Wallbridge Announces Senior Leadership Changes
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com
129 Fielding Road Lively ON P3Y 1L7 t: 705-682-9297 f: 1-888-316-4156 e: [email protected]
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Wallbridge Announces Senior Leadership Changes
Toronto, Ontario – January 31, 2024 – Wallbridge Mining Company Limited ( TSX: WM ,
OTCQX:WLBMF) (“Wallbridge” or the “ Company”) today announced that , effective
immediately, its Board of Directors has appointed Brian Penny and Mary Montgomery, who have
been serving as Interim Chief Executive Officer and Interim Chief Financial Officer, respectively,
since October 10, 2023, to permanent positions as Wallbridge’s CEO and CFO. In addition, the
Company announced the resignation of Vice-President, Exploration Attila Pentek, effective March
31, 2024.
“The Board has been very impressed with the way Brian and Mary have managed the Company
since October and is pleased that they have agreed to continue in a permanent capacity. With a
track record of successful team building and a proven understanding of what drives value in our
industry, Brian is exceptionally well suited to lead Wallbridge at this exciting stage in our
development and in today’s challenging market for gold equities . Mary has been a valuable part
of Wallbridge for many years, and we are very pleased that the Company will continue to benefit
from her financial discipline and strong leadership skills,” said Tony Makuch, Chair of Wallbridge’s
Board of Directors.
“Since joining Wallbridge in 2018 I have witnessed the dedication and commitment Mary brings
to work daily,” said Mr. Penny. “Mary is a results -driven and highly experienced financial
professional and I look forward to working closely with her and the rest of Wallbridge’s talented
team to develop and execute strategies to lead the Company’s next phase of growth.”
Mr. Penny is an experienced mining Industry executive, with over 30 years’ experience in
leadership roles in finance. Prior to joining Wallbridge as CFO in 2018, Mr. Penny held a number
of senior positions, including Executive Vice President and CFO of New Gold Inc. and Vice
President of Finance and CFO of Kinross Gold Corporation. He played a leading role in the
performance of the companies he represented, maintaining capital allocation discipline, and
delivering shareholder returns, while strengthening the balance sheet. Mr. Penny also brings
broad board experience, having served as non- executive director of Equinox Minerals Limited
(2004 to 2011), Alamos Gold Inc. (2005 to 2008); and Baffinland Iron Mines Limited (2004 to
2008). Most recently, Mr. Penny s erved as a Director of Maverix Metals Inc. (2019 to 2023). Mr.
Penny is a CPA, CMA with a strong background in M&A spanning geographies, commodities, and
stages of company and project development within the natural resource sector.
Ms. Montgomery joined Wallbridge in 2007, having previously held senior positions with a number
of companies associated with the mining industry in Sudbury. Ms. Montgomery is a CPA, CA. She
previously also held the positions of CFO of Miocene Metals Limited and CFO and VP Finance of
Wallbridge.
Mr. Pentek commented: “I am leaving my role as VP Exploration to pursue other opportunities. It
has been an absolute pleasure working with the team at Wallbridge over the past 14 years. The
Company has an exceptionally talented exploration group whose passion and dedication are
evident every single day. I am very pleased with all that we achieved so far at Wallbridge and am
confident there is plenty more to come.”
WALLBRIDGE MINING COMPANY LIMITED
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“On behalf of the Board and stakeholders of Wallbridge, I would like to thank Attila for the role he
played in establishing the exploration program that led to the discovery of over three million
ounces of indicated gold resources and over two million ounces of inferred gold resources on the
Detour-Fenelon Gold Trend. We wish him well in his future endeavours,” said Mr. Makuch.
Mr. Penny added: “I would like to thank Attila for his leadership, which has enabled Wallbridge to
advance to its current stage. He leaves the Company with the people and platform in place for
future growth.” Mr. Pentek will remain in his current position to support Wallbridge through the
management transition. The Company will begin a search for a permanent VP Exploration
immediately.
The Company has a young talented geology team. Mark Petersen, a highly experienced senior
mining executive and economic geologist, has been engaged on a consulting basis to mentor the
team and guide it through a seamless leadership transition Mr. Peters en has held senior
exploration roles with a number of companies, including New Gold Inc., Metallica Resources Inc.
and Lac Minerals Ltd. Most recently he served as VP Exploration for mid-tier gold producer Calibre
Mining Corp. where gold reserves tripled within two years under his leadership. The team will
also be supported by the board, which has several members with strong technical backgrounds.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of
gold projects along the Detour- Fenelon Gold Trend in Québec’s Northern Abitibi region while
respecting the environment and communities where it operates.
Wallbridge’s most advanced projects, Fenelon Gold (“ Fenelon”) and Martiniere Gold
(“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35
million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square
kilometre exploration land package controlled by Wallbridge.
Wallbridge has reported a positive Preliminary Economic Assessment (“ PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12 years.
Wallbridge also holds a 15.9% interest in the common shares of Archer Exploration Corp.
(“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and
Québec.
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]
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Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Capital Markets Advisor
Email: [email protected]
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 such 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 that 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: statements regarding the Shelf Prospectus,
the effectiveness and timing thereof and any future offerings; the Company’s exploration plans;
the future prospects of Wallbridge; statements regarding the results of the Fenelon preliminary
economic assessment; the potential future performance of Archer common shares; future drill
results; the Company’s ability to convert inferred resources into measured and indicated
resources; parameters and methods used to estimate the MRE’s at the Fenelon and Martiniere
properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the
Deposits; 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 based 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 ass umes 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.
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.
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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 accuracy of geological modelling;
the ability of the Company to complete further exploration activities; the legitimacy of title and
property interests in the Deposits; the accuracy of key assumptions, parameters or methods used
to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals;
geological, mining and exploration technical problems; and failure of equipment or processes to
operate as anticipated. 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 are 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 comparable
to similar information ma de 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.