Wallbridge Mining Completes Updated Positive Preliminary Economic Assessment of Fenelon Gold Project

Press Release

Toronto, Ontario – March 27, 2025 – Wallbridge Mining Company Limited (TSX:WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) is pleased to report results from an updated positive Preliminary Economic Assessment (“PEA”) completed on its 100%-owned Fenelon gold project (“Fenelon” or the “Project”) located in the Abitibi Greenstone Belt, along the Detour-Fenelon Gold Trend, Quebec. A PEA prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) has been filed on SEDAR+ and is available on the Company’s website and can be accessed here.

All results herein are reported in Canadian dollars unless otherwise indicated.

PEA HIGHLIGHTS

• Average annual gold production of 107,000 oz per year over 16-year life of mine (“LOM”); 96% average gold recovery
• Average annual gold production of 127,000 oz during the first five years
• Average annual free cash flow of $120 million over LOM
• After-tax Internal Rate of Return (“IRR”) of 21%
• After-tax Net Present Value (“NPV”) of $706 million at base case gold price of US$2,200 and CAD$:US$ of 1.35:1.00 at a 5% discount rate
• Initial capital expenditures ⁽¹⁾ of $579 million
• Sustaining capital expenditures ⁽¹⁾ of $449 million
• Total cash costs ⁽¹⁾ of US$851/oz
• All-in sustaining costs⁽¹⁾ (“AISC”) of US$1,046/oz
• 16.6 Mt of mineralized material mined at an average grade of 3.34 g/t

1. Non-IFRS financial measures with no standardized definition under IFRS. Refer to Non-IFRS Measures at end of this news release.

The Company cautions that the results of the PEA are 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.

Brian Penny, CEO of Wallbridge, commented:

“Fenelon is a gold project with tremendous potential. This updated Fenelon PEA generates strong project economics under a lower risk, higher grade, lower startup capital scenario. Fenelon has now reached another milestone with a robust PEA that demonstrates a viable path to development and attractive economic returns based on reasonable assumptions. The PEA was designed to be rigorous, using current cost data from contractors, suppliers and mining companies operating in the region to arrive at realistic projections. It represents a new starting point to build upon as we scope out the full opportunities at Fenelon and Martiniere, the two most advanced projects on our large, underexplored property.

In this historically high gold price environment, we need to rapidly advance the project. The current plan has a shorter payback than the previous plan and allows us to consider expansion options after payback has been achieved.

I would like to thank everyone who contributed to the completion of this study, as well as our employees, stakeholders, and shareholders for their continuous support. I believe Wallbridge has a bright future, and we look forward to taking the necessary steps to increase value for our shareholders.”

Table 1: PEA Summary of Key Metrics and Project Economics

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. AISC/oz includes operating costs, sustaining capital expenditures to support the on-going operations, and closure costs, divided by payable gold ounces.
3. Non-IFRS financial measures with no standardized definition under IFRS. Refer to note at end of this news release.

Financial Analysis

The PEA assumes a base case gold price of US$2,200/oz. Using that base case assumption, the Project generates an after-tax NPV of $706 million using a 5% discount rate and an after-tax IRR of 21%.

The Project generates cumulative free cash flow of $1,367 million and averages annual free cash flow of $120 million over a mine life of 16 years (Figure 1). Total taxes payable over LOM at the base case gold price is $776 million.

Figure 1. Annual After-Tax Free Cash Flow (millions)

Sensitivities

The PEA financial economic analysis is significantly influenced by gold prices. At a gold price of US$3,000/oz and FX of CAD$:US$ of 1.35:1.00, the Project generates an after-tax NPV of $1,381 million and an after-tax IRR of 34% with a payback period of 2.4 years from the start of commencement of production (Table 2).

Table 2: PEA Sensitivity Analysis

Production

Annual production over LOM is expected to average 107,000 ounces with peak production of 141,000 ounces in year 1 (Figure 2).

Figure 2. Production Profile

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