West Red Lake Gold signs US$95 million Credit Facility and Gold Offtake agreement with Centalion. VANCOUVER, British Columbia, Nov. 02, 2026 (GLOBE NEWSWIRE) - West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") (TSXV: WRLG) (OTCQX: WRLGF) is pleased to announce that it has executed a binding term sheet with Gunvor USA LLC ("Gunvor"), the relevant subsidiary of Centalion Group (CY) Ltd ("Centalion"), for a proposed credit facility of up to US$95 million (the "Proposed Facility"). The Proposed Facility is to be between Gunvor and the Company's wholly-owned subsidiaries, West Red Lake Gold Mines (Ontario) Ltd. and Red Lake Madsen Mine Ltd. (collectively, the "Borrowers"). Funds advanced under the Proposed Facility are intended to refinance the Company's existing secured debt facility with Nebari Natural Resources Credit Fund II LP ("Nebari"), on more favourable financing terms, including a lower cost of capital, extended maturity and improved repayment flexibility, while providing additional working capital to support ongoing development at the Madsen Mine ("Madsen Mine" or "Madsen") and potential funding for future development at the Rowan Project ("Rowan"). The Proposed Facility comprises an initial tranche ("Tranche 1") of up to US$65 million, and a second tranche ("Trance 2") of up to US$30 million subject to further conditions and approvals. The Proposed Facility contemplates a five-year maturity and a principal repayment holiday on Tranche 1 for a period of nine (9) months from the initial disbursement of Tranche 1 funds (the "Principal Repayment Holiday"). Key terms of the Proposed Facility include: * Facility Amount: Up to US$95 million, comprising Tranche 1 of up to US$65 million and Tranche 2 of up to US$30 million, Tranche 2 advances being subject to additional conditions and approvals. * Term: Five years from the initial drawdown, with WRLG retaining the option to repay all or a portion of the outstanding Credit Facility prior to maturity. * Principal Repayment: No scheduled principal payments on Tranche 1 during the Principal Repayment Holiday. Monthly principal amortization will commence thereafter under an agreed schedule. * Security Package: The Company will enter into security arrangements with Gunvor whereby the Company will issue a parent guarantee and have the Borrowers grant a first lien and priority ranking, senior security on the Madsen Mine and Rowan assets. * Interest Rate: One-month SOFR plus a margin of 5.50%, subject to final diligence and the security package. * Prepayment: The Company may repay the outstanding amount in whole or in part without penalty, subject to at least five business days' prior written notice and payment of applicable outstanding fees and costs. * Gold Offtake: A commercial agreement under which Gunvor would purchase 100% of gold doré produced from the operation. * Closing Conditions: Funding of the Proposed Facility is subject to satisfactory due diligence, onboarding, internal authorizations, execution of definitive financing and commercial agreements, delivery of security and required approvals. Tranche 2 is also subject to additional conditions and approvals. Shane Williams, President and CEO of West Red Lake Gold, commented: "Over the course of the year, we have built a strong business relationship with Centalion, culminating in a financing arrangement that would provide West Red Lake Gold with increased liquidity, a more competitive cost of capital and significantly improved repayment terms. This represents an important step in strengthening our financial position and providing greater flexibility to invest in our operations and advance growth opportunities across our Red Lake portfolio." "Our priority remains building consistency and flexibility at Madsen while advancing high-grade satellite deposits that can leverage our existing mine and mill infrastructure. The potential second tranche for Rowan aligns with this strategy, providing an additional source of development capital as we advance the project. We look forward to continuing our relationship with Centalion as a long-term partner." Growth Strategy West Red Lake Gold is advancing a district-wide hub-and-spoke strategy centered on the operating Madsen Mine and mill. Alongside continued underground development at Madsen, the Company is advancing additional high-grade deposits across its Red Lake portfolio as potential sources of mill feed. Fork and Rowan are key components of this strategy, while Starratt-Olsen and Mount Jamie represent further opportunities under evaluation. Integrating additional sources of material over time could increase flexibility in mine planning, mill feed and the sequencing of future growth, building on the infrastructure already in place at Madsen. Closing and initial funding of the Proposed Facility remain subject to the completion of due diligence, negotiation and execution of definitive loan, guarantee, security and commercial agreements, along with certain conditions including, but not limited to, the receipt of all necessary approvals. About West Red Lake Gold Mines West Red Lake Gold Mines Ltd. is a Canadian gold producer and developer advancing a high-grade, district scale opportunity in the Red Lake district of Ontario. The Company's flagship Madsen Mine has recently achieved commercial production and is positioned as the central hub of a growing multi asset platform. The Company controls a 47 km^2 land package in one of the world's most prolific mining districts, which has historically produced over 20 million ounces of gold from high grade systems[1]. West Red Lake also owns the Rowan Property in Red Lake, covering 31 km^2 that includes three past producing mines (Rowan, Mount Jamie and Red Summit) and represents a key source of future production growth. ON BEHALF OF WEST RED LAKE GOLD MINES LTD. "Shane Williams" Shane Williams President & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT: Jaclyn Ruptash V.P. Corporate Communications Tel: (604) 569-5559 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION Certain statements contained in this news release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as "anticipate", "expect", "estimate", "forecast", "planned", and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the closing, definitive amount and terms of the Proposed Facility; the actual use of proceeds of the Proposed Facility; expectations of performance for the remainder of 2026; potential increase in production at Madsen and anticipated changes to production profile, operating efficiency and reduction of costs; execution and results of anticipated growth strategy; and the Company's future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information involves numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company's securities; fluctuations in commodity prices; and changes in the Company's business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company's annual information form for the year ended December 31, 2025, copies of which are available on SEDAR+ at www.sedarplus.ca. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. ______________________________ [1] [Twomey, T. and McGibbon, S. Red Lake Mine, Goldcorp Inc. (2022). "The Geological Setting and Estimation of Gold Grade of the High-Grade Zone, Red Lake Mine." Exploration Mining Geology, Vol. 10, Nos. 1-2, pp. 19-34. Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").] Release Summary West Red Lake Gold announces that it has executed a binding term sheet for a proposed credit facility of up to US$95 million. Company Profile West Red Lake Gold Mines Ltd. Industry: General Mining Website: http://www.westredlakegold.com/

Labour shortage hurts west Red Lake Gold output. West Red Lake Gold Mines (TSXV: WRLG; US-OTC: WRLGF) reduced its annual production target by about a quarter as labour shortages and difficult mining slowed its Madsen gold operation in Ontario. The stock plunged. The Vancouver-based company now expects 27,000 to 32,000 oz. this year, down from 35,000 to 45,000 oz., it said Tuesday. The northwestern Ontario mine is about 260 km east-northeast of Winnipeg. "In addition, the extraction of certain remnant pillars proved more challenging than anticipated as mining activities remained concentrated in previously mined areas," CEO Shane Williams said in a news release. The setback tests the company's ability to turn Madsen into a reliable producer after declaring commercial production in January. West Red Lake is planning to use the existing mill to process ore from nearby deposits, but first needs to establish consistent output at the operation already running. West Red Lake shares fell 12% to 61¢ by midday in Toronto, giving the company a market value of about $253 million (US$180 million). They've traded between 56¢ and $1.49 over the past year. Production optimism. Before Tuesday's cut, Cantor Fitzgerald analyst Matthew O'Keefe expected Madsen to meet annual guidance as production increased in the second half, according to an Aug. 28 note. His assessment linked a potential improvement in the company's valuation to establishing and meeting production and cost targets through 2027. That optimism followed a 51% increase in second-quarter gold output from the first quarter. All-in sustaining costs fell 30% to US$3,284 per oz. sold. The improvement showed how higher volumes could spread the operation's costs across more gold sales. Third-quarter production fell 8.4% to 7,859 oz. from 8,576 oz. in the previous quarter. The company added specialist contractors and commissioned a secondary crusher. Mining the remaining rock in previously worked areas requires more selective extraction and extra ground support, the company said. Difficult operation. West Red Lake acquired Madsen through Pure Gold's creditor-protection proceedings in June 2023. The site's existing mill, shaft and underground access offered infrastructure to reuse, but the current shortfall illustrates the challenges of mining around old workings. The forthcoming prefeasibility study would bring Madsen and the neighbouring Rowan project into one production plan, with Rowan feeding the existing mill. The company's third-quarter financial results are due Nov. 27. COMMODITY: Gold