin, announced in August, include 6.9 meters of 36.85 g/t Au, 2 meters of 92.39 g/t Au, 15.45 meters of 8.79 g/t Au, and 6.75 meters of 17.31 g/t Au.

Taylor Combaluzier — Red Cloud Securities

Red Cloud Securities Analyst Taylor Combaluzier, in an updated research note on October 8, noted that the company had officially resumed operations at Madsen.

The firm views the progress positively and believes the company is making significant strides toward achieving commercial production, Combaluzier noted.

West Red Lake is an emerging gold producer ramping up production through the latter half of 2025, he wrote. The company has quickly revitalized the asset since acquiring it in 2023 and is now well-positioned to benefit from the favorable gold price environment, the analyst stated.

Up to the time, Madsen has processed 35,700 tonnes of ore with an average grade of 5.4 g/t Au, the analyst said. The 7,055 ounces of gold produced by the mill realized an average sale price of US$3,456 per ounce, generating gross proceeds of CA$33 million, according to Combaluzier. Gold production increased by 34% quarter-over-quarter.

"Madsen is on track to reach targeted output levels in early 2026," the analyst wrote. "The company is continuing to focus on mined waste development as a key de-bottlenecking effort that should help the mine’s ability to move ore tonnes. The new ability to store all waste rock underground, which has shifted trucking capacity away from waste haulage to ore haulage, is expected to be good for production."

West Red Lake is preparing to begin moving 350 tonnes of ore per day up the shaft, although the installation of necessary components is still underway and expected to be completed in November, Combaluzier wrote.

During the quarter, the mill was tested for higher throughputs and processed both mined and stockpiled tonnes. Since August 2025, the mill has processed only directly mined tonnes.

Sill development contributed 25% to 30% of milled tonnage during Q3 and exceeded expectations in grade, the analyst said. The reconciliation between modeled and actual grades remained robust for stope grade reconciliation.

Combaluzier noted that net proceeds from the bought deal will be used to advance the Madsen gold mine, pursue growth opportunities, and for working capital and general corporate purposes. The charity FT funds will support PFS-level work at Rowan, including infill drilling, engineering, and environmental work.

After restarting operations ahead of schedule, WRLG continues to ramp up, the analyst said. The PFS outlined an average head grade of 8.16 g/t Au for approximately 67,600 ounces per year of production over a 7.25-year life of mine. At US$2,200 per ounce of gold, Madsen generates an after-tax NPV5% of US$315 million, an IRR of 255%, and a payback period of less than one year.

"We maintain our BUY rating and reduce our target price to CA$2.30/share (was CA$2.50/share)," Combaluzier wrote. "Due to the dilution incurred from the company's recent CA$41M equity financing, we have reduced our target for West Red Lake. Our target is based on a DCF model of Madsen and Rowan to determine our post-financing NAVPS5% of CA$3.04 (was CA$3.28) upon which we apply a 0.75x multiple."

The analyst said upcoming catalysts for the company include infill and regional drilling assays (ongoing), the Madsen mine ramp-up (ongoing), and commercial production in Q4/25.

Matthew O'Keefe — Cantor Fitzgerald

In a research note dated October 7, Cantor Fitzgerald Analyst Matthew O'Keefe noted that the company is taking a disciplined approach to scaling up operations, achieving a 34% increase in Q3/25 with the 7,055 ounces of gold, from 35.7 kilotons (Kt) of ore at a grade of 5.4 g/t Au.

Key initiatives to alleviate bottlenecks, such as underground waste storage, shaft skipping (set to commence in November 2025), and fleet expansion, are on schedule to enhance throughput and lower costs, O'Keefe observed.

Management has reiterated that commercial production is still anticipated for early 2026, with a detailed mine plan expected by year-end to support 2026 guidance, the analyst noted. There is considerable exploration potential, with Rowan advancing toward approximately 35,000 ounces per year of future production.

"WRLG raised CA$40.7 million in September and is well-funded to complete the ramp-up," O'Keefe wrote.

Ore movement surpassed 1,000 tonnes per day (tpd) in late September, reaching a record of 1,400 tpd. Strong grade reconciliation persists, with sill development averaging 8.8 g/t and contributing about 25–30% of milled tonnes in Q3.

Equipment availability and maintenance systems are meeting expectations. The September CA$40.7 million bought deal provides "sufficient capital to complete key ramp-up initiatives and bridge to commercial production," O'Keefe stated.

The analyst continued, "We continue to value WRLG on an equally weighted 0.8x NAV/6.0x 2026e CFPS basis driving our price target of CA$1.80 per fully diluted share (unchanged). Our Buy rating is unchanged. The stock continues to offer good value, trading at 0.4x NAV versus peers trading between 0.8x-1.0x."

Ownership and Share Structure ²

Strategic investor Sprott Resource Lending Corp. holds about 7% of West Red Lake Gold.  Institutions own about 12%, while management, insiders, and advisors hold around 2%. The remaining shares are held by retail investors.

The company's market capitalization is CA$362 million, with a 52-week stock price range of CA$0.52 - CA$1.18.