West Red Lake Gold Mines (WRLGF) Stock Analysis & Winston Score

West Red Lake Gold Mines is a Canadian gold mining company focused on finding and producing gold in northwestern Ontario, Canada. Its main asset is the Madsen Mine, a historic underground gold mine in the Red Lake district — one of Canada's most well-known gold-producing regions. The company sells gold to refiners and bullion dealers, which is then used in jewelry, electronics, and investment products.

The company earns money by mining and selling gold, so its revenue rises and falls with the price of gold on global markets. West Red Lake is a small-cap miner with operations concentrated entirely in Canada, which limits geographic risk but also limits scale. Its location in the established Red Lake camp provides access to known gold deposits and existing infrastructure, but the main risk is that gold production costs could rise or gold prices could fall, squeezing the margins that make the Madsen Mine economically worthwhile to operate.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

Strong revenue growth

EPS Growth

+61.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

12.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~8 months

$36M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Strong grower

West Red Lake Gold Mines is growing revenue at 1892% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

31.0%

Modest — 31.0% gross margin

Operating Margin

20.1%

Excellent — 20.1% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6266.5%

Fast-growing sales (6266.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

453%

Turns 453% of profit into real cash

FCF Margin

-29.9%

Burning cash (-29.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.11

Elevated debt (1.11)

Interest Cover

4.64x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

36.3x

no trend

Pricey — P/E 36.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+31.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (36.3 → 5.1)

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Dividends

Not applicable for this business.

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