Wallbridge Mining Company (WM) Corporate Presentation summary

Project overview and resource base

• Fenelon Gold Project PEA projects a 16-year mine life with average annual production of 107,000 oz, peaking at 127,000 oz in the first five years.

• After-tax NPV (5%) is $706 million with a 21% IRR at a gold price of US$2,200/oz; initial capex is $579 million.

• Fenelon 2025 MRE: 1.75 Moz indicated, 1.65 Moz inferred; Martiniere 2025 MRE: 346 Koz indicated, 387 Koz inferred.

• The project leverages existing infrastructure and is located in a mining-friendly jurisdiction with access to clean energy.

• Sensitivity analysis shows robust economics across a range of gold prices and cost scenarios.

Financial and operational highlights

• Average annual free cash flow is projected at $120 million over the mine life.

• Total cash cost is US$851/oz and all-in sustaining cost (AISC) is US$1,046/oz.

• Sustaining capital over the life of mine is $449 million.

• Payback period ranges from 2.4 to 5.7 years depending on gold price scenarios.

• Free cash flow and NPV remain positive even with significant cost or gold price fluctuations.

Technical approach and infrastructure

• Project phases include 2 years of pre-production and 16 years of production, with ramp and open-pit mining.

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

• Surface infrastructure includes a 120kV power line, camp, process plant, and tailings management facilities.

• The PEA was developed using first principles and benchmarking against similar operations.

• Study team includes InnovExplo, Norda Stelo, BBA Inc., and other specialized consultants.