Wallbridge Mining Co. Ltd. · TSX:WM
Wallbridge Mining — Investor Presentation (May 2024)
46 slides from Wallbridge Mining's investor presentation, May 12, 2024
Slide 1: Growing Gold Resources in Quebec's Abitibi
Growing Gold Resources in Quebec’s Abitibi May 2024 TSX: WM | OTCQX: WLBF TSX: WM OTCQX: WLBMF wallbridgemining.com
Slide 2: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information The information in this document 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 a
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: Abitibi Greenstone Belt
Abitibi Greenstone Belt North vs. South Northern vs. Southern Abitibi ▪ Similar geology ▪ World-Class potential demonstrated (40 Moz Detour Lake) ▪ Less exploration maturity due to: - Less accessible in the past - Farther from urban centers - Limited surface outcrops For details of the 2023 MRE, ple
Slide 5: District Scale – Detour-Fenelon Gold Trend
District Scale – Detour-Fenelon Gold Trend Multi-Million Ounce Potential Detour Lake mine MULTI-MILLION OUNCE DEPOSIT (Agnico Eagle Mines) Canada’s largest gold mine 733,000 koz GROWTH POTENTIAL 2022 Production Wallbridge 2023 Mineral Resource Estimate 2 SIGNIFICANT GOLD DEPOSITS Fenelon Gold 2.37 M
Slide 6: Project Major Milestones
Project 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 ― 10.5km 2 Property ― >900 Km 2 land package ― Returned capital to shareholders ― 7,000 tpd ― Fenelon Deposit Martiniere Deposit
Slide 7: 2023 Year in Review
2023 Year in Review Unlocking Value on Strategic Land Package ✓ Updated MRE for Detour-Fenelon Gold Trend Property (Fenelon and Martiniere) ✓ Completed positive PEA on Fenelon Gold Project ✓ Drilled ~49,000 m on the Detour- Fenelon Gold Trend Property ✓ Discovered new greenfield gold mineralization
Slide 8: 2024 Program
2024 Program Advance Martiniere and Fenelon Toward Combined PEA for 2026 Test regional greenfields exploration targets for discovery 2024 Work Program Drilling (m) Budget Martiniere – resource and exploration drilling (includes 13,000 $8.9 $900,000 of technical and environmental studies) Fenelon – e
Slide 9: 2024 Goals
2024 Goals H1 2024 ▪ Complete ~7,500 m Phase 1 Martiniere Resource Drill Program ▪ Complete ~5,000 m Fenelon Resource Drill Program ▪ Complete Martiniere Metallurgy Test work ▪ Publish updated Sustainability Report ▪ Commence Martiniere Environmental Baseline Studies H2 2024 ▪ Complete ~5,500 m Pha
Slide 10: ESG
ESG Continuous Improvement - Local sourcing from Abitibi to every extent possible - 2019 gold award in health & safety from the PDAC - Local hiring from Abitibi and surrounding First Nation - Prioritizing EHS system evolution communities - Health, Safety, Environmental and Community Policies Social
Slide 11: Environment, Permitting
Environment, Permitting Strong Partnership with First Nations Stakeholder Engagement ▪ Over 130 engagement activities with stakeholders ▪ Regular meetings with First Nation communities of Washaw Sibi, Waskaganish and Abitibiwinni (Pikogan) ▪ Pre-development agreement in place with Cree communities o
Slide 12: Supportive Shareholders
Supportive Shareholders Share Structure – March 21, 2024 52-Week Trading Range $0.07--$0.20 Shares Outstanding – Basic 1,016.2M Shares Outstanding - Fully-diluted** 1,049.8M Cash & Cash Equivalents - 31/12/2023 ~29.8M Analyst Coverage **26,016,912 options outstanding with an exercise price of $0.36
Slide 13: Positive PEA at Fenelon
Positive PEA at Fenelon A Great Starting Point 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 RATE OF RETURN $749 US$/oz $924 US$/oz $7
Slide 14: Fenelon PEA Approach
Fenelon PEA Approach First Principles Approach, Realistic Costs Longitudinal section looking North PEA Approach - First principles: new project starting with a clean slate - Stope optimization: Iterative process to develop a large UG operation according to MRE, rock mechanics and projected stope pro
Slide 15: Fenelon PEA
Fenelon PEA Efficient Capital Allocation Initial Capital Expenditures Sustaining Capital Expenditures Cost Element Initial Capital ($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 16: 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 - Spot 1.34 1070 24 4.2 NPV Sensitivity – Operating and Capital Costs Operating Costs $M Capital Co
Slide 17: Detour-Fenelon Gold Trend Mineral Resource Estimate
Detour-Fenelon Gold Trend Mineral Resource Estimate 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 | OTCQX: WLBF 17
Slide 18: Fenelon Gold Project
Fenelon Gold Project Quality Of Gold Ounces 2023 Open pit shells Plan view 2023 MRE 250 m depth 2023 Open pit shells Main Gabbro ▪ Predominately underground Northwest resource ▪ 58% of resource in Indicated category 2023 Underground 2024 Plans Mineral Resources Southeast ▪ Resource drilling (~5,000
Slide 19: Fenelon Gold Vs. Other Abitibi Deposits
Fenelon Gold Vs. Other Abitibi Deposits Gold Concentration – 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 | OTCQX: WLBF 19
Slide 20: Fenelon Gold PEA Access To Infrastructure
Fenelon Gold PEA Access To Infrastructure Electric Line 120 Kv (25.3km) TSX: WM | OTCQX: WLBF 20
Slide 21: Fenelon Gold Comparables
Fenelon Gold Comparables Similar Bulk Mining Operations In Abitibi GOLDEX YOUNG-DAVIDSON WASAMAC FENELON Company Agnico Eagle Mines Alamos Agnico Eagle Mines Wallbridge Stage Production/2008 Production/2012 Feasibility/2021 PEA/2023 Depth (metres) 800-1,500 210-1,500 0-845 0-1,040 Mineral Resource E
Slide 22: Martiniere Gold Project
Martiniere Gold Project Advancing Our Second Million-Ounce Gold Deposit N 200 200 0 0 -200 -200 -400 -400 Inferred Indicated Martiniere West Gabbro Open Pit Outline 2023 MRE ▪ Since the acquisition, expanded known resources by 16% in the 2023 Indicated and 1100% in the inferred category. Martiniere
Slide 23: 2024 Exploration Program
2024 Exploration Program Martiniere, Fenelon And Greenfield Exploration Martiniere 13,000 m diamond drilling + Technical Studies, Environmental Fenelon 5,000 m diamond drilling + Technical Studies, Environmental Regional 5,000 m diamond drilling + Geophysics, Field Work TSX: WM | OTCQX: WLBF 23
Slide 24: Fenelon: a Hub to Unlock District-Scale Opportunity
Fenelon: a Hub to Unlock District-Scale Opportunity Substantial synergies between Fenelon and Martiniere with strong discovery potential. Delivering Value to Shareholders Fenelon PEA: After-tax NPV5% of $721 Million Wallbridge Strong Technical Team A New Growth Platform Integrated exploration and de
Slide 25: Thank you
TSX: WM OTCQX: WLBMF Thank you Contact Brian Penny, CEO Victoria Vargas, Capital Markets Advisor Information: E: bpenny@wallbridgemining.com E: vvargas@wallbridgemining.com @WallbridgeWM @WallbridgeMining wallbridgemining.com 25
Slide 26: Appendix
Appendix Solid team in place for future growth along the Detour-Fenelon Gold Trend 2 TSX: WM | OTCQX: WLBF 26 26 6
Slide 27: 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 28: 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 29: Fenelon PEA Free Cash Flow
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 30: 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 31: 2023 Exploration Progress
2023 Exploration Progress Two New Gold Zones 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 the mineralized footprint of our f
Slide 32: 2023 Exploration Progress
2023 Exploration Progress New Gold-Bearing Jeremie Diorite And Extensions Of Known Zones At Fenelon TSX: WM | OTCQX: WLBF 32
Slide 33: 2023 Exploration Drilling
2023 Exploration Drilling Martiniere Exploration Drilling TSX: WM | OTCQX: WLBF 33
Slide 34: 2023 Exploration Drilling
2023 Exploration Drilling Grasset Gold – Grasset East Flexure Drilling ▪ First drill program by Wallbridge on a prospective 20-kilometre strike length of the Sunday Lake Deformation Zone (“SLDZ”) at Grasset Gold, identified multiple grassroots gold occurrences under glacial overburden cover. ▪ The “
Slide 35: 2023 Exploration Drilling
2023 Exploration Drilling Grasset Gold – Grasset East Flexure Drilling ▪ Drilling along the northern contact of the SLDZ intersected gold mineralization in 12 of 20 holes over a 5-kilometre strike length (Hinge Zone and Targets G5 & G11) in a similar geologic setting to Agnico Eagle’s Detour Lake mi
Slide 36: 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 37: 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 38: 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 39: Fenelon PEA Metallurgy & Processing
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 40: Our Team
Our Team Diverse and Complementary Backgrounds Board ANTHONY MAKUCH BRIAN PENNY BRIAN CHRISTIE DANIELLE GIOVENAZZO ALAR SOEVER JEFFERY SNOW MICHAEL PESNER JANET WILKINSON Director, Chairman CEO Director Director Director Director Director Director Management LYNE THOMPSON FRANCOIS CHABOT BRIAN PENNY
Slide 41: 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 42: 2023 Mineral Resource Update
2023 Mineral Resource Update 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 > 0.45 303,9
Slide 43: 2023 Mineral Resource Estimate Update
2023 Mineral Resource Estimate Update 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 -
Slide 44: Gold Price Sensitivity Analysis – Fenelon
2023 Mineral Resource Estimate Update 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$/oz) (gt/Au) (g/t Au) (oz Au) (g/t Au) (g/t Au) (oz Au) Indicated Resources 1,920 In Pit > 0.35 817
Slide 45: Gold Price Sensitivity Analysis – Martiniere
2023 Mineral Resource Update Gold Price Sensitivity Analysis – Martiniere MARTINIERE (All Zones) Gold Price Cut-off Grade Grade Troy Ounces Cut-off Grade Grade Troy Ounces Tonnes (t) Tonnes (t) (US$/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 In
Slide 46: Our People
Our People Our #1 Asset TSX: WM | OTCQX: WLBF 46
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