In a recent interview by CEO.ca, Shane Williams, the CEO of West Red Lake Gold (Ticker: WRLG.v or WRLGF for US investors), delved into the company's pursuits, offering a detailed glimpse into the promising path ahead.
He explained how WRLG's primary focus revolves around advancing two pivotal projects, namely the Madsen Mine and Rowan Project. The company is strategically utilizing existing infrastructure and meticulous planning to position itself as a mid-tier Canadian miner with expediency.
Diverging from the typical trajectory of early-stage developers, WRLG made a notable move by acquiring The Madsen Gold Project, already equipped with over $350 million in infrastructure.
The company's strategic direction is resolute: a swift transition into production. Backed by a permanent mill, a seasoned team, and the guidance of major shareholder and Billionaire Frank Giustra, WRLG is executing a buy-and-build strategy to capitalize on the anticipated upswing in gold prices over the coming years.
Williams highlighted how WRLG's focal point in 2023 was the Rowan property, an early-stage project that yielded high-grade results during drilling. Now, in 2024, he says the spotlight is shifting to the Madsen project.
Purchased in June for $6.5 million (peak value >$1B), Madsen stands as a significant opportunity for WRLG to showcase its value, boasting substantial existing infrastructure.
Williams' 2024 plan for Madsen involves substantial underground development work and extensive drilling to unveil the full potential of the Madsen deposit.
While currently possessing a cash position of approximately $12 million, CEO Shane Williams recognizes the imperative need for additional funding to reach the production stage, estimated to require around $50 million.
Nevertheless, bolstered by support from influential backers such as Frank Giustra and an experienced team, he expressed unwavering confidence in securing the necessary funds.
The strategic timeline includes a targeted capital raise in the latter half of 2024.
WRLG's distinct advantage, having acquired an asset with substantial pre-existing infrastructure, differentiates them in an industry typically dominated by early-stage developers.
With a clear and well-defined strategy for a rapid transition into production, under the strategic guidance of major shareholder Frank Giustra, WRLG is strategically positioned to capitalize on the anticipated positive trajectory of gold prices.
Full interview here:
Posted on behalf of West Red Lake Gold Mines Ltd.