# WMCL MDA Q1 2026

Source Brief: https://evesgoldminers.com/research/source-briefs/wallbridge-mining-company-limited-wmcl-mda-q1-2026-5e4b2d6a
Original source: https://wallbridgemining.com/_resources/financials/WMCL-MDA-Q1-2026.pdf?v=051910
EGM generated: 2026-09-04
Company: Wallbridge Mining Company Limited (WM)

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# WMCL MDA Q1 2026

Source: https://wallbridgemining.com/_resources/financials/WMCL-MDA-Q1-2026.pdf?v=051910
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## Content

# WMCL MDA Q1 2026
MANAGEMENT’S DISCUSSION AND ANALYSIS
Wallbridge Mining Company Limited
For the three months ended March 31, 2026
Introduction
The following is management’s discussion and analysis (“MD&A”) of the business activities including the financial
condition and results of operations of Wallbridge Mining Company Limited (the “Company” or “Wallbridge”) for
the three months ended March 31, 2026, prepared at May 12, 2026. This discussion and analysis should be read
in conjunction with the condensed unaudited interim financial statements as at March 31, 2026, and the notes
thereto which were prepared in accordance with IAS 34 – Interim Financial Reporting and are reported in
Canadian dollars. Certain dollar amounts in this MD&A have been rounded for ease of reading. Readers should
also consult the Company’s latest Annual Information Form (“AIF”), including the section on risks and
uncertainties, the audited financial statements for the years ended December 31, 2025 and 2024 and other
disclosure materials filed with the securities regulatory authorities in Canada, which are available at
www.sedarplus.ca.
Overview
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects
along the Detour-Fenelon Gold Trend Property (“Property”) in Quebec’s Abitibi region, while respecting the
environment and communities in which 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.
Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon which outlines average
annual gold production of 107,000 ounces per year over 16 years and estimates average annual gold production
of 127,000 oz per year during the first five years. The PEA is preliminary in nature, includes inferred mineral
resources that are considered too speculative geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be
realized.
The Company believes that Fenelon and Martiniere have favourable potential for economic development,
supported by proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge
considers its extensive land package to be highly prospective for new gold discoveries along the regional scale
Detour-Fenelon gold trend. Further information about Wallbridge can be found in the Company’s regulatory filings
available at www.sedarplus.ca and on the Company’s website at www.wallbridgemining.com.
Wallbridge’s future profitability, operating cash flows and financial position are expected to be influenced by
prevailing metal prices, foreign exchange conditions, and the Company’s ability to finance the development of its
current and future assets. While volatility is expected in the short to medium term, the Company believes the long
term outlook for gold prices remains positive.
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Quarterly Highlights
Preliminary Short Form Base Shelf Prospectus
On April 9, 2026, in connection with the renewal of its base shelf prospectus, the Company filed a final short form
base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada.
The base shelf prospectus will qualify the distribution of up to $70 million of common shares, preferred shares,
subscription receipts, warrants, debt securities and units, or any combination thereof, during the 25-month period
that the base shelf prospectus is effective.
2026 Technical Studies & Exploration Programs
On February 17, 2026, the Company announced the commencement of its fully funded 2026 technical studies
and exploration programs. These programs are being advanced in parallel and have been structured to balance
longer-term development priorities at Fenelon with nearer-term resource growth and discovery opportunities
across its broader property portfolio, while maintaining financial discipline and flexibility as results are received.
This approach builds on the positive outcomes of the March 27, 2025 PEA, with the technical studies program
focused on further de-risking Fenelon and advancing the project toward its next stage of development.
During the first quarter of 2026, the Company initiated drilling in mid-February with one core rig at Fenelon,
followed by a second rig mobilized in mid-March to commence drilling at Martiniere. By quarter-end, a total of
3,785 metres of diamond drilling had been completed, including three holes totaling 1,999 metres at Fenelon and
1,786 metres across two completed holes and one hole in progress at Martiniere. At the end of Q1, the Fenelon
drilling campaign was approximately two-thirds complete and remains on track for completion in early Q2. At
Martiniere, Phase 1 experienced a slower-than-planned start due to initial contractor availability constraints,
heavier-than-normal winter conditions, and longer assay turnaround times relative to the prior year and remained
in ramp-up at quarter-end. The Company reported initial results from the Martiniere drilling campaign on May 11th
and anticipates the release of initial results from the Fenelon metallurgical drilling campaign in early June.
The 2026 exploration program comprises approximately 25,000 metres of diamond drilling across the Company’s
Fenelon, Martiniere, Casault and Grasset properties, representing an increase in activity relative to 2025. At
Fenelon, approximately 2,000 to 3,000 metres of drilling is being targeted on portions of the mineral resource
included within the conceptual PEA life-of-mine plan to further evaluate gold recoveries and complete other
material characterization studies recommended in the PEA. At Martiniere, approximately 17,000 metres of drilling
is planned through a two-phase campaign to systematically evaluate and expand the scale and continuity of the
gold system beyond the limits of the current mineral resource, with flexibility to transition toward resource
delineation as results warrant. The balance of the 2026 program includes approximately 3,000 to 4,000 metres of
reconnaissance and step-out drilling targeting priority areas across the Casault, Grasset and Fenelon claim
blocks, aimed at advancing the Company’s pipeline of earlier-stage exploration opportunities along the Detour–
Fenelon gold trend.
Collectively, these programs reflect a disciplined, results-driven strategy aimed at advancing Fenelon along the
development pathway while continuing to unlock district-scale growth potential at Martiniere and across the
Company’s highly prospective land position in northwestern Québec.
Outlook
Wallbridge’s 2026 exploration and technical studies program was initially announced on December 17, 2025, with
additional details provided on February 17, 2026 (news releases are available on the Company’s website at
https://wallbridgemining.com). The program is designed to advance Fenelon toward its next stage of technical
development while continuing to evaluate and unlock growth potential at Martiniere and earlier stage prospects
along the Company’s 598 km² land position along the Detour–Fenelon gold trend.
Page | 2
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
The Company’s cash balance on March 31, 2026 was approximately $24.2 million with an estimated $2.3 million
expected to be received in 2026 for Quebec resource tax credits related to qualifying expenditures incurred in
2025. The Company anticipates total expenditures of approximately $27.0 million in 2026 as summarized below:
2026 Budgeted Expenditures Budgeted Actual to March 31,
2026(1)
Exploration Drilling and Target Generation $10.8M $1.6M
Site and Camp Operations $7.3M $1.8M
Corporate, General and Administration and Investor Relations $5.1M $1.2M
Environmental, Safety and Community Relations $1.6M $0.2M
Technical Studies $1.1M $nil
Capital $1.1M $0.2M
Total $27.0M $5.0M
Actual (m) to Actual ($) to
2026 Drilling Allocations (metres) Budgeted (m) Budgeted ($)
March 31, 2026 March 31, 2026(1)
Martiniere 17,000 $7.3M 1,786 $1.8M
Fenelon 3,500 $1.5M 1,999 $1.8M
Casault 3,000 $1.3M - -
Grasset 1,500 $0.7M - -
Total 25,000 $10.8M 3,785 $3.6M
(1) Actual costs exclude depreciation of $250,116 capitalized to exploration and evaluation assets and depreciation of
$6,763 included in the statement of net loss and comprehensive loss; stock based compensation costs of $39,207
capitalized to exploration and evaluation assets and stock based compensation costs of $110,005 and long-term
incentive plan costs of $159,750 included in the statement of net loss and comprehensive loss; and estimated Quebec
Resource Tax Credits receivable of $700,000 recorded as a reduction to exploration and evaluation assets.
Detour-Fenelon Gold Trend Property
The Company is focused on advancing its 100% owned flagship Fenelon project and its earlier stage Martiniere
project. These projects are situated within the company’s 598 km2 Detour-Fenelon Gold Trend Property located
in the Nord-du-Québec administrative region approximately 75 km west-northwest of the town of Matagami, in the
province of Québec, Canada.
Page | 3
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
The Property comprises six contiguous mineral claim groups that collectively provide approximately 82 kilometres
of continuous coverage along the Sunday Lake Deformation Zone (“SLDZ”) as shown in the map below. The
SLDZ is one of a several major east-west trending geologic structures that control gold mineralization within the
prolific Abitibi greenstone gold belt which has produced over 200 million ounces of gold since mining began in
1901. Agnico Eagle Mines Limited’s (“Agnico”) Detour Lake operation, currently Canada’s largest producing gold
mine, is situated directly along the SLDZ approximately 15 kilometres west of the Ontario-Québec provincial
border and 80 kilometres west of Fenelon.
In addition to advancing its Fenelon and Martiniere, the Company continues to evaluate and prioritize a growing
portfolio of prospective gold targets across its regional land position along the SLDZ, supporting ongoing
exploration and future discovery potential.
The Fenelon and Martiniere projects host combined mineral resources estimated to contain 2.10 million ounces
gold in the indicated category and 2.04 million ounces in the inferred category. Both mineral resource estimates
(“2025 Fenelon MRE” and “2025 Martiniere MRE”) were published in March 2025 with an effective date of March
20, 2025. For additional details regarding the Fenelon and Martiniere mineral resource estimates refer to the NI
43-101 Technical Report titled ““NI 43-101 Technical Report And Preliminary Economic Assessment Update Of
The Fenelon Gold Project, Quebec, Canada” (“Updated Technical Report”), which is available at
www.sedarplus.ca and on the Company’s website at www.wallbridgemining.com.
The Updated Technical Report was prepared for the Company by InnovExplo Inc./Norda Stelo, Independent
Mineral Consultant Mauro Bassotti, P. Geo., BBA Inc., and G. Mining Service Inc. and authored by Marc R.
Beauvais, P. Eng., Simon Boudreau, P. Eng., Francois Gaudreault, P. Geo., Mauro Bassotti, P. Geo., Luciano
Piciacchia, P. Eng., and Mahamadou Traore, P. Eng., each an independent and Qualified Person as defined by
NI 43-101.
Drawing upon the results of the Updated Technical Report, Wallbridge is now pursuing follow-up technical studies
to optimize the potential economics of the Fene

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