WRLG up 10% on 3.5x the average volume Today, West Red Lake Gold (WRLG.v WRLGF) is up 10% on 3.5x the average volume following the initiation of Raymond James' coverage on the company with an Outperform rating and C$1.40 price target: https://x.com/airic101/status/1806416522065088994
The report highlights WRLG's acquisition of the Madsen Mine which was secured debt-free and fully permitted for only $6M with a $273 million tax write-off and a new $350M, 800+ tonne per day mill, despite its previous valuation of over a billion dollars, about 8x the current market cap of WRLG, due to previous mismanagement from the now-defunct PureGold.
Further, the combination of underground drilling and test mining are key de-risking events for restoring the market's confidence in the deposit that operated for decades before recent issues according to the firm.
Aiming to restarting production at the Madsen Gold Mine in 2H 2025, WRLG is focused on methodically understanding the geology behind the deposit and is working on a pre-feasibility study to detail the mine restart plan, targeted for release in early 2025.
For more information, refer to this thread on WRLG's untapped exploration upside and recent insider buying: https://x.com/Fantastic_MrSTX/status/1806411844464037939
Posted on Behalf of West Red Lake Gold Mines Ltd.