Wallbridge Mining (WM) investor relations material

Exploration and project updates

• Aggressive exploration at Martiniere focused on step-out drilling along the Bug Lake Deformation Corridor, targeting lateral and deeper extensions, with high-grade results indicating a larger gold system.

• Updated Martiniere mineral resource is around 730,000 ounces, with ongoing analysis for a multimillion-ounce opportunity; 2025 drilling totals 16,750m with multiple high-grade intercepts.

• Phase 1 drilling at Martiniere completed in May, Phase 2 began in July, with final assays expected by mid-November and a news release anticipated late November or early December.

• Fenelon project’s PEA outlines a 16-year mine life, average annual production of 107,000 ounces, and robust economics at $2,200/oz gold, with significant upside at higher prices.

• Fenelon’s mineral resource: 1.75 Moz indicated and 1.65 Moz inferred; Martiniere: 346 Koz indicated and 387 Koz inferred.

Economic sensitivity and operational details

• Fenelon PEA shows a $706 million after-tax NPV (5%) and 21% IRR at US$2,200/oz gold, with strong free cash flow averaging $120 million annually after tax.

• Initial capital expenditure is $579 million, sustaining capital $449 million; total cash costs $851/oz, AISC $1,046/oz.

• Sensitivity analysis shows double-digit IRR across gold price scenarios, with robust project economics under various cost and price assumptions.

• The mine plan includes two years of pre-production, 15 years of underground mining, and a final year of open-pit mining.

• Metallurgical testing indicates up to 96% gold recovery using gravity, CIL, and flotation.

Technical, ESG, and infrastructure

• Technical studies and trade-off analyses continue at Fenelon, with plans to use existing infrastructure, dry stack tailings, and a new 120kV power line.

• Strong ESG focus, with commitments to environmental stewardship, community engagement, and strong relationships with First Nations partners.

• Enhanced marketing and investor outreach planned, including participation in key conferences and increased retail marketing.

• Commitment to transparency and open communication, with management accessible to shareholders and regular updates planned.