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# Français

Source: https://wallbridgemining.com/_resources/financials/wmcl-mda-q4-2025.pdf?v=051910
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# Français
MANAGEMENT’S DISCUSSION AND ANALYSIS
Wallbridge Mining Company Limited
For the year ended December 31, 2025
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 year ended December 31, 2025, prepared at March 19, 2026. This discussion and analysis should be read in
conjunction with the audited financial statements for the year ended December 31, 2025 and December 31, 2024
and the notes thereto which were prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by
the International Accounting Standards Board (“IASB”) 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, and other disclosure materials
filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.com.
Overview
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects
along the Detour-Fenelon Gold Trend in Quebec’s Abitibi region while respecting the environment and
communities where it operates.
The Company holds a contiguous mineral property position totaling 598 km2 that extends approximately 82 km
along the Sunday Lake deformation zone, the principal fault system controlling gold mineralization along the
Detour-Fenelon trend. The property is host to the Company’s flagship PEA stage Fenelon Gold Project
(“Fenelon”), and its earlier exploration stage Martiniere Gold Project (“Martiniere”), as well as numerous
greenfields stage gold prospects.
Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates 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 Company believes that Fenelon and Martiniere have good potential for economic development, especially
given their proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge
believes that its extensive land package is extremely 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 will be closely related to prevailing
metal prices, Canadian dollar performance, and the Company’s ability to finance the development of its current
or future assets. While volatility is expected in the short to medium term, the Company believes that current
economic conditions remain positive for the long-term gold price outlook.
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Recent Developments
On March 19, 2026, in connection with the renewal of its base shelf prospectus, the Company filed a preliminary
short form base shelf prospectus with the securities regulatory authorities in each of the provinces and territories
of Canada. The base shelf prospectus, when final, 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.
2025 Annual Highlights
Detour East Transaction
On October 2, 2025, the Company announced that it had sold mineral claims comprising the Detour East property
to Agnico Eagle Mines Limited (“Agnico Eagle”) for cash consideration of $8 million plus a 2% NSR royalty over
the property (with a $4 million buyback option in favour of Agnico Eagle). The Detour East claims were the subject
of an existing earn-in agreement between Wallbridge and Agnico Eagle. The transaction provides immediate
liquidity to Wallbridge and will allow it to focus on the continued exploration and development of its Detour-Fenelon
Gold Trend Property located in the northern Abitibi region of Quebec.
Receipt of Quebec Refundable Tax Credits
On October 8, 2025, the Company announced that it received $4.7 million of cash refunds with respect to its
2024 Quebec Tax Credit Relating to Resources (“TCRR”) that were claimed on its 2024 Quebec income tax
return.
The government of Quebec supports mineral exploration within the province. One incentive that Wallbridge is
entitled to receive is a tax credit that refunds a portion of eligible exploration expenses incurred and not funded
by Quebec Flow Through shares.
The receipt of the TCRR Quebec investment tax credits will be used to continue to advance the Company’s
exploration and development programs at Martiniere, Fenelon and other of the Company’s mineral properties.
Financing
On October 31, 2025, the Company announced that it has closed its previously announced best efforts, public
offering (the “Offering”) of (i) 65,000,000 Charity Flow-Through Units (the “Charity Flow-Through Units”) at a
price of C$0.15 per Charity Flow-Through Unit, (ii) 49,000,000 Hard Dollar Units (the “Hard Dollar Units”) at a
price of C$0.11 per Hard Dollar Unit, which includes 4,000,000 Hard Dollar Units issued pursuant to the partial
exercise of the over-allotment option (the “Over-Allotment Option Exercise”), and (iii) 980,363 Warrants (as
defined below) at a price of $0.00001 per Warrant, also issued pursuant to the Over-Allotment Option Exercise,
for gross proceeds of $15.14 million. The Offering was led by BMO Capital Markets, as sole bookrunner, on behalf
of a syndicate of agents including SCP Resource Finance LP and Paradigm Capital Inc. (collectively, the
“Agents”).
Each Charity Flow-Through Unit consists of one common share of the Company issued on a flow-through basis
(the “FT Share”) and one common share purchase warrant of the Company (each common share purchase
warrant, a “Warrant”). Each FT Share and Warrant underlying the Charity Flow-Through Units qualifies as a “flow-
through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)).
Each Hard Dollar Unit consists of one common share of the Company and one Warrant.
Each Warrant issued under the Offering entitles the holder to purchase one common share of the Company at an
exercise price of C$0.15 for a period of 36 months following the closing date.
Page | 2
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
The Agents were paid a cash commission in connection with the Offering.
In connection with the Offering, Agnico subscribed for 6,275,897 Hard Dollar Units at a price of $0.11 per Hard
Dollar Unit for aggregate gross proceeds of $690,349 (the “Agnico Private Placement”).
The net proceeds from the Offering and the Agnico Private Placement will be used for the continued
advancement of the Company’s Fenelon and Martiniere projects, and for general corporate purposes. With the
exception of $1.2 million of spending of flow-through funds in 2025, the use of proceeds from this financing is
included in the 2026 budget as discussed later (pages five and six).
Updated 2025 Fenelon PEA
In March 2025, the Company issued a report titled “NI 43-101 Technical Report and Preliminary Economic
Assessment Update Of The Fenelon Gold Project, Quebec, Canada”. Highlights of the PEA are as follows:
• Average annual gold production of 127,000 oz per year during the first five years and an average annual gold
production of 107,000 oz per year with a 96% average gold recovery over 16-year life of mine (“LOM”)
• Average annual free cash flow of $120 million over LOM
• After-tax Internal Rate of Return (“IRR”) of 21%
• After-tax Net Present Value (“NPV”) of $706 million at base case gold price of US$2,200 and CAD$:US$ of
1.35:1.00 at a 5% discount rate
• Initial capital expenditures of $579 million
• Sustaining capital expenditures of $449 million
• Total cash costs of US$851/oz
• All-in sustaining costs (“AISC”) of US$1,046/oz
• 16.6 Mt of mineralized material mined at an average grade of 3.34 g/t gold
The Company cautions that the results of the PEA are forward-looking and preliminary in nature and include
inferred mineral resources that are considered too speculative geologically to have economic considerations
applied to them for classification as mineral reserves. There is no certainty that the results of the PEA will be
realized. The PEA financial economic analysis is significantly influenced by gold prices. With gold price of
US$3,000/oz and FX of 1.35, the Project generates an after-tax NPV of $1,381 million and an after-tax IRR of
34%.The above summary includes certain non-IFRS financial measures, such as free cash flow, initial capital
expenditures, sustaining capital expenditures, total cash costs and AISC, which are not measures recognized
under IFRS and do not have a standardized meaning prescribed by IFRS. The disclosure of such non-IFRS
financial measures is required under NI 43-101 and has been prepared in accordance with NI 43-101.
Reconciliations to equivalent historical measures are not available. Please refer to cautionary language and non-
IFRS financial measures at the end of this MD&A (pages 36 to 38) for detailed definitions and descriptions of such
measures.
2025 Exploration Programs
On January 22, 2025, the Company announced plans for its 2025 exploration program. The scope of the program
included 10,000 to 15,000 metres of exploration drilling aimed at delineating the broader footprint of the
mineralized system hosting the Martiniere gold deposit, as well as continued field reconnaissance coupled with
3,000 to 5,000 metres of drilling focused on identifying new gold discoveries within the Company’s regional
property portfolio along the Detour–Fenelon trend. Results of the 2025 program were reported in a series of news
releases available on the Company’s website at https://wallbridgemining.com.
Consistent with the Company’s results-driven strategy of creating value through disciplined growth, the strong
drilling results returned during the first half of 2025 prompted the Company to reallocate metres originally planned
for the regional program toward continued exploration at Martiniere. Shortly after the end of the third quarter, the
Company successfully completed both the Martiniere and regional field reconnaissance programs.
Page | 3
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
Phase 1 drilling at Martiniere commenced on March 12, 2025, and was completed by mid-May. The program
comprised 16 new drill holes and two hole extensions, totaling 7,225 metres. Drilling focused on the Bug Lake
deformation corridor, which hosts the majority of the currently defined mineral resource. Positive results were
returned from all four target areas tested along the corridor — Dragonfly, Horsefly, Bug Lake North, and Bug
Lake South. In addition, a first-pass test of a new target located several hundred metres northeast of the central
drill grid returned encouraging results from an area with no prior drilling. Details of the Phase 1 program were
published in news releases dated June 2 and July 2, 2025.
Building on the success of Phase 1, the Company commenced its Phase 2 drilling program at Martiniere on July
17, 2025, with the program continuing through the third quarter and concluding on October 10, 2025. Phase 2
consisted of 18 new drill holes and 4 hole extensions, totaling 9,899 metres. Combined with Phase 1, a total of
34 holes and 6 hole extensions were completed at Martiniere in 2025, representing 17,411 metres of drilli

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