WRLG's CEO Details Their Plans for Success With a focus on advancing two key projects, the Madsen Mine and Rowan Project, WRLG aims to leverage existing infrastructure and strategic planning to swiftly become a mid-tier Canadian miner.
Unlike many early-stage developers, WRLG acquired an asset with over $350 million in infrastructure already in place.
The company's strategy is clear: to swiftly transition into production. With a permanent mill, a well-established team, and the guidance of major shareholder and Billionaire Frank Giustra, WRLG is following a buy-and-build strategy to capitalize on the expected rise of gold prices over the next few years.
WRLG's focus in 2023 was on the Rowan property, an early-stage project that yielded impressive high-grade hits during drilling. Now, in 2024, the spotlight shifts to the Madsen project.
Acquired in June for $6M, Madsen boasts substantial infrastructure and represents a significant opportunity for West Red Lake Gold to showcase its value. The plan for 2024 involves underground development work and extensive drilling to unveil the full potential of the Madsen deposit.
With a current cash position of ~$12 million, CEO Shane Williams acknowledges the need for additional funding to reach the production stage, estimated to require around $50 million.
However, with the support of backers like Frank Giustra and a seasoned team, the company expresses confidence in securing the necessary funds. The strategic timeline includes raising more capital in the back half of 2024.
WRLG's unique position, having acquired an asset with significant existing infrastructure, sets them apart in an industry dominated by early-stage developers. With a clear strategy to swiftly transition into production, guided by major shareholder Frank Giustra, WRLG is strategically positioned to capitalize on the anticipated upward trajectory of gold prices.
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Posted on behalf of West Red Lake Gold Mines Ltd.