Condensed Interim Financial Statements of

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# Financial Reports

Source: https://wallbridgemining.com/_resources/financials/WMCL-2026-Q2-FS.pdf?v=093001
Fetched: 2026-09-30T01:14:55.199+00:00
Source artifact: 24d866d1-77ad-4aa4-b4b5-25597b4c8500
Normalizer input: text

## Content

# Financial Reports
Condensed Interim Financial Statements of
WALLBRIDGE MINING
COMPANY LIMITED
Three and six months ended June 30, 2026
(Unaudited)
WALLBRIDGE MINING COMPANY LIMITED
Condensed Interim Statements of Financial Position
(expressed in Canadian Dollars)
(Unaudited)
Note June 30, 2026 December 31, 2025
Assets
Current assets:
Cash and cash equivalents $ 74,340,940 $ 28,878,751
Amounts receivable 6 1,166,218 2,731,912
Deposits and prepaid expenses 909,789 468,084
Marketable securities 5 300,000 320,000
76,716,947 32,398,747
Restricted cash 36,300 36,300
Restricted cash - closure plan 9 2,873,600 2,873,600
Amounts receivable 6 1,700,000 -
Exploration and evaluation assets 7 294,162,016 287,401,418
Property and equipment 4,970,535 5,177,363
$ 380,459,398 $ 327,887,428
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 2,850,125 $ 2,686,843
Flow-through premium liability 8 274,793 2,279,011
Current portion of provision for closure plan 9 75,391 80,000
3,200,309 5,045,854
Provision for closure plan 9 1,421,410 1,421,410
Deferred tax liability 31,429,000 29,506,000
36,050,719 35,973,264
Equity
Share capital 11 474,702,755 419,832,671
Warrants 3,618,524 3,618,524
Contributed surplus 15,775,022 15,383,492
Deficit (149,687,622) (146,920,523)
Total Equity 344,408,679 291,914,164
Commitments and contingencies 8, 9
Subsequent events 11 (b)
$ 380,459,398 $ 327,887,428
See accompanying notes to condensed interim financial statements.
-
1
WALLBRIDGE MINING COMPANY LIMITED
Condensed Interim Statements of Net Loss (Income) and Comprehensive Loss
(expressed in Canadian Dollars)
(Unaudited)
Three months ended June 30, Six months ended June 30,
Note 2026 2025 2026 2025
Other expenses and (income):
General and administrative expenses $ 1,209,595 $ 1,206,898 $ 2,616,735 $ 2,126,945
Loss on disposition of exploration and evaluation assets 7 (g) - - - 364,676
Stock based compensation 11 (b) 103,176 109,142 213,181 256,594
Depreciation of property and equipment 9,874 7,784 16,637 15,331
Loss (gain) on disposition of property and equipment - 30,119 - (64,881)
Interest on lease liability - 94 - 234
Other income relating to flow-through share premium 8 (1,157,528) (915,899) (2,004,218) (1,654,432)
Proceeds on insurance settlement - - - (116,046)
Unrealized loss (gain) on marketable securities 35,000 40,505 65,000 (251,347)
Gain on disposition of marketable securities - - (54,762) -
Interest income (292,724) (120,349) (464,474) (335,170)
(Income) Loss before income taxes (92,607) 358,294 388,099 341,904
Deferred tax expense 1,430,000 720,000 2,379,000 1,500,000
Net loss and comprehensive loss for the period $ 1,337,393 $ 1,078,294 $ 2,767,099 $ 1,841,904
Weighted average number of common shares - basic and diluted 1,489,952,957 1,099,805,976 1,356,842,051 1,099,718,872
Net loss per share - basic and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
See accompanying notes to condensed interim financial statements.
2
WALLBRIDGE MINING COMPANY LIMITED
Statements of Changes in Equity
(expressed in Canadian Dollars)
(Unaudited)
Number of Contributed
Shares Share Capital Warrants Surplus Deficit Total
Balance, December 31, 2024 1,099,328,222 $ 411,355,211 129,500 14,357,371 (134,549,885) $ 291,292,197
Exercise of deferred stock units 477,754 32,061 - (32,061) - -
Share based compensation (note 11(b)) - - - 277,690 - 277,690
Deferred share units granted (note 11(b)) - - - 113,219 - 113,219
Expiry of warrants - - (129,500) 129,500
Net loss - - - - - -
Balance, June 30, 2025 1,099,805,976 $ 411,387,272 - 14,845,719 (134,549,885) $ 291,683,106
Balance, December 31, 2025 1,220,081,873 $ 419,832,671 3,618,524 15,383,492 (146,920,523) $ 291,914,164
Share based compensation (note 11(b)) - - - 294,935 - 294,935
Deferred share units granted (note 11(b)) - - - 271,531 - 271,531
Settlement of RSUs (note 11(a)) 2,500,932 174,936 - (174,936) - -
Private placement, common shares (note 11(a)) 608,267,096 54,695,148 - - - 54,695,148
Net loss - - - - (2,767,099) (2,767,099)
Balance, June 30, 2026 1,830,849,901 $ 474,702,755 3,618,524 15,775,022 (149,687,622) $ 344,408,679
See accompanying notes to condensed interim financial statements.
3
WALLBRIDGE MINING COMPANY LIMITED
Condensed Interim Statements of Cash Flows
(expressed in Canadian Dollars)
(Unaudited)
Six months ended June 30,
Note 2026 2025
Cash flows from (used in) operating activities:
Net loss for the period $ (2,767,099) $ (1,841,904)
Adjustments for:
Deferred tax expense 2,379,000 1,500,000
Depreciation of property and equipment 16,637 15,331
Other income relating to flow-through share premium 8 (2,004,218) (1,654,432)
Stock based compensation 11 (b) 213,181 256,594
Deferred stock units 219,469 56,438
Loss on disposition of exploration and evaluation assets 7 (g) - 364,676
Unrealized loss (gain) on marketable securities 65,000 (251,347)
Gain on sale of marketable securities (54,762) -
Loss (gain) on disposition of property and equipment - (64,881)
Interest on lease liability - 234
Closure plan disbursements 9 (4,609) -
Changes in non-cash working capital:
Amounts receivable (389,324) (72,326)
Deposits and prepaid expenses (441,705) (24,571)
Accounts payable and accrued liabilities (376,697) (627,539)
(3,145,127) (2,343,727)
Cash flows used in financing activities:
Share proceeds 11 (a) (v) 55,960,573 -
Share issuance costs 11 (a) (v) (1,721,425) -
Lease payments - (7,638)
54,239,148 (7,638)
Cash flows from (used in) investing activities:
Exploration and evaluation assets expenditures (7,717,220) (8,646,749)
Acquisition of equipment (306,260) (536,447)
Tax credits received 1,966,886 -
Proceeds on sale of equipment - 95,000
Increase in restricted cash - (36,300)
Payment received on option agreement 7 (h) 50,000 50,000
Proceeds on sale of marketable securities 374,762 -
(5,631,832) (9,074,496)
Net increase (decrease) in cash and cash equivalents 45,462,189 (11,425,861)
Cash and cash equivalents, beginning of the period 28,878,751 21,237,100
Cash and cash equivalents, end of the period $ 74,340,940 $ 9,811,239
See accompanying notes to condensed interim financial statements.
4
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Notes to Condensed Interim Financial Statements
(Expressed in Canadian Dollars)
Three and six months ended June 30, 2026
(Unaudited)
1. Nature of operations:
Wallbridge Mining Company Limited (“Wallbridge” or the “Company”) is incorporated under
the laws of Ontario and is engaged in the acquisition, exploration, discovery and development
of metals focusing on gold projects. The Company’s head office is located at 129 Fielding Road
in Lively, Ontario, Canada.
The Company holds a contiguous mineral property position totaling 598 km2 that extends
approximately 82 kilometers along the Detour-Fenelon gold trend. The property is host to the
Company’s flagship Preliminary Economic Assessment stage Fenelon Gold Project, and its
earlier exploration stage Martiniere Gold Project.
While the Company has no sources of revenue, management believes it has sufficient cash
resources to meet its obligations and fund planned expenditures and administrative costs for
at least the next twelve months. The Company will have to raise funds in the future to finance
the advancement of exploration and development of gold projects along the Detour-Fenelon
gold trend and meet future expenditures and administrative costs. Although the Company has
been successful in raising funds to date, there can be no assurance that adequate financing
will be available in the future or available under terms acceptable to the Company.
2. Basis of presentation:
(a) Statement of compliance:
These unaudited condensed interim financial statements have been prepared in
accordance with IAS 34 – Interim Financial Reporting as issued by the International
Accounting Standards Board (“IASB”). These statements do not include all of the
disclosures required by IFRS Accounting Standards (“IFRS”) as issued by the IASB for
annual financial statements and should be read in conjunction with the audited financial
statements for the year ended December 31, 2025. The accounting policies used in the
preparation of these unaudited condensed interim financial statements are consistent with
those used in the annual financial statements for the year ended December 31, 2025, with
the exception of new accounting pronouncements adopted by the Company as of January
1, 2026 (note 3).
5
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Notes to Condensed Interim Financial Statements
(Expressed in Canadian Dollars)
Three and six months ended June 30, 2026
(Unaudited)
2. Basis of presentation (continued):
(b) Judgments and estimates:
Preparing the condensed interim financial statements requires management to make
certain judgments and estimates that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenses. Actual results may differ
from these estimates.
In preparing these unaudited condensed interim financial statements, significant judgments
and estimates made by management in applying the accounting policies and the key
sources of estimation uncertainty were the same as those applied to the financial
statements for the year ended December 31, 2025.
(c) Functional and presentation currency:
These unaudited condensed interim financial statements are presented in Canadian
dollars which is the Company’s functional currency.
3. Changes in accounting policies including initial adoption:
IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosure
On May 30, 2024, the IASB issued narrow scope amendments to IFRS 9 “Financial Instruments”
and IFRS 7. The amendments include the clarification of the date of initial recognition or
derecognition of financial liabilities, including financial liabilities that are settled in cash using an
electronic payment system. The amendments also introduce additional disclosure requirements
to enhance transparency regarding investments in equity instruments designated at FVOCI and
financial instruments with contingent features. The amendments are effective for annual periods
beginning on or after January 1, 2026, with early adoption permitted. There is no impact to the
financial statements as a result of this amendment in the current period.
6
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Notes to Condensed Interim Financial Statements
(Expressed in Canadian Dollars)
Three and six months ended June 30, 2026
(Unaudited)
4. Accounting standards and amendments issued but not yet effective or adopted
IFRS 18 – Presentation and Disclosure in the Financial Statements
On April 9, 2024, the IASB issued IFRS 18 “Presentation and Disclosure in the Financial
Statements” (“IFRS 18”) replacing IAS 1. IFRS 18 introduces categories and defined subtotals
in the statement of profit or loss, disclosures on management-defined performance measures,
and requirements to improve the aggregation and disaggregation of information in the financial
statements. As a result of IFRS 18, amendments to IAS 7 were also issued to require that
entities use the operating profit subtotal as the starting point for the indirect method of reporting
cash flows from operating activities and also to remove presentation alternatives for interest
and dividends paid and received. Similarly, amendments to IAS 33 “Earnings per Share” were
issued to permit disclosure of additional earnings per share figures using any other component
of the statement of profit or loss, provided the numerator is a total or subtotal defined under
IFRS 18. IFRS 18 is effective for annual reporting periods beginning on or after January 1,
2027, and is to be applied retrospectively, with early adoption permitted. The Company is
cu

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]