MANAGEMENT’S DISCUSSION AND ANALYSIS

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# Financial Reports

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# Financial Reports
MANAGEMENT’S DISCUSSION AND ANALYSIS
Wallbridge Mining Company Limited
For the three and six months ended June 30, 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 and six months ended June 30, 2026, prepared at August 12, 2026. This discussion and analysis should
be read in conjunction with the condensed unaudited interim financial statements as at June 30, 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
On July 1, 2026, the Company temporarily evacuated the camp at Fenelon and suspended all drilling and related
exploration activities on its Detour-Fenelon Gold Trend Property following an evacuation order issued by SOPFEU
(Société de protection des forêts contre le feu) and Quebec’s Ministère des Ressources naturelles et des Forêts
due to increasing wildland fire danger in the area. The Company continues to monitor conditions closely and will
resume exploration activities when required work authorization permissions have been received from Quebec
provincial forestry and mining authorities.
Quarterly Highlights
Strategic Investments from Agnico Eagle Mines Limited (“Agnico”) and Waratah Capital Advisors Limited
On May 22, 2026, the Company closed a private placement of common shares with Agnico and Waratah Capital
Advisors Limited, on behalf of certain investment funds managed by it (“Waratah”). Under the terms of the private
placement, Agnico purchased 243,927,966 common shares of the Company for gross proceeds of approximately
C$22.4 million and Waratah, on behalf of certain investment funds managed by it, purchased 364,339,130
common shares of the Company for gross proceeds of approximately C$33.5 million. As of closing, Agnico and
Waratah each has a partially-diluted ownership position of, or control or direction over, approximately 19.9% of
the common shares of the Company. The net proceeds of the private placement, along with the Company’s
existing financial resources, is expected to fully fund completion of a pre-feasibility study (“PFS”) on the Fenelon
project.
The Company entered into investor rights agreements with each of Agnico and Waratah, whereby each investor
is entitled to certain rights, provided that they each maintain 7.5% ownership of the Company. The agreements
include, but are not limited to, top-up rights and the ability to appoint one member to the Company’s Board of
Directors. Agnico also has the ability to participate in a technical committee to provide recommendations and
advice to the Company on technical matters. The new agreement with Agnico terminates the prior investor rights
agreement between the Company and Agnico.
The Company intends to seek shareholder approval on September 29, 2026 at the special meeting of
shareholders to complete a 20:1 share consolidation and a name change of the Company to Sunday Lake Gold
Corp.
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. The programs were structured to advance longer-term development priorities at
Fenelon while continuing to evaluate resource growth and discovery opportunities across the Company’s broader
property portfolio. This approach builds on the positive results of the March 27, 2025 PEA, with the technical
studies focused on further de-risking Fenelon and advancing the project toward its next stage of development.
Following completion of the private placement on May 22, 2026, the Company intended to complete the 2026
exploration program then underway and subsequently direct the majority of its efforts and capital toward
advancing Fenelon through completion of a PFS. As a result of the suspension of field activities described in the
Overview, the Company is reviewing the scope, sequencing and timing of its remaining 2026 exploration activities
and will provide an update once revised plans have been finalized.
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WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
The Company commenced its 2026 diamond drilling program at Fenelon in mid-February, followed by the
mobilization of a second drill to Martiniere in mid-March. As at June 30, 2026, the Company had completed a total
of 10,039 metres of drilling at the two projects, comprising 13½ holes totaling 5,989 metres at Fenelon and 6 holes
totaling 4,050 metres at Martiniere.
At Fenelon, two planned drilling campaigns were completed by early June. These programs included drilling to
collect material for metallurgical and other technical studies, as well as reconnaissance drilling targeting
prospective areas outside the current mineral resource. Final assay results from the Fenelon drilling remain
outstanding due to longer laboratory turnaround times compared with the prior year.
Following completion of the private placement, the Company allocated one drill to an initial infill drilling campaign
at Fenelon. The campaign was designed to support the potential conversion of inferred mineral resources to the
indicated category and to provide an initial ramp-up toward a larger-scale infill drilling program that had been
scheduled to commence in the fourth quarter of 2026. A total of 1,245 metres of infill drilling was completed before
field activities were suspended.
The Company’s original 2026 exploration plan contemplated approximately 25,000 metres of diamond drilling
across the Fenelon, Martiniere, Casault and Grasset properties, representing an increase in activity compared
with 2025.
At Fenelon, approximately 2,000 to 3,000 metres of drilling was planned within portions of the mineral resource
included in the conceptual PEA life-of-mine plan. This work was designed to further evaluate gold recoveries and
provide material for additional characterization studies recommended in the PEA.
At Martiniere, approximately 17,000 metres of drilling was planned in two phases to systematically evaluate the
scale and continuity of the gold system beyond the limits of the current mineral resource. The program was
designed to retain flexibility to transition from exploration drilling to resource delineation as results warranted.
The balance of the original 2026 program comprised approximately 3,000 to 4,000 metres of reconnaissance and
step-out drilling across priority targets on the Casault, Grasset and Fenelon claim blocks. This work was intended
to advance the Company’s pipeline of earlier-stage exploration opportunities along the Detour–Fenelon Gold
Trend.
Collectively, the technical studies and exploration programs completed or initiated during the first half of 2026
reflect the Company’s strategy of advancing Fenelon along the development pathway while continuing to evaluate
resource growth opportunities at Martiniere and exploration potential across its broader land position in
northwestern Québec.
The Company reported final results from the first phase of drilling at Martiniere in news releases issued on May
11 and July 14, 2026. Results from the completed Fenelon drilling will be reported once all final assays have been
received and compiled.
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 was 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.
The Company’s cash balance on June 30, 2026 was $74.3 million.
The Company originally budgeted total 2026 expenditures of approximately $27.0 million. Following the May 2026
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WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
financing, which generated net proceeds of $54.2 million, the Company expects to complete a PFS on the Fenelon
project, with delivery expected in late 2027 or early 2028. The Company’s anticipated expenditures for 2026 are
summarized below in the column titled 2026 Forecast. The total cost of the PFS is estimated to be approximately
$55 million (excludes corporate, general and administrative, and investor relations and capital).
Expenditures Original 2026 2026 Forecast Actual to June 30,
Budget 2026(1)
Exploration Drilling and Target
$10.8M $17.7M

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