Wallbridge Mining 2025 Fall Corporate Update

0:04 Okay, as folks are filtering into the room, I'll say good morning, good afternoon, or good evening, depending on where in the world you're signing in from. I did see it's an international audience today, so I really appreciate everybody's time. I'm very pleased today to be joined by Brian Penning, CEO of Walbridge Mining, Tanya Barreto, Director of Investment Relations for the company, and finally, Mark Peterson, the company's Senior Exploration Geologist. How's everybody doing today?

0:24 Excellent, thank you. Great, thanks, Romeo. Awesome. So here's how today's going to work just for the folks in the room. First, there's going to be a very brief introductory presentation, most of those in the room who aren't really familiar with the stock. But then I'm going to ask some of the great questions that came in in advance over email. But after that, I am going to open it up to the live audience here today. So I do really want this to feel like an interactive conversation. I want to make sure people in the room feel heard. So there's a chat button in the bottom right of your screen. You can ask questions during today's event and I'll be able to get to them right after we've gone through both the presentation and the questions that came in advance over email.

0:57 The only other piece of housekeeping I'll give you today is this event is being recorded and will be available to people who have registered. It'll pop right in your inbox, probably later this afternoon, possibly as late as tomorrow morning. Without further ado, I know you've heard enough out of me. I'll get to the protein of today's event and pass it over to the Walbridge team for the presentation. Well, thank you, Romeo, and welcome everybody. Thank you for taking some time out. If you're in Eastern Standard Time during lunch hour, to listen to this presentation. I'm excited to be here. I think we've got a great opportunity at Walbridge. We have exploration potential in the northern Abitibi. We have 2 discoveries, Martigny and Fenelon, and we continue to explore at Martigny.

1:43 And I think I'll turn it over to Mark now to give us an update on some of the accomplishments at Martigny. Okay, well For the members of the audience who are familiar with the story, some of what I'll say is going to be a little bit redundant, but just for the benefit of anybody that's new learning about Walbridge, I'll try to address everything for everyone. So this past year we've been primarily focused on our earlier stage Martin year gold project. We've also been doing work on our flagship Fenelon project, but in terms of what we had available for financial resources at the end of 2024, it was very clear that really the most near-term low-hanging fruit opportunity for near-term value creation resides in Martinier.

2:56 We also did complete an updated PEA study on fennel, on which Brian will speak to later on in the presentation here. But what I want to cover right now is just kind of a summary to bring people up to date on what we've accomplished this year at Martin year, as well as a little bit of a thumbnail sketch looking forward on what we can expect, what shareholders and interested investors can expect between now and the end of the year. So in 2024, when I joined the company, we had a multi-phase program going on, and much of that was at Martinier, and we began exploration drilling beyond the known mineral resources. We also updated the mineral resource for my Martin year because considerable amount of drilling had been done since the last one, which was completed at the end of 2022.

4:01 And as we progressed through the program last year, and I was new, I was climbing the learning curve on all things Walbridge and detour fennel on, but it became clear to me that,

4:15 And it was no surprise, given the extensive surficial cover in the region, that Martinier might offer an opportunity for a larger gold system than the drilling up until 2024 had really indicated. So we started stepping out along what we refer to as the Bug Lake deformation corridor. And on this map, that's just the 2 dashed pink lines that run from the upper left down toward the lower right. That zone is, it's a pretty wide zone. It, and it's host to multiple sub-parallel shear structures that are basically structural controls to where gold mineralization is occurring along, you know, along the overall corridor. So there's multiple systems in here to explore.

5:16 So coming into 2025,

5:21 you know, to really shift focus away from, you know, near close based step out drilling just to incrementally grow resources, which is important. But really to answer this question, is there a bigger size prize here at Martinier? I had the sense that when I look at the resource statement, there very well could be. So we took a more aggressive exploration approach and rather than focus on for right now, delineating more resources, what I wanted to do was see what we can do to flesh out the broader geologic footprint. So it doesn't look like it at the scale of what's on your video screens, but the mandate that we set for ourselves was no holes closer than 150 meters apart in step-out exploration.

6:20 And we started out in phase 1, really focused on stepping out laterally along strike and across the zone. And then as we came into phase 2, we got, we were very happy with the results. We got out of phase 1. As we came into phase 2, we pivoted a bit to also explore the deeper projections along that Bug Lake deformation quarter. And specifically, we've been primarily focused on a trend between the area labeled there as Dragonfly, where there's a little bit of a resource that was delineated last year with a little bit of drilling that had been done and the Bug Lake North zone, which is kind of more set in the central portion of the slide and the Horsefly zone as well. So the next couple of slides I'm going to show you will be some cross sections.

7:15 The first one will be a North-South section that runs right through a gap. It's about a 500,600 meter gap that was in the drilling pattern between where we had resources delineated at Dragonfly to the east, to the southeast and the Bug Lake North and Horsefly zones to the northwest. And really, there was no reason for it not to be prospective but there really wasn't any properly directed drilling through that gap. So we started out in phase 1 with a hole, with some holes to test that and hole 121 returned some pretty significant results with good high grade hits along multiple structures through the zone of deformed rock.

8:08 Coming forward into phase 2, which we began in mid-July, we decided, okay, well, we liked what we saw in 121. So we drilled, essentially, it's a step-out hole stepping down 150 meters below hole 121. And once again, we hit multiple high grade hits on multiple mineralized structures. And as you can see, just looking at the slide, we're not done. There's, you know, the system, the structures remain open vertically down dip, down plunge. So, you know, our suspicion that, you know, this system may have deeper roots than was originally shown in the historic drilling was kind of bearing out.

8:56 Just before we go to the next slide, I just want to highlight if up in the upper right in the horsefly area. We delineated a small amount of open pittable mineral resource last year. And this year, both in phase 1 and phase 2, we've gone back because we had some holes that ended in mineralization. So we've extended some of the previously drilled holes and also we're stepping out more laterally to see what may be further outboard. Again, this is near surface gold potential. So we're exploring both the deeper portions of the system as well as shallower up right around resources where we think we can get some good results. Now, if we go to the next slide, This is a longitudinal section. It covers approximately 1.2, 1.3 kilometers of strike length running right down the trend between Bug Lake North and Dragonfly.

10:03 There's some shaded outlines with dashed outlines. Those are the outlines of currently delineated mineral resources that are carried in our mineral resource statement. Everything else that's the slightly darker gray pattern, there are no resources delineated in those volumes, at least on this section. And so you can see again, where our drilling in that gap zone between Bug Lake North and Dragonfly has returned positive results. So I'm very pleased with what I'm seeing. Also, what I want to just highlight here is I mentioned that in phase 2, we kind of pivoted a bit and that pivot was

10:50 kind of a combination of continuing to drill laterally outboard along strike but also to test deeper deeper in this system with holes going below the nominal 400 meter depth limit of drilling there had been drilling deeper than that, but really not very much. So those blue lines that are shown on here are holes that we have completed as part of phase 2, but we don't have all of the assays back on those. And my last count, I think we had 9 holes with assays pending in the Dragonfly Bug Lake North, part of the Bug Lake deformation corridor and 3 pending holes in the horsefly area.

11:39 So stay tuned, we anticipate we'll have all of our final results of phase 2 back from the lab come mid-November and once we have those we'll be compiling them into a news release that I would anticipate would be coming out in late November, early December timeframe. So I'll leave it at that and hand it back over to Brian to bring things up to date on what we're doing at Fenella. No, thanks Mark, an excellent update. I was having some technical issues and I skipped over a couple of slides, but I'll just talk to them right now. You know, our capitalization screen, we have 2 major shareholders being Eric owning 15% and Agnico owning 9.9%.

12:31 Agnico acquired their interest when they acquired Kirkland Light Gold and they've been supportive, participating pro rata in all of our financings to date to maintain their interest at 9.9%. We did 2 recent transactions which we will respond to in the question and answer period. Some of the pre-sent questions addressed it. We improved their cash position by $8 million with respect to the sale of the detour East property to Agnico and our most recent $4.7 million receipt of our refundable tax credits. It's a very favorable

13:17 incentive by the Quebec government to encourage employment in the far north and 20% of our non Quebec flow-through financed expenditures qualify for this incentive. You get it after you file your tax returns for the year and they do a audit to ensure compliance so we received those earlier this week. With all of that you know we're looking to close the year with about 15 million in the bank And before we get into the PA and stuff like that I'd like to talk about where we were last year and where we are this year. You know last year we developed a plan to complete a preliminary economic analysis on the Fenland project.

14:03 We told the world we would achieve it by the end of March and not only did we achieve the study and the news release by the end of March, we also filed the tech report at the same time. In order to do all this work in the fall of 2024, we looked at our cash position, we looked at the refundable tax credits we had just received, and we raised about $7 million with, including Agnico's participation to top things up to do a small program. At the time, it was very difficult to finance junior equity markets. There was no interest in investing across the board. We were advised by a lot of people, you know, just go pens down and wait for a better market.

14:52 But we wanted to keep together the team, we wanted to continue to advance the project. So we came up with a smaller, which turns out to be a very successful program focusing primarily on Martigny. Again our plan was to complete the PEA, we delivered. You know our plan was to complete the exploration on Martigny, it's virtually done and you know some of the regional work we had planned has been allocated to follow up on Martinier because of the successes. As Mark mentions, NewsFlow will be coming out. We're currently developing a plan for 2025 on where to from here. Yes, we've learned a lot. We didn't have a lot of news flow this year because it was a small program. We will assess our news flow going forward. We will assess looking at more virtual conferences like this in the future to keep the communication open.

15:49 Next slide, please. So, again, when we put the study together, long-term analyst consensus price was $2,200 an ounce. Today, long-term analyst consensus price is somewhere between $2,700 and $2,800 an ounce. But we can't put together a study and change it after the tech report is done. Annual production is 107,000 ounces a year. Good free cashflow at $2,200 gold. Our CAPEX and sustaining capital, we'll get into that in the following slide. Cash costs are very respectable and all the sustaining costs are very respectable.

16:35 Our after tax NPV at 2200 is great and considering that is substantially below current spot prices, an attractive rate of return. I get a lot of questions on sensitivity to higher gold prices. How 43-101 works in order for me to quote any of these numbers they have to be included in our tech report. We sensitize our tech report up to $3,000 Gold. And you can see at $3,000 Gold, we have a $1.4Bn

17:11 NPV, 34% IRR and most importantly a payback of 2.4 years. So, all I can say is that today it would be even better, but this is the sensitivity provided in our tech report. And in order for us to update that, we'd have to engage, rewrite our tech reports. And for, at this point in time, we need to focus on our deliverables for next year and deliver again. The PEA was based on first principles. We started with a clean slate. We looked at some slope optimization that was involved in it. We did trade-off studies, some trade-off studies,

18:02 and we integrated existing infrastructure. There is a ramp there that a bulk sample was completed in 2018-2019 we will use a small portion of that ramp to access the underground workings but you know it's it's in the plan and op-ex we did a detailed review we looked at comparables and for similar size operations in the Abitibi.

18:31 The timeline there were some of the questions that came in earlier. 2 years pre-production, 15 years fire ramp and at the end of the mine life there is an open pit potential in the gabbro, but that is around the existing audit. So normally you start with the open pit potential, but we would ramp down near the end of the mine lift just to support the existing infrastructure that's in place. We've applied for an allocation for power from Hydro-Quebec. The allocation will be finalized when we complete a feasibility study.

19:17 But we're keeping them informed

19:21 as we're progressing. It's a great asset because with an allocation and building this power line, which is in our cost estimates of $29M, we have access to, at current prices, $0.05 per kilowatt hour power cost. So it's something worth continuing to pursue, and it could be very, very helpful as we develop Phenolon going forward.

19:50 The layout, and again, this is a PEA. There is very limited engineering. So, you know, there's a lot of additional work, a lot of trade-off studies to do to go to a pre-feasibility study, but this is an indicative of what things could look like. And when we put the study together, we focused on risks. 1, we decided, we did a tonnage grade analysis and the sweet spot seems to be around 3000 tons a day. We built the plan based on a 3000 ton a day operation. And again, it's a PEA mine plan. So it includes all resources. That plan, please go back. You know, that plan, you know, allowed us to, 1, eliminate a shaft construction as the previous PEA done, focusing on the highest margin ounces as we develop this, focused on risks, dry stack tailings, yes, it's a little bit more costly, but it's the most effective way when you're looking at

21:01 building tailings in the Hudson's Bay lowlands, focused on all of the waste rock ultimately winding up underground. We will use paste backfill. So again, focusing on risks that will pay dividends when we get to a permitting phase, when we're in negotiation of our IVAs with our First Nations partners. So we've taken a look forward to figure out the best way to go forward with this project.

21:29 The camp on the right hand side, Everything in blue is there today, everything that's white will be added. So it's about 10 kilometers away. Myself, having spent some of my career in camps, it's nice that it's 10 kilometers away because it will be quiet in the evenings or during the days when people are relaxing, unwinding, and ultimately sleeping.

21:54 The metallurgy, there was some metallurgical work done a few years ago. The indicative recovery is about 96%. You know, Clearly, that's something that we could do in our next year's plan, is maybe we do another metallurgical test, because as the ore body evolves, there may be areas with a little bit different mineralization that we need to do some net work and you know we will look at that. Very conventional simple flow sheet as indicated in the bottom left-hand corner. Our production is a hundred 7000 ounces annually. You can see there's the life of mine indicated production and grade. The really sweet thing is during the first 5 years as you're working towards payback, and that's why we get such exciting payback in this operation.

22:47 It's 127,000 ounces a year, so great startup and a great opportunity, you know, even at $2,200 gold to pay back the construction costs quickly.

23:04 This slide, I won't talk very much about it, but you know, this is the $2,200 gold indicative free cash flow for Fenelon. Details of our capital allocation, you know, the costs for the mill and the tailings are included in here. Dry stack tailings a little bit more expensive, but it is the right thing to do from this management standpoint.

23:34 Underground equipment, during the initial construction phase is quite nominal, but we will use contractors and ultimately go to an owner operated fleet during the sustaining period. Our sustaining capital expenditures are including certified rebuilds of all our equipment based on the OEM recommendations.

23:55 So it's fully baked in. I don't want to put out numbers that are not deliverable, But again, it is a PEA and there's a lot of work to go to pre-fees and a fees to really look at some various trade-off studies. So what we have at Walbridge is a long-term platform for growth. We've got a positive PEA with a 16-year mine life that, based on the PEA mine plan, mines out about half of the overall resources. So, it gives an opportunity to grow in the future. Let's focus on the quickest path forward and then we can always expand in the future.

24:42 Martiniere near-term value creation potential, you know, Mark and his team have developed a very systematic plan to look for opportunities to enhance the Gold footprint and we will continue working on that next year. The team is strong. Our technical team has a breadth of experience. Mark's been in the industry for about as long as I have, maybe a little bit longer. So very experienced, great team leader and a great economic geologist. The location, we're in one of the best locations in the world. You know, there's a highway that runs within about 30 kilometers of the property. We have a logging road that runs up to the camp. So we have year round access.

25:33 You know, The incentives offered by the Quebec government are sensational. One of the things we looked at, and another thing when we decided on making the 3,000 ton a day operation, We looked at permit. 5,000 tons a day seems to be a number that you would need approval from the provincial regulators as well as the federal laborers. Anything below that is just provincially. So to start off with 1 party in the room as we advance the project is probably an efficient way of managing it and deal with after payback and expansion scenario. It is a smaller scale mine but as we see the success that Artemis is achieving right now, much larger open pit mine, but the same concept, start off small and grow to it.

26:29 And We respect our shareholders, we respect the environment, we have great community relations with the surrounding communities. Our First Nation partners are very supportive. We have pre-development agreements with our 2 pre-partners of Wuskaginish and Owashe-Sibi. And, you know, hopefully before the end of this year, we'll have a similar agreement with our Algonquin partners at BeagleBell. So with that, Tanya, I'll let you talk about the next slide. You know, one of the things we're focused on is now that, you know, the quiet year is just about over, how do we go forward marketing in the future? And Tanya, why don't you talk briefly what our plans are for the balance of this year? Sure, thanks, Brian.

27:15 So to conclude the formal presentation portion of today's call, I'll just quickly summarize our plans for the remainder of the year on the IR and marketing front. Later on this month, we'll be in Montreal at Explore, which is put on by AEMQ, which is the Association for Exploration in Quebec. In November, we will be in Europe for the 1 to 1 conference in London and the Swiss Mining Institute conference in Zurich. In December, we'll be doing the mining virtual investor conference, which is put on by the OTC. And before the end of this year, we will also be engaging with Crux Investors, the John Tomazos Group and Torrey Hills, which are providers of virtual interviews and retail marketing webinars, that sort of thing. And I just, to add a little bit, I just like to look forward to next year. As we know, the market is turning, gold is at a record price. So we will be adding more retail marketing to our IR plan.

28:12 Once we finalize the budget for next year, we'll have more details on that. And finally, for anyone who'd like to know what we've done this year to date, all of our marketing events, conferences, webinars, etc. Are all on our website. And I'd encourage you guys to take a look if you want to look back to see what we've attended so far this year and listen to any of the corresponding webcasts. And I think now I'll turn it back over to Romeo and open up the Q&A portion of the webinar. Thank you. Awesome, Appreciate it very much. Like I said earlier, I do have quite a number of questions that came in over email in advance from investors. I'm going to read exactly as they were written. Once that was done, I appreciate everybody's patience. We'll get into some of the questions in chat. Still tons of time for today's event. I just want to make sure we get to as much as possible and a lot of people did send in questions in advance so I do want to tackle those.

29:08 Before we get started there though I did want to throw it to you Brian first just to ask if you're aware of the comments on chat boards and the sentiment of some of the shareholders in recent days? Yes, I'm aware of them, but our disclosure policy prohibits us from engaging in chat room and message boards. However, any shareholder who would like to speak to me directly, you're always welcome to call me. My cell phone number is on the bottom of every news release we issue. So you can reach me at that number anytime. Awesome, okay, appreciate that. One question that came in is, why weren't you at Beaver Creek Investment Conference? Well, unfortunately I couldn't attend it there because there was a death in my family before the conference and I was unable to attend.

30:00 Mark attended as planned and is probably the best person he organized to attend the Beaver Creek Conference. And our meeting schedule was quite full for the 3 days. I appreciate that. One question that came in over email is, have you considered selling Fentylon or Martiniere? We always review options to unlock value for our shareholders. You know, from time to time we discussed internally should, you know, what's the best forward for those projects, but I believe in the current market, it would be very difficult to sell our advanced projects at this time. Okay, appreciate that. One is, when will we begin commercially selling our gold in the future? What's the timeline to development and obstacles to overcome to make that happen? Thank you. And, you know, referring back to the presentation, you know, there's a six-year timeline, two-year, I think there's a 6 to seven-year timeline.

30:58 We need to complete a pre-feasibility and a feasibility, obtain all permits, IBAs with our First Nations partners, get electrification from Hydro-Quebec prior to construction. So this could take a few years to complete. And then as we indicated in our presentation, the construction phase is a couple of years. No, appreciate that. One person, this is a accumulation of a number of different questions. So I'll just kind of throw 1 version of it at you, which is what's the realistic stock price forecast to the best of your ability to answer? Well, we don't provide stock price forecasts. However, we believe our valuation has improved since July, but we believe we're still undervalued. That's why we're going to focus on a lot more marketing going forward, because, you know, we have a projected decent cash balance at the end of the year and the market is substantially approved for junior equities.

31:53 Okay, one question that came in is, is your plan to build and operate or just to explore and sell or what at least is the thinking right now? Well, you know, we're here to enhance shareholder value. We need to continue to take our projects forward, we need to continue to explore Martinier, we need to look for regional targets, probably do some drilling on Casalt to earn into that 50% interest of that joint venture. And if, as we continue to advance and de-risk, if somebody taps us on the shoulder and says, I got a deal for you, It's our job to listen to it. And, you know, if it's with merit, we'll bring it to our shareholders. Okay.

32:40 One person asked again, this is to the best of your ability. This person notes they're an industry person interested in what partnerships Walbridge has with larger miners to grow Walbridge mine to the next level. Well, you know what, I've been in this industry for a long time. I sat on the boards of Mavericks, a royalty company that was acquired by Triple Flag. I sat on the board of Equinox when it was sold to Barrick. I was on Alamos's board over the years. My career was with Kinross, Western Goldfields, and ultimately New Gold before Walbridge. So I have relationships with many executives in the industry, which I reach out from time to time. As for Walbridge, we have an excellent relationship and support from our 9.9% shareholder of Agnico Eagle.

33:29 Okay. 1, and this is again, this is a combination of quite a number of questions, but that's really how can you explain or how do you speak to the fact that the share price doesn't seem to have moved like the rest of the market for gold companies in the same position, despite millions of ounces of gold in the ground and the rising price of gold? Well, that's a challenge. You know, since the end of the summer, our stock price has tracked well with the price of gold. Some have done a lot better. Yes, we are still undervalued and we will review this, address it. We're already addressing it with our fourth border marketing plans on how we go forward, how do we garner interest in our stock again and stay tuned. Okay. One is, was the sale of the property to Agnico to get some operating cash? What if any value was retained on that property should ever go into production and how much of Walbridge's money was spent total on the block of claims you divested of?

34:23 It seems like 3 or 4 questions, but anyhow, it's a vehicle approached us to acquire 100% of the detours property for $8 million. We retained a 2% NSR on the property, but Ignico can buy it back for $4 million. So for all intents and purposes, we'll get a $4 million payment at some point in the future if this project advances. Ignico was about to invest to a 50% interest, a joint venture would be formed and they could increase their ownership to 75% by spending $27.5 million over the next 5 years. In the future, As a partner and a joint venture partner, we would be subject to dilution if we could not fund our share of expenditures with the ultimate low mark.

35:14 If we couldn't fund our expenditures over the years, we would be diluted down to a 1% NSR. Detour Lake Mine, which is just on the other side of the board as we all know, has proven unprobable reserves of 19 million ounces, measured and indicated resources of 15.8 million ounces and inferred resources of 6.7 million ounces. This was at the end of last year. It could be decades before Detour East property forms part of the future production of the Detour Lake mine. Detour East property had limited historic exploration and requires a significant investment to convert the prospect into a resource and ultimately producing mine. We held the property for about 4 months after the Belmoral acquisition before signing the earn-in agreement with Kirkland Lake Gold that Agnico inherited when they acquired them and spent less than $5,000 in holding costs on the property at that point in time.

36:15 We believe this is the best outcome for our shareholders as the proceeds will be used to advance Fenelman and Martigny projects. Awesome. One question, will you drill 1 or 2 deep holes thousand meters in Martigny to demonstrate both continuity and openness of depth. Mark. I like that question. Yeah, I wouldn't rule it out. We've already extended our drilling down with some holes down to 800 meters. And one thing I didn't mention, I'll mention it now, is our program this year and my team really, really impressed and grateful for how well their drill planning has always hit the structures that we know about and are targeting, and then also are hitting structures that we didn't know about, but can carry mineralization.

37:22 So the systematic approach we've taken has been paying off. To answer the specific question, would we drill a couple of deeper holes on the order of a kilometer or so? I don't have immediate plans to do that right now, but plans like that would, you know, if we were to do it, it will emerge out of our analysis of all of this year's results, once they have all of them in hand. One thing I should also just mention, while we're drilling anywhere, anything that we're drilling, whether it's Martiniere, Fenelon, or even an earlier stage reconnaissance level prospect.

38:10 We're always updating our geology in a 3D model because that's really what we hang our decisions on. We don't, so we do this in as near real time as we can. So once we have the assays back from the rest of phase 2, We'll be scrubbing down everything, sanity checking what we think we know versus what we know for fact. And then we'll just see where our interpretation leads us as we develop our plans for next year. But it's a great question. And yeah, I like finding more gold. And so far, this year's program has been checking a lot of the boxes in that direction.

38:58 Great. This is a question I get fairly often for a number of mining companies, but it's came in over email. Are you ever going to open a mine at this site? So I guess just speak to time. Yeah, I think that I've answered that question with the earlier an earlier question. Perfect. Yeah, I agree. One is I think we've already tackled this a bit, but just to throw it to you guys as well, what is Walbridge doing to get more investors involved in the stock and what are the possibilities of progress and more Gold discovery with the current budget? Well, the current budget for this year is virtually complete. We will demobilize the drill later on this month, as Mark mentioned, gathering assays, doing all the geological work and have some news flow in late November, early December.

39:44 So that program is done. It's been an exciting program. Martigny seems to be coming together nicely and we're excited about our plans for next year, but we need to, you know, see the results of this year and develop our plans from that. So that's yet to come. And we're coming off a year where we had a limited program because when we had to finance it before the end of last year, the market was in a much different place than it is today. So it's exciting. We're all encouraged. And at the same time as focusing the exploration on Martiniere we will focus on some exploration on fenelon and some of the early studies required to continue to the risk de-risk phenomena.

40:37 But again, details will be provided as we put our budgets together for next year. Got it. And I know we've already tackled this a little bit, but it's just directly from investors. I wanted to read it pretty much exactly as they wrote it. They say they're a long-term loyal investor. They're in this to make a profit. We have great drill results, record high in gold prices and still very little movement or less than they'd hope. They're curious what, in your opinion, is going to be the catalyst that gets this off the line? What needs to change to facilitate the desired action north on share price? Well, I think that you know, it's all about Exploration success which we've demonstrated this year Continue to de-risk and advance Fenelon Marketing the story getting out there more often. We will have more money to do that next year. We will do more virtual events. And you can see we've got a pretty packed agenda for the balance of this year.

41:26 And, you know, one thing that I really focus on, and I'm proud that the team is they all work their guts out to get our PEA done by the end of March and file the tech report before the end of March. We guided to the market that we hit our goals and we will continue to hit our goals. Okay, Thank you. So that's the end of the questions that came in over email. As promised, I appreciate everybody's patience in the chat. I got about 15 minutes to run through those questions starting with the ones at the top. Like I said, I'm going to only tackle every issue once. If you do feel like you haven't been heard or still need more information, let me know in the chat, but I'll also be sending through questions to the team so they'll be able to get back to you afterwards. But to start off, and there's a number of questions in the chat about this, so I wanted to throw it to you right off the top, is can Brian speak to why someone like Denis Laviolette would be so interested in taking over the Helmet Wallbridge, and what does he see here that excites him so much that you guys have not been able to present to the market thus far?

42:21 Well, you know what? I answered this question earlier and our disclosure policy prohibits us from engaging in chat rooms or message rooms. You can call me and ask me questions, but I don't know what his end game is. And talk to Vinny. That works. Fred Yakman from the chat asks, if you consider getting an equity injection from your First Nation partners? You know, that's always something to consider. We could, but you know, my past experience, It takes a long time to achieve. And it's probably something you wanna consider once you've got your pre-fees done and you're negotiating your IBAs because it's a great way to get them involved and give them an opportunity to participate like every other shareholder.

43:22 Okay. MLB from the chat asks, if you had only one area of the total site to work with, which would you do and the reason for that? Well, we're focused on 2 areas, primarily. Fenelon and Martinier. Fenelon because it's more advanced than Martinier. Martinier because it's very exciting and that's where our exploration pizzazz is right now. And 1 is more of the risking and advancing, and the other one is looking for additional discoveries. I'm just scrolling through the chat just to make sure. Sorry, you guys are active. I'm just trying to make sure I catch everything here. Ganesh, just at the bottom, I appreciate your efforts. Hopefully disconnect and share price, the answer on the ground is resolved and Woolbridge gets more love from the market from all of us.

44:13 Appreciate that. Walking up here. One person asks, is there prospects of the board considering a change to the policy on engaging in chat rooms? Absolutely not. It's not indicative of, you know, the whole market out there. So just about every company that I've ever been involved with and I know of prohibits entering these discussions because it risks selective disclosure and we cannot take that risk. It's not good governance. From my observation, almost every company has this policy in junior mining, but they can't engage on board. So it's certainly not unusual. There's one that came in over email a bit later, actually, and this is directed specifically at Mark. And that's what do you think is your biggest exploration priority for the rest of this year?

45:07 Oh, for the rest of this year, that's pretty straightforward. We, as I mentioned previously, gather up the rest of our Martin year results to see what that all looks like. A little bit of a, you know, when I mentioned the term sanity check to be a bit more specific, what I mean behind that is I wanna take, you know, we're gonna take a hard look at what do we think we got for our efforts? What do we think we got for the investment we put into the ground this year? Does it move us closer to a, you know, a multimillion ounce opportunity? We know where the resource sits today. It's on the order of 730,000 ounces all in both categories.

45:57 But really, you know, again, the sense I have about Martinier and also given the address where we've got a multi-million ounces sitting at Fenelon, everybody knows how big Detour is, there's no reason Martinier couldn't offer a more substantial, more robust sized resource. So that's part 1. Part 2 is really looking forward into 2026. What are our plans ultimately going to look like? 2025 in terms of exploration wasn't effectively entirely or nearly so focused on Martiniere alone. Brian already mentioned that next year we're going to continue to put a lot of our efforts into pursuing this size of the prize question at Martinier, but also we have opportunities right around the Fenelon deposit itself and the broader claim block there.

47:02 And, you know, in the background, we have our regional reconnaissance team, you know, doing basic boot leather geology and consolidating the geophysical data and doing reinterpretations along those lines. And Brian mentioned as well, we have an option with our partners, partners Midland Exploration, who've been great to work with. But we do have a commitment in that option agreement to spend on the order of $1.2 million next year to reach our 50%, our first threshold of 50% interest in the Casseau properties and we fully intend to integrate that work into our program for next year. So stay tuned, once we have a full budget and plan fleshed out, we'll be able to inform, inform the audience in the new year, what it all looks like.

48:09 But one other thing I should mention on Fenelon alone, technical studies, There's a lot of just low cost desktop work that we can do to continue to advance that project forward toward a better prepared, better informed decision to pursue a pre-feasibility study. So we have a lot of things in front of us to do, and we're gonna be trying to attack all of them or to the extent we can, given the resources we'll have come the end of the year. Great. Thanks, Mark. I appreciate that context. Brian, here's 1 that's kind of an amalgamation of a couple of questions in the chat. And that's, have you communicated with all of your major shareholders recently? Are you in communication with all your major shareholders?

49:03 Yes. Great. And I do want to let everybody in the chat know, obviously Brian's always happy to speak with shareholders directly via phone or email. Those are very easy to access. I believe his phone number's at the bottom of pretty much every press release Walbridge has out, so not too tricky to get in touch with. I will throw it to Brian Marcantania just for some last words to wrap up today before we jet out. And for those who do have additional questions, please feel free to shoot them in. I am going to send the transcript over so the team can get out to you via phone or email. But Brian, Mark, and Tanya, I'll throw it to you to wrap up. Brian, I can start with you. Well, first of all, thanks everybody for attending. I think it's a great opportunity to update you. We originally planned on having this earlier in the week, but it was decided to wait until we got our tax credit. So everything was in the public domain and we can have an open discussion.

49:54 It's great. Look forward to working with you in the future. And I'm very excited about our plans for next year and where we go forward with this opportunity. And thank you all. Awesome. Mark, if you've got any last words, I'll throw it to you. Otherwise, we'll wrap up for today. I'll just end with a small confession. When we started drilling this year, that gap zone that I spoke about in between the Bug Lake North Horsefly Resources and the Dragonfly Resources, I didn't have a lot of hope. I figured we'd drill a couple of holes in there and not find anything. Well, guess what? I was wrong and wrong in a very good way. So I guess all of that really just goes to support the old adage, you're only as smart as your last drill hole. Stay tuned, more to come.

50:49 Awesome. Well, Tanya, Brian, Mark, thank you so much for today. I really appreciate just letting us go through all the questions. I know these events take a long time just because there's a lot to get through, but really appreciate everybody running through it today. And everybody in the chat, thank you so much for engaging today. I know we got through a lot of material, so really appreciate everybody's attendance. I know taking up an hour in the middle of the day is always a lot, so really do appreciate everybody's time. Hope everybody has a wonderful end of the day. Thank you. All the best.