The Madsen Mine — a new high-grade Canadian gold mine.
Madsen is fully permitted, has produced over 2.4 million ounces of gold historically, and is ramping to commercial production in 2026.
Overview
A rare new gold mine in a rising gold market.
West Red Lake Gold purchased the Madsen Mine out of bankruptcy in 2023. Two years of disciplined work followed: rebuilding a reliable resource modelling and mine engineering workflow, restoring the infrastructure essential for efficient operations, and mining a bulk sample to de-risk the mine plan.
Operations ramped up in H2 2025, setting Madsen up to declare commercial production at the start of 2026 at approximately 45,000 oz. per year — with a clear path to double that rate as the Rowan satellite deposit comes online.
At a Glance
- Peak market cap
- C$1.0B+
- Historical investment
- C$350M+
- Mill capacity
- 1,089 tpd
- Shaft depth
- 1,275 m
- District production
- 30M+ oz Au
- Stage
- Production ramp-up
47 sq. km of underexplored Red Lake ground.
The Madsen land package is brimming with opportunity. Multiple deposits, decades of historical data, and active exploration targets give us a long runway to grow resources alongside production.
See the Rowan project →