Wallbridge Announces its 2026 Exploration Program and Budget
Wallbridge Announces its 2026 Exploration Program and Budget
Toronto, Ontario – December 17 , 2025 – Wallbridge Mining Company Limited (TSX: WM,
OTCQX: WLBMF) (“Wallbridge” or the “Company”) is pleased to announce its 2026 budget and
plans for its fully-funded 202 6 exploration and related technical studies program at its Fenelon,
Martiniere, Grasset and Casault gold projects in northwestern Quebec. The Company plans to drill
~25,000 metres in 2026 across the Martiniere, Fenelon, Casault, and Grasset projects , which
represents an increase of approximately 30% of drilling over 2025.
“As we close out 2025, I am very optimistic about the year ahead, supported by a strong balance
sheet and a clearly defined strategy,” said Brian Penny, CEO of Wallbridge. “Our focus remains on
unlocking value from our earlier -stage projects while continui ng to advance our flagship Fenelon
project toward a future pre-feasibility study.”
“Building on the success of the 2025 drilling program at Martiniere, we plan to complete
approximately 17,000 metres of drilling in 2026 to further evaluate the scale and continuity of the gold
system and to position the project for future resource delineation as results warrant. At Fenelon,
approximately 3,500 metres of drilling is planned , including 2,000 metres to support additional
metallurgical test work, together with desktop technical studies and other de-risking activities to move
the project toward a future pre -feasibility study. 1,500 Metres have been allocated toward testing
earlier stage satellite targets located within 2.5 kilometres of the main Fenelon deposit. Our program
will also include 4,500 metres of drilling to test several promising early-stage targets that our
exploration team has identified at the Casault and Grasset properties.”
“Favourable market conditions and record gold prices have improved the backdrop for our work, and
we are entering 2026 with increased marketing plans and expanded exploration and development
programs at both Fenelon and Martiniere, as well as our earlier stage properties. These initiatives are
intended to enhance market visibility while maintaining disciplined capital allocation and a focus on
creating long-term shareholder value.”
“I would like to thank our shareholders for their continued support, and to recognize our employees
and contractors for their dedication and hard work throughout the year and especially for remaining
committed to safety. I also extend my best wishes to everyone for the holiday season.”
2026 Drilling Program
The budgeted distribution of exploration drilling totalling 25,000 metres for 2026 is summarized below:
Project Area Budgeted Allocation
(Approximate %)
Allocated Drilling Metre
(Approximate)
Martiniere
68% 17,000
Fenelon 14% 3,500
Casault 12% 3,000
Grasset 6% 1,500
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The 2026 program will utilize one helicopter-supported drill rig over a 9 to 10 month time frame, with
the possible addition of a second drill to meet the Company’s strategic objectives for the year.
Martiniere: Q1, Q2, & Q3
Reflecting Martiniere’s strategic importance for near -term value creation , the Company plans a
~17,000 metre drilling campaign to be completed in two phases during the first three quarters of the
year.
The primary objective for 2026 is to further evaluate Martiniere’s growth potential through systematic
step-out drilling at approximately 150-metre spacing. Building on the results from 2025, this program
aims to expand the known footprint of the gold system by filling key data gaps and further confirming
geologic continuity along the Bug Lake deformation corridor. The campaign will also test recently
identified targets along the regional-scale Lac du Doigt Fault zone where the Martiniere gold system
remains open for possible expansion to the north (see Wallbridge news release dated November 17,
2025 available on the Company’s website and www.sedarplus.ca).
Phase 1 drilling will focus on the principal gold-hosting structures, including the Dragonfly–Bug Lake
North and Martiniere North–Horsefly shear zones, and follow-up drilling on encouraging results from
the Lac du Doigt Fault zone and points north, which remained largely untested prior to 2025.
Upon completion of Phase 1, results will be carefully reviewed to determine the optimal path forward
for Phase 2. Depending on outcomes, Phase 2 will either continue to test the broader extents of the
Martiniere gold system or transition to more closely spaced drilling aimed at resource delineation.
Fenelon: Q1 2026
In the first quarter of 2026, the Company plans to complete approximately 2,000 metres of drilling at
Fenelon, using larger-diameter drill core from the C-T-C and Area 51 zones, which together form the
core of the conceptual underground mine plan outlined in the Preliminary Economic Assessment
(PEA) released earlier this year (see Wallbridge news release dated March 27, 2025 and the related
NI 43-101 Technical Report available on the Company’s website and at www.sedarplus.ca).
Drill core from this program will be used to support bench -scale metallurgical test work focused on
three key areas:
• Evaluating the suitability of residual tailings material for dry-stack tailings management
• Assessing the potential use of paste backfill in underground mine workings
• Generating new gold recovery data from other parts of the Fenelon deposit to provide further
insight into processing performance in support of future economic studies
Casault & Grasset Gold: Q2 & Q3 2026
During the second and third quarters of 2026, the Company plans to complete approximately 3,000
metres of drilling at the Casault property, which is currently held under an option agreement with
Midland Exploration Inc. The program will focus on two to three high-priority targets identified through
a combination of field reconnaissance completed over the past five years and a comprehensive review
and reinterpretation of historical exploration data collected by multiple predecessor operators dating
back to the late 1950s.
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Completion of the 2026 drilling program at Casault is expected to satisfy the requirements for the
Company to exercise its option to acquire an undivided 50% interest in the Casault property,
representing a meaningful addition to the Company’s asset portfolio.
At the Grasset Gold property, the Company plans to complete approximately 1,500 metres of first-
pass drilling to test several new targets along the Sunday Lake deformation zone, where it extends
toward Grasset Lake in the southeastern portion of the claim block.
Field reconnaissance completed over the past two years has confirmed the presence of several
historic near-surface gold showings associated with localized shear structures that cross-cut a host
sequence of intensely deformed mafic volcanic rocks and felsic dikes . Notably, these geological
features share strong similarities with the styles and structural controls on gold mineralization
observed at the Company’s more advanced Fenelon and Martiniere projects.
Fenelon: Q4 2026
In addition to the metallurgical drilling program outlined above, the Company has allocated
approximately 1,500 metres of follow -up drilling to test two satellite targets located within 2.5
kilometres of the main Fenelon deposit.
Previous drilling in 2023 returned multiple anomalous gold intercepts, including 14.9 g/t Au over 0.5
metres and 3.8 g/t Au over 0.5 metres in hole FA-23-551, drilled approximately 2.5 kilometres
southeast of the deposit. Additional encouraging results were returned from hole FA-23-546, drilled
approximately 1 kilometre north of the deposit, including 0.96 g/t Au over 21.0 metres and 3.45 g/t
Au over 2.2 metres (see Wallbridge news release dated May 8, 2023 available on company website
and at www.sedarplus.ca).
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend Property
2026 Budget
The Company anticipates total expenditures of approximately $27M in 2026, allocated as summarized
below:
WALLBRIDGE MINING COMPANY LIMITED
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2026 Expenditures Budget
Allocation
Exploration Drilling and Target Generation 40%
Site and Camp Operations 27%
Corporate, General and Administration and Investor Relations 19%
Environmental, Safety and Community Relations 6%
Technical Studies 4%
Capital 4%
Upcoming Marketing: Q1 2026
Vancouver Resource Investment Conference, Vancouver, Canada
January 25-26, 2026
BMO Global Metals and Mining Conference, Hollywood, US
February 23-26, 2026
PDAC Convention, Toronto, Canada
March 1-4, 2026
John Tumazos Very Independent Research, Virtual Conference
March 2026
2025 In Review
• Completed and published updated mineral resource estimates for the Fenelon and Martiniere
projects March 27, 2025
• Completed and published a P reliminary Economic Assessment on the Fenelon Project on
March 27, 2025
• 17,411 Metres of exploration drilling completed at the Martiniere Project expanding the
footprint of gold mineralization along the Bug Lake Deformation Corridor laterally and at depth
• Received $8M for the sale of Detour East in a non-dilutive transaction with Agnico Eagle Mines
Limited
• Published 2024 ESG Report
• Received $4.9M of Quebec Refundable Credits
• Closed a Marketed Financing of $15.1M
• Achieved ECOLOGO Certification for responsible development and mineral exploration
• Achieved safety milestone of 7 years with no lost time incidents
Qualified Person
The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen,
M.Sc., MBA, P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for Wallbridge.
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About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold
projects in Quebec’s Abitibi region while respecting the environment and communities where it operates.
The Company holds a contiguous mineral property posi tion totaling 598 km 2 that extends approximately
82 km along the Detour -Fenelon gold trend. The property 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.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
Brian Penny, CPA, CMA
CEO
Tel: (416) 716-8346
Email: [email protected]
M: +1 416 716 8346
Tania Barreto, CPIR
Director, Investor Relations
Email: [email protected]
M: +1 289 819 3012
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain forward -looking statements or information (collectively, “ FLI”) within
the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and
interpretations as at the date of this document.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions,
estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited
to, words su ch as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”,
“expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such
words and phrases, or by statements tha t certain actions, events or results “may”, “will”, “could”, “would”, “should”
or “might”, “be taken”, “occur” or “be achieved.”
FLI in this document may include, but is not limited to: the continuity of and expansion potential of the Martiniere gold
system; the growth potential and continuity of mineralization of the Detour Fenelon Gold Trend Properties in general,
including Martiniere, Fenelon, Casault and Grasset Gold; the value creati on potential of the Company; and the
significance of historic exploration activities and results.
FLI is designed to help you understand management’s current views of its near - and longer-term prospects, and it
may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of
the Company to be materially different from any future results, performance or achievements expressed or implied
by such FLI. Although the FLI contained in this document is b ased upon what management believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of
securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause
results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not
undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new
events or circumstances. Unless otherwise noted, this document has been prepared based on information available
as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained
herein.
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Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s
financial position and general economic conditions; the ability of exploration activities to accurately predict
mineralization; the accur acy of geological modelling; the ability of the Company to complete further exploration
activities; the legitimacy of title and property interests in the Company’s mineral properties ; the accuracy of key
assumptions, parametre or methods used to estimate the mineral resource estimates and in the preliminary economic
assessment; the ability of the Company to obtain required approvals; geological, mining and exploration technical
problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate;
metal prices; foreign exchange rate s; environmental expectations; community and non -governmental actions; and,
the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed
in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at
www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43 -101 which differs from the requirements of the U.S.
Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates
of mineral reserves and mineral resources and economic studies used herein a re defined in accordance with NI 43-
101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted
by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended . NI 43 -101
differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the
information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and
mineral resources may not be com parable to similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.