Wallbridge Mining Company (WM) Investor Update summary

Exploration and Project Updates

• Focused exploration at Martiniere led to significant step-out drilling, revealing potential for a larger gold system along the Bug Lake Deformation Corridor, with multiple high-grade hits and open mineralized structures at depth and laterally.

• 2025 exploration at Martiniere focused on expanding strike and down-plunge extensions, with 16,750m drilled year-to-date and multiple high-grade intercepts reported, including 14.58 g/t, 11.12 g/t, and 13.24 g/t gold over various widths.

• Updated mineral resource for Martiniere after extensive drilling, with phase two targeting deeper projections and pending assay results expected to inform future plans.

• Fenelon project completed a positive PEA, showing robust economics at $2,200/oz gold, with sensitivity up to $3,000/oz gold yielding a $1.4B NPV and 34% IRR.

• Fenelon mine plan based on a 3,000 tpd operation, 16-year mine life, and strong infrastructure, with dry stack tailings and paste backfill to manage environmental risks.

Project Overview and Resource Update

• Fenelon Gold Project's PEA projects a 16-year mine life with an average annual production of 107,000 ounces, peaking at 127,000 ounces 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; strong free cash flow generation is expected, averaging $120 million annually after tax.

• Initial capital expenditure is $579 million, with sustaining capital of $449 million; total cash costs are $851/oz and all-in sustaining costs (AISC) are $1,046/oz.

• The project is based on a robust mineral resource: Fenelon holds 1.75 Moz indicated and 1.65 Moz inferred, while Martiniere holds 346 Koz indicated and 387 Koz inferred.

• The PEA uses a first-principles approach, integrating current costs, infrastructure, and detailed trade-off studies for optimized operations.

Economic Sensitivity and Operational Details

• PEA sensitivity analysis shows double-digit IRR across gold price scenarios, with NPV and IRR increasing significantly at higher gold prices.

• Operating and capital cost variations have a notable impact on project economics, but the project remains robust under a range of scenarios.

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

• Ongoing technical studies and regional exploration, including commitments to advance the Casault JV and further de-risk Fenelon.

• Pending assay results from Martiniere expected by late November/early December, informing 2025 exploration and development plans.