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TSX: WM | OTCQB: WLBMF wallbridgemining.comTSX: WM OTCQB: WLBMF Corporate Update October 9, 2025 GROWING GOLD RESOURCES IN QUEBEC’S ABITIBI
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TSX: WM | OTCQB: WLBMF Cautionary Note Regarding Forward-Looking Information This presentation contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date of thispresentation. All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.” FLI herein includes, but is not limited to, statements regarding the results of the Preliminary Economic Assessment (“PEA”), including the production, operating costs, capital expenditures and total cash cost estimates, the projected valuation metrics and rates of return, and the cash flow projections, as well as the anticipated permitting requirements and Project design, including processing and tailings facilities, infrastructure developments, metal recoveries, mine life and production rates for the Project, the potential to further enhance the economics of the Project and optimize the design, potential timelines for obtaining the required permits and financing, parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at Fenelon and Martiniere (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results. Forward-looking information is not, and cannot be, a guarantee of future results or events.FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI. Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the abilityof the Company to obtain required approvals; geological, mining and exploration technical problems; and failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca. Cautionary Note to United States Investors Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. Cautionary Notes and Definitions Regarding PEA On March 27, 2025, the Company announced positive results from the PEA completed on Fenelon. The 2025 MRE formed the foundation for the PEA which assessed the potential for a predominantly underground mining operation at the Fenelon Gold Project. The Company cautions that the results of the PEA are forward-looking and preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized. The PEA financial economic analysis is significantly influenced by gold prices. The following summary includes certain non-IFRS financial measures, such as free cash flow, initial capital expenditures, sustaining capital expenditures, total cash costs and all in sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The disclosure of such non-IFRS financial measures is required under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and has been prepared in accordance with NI 43-101. Although reconciliations to equivalent historical measures are not available. Please refer to the cautionary language and non-IFRS financial measures for detailed definitions and descriptions of such measures. TSX: WM | OTCQB: WLBMF 2
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TSX: WM | OTCQB: WLBMF All scientific and technical data related to the 2025 PEA contained in this document has been reviewed and approved by Mr. Marc R. Beauvais, P.Eng, of InnovExplo, who was responsible for compiling the PEA technical report. By virtue of his education, membership in a recognized professional association and relevant work experience, Mr. Beauvais is an independent QP as defined by NI 43-101. All scientific and technical data related to the 2025 MREs contained in this document has been reviewed and approved by Mr. Mauro Bassotti (P.Geo.) who is an independent mineral resource consultant and a QP as defined by NI 43-101. All scientific and technical data related to geology and exploration information concerning the Detour Fenelon Gold Trend Property contained in this document has been reviewed and approved by Mr. Mark A. Petersen, M.Sc., P.Geo. (PGO 3069; OGQ AS-10796), Senior Exploration Consultant for Wallbridge and a QP as defined by NI 43-101. QP - Statement All results are reported in Canadian dollars unless otherwise indicated. LOM Total $ million Average LOM ($/tonne milled) Average LOM (US$/oz) Mining (UG & OP) 900 56 390 Processing 423 25 183 Water Treatment & Tailings 66 4 28 General & Admin. 374 22 162 Royalty (4%) 202 12 88 Total Cash Costs 1 1,965 119 851 Total Sustaining Capital 1 449 - 195 AISC 1 2,414 - 1,046 Cost Element Sustaining Capital ($M)1,2 Mining Equipment 145 Development 161 Tailings & Water Treatment 64 Paste Distribution Network 8 Underground Infrastructure 32 Surface Infrastructure 29 Closure 9 Open pit (OB Excavation + Contractor) 3 Total Sustaining Capital 1 $4491. Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to Non-IFRS Measures note above. Non-IFRSFinancial Measures Wallbridge has included certain non-IFRS financial measures commonly used in the mining industry in this news release, such as initial capital expenditures, sustaining capital expenditures, total cash costs and all-in sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other companies. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below. Total Cash Costs and Total Cash Costs per Ounce Total cash costs are reflective of the cost of production. Total cash costs reported in the PEA include mining (UG and OP), processing, water treatment and tailings, minesite G&A and royalty costs. Total cash costs per ounce is calculated as total cash costs divided by payable gold ounces. All-In Sustaining Costs and All-In Sustaining Costs per Ounce All-in sustaining costs and all-in sustaining costs per ounce are reflective of all of the expenditures that are required to produce an ounce of gold from operations. All-in sustaining costs reported in the PEA include total cash costs, sustaining capital expenditures, closure costs, but exclude corporate general and administrative costs. All-in sustaining costs per ounce is calculated as all-in sustaining costs divided by payable gold ounces. A description of the significant cost components that make up the forward looking non-IFRS financial measures of total cash costs and all-in sustaining costs per ounce of payable gold produced is shown in the table below. Free Cash Flow Free cash flow was estimated as the amount of cash generated by Fenelon after all operating and capital expenditures have been paid. Initial Capital Expenditures and Sustaining Capital Expenditures Initial and sustaining capital expenditures in the PEA were estimated based on current costs received from vendors as well as developed from first principles, while some were estimated based on factored references and experience from similar operating projects. Initial capital expenditures represent the construction and development costs to achieve commercial production and sustaining capital expenditures represent the construction and development costs subsequent to commercial production. TSX: WM | OTCQB: WLBMF 3
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TSX: WM | OTCQB: WLBMF THE ABITIBI GREENSTONE BELT Northern and Southern Abitibi ▪ Similar geology ▪ World-class potential demonstrated ▪ Less exploration maturity due to: ▪ Less accessible in the past ▪ Farther from urban centers ▪ Limited surface outcrops 4 ~ 206 Moz Past Production Detour Lake Mine Martiniere Gold Project Fenelon Gold Project Northern Abitibi Southern Abitibi 0 50 Kilometres 100 Chibougamau Matagami Amos La Sarre Timmins Val d’Or Rouyn-NorandaKirkland Lake ON QC Abitibi Gold Deposits Towns Interpreted Structures Claim Outlines Wallbridge Mining ~ 15 Moz Past Production Since the 1970s Northern AbitibiNorthern Abitibi 1.75 Moz Indicated 1.65 Moz Inferred 346 Koz Indicated 387 Koz Inferred TSX: WM | OTCQB: WLBMF 4 Comparing Northern and Southern Abitibi
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TSX: WM | OTCQB: WLBMF TOP JURISDICTION GROWTH POTENTIAL DISTRICT SCALE 2 SIGNIFICANTGOLD DEPOSITS MULTI-MILLION OUNCE DEPOSIT DISTRICT SCALE – DETOUR-FENELON GOLD TREND Multi-Million Ounce Gold Resources TSX: WM | OTCQB: WLBMF 5 FENELON GOLD Wallbridge 2025 Mineral Resource Estimate 1.75 Moz Indicated 1.65 Moz Inferred MARTINIERE GOLD Wallbridge 2025 Mineral Resource Estimate 346 Koz Indicated 387 Koz Inferred AEM: 2024 Production 671,950 oz gold
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TSX: WM | OTCQB: WLBMF SHARE STRUCTURE – AS OF JUNE 30, 2025 SHAREHOLDER DISTRIBUTION 52-Week Trading Range $0.045—$0.14 Shares Outstanding – Basic 1,099.8M Shares Outstanding - Fully-diluted** 1,152.2M Cash & Cash Equivalents (on June 30, 2025) ~$9.8M **33,454,587 options outstanding with a weighted average exercise price of $0.22 and a weighted average life of 5 years ** 7,502,793 RSUs (Restricted Share Units) outstanding **11,408,247 DSUs (Deferred Stock Units) Outstanding Analyst Coverage Andrew Mikitchook Don Blyth SUPPORTIVE SHAREHOLDERS 9.9% 15.0% 5.4% 69.0% 0.7% Agnico Eagle Eric Sprott William Day Construction Retail & Other Management & Insiders TSX: WM | OTCQB: WLBMF 6 Detour East Sale: $8M Tax Credits Received: $4.7M
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TSX: WM | OTCQB: WLBMF 7 2025 EXPLORATION FOCUS 16,750m YTD exploration drilling • Strike and down-plunge extensions to Dragonfly, Horsefly and Martiniere North • Focused on defining broader geologic extensions to Martiniere gold system 2025 OUTCOMES/PLANS Phase 1: Drilling Completed May 14 • 16 holes + 2 hole extensions, totaling 7,225 metres • Multiple high-grade gold intercepts returned from 4 targets tested along Bug Lake Corridor, and a new unexplored area to the northeast of the Martiniere mineral resource Phase 2: Drilling Commenced July 16 • Exploring the broader mineralized gold system • Targeting potential extensions to high-grade gold mineralization along the Dragonfly, Horsefly and Martiniere North zones, as well as the newly identified Martiniere Northeast target • Phase 2 Results: First six holes reported Sept. 29 • Drilling continues to expand the Martiniere gold system, demonstrating geologic continuity along strike and vertically with depth MARTINIERE GOLD PROJECT
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TSX: WM | OTCQB: WLBMF FENELON GOLD PROJECT wallbridgemining.comTSX: WM OTCQB: WLBMF Preliminary Economic Assessment Results March 27, 2025
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PEA HIGHLIGHTS – 16 YEAR LIFE OF MINE ANNUAL FREE CASH FLOW AFTER-TAX NPV 1,2 5% $706 Million 107,000 ANNUAL PRODUCTION Ounces $120 Million INITIAL CAPITAL $579 Million SUSTAINING CAPITAL 3 $449 Million AFTER-TAX INTERNAL RATE OF RETURN 21 Percent $851 TOTAL CASH COST 1,2 US$/Ounce $1,046 AISC 2,3 US$/Ounce 1. Total cash costs per ounce are operating costs, composed of mining (UG and OP), processing, water treatment and tailings, minesite G&A and royalty costs, divided by payable gold ounces. 2. Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to Non-IFRS Measures on slide 3 of this presentation. 3. All-in sustaining cost/oz (“AISC”) includes operating costs, sustaining capital expenditures to support the on-going operations, and closure costs, divided by payable gold ounces. All results reported in Canadian dollars unless otherwise indicated, assumed gold price of US$2,200/oz gold price. TSX: WM | OTCQB: WLBMF 11
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Double digit IRR across gold price scenarios PEA SENSITIVITY ANALYSIS Gold Price FX NPV ($M) IRR Payback (Years) 1800 (-18%) 1.35 353 13% 5.7 1900 (-14%) 1.35 443 15% 5.0 2000 (-9%) 1.35 532 17% 4.6 2100 (-5%) 1.35 619 19% 4.3 2200 1.35 706 21% 4.0 2300 (+5%) 1.35 792 22% 3.7 2400 (+9%) 1.35 878 24% 3.4 2500 (+14%) 1.35 963 26% 3.1 2600 (+18%) 1.35 1047 27% 2.9 3000 (+36%) 1.35 1381 34% 2.4 Capital Costs NPV ($M) IRR Base Case -30% 855 30% Base Case - 20% 806 26% Base Case - 10% 756 23% Base Case 0% 706 21% Base Case + 10% 655 19% Base Case +20% 604 17% Base Case + 30% 552 15% Operating Costs NPV ($M) IRR Base Case --30% 912 25% Base Case --20% 845 24% Base Case --10% 776 22% Base Case 0% 706 21% Base Case +10% 635 19% Base Case +20% 563 18% Base Case +30% 490 16% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% Variation Post-Tax NPV 5% Sensitivity Gold Price OPEX CAPEX 0% 5% 10% 15% 20% 25% 30% 35% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% Variation Post-Tax IRR Sensitivity Gold Price OPEX CAPEX TSX: WM | OTCQB: WLBMF 12
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TSX: WM | OTCQB: WLBMF 13 First Principles: new project starting with a clean slate Stope Optimization: Iterative process to develop a large UG operation according to MRE, rock mechanics and projected stope productivity Trade-Off Studies: material handling, tailings management, mobile equipment Capex: Integrate existing infrastructure, approach by phase Opex: Detailed evaluation, current (2025) costs; benchmarking against similar operations First principles approach, realistic costs FENELON PEA APPROACH
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2 years pre-production, 16 years production FENELON PEA - PROJECT PHASES PHASE YEARS ACTIVITIES Pre-Production Pre-Production Year 1-2 Infrastructure construction: ▪ Power line, camp expansion ▪ Mine site, mill plant, paste plant, tailing management site ▪ Water treatment UG Development: ▪ Dewatering, main ramp, ventilation raise, stope preparation Production Via Ramp Production Year 1-15 • Mining at 3,000 tpd • Milling at 3,000 tpd Infrastructure construction: ▪ Tailing management site expansion UG Development: ▪ Main ramp, ventilation raise, and stope preparation Ramp-Down Production Year 15-16 • Mining at an average of 1,400 tpd • Milling at an average of 1,400 tpd Open-Pit: ▪ Gabbro pit preparation Year 15 ▪ Mining of the Gabbro pit in Year 16 UG Development: ▪ Finishing the UG mine plan TSX: WM | OTCQB: WLBMF 14
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FENELON PEA Mine Site Camp Site Access Road Operations Camp Site Surface infrastructure - Powerline TSX: WM | OTCQB: WLBMF 15
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Surface infrastructure – Mine site and Camp FENELON PEA TSX: WM | OTCQB: WLBMF 16
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Metallurgy & processing, a simple flowsheet FENELON PEA METALLURGY Metallurgical Testing: ▪ Testing representative Tabasco- Cayenne & Area 51 material Gravity Gold Recoveries: ▪ up to 66.5% for Tabasco/Cayenne ▪ up to 84.1% for Area 51 Cyanidation and flotation testing Overall Gold Recovery: 96% PROCESSING A simple flowsheet: ▪ Gravity, CIL, Elution, Gold Room ▪ Flotation on detox residue to produce desulfurized dry stacked tailings TSX: WM | OTCQB: WLBMF 17
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Average production of 107,000 oz annually (127,000 in first 5 years) FENELON PEA Production Profile 141 139 121 111 122 111 114 115 103 101 103 134 117 98 69 13 3.36 4.14 3.54 3.31 3.59 3.32 3.36 3.39 3.06 2.98 3.04 3.93 3.48 2.91 2.67 2.59 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 0 25 50 75 100 125 150 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Grade Annual production, Koz Production Year Annual Ounces produced Grade TSX: WM | OTCQB: WLBMF 18 127,000 oz per year average production in first 5 years
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Strong free cash flow generation over 16-year mine life FENELON PEA Average annual after-tax cash flow of $120 million Base case of US$2,200/oz gold price -198 -381 115 206 143 119 148 118 128 129 107 90 104 149 130 101 63 66 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Year Annual After Tax Cashflow ($Million) TSX: WM | OTCQB: WLBMF 19
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Capital allocation FENELON PEA TOTAL CASH COST LOM Total $ million Average LOM ($/tonne milled) Average LOM (US$/oz) 2 Mining (UG & OP) 900 56 390 Processing 423 25 183 Water Treatment & Tailings 66 4 28 General & Admin. 374 22 162 Royalty (4%) 202 12 88 Total Cash Costs 2,3 1,965 119 851 INITIAL CAPITAL EXPENDITURES Cost Element Initial Capital ($M)1,2 Mill 217 Paste Plant 43 Tailings and Water Treatment 22 Capitalized Operating (Pre-production) 75 Surface Civil & Infrastructure 80 Mining Equipment 31 Underground Development 54 Underground Infrastructure 28 Hydro Electric Line & Distribution 29 Total Initial Capital $579 SUSTAINING CAPITAL EXPENDITURES Cost Element Sustaining Capital ($M)1,2 Mining Equipment 145 Development 161 Tailings & Water Treatment 64 Paste Distribution Network 8 Underground Infrastructure 32 Surface Infrastructure 29 Closure 9 Open pit (OB Excavation + Contractor) 3 Total Sustaining Capital $449 1. All values stated are undiscounted. No depreciation of costs was applied. 2. Non-IFRS financial performance measures with no standardized definition under IFRS. Refer to Non-IFRS Measures on slide 3 of this presentation. 3. Total cash costs per ounce are operating costs, composed of mining (UG and OP), processing, water treatment and tailings, minesite G&A and royalty costs, divided by payable gold ounces. ALL-IN SUSTAINING COSTS Payable Gold oz LOM Costs ($M) US$/oz 2,3 Cash Operating Costs 1,711,000 1,763 763 Royalties 202 88 Total Cash Costs 1,965 851 Sustaining Capital Expenditures and Closure Costs 449 195 All-in Sustaining Costs2,3 2,414 1,046 TSX: WM | OTCQB: WLBMF 20
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TSX: WM | OTCQB: WLBMF 21 WALLBRIDGE A Platform for Growth in the Abitibi Advancing multi-million-ounce gold discoveries on a district- scale land package Fenelon: Long-term Platform for Growth Positive PEA Published March 2025, 16 Year Mine Life Martiniere: Near-term Growth Potential Systematically expanding mineralized gold footprint Strong Technical Team Diverse team with broad range of industry knowledge and experience Premier Location Established transportation, energy infrastructure and experienced workforce in one of the world’s leading mining jurisdictions ESG Focused Respecting shareholders, the environment and communities where we operate 21
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TSX: WM | OTCQB: WLBMF 22 UPCOMING EVENTS 121 London November 17 - 18 Xplor 2025, Montreal October 27 - 30 Swiss Mining Institute, Zurich November 20 - 21 Mining Virtual Investor Conference December 3 - 4 Virtual Marketing: November/December
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THANK YOU TSX: WM OTCQX: WLBMF wallbridgemining.com Tania Barreto, Director, Investor Relations E: tbarreto@wallbridgemining.com @WallbridgeWM @WallbridgeMiningBrian Penny, CEO E: bpenny@wallbridgemining.com 23