Slide 1: Growing Gold Resources in Quebec’s Abitibi
Growing Gold Resources in Quebec’s Abitibi Corporate Presentation March 2025 TSX: WM OTCQB: WLBMF TSX: WM OTCQB: WLBMF wallbridgemining.com
Slide 2: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretation
Slide 3: QP Statement and Non-IFRS Measures
QP - Statement The scientific and technical information of the Company and of the Fenelon, Martinière and Grasset properties included in this presentation have been reviewed and approved by Francois Chabot, Eng., Technical Studies Manager of Wallbridge and a Qualified Person as defined by NI 43-101.
Slide 4: Supportive Shareholders
Supportive Shareholders Share Structure – As of March 1, 2025 Shareholder Distribution 0.8 52-Week Trading Range $0.06—$0.12 9.9% Agnico Eagle 15.1% Eric Sprott Shares Outstanding – Basic 1,099.3M William Day 68.9% Construction Shares Outstanding - Fully-diluted** 1,157.8M 5.3% Retail & Other Manage
Slide 5: Our Team
Our Team Board ANTHONY MAKUCH BRIAN PENNY BRIAN CHRISTIE DANIELLE GIOVENAZZO JEFFERY SNOW MICHAEL PESNER JANET WILKINSON Director, Chairman CEO Director Director Director Director Director Management BRIAN PENNY MARY MONTGOMERY MARK PETERSEN TANIA BARRETO FRANCOIS CHABOT CAROL DUFFIELD GUILLAUME LAC
Slide 6: Abitibi Greenstone Belt
Abitibi Greenstone Belt North vs. South Abitibi Martiniere Gold Project Northern vs. Southern Gold Deposits 2023 Mineral Resource Estimate Towns 0.68 Moz Au Indicated Fenelon Gold Project Abitibi Interpreted Structures 0.63 Moz Au Inferred 2023 Mineral Resource Estimate Claim Outlines 2.37 Moz Au In
Slide 7: District Scale – Detour-Fenelon Gold Trend
District Scale – Detour-Fenelon Gold Trend Multi-Million Ounce Gold Resources MULTI-MILLION Detour Lake mine OUNCE DEPOSIT (Agnico Eagle Mines) Canada’s largest gold mine 2023 Production 677,446 oz gold GROWTH POTENTIAL Wallbridge 2023 Mineral Resource Estimate Fenelon Gold 2 SIGNIFICANT GOLD DEPOSI
Slide 8: Major Milestones
Major Milestones From Discovery to PEA Acquires Fenelon Project Acquires Balmoral Res. Divest All Nickel Assets PEA (Fenelon) MAY 2016 MAY 2020 NOV 2022 JUNE 2023 ― 10.5km2 Property ― >900 Km 2 land package ― Returned capital to shareholders ― 7,000 tpd ― Fenelon Deposit Martiniere Deposit ― Maintai
Slide 9: 2025 Program
2025 Program Fully-funded Technical Studies and Exploration Programs at Fenelon, Martiniere and Regionally 2025 Technical Studies Updated PEA at Fenelon to be completed by end of Q1 2025 - Focused on a phased development approach involving a lower initial production rate to reduce up front capital a
Slide 10: ESG
ESG Continual Improvement - Local sourcing from Abitibi to every extent possible - Prioritizing EHS system evolution - Local hiring from Abitibi and surrounding First Nation - Health, Safety, Environmental and Community Policies communities in place Social - Supporting business startup Health, Safet
Slide 11: Positive PEA at Fenelon
Positive PEA at Fenelon A Great Starting Point - PEA to be Updated by end of Q1 2025 ANNUAL GOLD ANNUAL FREE INITIAL CAPITAL 2 SUSTAINING CAPITAL 2 PRODUCTION CASHFLOW 2,4 212,000 $157 $645 $594 Ounces Million Million Million TOTAL CASH COSTS 1,2,4 AISC 2,3,4 AFTER-TAX NPV 5%4 AFTER-TAX INTERNAL RAT
Slide 12: Fenelon PEA Approach
Fenelon PEA Approach First Principles Approach, Realistic Costs Longitudinal section looking North PEA Approach ▪ First principles: new project starting with a clean slate ▪ Stope optimization: Iterative process to develop a large UG operation based on January 2023 MRE, rock mechanics and projected
Slide 13: Fenelon PEA
Fenelon PEA Efficient Capital Allocation Initial Capital Expenditures Sustaining Capital Expenditures Cost Element Initial Capital ($M)1,2 Cost Element Initial Capital ($M)1,2 Mill 220 Production Shaft 143 Paste Plant 46 Mining Equipment 140 Tailings and Water Treatment 36 Development 158 Capitalize
Slide 14: PEA Sensitivity Analysis
PEA Sensitivity Analysis Double-Digit IRR Across Gold Price Scenarios Gold Price (US $/oz) FX NPV ($M) IRR (%) Payback Years $1,600 1.30 512 14 6.2 $1,750 1.30 721 18 5.4 $1,900 1.30 923 21 4.6 $1,950 1.34 1070 24 4.2 NPV Sensitivity – Operating and Capital Costs Operating Costs $M Capital Costs $M
Slide 15: Fenelon Gold Project
Fenelon Gold Project Quality Of Gold Ounces 2023 Open pit shells Plan view 2023 Open 2023 MRE 250 m depth Main Gabbro pit shells ▪ Predominately underground resource Northwest ▪ 58% of resource in Indicated category 2024 Plans 2023 ▪ Completed resource delineation and Underground Mineral Resources i
Slide 16: Fenelon Project vs Other Abitibi Gold Deposits
Fenelon Project vs Other Abitibi Gold Deposits Gold Ounces Per Vertical Metre *~29,000 Tonnes per vertical m For details of the 2023 MRE, please refer to Amended and Restated NI 43-101 Technical Report filed on December 29, 2023, on SEDAR+. TSX: WM OTCQB: WLBMF 16
Slide 17: Martiniere Gold Project
Martiniere Gold Project Advancing Our Second Million-Ounce Gold Deposit N 200 200 0 0 -200 -200 -400 -400 2023 MRE Inferred Martiniere West Gabbro Indicated Open Pit Outline ▪ Since the acquisition, expanded known resources by 16% in the 2023 Indicated and 1,100% in the inferred category Martiniere
Slide 18: Fenelon: a Hub to Unlock Value for Shareholders
Fenelon: a Hub to Unlock Value for Shareholders Updated PEA by end of Q1 2025 Wallbridge Growing Gold Resources Fenelon 2023 PEA: After-tax NPV5% of $721 Million at US$1750 gold A Platform for Growth in the Abitibi Strong Technical Team Integrated exploration backed by a skilled team Advancing multi
Slide 19: Thank you
TSX: WM OTCQX: WLBMF Thank you Contact Brian Penny, CEO Tania Barreto, Director, Investor Relations Information: E: bpenny@wallbridgemining.com E: tbarreto@wallbridgemining.com @WallbridgeWM @WallbridgeMining wallbridgemining.com 19
Slide 20: Appendix
Appendix Solid team in place for future growth along the Detour-Fenelon Gold Trend 2 TSX: WM OTCQB: WLBMF 20 20 0
Slide 21: Fenelon PEA – Project Phases
Fenelon PEA – Project Phases 2 Years Pre-Production, 12 Years Production 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: ― Dewater
Slide 22: Annual Production, Koz
Fenelon PEA Average Annual Gold Production Of 212,000 Ounces Per Year Total Production of 2.6 Moz over 12-year mine life Production Profile 300 3.50 Annual Ounces produced Grade 3.04 3.07 3.04 2.85 2.87 3.00 250 2.71 2.70 2.64 2.55 2.60 2.67 237 2.38 242 240 226 2.29 2.50 200 225 213 Annual Producti
Slide 23: Fenelon PEA
Fenelon PEA Strong Free Cash Flow Generation Over 12-Year Mine Life Average annual after-tax cash flow of $157 million After-Tax Cash Flow ($Million) 228 218 196 202 199 182 161 148 140 139 100 94 32 -231 -414 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 Year For cautionary notes and definitions related to t
Slide 24: Fenelon PEA Opportunities
Fenelon PEA Opportunities Open In All Directions And Still Growing Opportunity Potential Benefits to: Increase the resource grade and ounces and convert more inferred to measured and indicated Additional infill drilling at Fenelon categories Additional exploration drilling at Fenelon Increase the mi
Slide 25: Fenelon First Half 2024 Exploration Advances
Fenelon First Half 2024 Exploration Advances Fenelon Resource Delineation & Infill Drilling Program Highlights ▪ 9 holes totaling 2,400 metres targeting Area 51 Enterprise, Contact and Tabasco zones ▪ Multiple high-grade gold intercepts along Area 51 Enterprize zone at depths ranging from 40 to 150
Slide 26: 2023 Exploration Advances
2023 Exploration Advances Two New Prospective Satellite Gold Targets Identified at Fenelon The Target 1 intersection, located in a newly-discovered Jeremie Diorite body, has now opened up a new area for future exploration and shows the excellent potential to significantly expand the known extent of
Slide 27: 2023 Exploration Advances
2023 Exploration Advances New Gold-Bearing Jeremie Diorite and Extensions of Known Zones At Fenelon TSX: WM OTCQB: WLBMF 27
Slide 28: Martiniere Q1-Q2 2024 Exploration Advances
Martiniere Q1-Q2 2024 Exploration Advances Martiniere Technical Studies | Metallurgical & Geotechnical Drilling Program Highlights ▪ 27 holes totaling 8,439 metres targeting Martiniere West, Central and North, Bug Lake zones ▪ Drilling provides representative coverage for metallurgical and geotechni
Slide 29: 2023 Exploration Drilling
2023 Exploration Drilling Martiniere Step-out Drilling TSX: WM OTCQB: WLBMF 29
Slide 30: Significant Untested Discovery Potential
Significant Untested Discovery Potential Detour – Fenelon Gold Trend: One of the Abitibi's least explored gold belts ▪ Host to Agnico Eagle's Detour Lake Gold Mine (2P @ 19.9 Moz + M&I @ 17.6 Moz @ Dec 31'23), Canada's largest producing gold mine ▪ Wallbridge controls 830 sq km consolidated mineral
Slide 31: Abitibi Greenstone Belt
Abitibi Greenstone Belt Overburden Thickness ▪ Discovered: 1994-1997 ▪ +5M oz Au known endowment on Quebec side (Wallbridge land package); 40 Moz at Detour Lake ▪ Very few outcrops ▪ Discovered: 1906-1911 ▪ Northwestern Abitibi covered with deep overburden, hindering ▪ +100M oz Au known endowment pa
Slide 32: Why Underground Bulk Mining?
Why Underground Bulk Mining? Open Main Gabbro Tabasco-Cayenne Zones Tabasco-Cayenne Jeremie Zones Diorite Area 51 Zones Jeremie 100 m Diorite Open Area 51 Zones 100 m Tabasco-Cayenne Zones Plan view, 600 m depth Area 51 Zones Plan view, 475 m depth ― Excellent along strike and down-dip continuity al
Slide 33: 2023 Mineral Resource Update
2023 Mineral Resource Update Fenelon Gold Project – Bulk Mineable Looking West Looking North Looking North Growth Growth Potential Potential Credit: Alamos Gold Corporate Presentation Fenelon Underground Alamos Gold’s Young Davidson ▪ 21.67M tonnes @3.40 g/t - 2.37M Oz Indicated* ▪ Mineral Resource
Slide 34: Fenelon PEA
Fenelon PEA Metallurgy & Processing, A Simple Flowsheet Metallurgy ▪ Metallurgical Testing: - Testing representative Tabasco- Cayenne & Area 51 material ▪ Gravity Gold Recoveries - up to 66.5% for Tabasco/Cayenne - up to 84.3% for Area 51 ▪ Cyanidation and flotation testing ▪ Overall Gold Recovery:
Slide 35: Fenelon PEA Study Team
Fenelon PEA-Study Team An Assembly of Expertise Consulting Firms Area of Responsibility Qualified Person ― Carl Pelletier, P.Geo., ― Vincent Nadeau-Benoit, P.Geo., InnovExplo Inc. ― Mineral Resources ― Simon Boudreau, P.Eng., ― Marc R, Beauvais, P.Eng. ― Mine design and scheduling, mine capital, and
Slide 36: 2023 Mineral Resource Estimate
2023 Mineral Resource Estimate Detour-Fenelon Gold Trend Detour Fenelon Gold Trend Category Cut-off Grade (Au g/t) Metric Tonnes (t) Grade (Au g/t) Troy Ounces (oz Au) in Pit > 0.45 727,400 4.46 104,400 Indicated UG > 1.50 20,931,700 3.37 2,265,200 21,659,100 3.40 2,369,600 Fenelon in Pit > 0.45 303
Slide 37: 2023 Mineral Resource Estimate
2023 Mineral Resource Estimate Economic Parameters 2023 2021 Parameters Unit Value Parameters Unit Value Gold Price US$/oz 1,600 Gold Price US$/oz 1,607 Exchange Rate CA$/US$ 1.3 Exchange Rate CA$/US$ 1.3 Fenelon Fenelon Metallurgic Recovery % 95.00 Metallurgic Recovery % 96.00 Mining Cost - Open Pi
Slide 38: 2023 Mineral Resource Estimate
2023 Mineral Resource Estimate Gold Price Sensitivity Analysis – Fenelon Fenelon (All Zones) Gold Price Cut-off Grade Grade Troy Ounces Cut-off Grade Grade Troy Ounces Tonnes (t) Tonnes (t) (US$/oz) (gt/Au) (g/t Au) (oz Au) (g/t Au) (g/t Au) (oz Au) Indicated Resources 1,920 In Pit > 0.35 817,500 4.
Slide 39: 2023 Mineral Resource Estimate
2023 Mineral Resource Estimate Gold Price Sensitivity Analysis – Martiniere MARTINIERE (All Zones) Gold Price Cut-off Grade Grade Troy Ounces Cut-off Grade Grade Troy Ounces Tonnes (t) Tonnes (t) (US$/oz) (gt/Au) (g/t Au) (oz Au) (g/t Au) (g/t Au) (oz Au) Indicated Resources UG (LH) > 2.00 UG 1,920
Slide 40: Our People
Our People Our #1 Asset TSX: WM OTCQB: WLBMF 40
Slide 41: TSX: WM OTCQB: WLBMF
TSX: WM OTCQB: WLBMF
Slide 42: Thank you
TSX: WM OTCQX: WLBMF Thank you Contact Brian Penny, CEO Tania Barreto, Director, Investor Relations Information: E: bpenny@wallbridgemining.com E: tbarreto@wallbridgemining.com @WallbridgeWM @WallbridgeMining wallbridgemining.com TSX: WM OTCQB: WLBMF 42