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Speaker 1: And we're probably one of the only projects coming into

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production in Canada in particular, you know, and coming into

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production on a rising gold prize that midnext year gold

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would be three thousand and that's a perfect time now

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when you get an uplift, as you know, from moving

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from explorer to developer and then to producer, and that's

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a perfect time to get in on the story and

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follow the story as we're successful to run up the project.

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Speaker 2: The Financial Survival Network now more than ever, the Financial

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Survival Network. And welcome. This is Financial Survival Network.

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Speaker 3: I'm your host, Carrie Lutz, bringing you a major update

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from our sponsor at West red Lake Gold Mines and

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CEO president Shane Williams with us now, Hane, appreciate you

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coming on now. I know it's the end of the year.

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You've got so many things going on and you're trying

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to wrap things up that your PFS is coming out.

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Speaker 2: Can you just bring us up to date on the

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mind restart.

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Speaker 1: Yeah. Yes, as we get towards that back end of

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the year, we're really focused on, you know, getting ready

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for that restart. There's a lot of parallel activities. We

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just had a press we're doing a kind of a

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monthly now construction update. We released another one this morning.

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People can see the level of antensity. There's parallel activities ongoing.

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Speaker 4: So we're really coming to the peak of that.

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Speaker 1: Restart activities now as we get in towards Christmas and

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into the new year. We've been doing obviously most of

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this year, we've done a lot of drilling out of definition.

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We went and got a lot of projects capital approach,

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and they're all really coming together now.

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Speaker 4: Towards the back end of the year and into the

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first quarter.

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Speaker 1: So yeah, busy and exciting times, Western Lake.

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Speaker 3: Can you give us an approximate date here, and not

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to pin you down and I don't want you to

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be over promised and not be able to come, but

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give us an approximate date range.

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Speaker 4: Yeah, So the plan is towards.

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Speaker 1: The middle of next year, you know, the middle of

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next year Q one. We have finished off all our

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capital projects. We're starting some test mining, to do some

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test mining, et cetera on a bul example, and then

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once they're in place, our pfense is coming out in

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early January, you know. And so those three activities together

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set us up nicely for restart, which would be into

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middle to the back end of next year twenty twenty five.

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Speaker 3: So you've done this before. This is nothing new for you. You're

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not learning on the job here. But every mind has

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its own particular challenges, its own things that make you

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run to pull out your hair. What are the challenges

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been here? The biggest challenges to you?

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Speaker 1: Yeah, I've done this five times, Carrie. This is my

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fifth mind restart, so there's been a lot of a

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lot of it.

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Speaker 4: And you're right, everyone has its own unique challenges. For me,

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we been lucky.

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Speaker 1: A lot of it is getting understanding of your learning,

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the lessons of the of the of the previous operator.

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Speaker 4: You know, that's key. You know a lot of that,

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a lot of that.

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Speaker 1: It took a long time to get into the detail

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and understand what were the key boxes that they that

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need needed to be addressed for us to be successful,

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and that's taken quite a while. The majority of it

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was around that drilling understanding of the your body, getting

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that level of definition, So that's really been the technical challenge.

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Speaker 4: Everything else was.

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Speaker 1: Really reasonably okay. You know, they have a good mill,

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they have a good infrastructure on site, but it was

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really the understanding of your body and spending the time

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and the detailed effort to really understand that and now

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get the mining kind of going. They've been the real

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technical challenges as well in in the area on the project.

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Speaker 2: So the devil's always in the details.

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Speaker 4: Right, Yeah, it's always in the detail. I I compared

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it to it like an orchestrat.

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Speaker 1: There's a lot of different moving parts and individual things

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have come together at the right time to be successful

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on a mind and.

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Speaker 3: You've got to be watching all those players make sure

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that they're all on the same page playing the same tune, right, Yeah.

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Speaker 4: They all have to be playing the same tune.

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Speaker 3: Nine.

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Speaker 1: They all have to be in sync, you know, so

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they all come together. As I said, the number of

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Capitol projects, we underground development, we've underground drilling obviously, we've

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financing raising the financing in parallel, it all really has

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to come together to that mid next year sort of

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restart process.

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Speaker 3: And right there and in the meantime, you haven't been

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standing still. You're still doing exploration work and got a

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nice nice intersect on the Upper eight target. Yeah.

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Speaker 1: I think that's a story that you know, we focused

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on this year around the restart to the risking et cetera.

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Speaker 4: But I think that's a story that we're going to

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push a little bit more.

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Speaker 1: There's huge exploration upside associated with Madson that's never.

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Speaker 4: Really been done, and so this was one area that.

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Speaker 1: The team focused on this uperade. As people probably aware

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of the Lower eight, it was a very high grade

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zone within Red Lake and within within the mats and

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mind and the team I found in that there are

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a number of these high grade zones throughout the mine

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and one of them is this operade zone and we've

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we've had quite a few good hits there and the

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team are continuing to drill. So I expect this to grow.

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And remember it's a high graded part of the your body,

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and so high grade makes a big difference in these minds,

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as your viewers would probably know, and so that makes

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a big difference from an announced profile and the ability

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to grow and push the project larger.

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Speaker 3: Yeah, I know, we got some intersects twenty one plus grams,

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fifty two, twenty three and they're meaningful.

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Speaker 4: Yeah, they're meaningful.

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Speaker 1: You know, you get a twenty five gram sort of

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overbody and you're bringing in that material the mats and

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overall at about a seven gram you're getting an overall

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average grade of ten to eleven grams, a very high

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grade mine in Canada today.

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Speaker 4: How to be up there on the top high grade

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mines in Canada.

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Speaker 1: And that generates huge cash flow in the current market

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prices today. Right.

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Speaker 3: So meantime, you mentioned you're finishing up the capital projects here.

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I think I'd never heard this term before connection drift,

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but it makes total sense. So you're kind of unifying

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the two ramps that are there now, the east and

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the west.

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Speaker 1: So yeah, they were kind of operated as individual two

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and if you think of it like two individual mines,

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underground mines that were kind of operated individually and or

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had to be hauled all the way to surface and

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then transported across by different trucks across surface trucks. And

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so the connection of those from an underground perspective opens

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up huge possibilities. Not only does it allow efficient movement

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of ore, but it also allows exploration in that area

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between the two mines, and there's a lot of prospectivity

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between those two areas that never really had access to

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get the drills. So I know our team and our

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mind side team and geo team are very excited about

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that the ability to drill those but also from an

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efficiency point of view, it does open up a lot of.

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Speaker 3: Opportunity, right, and so that there's where the mill is constructed,

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there appears to be a big target under the mill.

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Speaker 4: Yeah, there is. There's a lot.

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Speaker 1: There's a lot of targets in that area and in

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numerous different areas, and this connection drift allows access to

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some of those areas, allows that to open up those

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areas and that take those targets close to the infrastructure

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and close the surface.

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Speaker 3: So you got your primary crusher in and that's always

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a good sign because that always happens towards the end

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of the process, right before the restart, right.

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Speaker 1: Yeah, well it's the first part of the chain of processing.

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And so you know, we, as I said, in parallel

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with our d risking approach, focused on stage approach. And

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so the first part that was we bought that crusher.

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The previous operator had leased a crusher and they were

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running with a contractor. We went down and bought that crusher.

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And now what we're doing is we've commissioned it. We're

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getting it ready. We're getting it ready for oor or

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testing it. We're getting meaning simplayers or for our planned restart.

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Speaker 3: So you just did a major financing, so I assume

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a lot of the money in the treasury that can

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see you through the production.

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Speaker 4: Yeah, we did an equity raise recently.

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Speaker 1: We've just also agreed on a prelimited time sheet with

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a group calling a BARI for a debt facility.

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Speaker 4: So between the two.

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Speaker 1: Of those that would give us enough of the money

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to move into pre cash flow in the project.

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Speaker 3: So kind of, I think the market's not really perceiving

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how close you are to production, how meaningful that production.

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Speaker 2: Is going to be.

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Speaker 3: What do you say when you well, it's the end

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of the year, there's tax laws, selling, we know, the

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whole thing goes on. It's an annual ritual. But maybe

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it's a good time to be looking at the West

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red Lake.

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Speaker 1: Yeah, it's a I mean, yeah, Texas setting is a

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big thing. Obviously in Canada, stocks come under pressure.

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Speaker 4: But I agree the market really doesn't know.

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Speaker 1: You know, we've had a number of project restarts in

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Canada recently, you know, last year and year before, but there's.

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Speaker 4: Very few coming up this year.

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Speaker 1: You know, because gold had been down for a number

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of years, you know, there wasn't that focus. So into

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twenty twenty five, there's very few restarts and we're probably

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one of the only projects coming into production in Canada

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in particular, you know, and coming into production on a

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rising gold price. That mid next year gold could be

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three thousand, and that's a perfect time now when you

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get an uplift as you know, from moving from explorer

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to developer and then to produce her and that's a

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perfect time to get in and the story and follow

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the story as we're successful to rump.

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Speaker 3: Up the project and the gold prices have been cooperating.

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I mean, we hit twenty seven hundred and you know,

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now we pulled back a little bit, but it's still

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in a bull trend.

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Speaker 1: It's still in a bull trend, and particularly for producers.

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As you know, producers a big producers now are making

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lots of free cash flow. You know, they're producing for

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aices of fifteen hundred, all is that twoenty six hundred.

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There's a lot of margins still there. So as we

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move into that production phase, there's also going to be

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a lot of marriage for ourselves at the lower end

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of the production and that will generate lots of cash

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flow for Western Lake.

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Speaker 2: Shareholders for sure, and what annual production you have any

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any how, your.

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Speaker 1: Production would be around seventy thousand ounces a year, you know,

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seventy thousand ounces a year producing aisse of around fourteen hundred.

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You know, that's a lot of marriagin in today's cold

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price environment.

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Speaker 3: That's almost a fifty percent margin there, it's a fifty

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percent margin.

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Speaker 1: And will you take a fifty percent margin on free

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cash flow and do to metrics, we're very undervalued for

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what potentially in six or eight months could be a

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completely different story.

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Speaker 3: Yeah, especially ounces in the ground here that it's very

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meaningful when you're close to production, right, very meaningful.

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Speaker 4: We've over you know, we've won.

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Speaker 1: We we'll have over one by seven million ounces of

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reserves at high grade your seven gram sort of material.

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That's very there's not many minds a canon at that

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high grade and underground minds.

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Speaker 2: That's for sure. Well, sure, Oshane, thank you for the update.

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Speaker 3: Really appreciate you taking time out from this busy time

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of year. I suggest you go over to Westredlakegold dot

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com sign up for notifications. Ticker symbols w l RGF

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in the US and w r LG in Canada. Will

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be touching base with you in the coming months. Shamee,

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happy and healthy to you and your family.

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Speaker 1: Excellent, Thank you very much, carrying a look forward to

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thank you.

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Speaker 2: The Financial Survival Network