Wallbridge Mining Shareholders Back Sunday Lake Gold Rebrand, Fenelon PFS Push

Key Points

• Shareholders approved renaming Wallbridge Mining to Sunday Lake Gold and consolidating shares, subject to regulatory approval. Management expects the consolidation to take effect by mid-October, with terms described as 20-for-1.
• The company is advancing the Fenelon gold project toward a pre-feasibility study targeted for late 2027 or early 2028. It plans approximately 55,000 meters of drilling, including 28,000 meters this year, followed by an updated resource model and potential maiden reserve estimate.
• Wallbridge reported approximately C$74 million in cash at the end of June and new strategic shareholders, including Agnico Eagle and Waratah Capital Advisors, each holding about 19.9%. Exploration continues at Casault, Grasset and Martiniere, although near-term capital and management focus is on Fenelon.

Shareholders of Wallbridge Mining TSE: WM approved resolutions to rename the company Sunday Lake Gold Corporation and consolidate its common shares, as management outlined plans to advance the Fenelon gold project toward a pre-feasibility study.

Based on a preliminary scrutineer’s report, the company said shareholder votes submitted before the meeting were sufficient to declare both resolutions carried. The name change remains subject to applicable regulatory approvals. Shareholders also approved a share consolidation authorizing one post-consolidation common share for up to 220 pre-consolidation shares.

Chief Executive Officer Brian Penny said management expects the consolidation to be implemented by mid-October. In his presentation, Penny described the transaction as a 20-for-1 consolidation and said the company had approximately 1.8 billion shares outstanding before the move.

Rebrand centers on Sunday Lake corridor

Penny said the Sunday Lake Gold name reflects the company’s exclusive focus on gold exploration in the northern Abitibi region. Wallbridge’s properties are located along the Sunday Lake deformation corridor, the same broader structure that includes the Detour Lake mine on the Ontario side of the border.

The company holds approximately 600 square kilometers of land and 82 kilometers of strike along the corridor, according to Penny. Its wholly owned land position is supplemented by an earn-in arrangement with Midland Exploration on the Casault property. Wallbridge expects to earn a 50% interest in Casault, where it is conducting a roughly 3,000-meter drilling program that was about halfway complete at the time of the meeting.

“That is our total focus right now,” Penny said of the Sunday Lake corridor.

Financing, shareholder changes and PFS timetable

Management highlighted a May financing that increased Agnico Eagle Mines Ltd.’s ownership interest in Wallbridge from 9.9% to 19.9%. Waratah Capital Advisors also acquired a 19.9% position, Penny said.

Penny said Agnico’s technical experience in the Abitibi region would be available through a technical advisory committee, while Waratah was viewed as an investor focused on value creation. He said the company had C$74 million in cash at the end of June and expected refundable Quebec tax credits of approximately C$4 million next year and another C$4 million the following year as qualifying expenditures are incurred.

The company intends to complete a pre-feasibility study for Fenelon in late 2027 or early 2028. Penny said Wallbridge plans about 28,000 meters of infill drilling this year and requires approximately 55,000 meters in total. The company expects to complete drilling by the end of March, enabling engineers to update the resource block model and prepare a pre-feasibility mine plan.

Wallbridge’s goal is to file a new technical report by the end of the first quarter of the following year, including what Penny described as a maiden reserve estimate.

• Regional exploration is underway at Casault and Grasset.
• Infill drilling at Fenelon is expected to begin around mid-November.
• Wallbridge is engaging a vice president of projects to oversee engineering work.
• Metallurgical test results are expected by year-end.

Fenelon study assumptions and project design

Penny said the prior preliminary economic assessment contemplated a 3,000-tonne-per-day operation with a 16-year mine life. The company will reassess the tonnage-grade curve during the pre-feasibility study, but he said management intends to keep the operation between 3,000 and 5,000 tonnes per day to maintain a smaller footprint.

The company’s prior PEA used a long-term gold-price assumption of C$2,200 per ounce. At a C$3,000-per-ounce price scenario, the study projected a C$1.4 billion net asset value, a 34% internal rate of return and a 2.4-year payback period, according to Penny. He cautioned that inflation could increase cash and sustaining costs, while noting that the current long-term consensus gold price cited in his presentation was C$3,600 per ounce.

Management is evaluating dry-stack tailings as part of its permitting and environmental approach. Penny said the project’s planned scale is intended to remain below a 5,000-tonne-per-day threshold that he said would require both federal and provincial approvals.

Wallbridge said a two-month forest-fire shutdown delayed activities during the year, though no site damage occurred. Penny said Quebec’s forest-fire agency, SOPFEU, used the company’s camp as a hub and kept the facility protected by sprinklers.

Martiniere drilling and community engagement

Wallbridge completed roughly 4,000 meters of drilling at its Martiniere property before caribou restrictions and the forest-fire evacuation interrupted work. Penny said 2025 drilling expanded the mineralized footprint from about one kilometer of strike, 400 meters wide and 400 meters deep to about two kilometers of strike, 800 meters wide and 800 meters deep.

Management is shifting near-term attention to Fenelon after raising capital to advance that project, but Penny said Martiniere remains a future opportunity.

The company also said it has pre-development agreements with two Cree communities and is seeking an agreement with an Algonquin community by year-end. Wallbridge received EcoLogo certification last year and is seeking to direct spending toward businesses in the northern Abitibi region.

In response to a shareholder question, board Chair Janet Wilkinson said the company was not considering changes to its CEO or current management team following the rebranding.

About Wallbridge Mining (TSE:WM)

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec's Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 square kilometres that extends approximately 82 kilometres along the Detour-Fenelon gold trend. The land position is host to the Company's flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.

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