Research & Clinical Trials
West Red Lake Gold Study Values Madsen-Rowan Plan at C$764M After-Tax NPV
By News Desk ·
Key takeaways
- West Red Lake Gold's integrated pre-feasibility study projects C$764 million after-tax NPV at a 5% discount rate.
- The 10-year plan forecasts 884,000 ounces of recovered gold, averaging 108,000 ounces a year from 2029 to 2034.
- Rowan first production is anticipated in 2029, with final approvals expected by that year.
West Red Lake Gold Mines Ltd. reported an integrated pre-feasibility study projecting C$764 million in after-tax net present value at a 5% discount rate, based on a long-term gold price of US$3,568 per ounce. TradingView published the study summary on November 4, 2026.
Inside the Madsen and Rowan Mine Plan
The study covers a 10-year plan forecasting 884,000 ounces of recovered gold, with average output of 108,000 ounces a year from 2029 to 2034. The base case uses the US$3,568 per ounce gold price from 2030, and the release provides sensitivities to that assumption.
The plan is built around West Red Lake Gold Mines, a Vancouver-based gold miner working in Ontario's Red Lake district. Madsen entered commercial production in the first quarter of 2026, and Rowan is planned as a future satellite mine.
The estimate includes C$30.1 million for hauling Rowan ore to Madsen. Rowan first production is anticipated in 2029, with final approvals expected by that year. The company is to file the supporting NI 43-101 technical report within 45 days.
Madsen Resource and Funding History
According to akta.pro company records, the Madsen Mine holds an indicated resource of 1.65 million ounces at 7.4 grams per tonne of gold, with probable reserves of 478,000 ounces grading 8.16 grams per tonne. The same records list a targeted 120,000 ounces a year by 2029 from the Red Lake platform, about 300% growth over 2026 production levels, and a cash balance of approximately $35.9 million at the end of the first quarter of 2026.
Commercial production at Madsen began on January 1, 2026, with the mill processing an average of 689 tonnes per day in December and gold sales exceeding US$4,600 per ounce, the same records show. West Red Lake Gold has nine funding rounds on record, including a $29.5 million post-IPO equity round in September 2025.
Madsen Ramp-Up Before the Study
West Red Lake Gold reported Q2 2026 results from Madsen with gold production up 51% to 8,576 ounces and gold sales up 34% to 8,260 ounces, Investegate reported on August 26, 2026. Cash costs fell 23% to $2,000 per ounce and all-in sustaining costs dropped 30% to $3,284, within the company's 2026 guidance, according to a separate Q2 summary.
On August 14, 2026, Mining Weekly reported that the company completed Phase 1 of the refurbishment programme at the Madsen mine. AInvest reported on September 22, 2026, that drilling at the Austin 955 and 904 complexes returned 176.04 grams per tonne of gold over 5.3 metres, 128.32 grams per tonne over 4.5 metres and 35.72 grams per tonne over 13.35 metres.
Rowan Permitting and the Technical Report
Rowan permitting and development remain ahead of the 2029 production target, and the NI 43-101 technical report supporting the study is due within 45 days of the November 4, 2026 announcement.