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
Processing
1,089 tpd permitted mill, restarted and ramping.
The Madsen mill is a fully permitted conventional CIP gold processing plant. West Red Lake Gold rebuilt and recommissioned the facility, restarting the mill in 2025 with the thickener and leach circuits operational within days of start-up.
With the mill running and the bulk sample complete, Madsen is now feeding stope material on a clear path to commercial production at approximately 45,000 oz per year.
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 →