Français

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.

# Français

Source: https://wallbridgemining.com/_resources/financials/wmcl-fs-q4-2025.pdf?v=051910
Fetched: 2026-05-19T10:40:13.988+00:00
Source artifact: b93a30d6-c26a-4bbd-b7bd-259b593b3bab
Normalizer input: text

## Content

# Français
Financial Statements of
WALLBRIDGE MINING
COMPANY LIMITED
Years ended December 31, 2025 and 2024
(Expressed in Canadian Dollars)
KPMG LLP
Bay Adelaide Centre
333 Bay Street, Suite 4600
Toronto, ON M5H 2S5
Canada
Tel 416 777 8500
Fax 416 777 8818
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, 2025 and December 31, 2024
• 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, 2025 and December 31, 2024, 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.
KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English
company limited by guarantee. KPMG Canada provides services to KPMG LLP.
Key Audit Matters
Key audit matter 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, 2025. 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 auditor’s 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 $287,401,418. 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
and the Fenelon Preliminary Economic Assessment, and internal communications between
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 2025 of the Entity to the budgeted expenditures for 2025 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 so

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