# wmcl fs q4 2024

Source Brief: https://evesgoldminers.com/research/source-briefs/wallbridge-mining-company-limited-wmcl-fs-q4-2024-5c569f65
Original source: https://wallbridgemining.com/_resources/financials/wmcl-fs-q4-2024.pdf?v=051910
EGM generated: 2026-09-04
Company: Wallbridge Mining Company Limited (WM)

## Use Note

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## Extracted Document Text

# wmcl fs q4 2024

Source: https://wallbridgemining.com/_resources/financials/wmcl-fs-q4-2024.pdf?v=051910
Fetched: 2026-05-19T10:40:30.861+00:00
Source artifact: 5c569f65-b3e2-4e8a-941b-64ad9d9aef11
Normalizer input: text

## Content

# wmcl fs q4 2024
Financial Statements of
WALLBRIDGE MINING
COMPANY LIMITED
Years ended December 31, 2024 and 2023
(Expressed in Canadian Dollars)
KPMG LLP
Bay Adelaide Centre
Suite 4600
333 Bay Street
Toronto ON M5H 2S5
Tel 416-777-8500
Fax 416-777-8818
www.kpmg.ca
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Wallbridge Mining Company Limited
Opinion
We have audited the financial statements of Wallbridge Mining Company Limited (“the Entity”), which comprise:
• the statements of financial position as at December 31, 2024 and December 31, 2023
• the statements of net loss and comprehensive loss for the years then ended
• the statements of changes in equity for the years then ended
• the statements of cash flows for the years then ended
• and notes to the financial statements, including a summary of material accounting policy information
(Hereinafter referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the Entity as at December 31, 2024 and December 31, 2023, and its financial performance and its
cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the
International Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit
of the Financial Statements” section of our auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of
the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion
© 2025 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements for the year ended December 31, 2024. These matters
were addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matter described below to be the key audit matter to be communicated
in our auditors’ report.
Evaluation of indicators of impairment for exploration and evaluation assets
Description of the matter
We draw attention to Note 2(d), 2(l) and 10 of the financial statements. The Entity has exploration
and evaluation assets of $288,314,651. The Entity assesses whether there is any indication of
impairment. Indicators of impairment include, but are not limited to:
• The right to explore in the specific area has expired during the period or will expire in
the near future, and is not expected to be renewed
• Substantive expenditure on further exploration for and evaluation of mineral resources
in the specific area is neither budgeted nor planned
• Exploration for and evaluation of mineral resources in the specific area have not led to
the commercially viable quantities of mineral resources and the entity has decided to
discontinue such activities in the specific area
• Sufficient data exists to indicate that, although a development in the specific area is
likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely
to be recovered in full of successful development or by sale.
In circumstances where indicators of impairment exist, an impairment test is required to
determine if the carrying amount of the exploration and evaluation asset exceeds its estimated
recoverable amount.
Why the matter is a key audit matter
We identified the evaluation of indicators of impairment for exploration and evaluation assets as
a key audit matter. This matter represented an area of significant risk of material misstatement
given the magnitude of exploration and evaluation assets. Significant auditor attention is required
to evaluate the results of our audit procedures and assess the Entity’s determination of whether
the factors, individually and in the aggregate, resulted in indicators of impairment.
How the matter was addressed in the audit
The primary procedures we performed to address this key audit matter included the following:
We evaluated the Entity’s analysis of factors within their impairment indicators memorandum by
considering whether quantitative and qualitative information in the analysis was consistent with
other evidence in other areas of the audit. This included:
• Information included in the Entity’s press releases and management’s discussion and
analysis
• Other evidence obtained in other areas of the audit, including mineral resources
information, the updated Fenelon Preliminary Economic Assessment, and internal
communications to management and the Board of Directors
We assessed the status of the Entity’s rights to explore by discussing with management if any
rights were not expected to be renewed and inspected government registries.
We considered the activities to date in each area to which the Entity has a right to explore by
comparing the actual expenditures to budgeted expenditures.
We compared the actual expenditures in 2024 of the Entity to the budgeted expenditures for
2024 to assess the Entity’s ability to accurately budget.
We assessed if substantive expenditures on further exploration for and evaluation of mineral
resources in each area of interest are planned or discontinued by inspecting budgeted
expenditures.
Other Information
Management is responsible for the other information. Other information comprises:
• the information included in Management’s Discussion and Analysis filed with the relevant
Canadian Securities Commissions.
Our opinion on the financial statements does not cover the other information and we do not and
will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements, or our knowledge obtained in the audit and remain alert
for indications that the other information appears to be materially misstated.
We obtained the information included in Management’s Discussion and Analysis filed with the
relevant Canadian Securities Commissions as at the date of this auditor’s report. If, based on
the work we have performed on this other information, we conclude that there is a material
misstatement of this other information, we are required to report that fact in the auditor’s report.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for
the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements
in accordance with IFRS Accounting Standards as issued by the International Accounting
Standards Board and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity’s ability
to continue as a going concern, disclosing as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the
Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with Canadian generally accepted auditing standards will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we
exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Entity's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Entity's ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Entity to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
• Provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the group as a
basis for forming an opinion on the group financial statements. We are responsible for
the direction, supervision and review of the audit work performed for the purposes of the
group audit. We remain solely resp

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