West Red Lake Gold outlines a 10-year Madsen-Rowan plan, with Rowan production projected for 2029 subject to permits and financing

RED LAKE, Ont. — West Red Lake Gold Mines has put a 10-year production plan around its operating Madsen mine and the proposed Rowan satellite mine, projecting a combined average of 88,000 ounces of gold a year if Rowan is permitted, financed and brought into production on schedule.

The Nov. 4 pre-feasibility study is a company forecast, not a production guarantee. It calls for about 884,000 recovered ounces over the life of the plan, with annual production averaging 108,000 ounces from 2029 through 2034 and peaking at 119,000 ounces.

Rowan would be developed as a new underground mine about 80 kilometres by road from the Madsen mill. The study assumes development begins in 2028, first gold follows in 2029 and roughly 500 tonnes of ore a day are trucked to Madsen for processing. The mill would be upgraded to handle a combined steady-state throughput of 1,350 tonnes a day.

The company estimates $200 million in growth capital and $773 million in sustaining capital. Its headline $764-million after-tax net present value depends on a long-term gold price of US$3,568 an ounce, a five per cent discount rate and other study assumptions. Changes in gold prices, costs, financing, operating performance or approvals could materially change that result.

Permitting remains a central condition. West Red Lake Gold says Rowan is advancing through the advanced-exploration process and that environmental baseline work has been underway since 2023. Its stated timetable anticipates final approvals by 2029. The study also says amendments would be needed to increase throughput at the Madsen mill.

The company said an NI 43-101 technical report supporting the study will be filed on SEDAR+ and its website within 45 days of the Nov. 4 release. That filing, the permit record and any consultation updates will give the public a fuller basis to test the assumptions behind the plan.