West Red Lake Gold Mines Ltd.
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Sustainability
- Environmental Stewardship
- Safety
Environmental Achievements
- Provided $21.2 million in financial assurance for reclamation obligations at the Madsen Mine Property.
Social Achievements
- Committed to identifying, building on its current and new relationships, establishing effective and open mechanisms for communication in areas where its operations may touch as management develops its current and long-term plans to achieve the Company’s vision.
- West Red Lake places the health and safety of its people as the highest priority and is committed to sustainable development in a safe and responsible manner.
Governance Achievements
- Board of Directors was reconstituted. Various appointments and resignations of directors and officers are detailed in the report.
Climate Goals & Targets
Short-term Goals:
- Complete a 38,000 m underground drill program at Madsen Mine and 3,200 m of underground development.
Environmental Challenges
- High-risk nature of mineral exploration business.
- Imprecision of mineral resource estimates.
- Indebtedness of the Company.
- Servicing indebtedness.
- Liquidity risk due to lack of recurring revenue.
- Foreign currency risk due to US dollar-denominated promissory note and working capital.
Mitigation Strategies
- Close monitoring of commodity prices and stock market.
- Successful financings to address liquidity needs.
- Issuance of Notes to fund Madsen Mine development and working capital.
- Maintaining Canadian and US dollar bank accounts in Canada.