Wallbridge Closes Previously Announced Private Placement of Common Shares

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]

Wallbridge Closes Previously Announced Private Placement

of Common Shares

Toronto, Ontario – March 13 , 2023 – Wallbridge Mining Company Limited (TSX:WM,

OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that it has completed

the previously announced non-brokered private placement with Agnico Eagle Mines Limited of

6,000,000 common shares in the capital of the Company at a price of $0.17 per common share

(the “Private Placement”). The proceeds from the Private Placement will be used for general

corporate purposes and to support the Company’s 2023 exploration program at the Company’s

Detour-Fenelon Gold Trend Property and completes the Company’s capital raising efforts

necessary to fund such exploration program for 2023.

All common shares issued pursuant to the Private Placement are subject to a four month and one

day statutory hold period.

None of the securities offered in the Private Placement have been registered under the U.S.

Securities Act of 1933, as amended, and may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements. This press release

shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale

of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of

gold projects along the Detour -Fenelon Gold Trend while respecting the environment and

communities where it operates.

Wallbridge’s flagship project, Fenelon Gold (“ Fenelon”), is located on the highly prospective

Detour-Fenelon Gold Trend Property in Qué bec’s Northern Abitibi region. An updated mineral

resource estimate completed in January 2023 yielded significantly improved grades and

additional ounces at the 100% -owned Fenelon and Martiniere properties, incorporating 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 km 2 exploration land package

controlled by Wallbridge. The Company believes that these two deposits have good potential for

economic development, especially given their proximity to existing hydro- electric power and

transportation infrastructure. In addition, Wallbridge believes that the extensive land package is

extremely prospective for the discovery of additional gold deposits.

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Cor p.

(“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec

in November of 2022.

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling

shareholders to participate in the potential economic upside in Archer.

For further information please visit the Company ’s website at www.wallbridgemining.com or

contact:

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Wallbridge Mining Company Limited

Marz Kord, P. Eng., M. Sc., MBA

President & CEO

Tel: (705) 682‒9297 ext. 251

Email: [email protected]

Victoria Vargas, B.Sc. (Hon.) Economics, MBA

Investor Relations Advisor

Email: [email protected]

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements or information (collectively, “FLI”) within

the meaning of applicable Canadian securities legislation. F LI is based on expectations,

estimates, projections, and interpretations as at the date of this press release.

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 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 herein includes, but is not limited to, statements regarding: the use of proceeds of the Private

Placement; the future prospects of Wallbridge; historical trends; current conditions and expected

future developments; future drill results; the Company’s ability to convert inferred resources into

measured and indicated resources; environmental matters; stakeholder engagement and

relationships; parameters and methods used to estimate the mineral resource estimates (each an

“MRE”) 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 factor s 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 press release 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 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 herein to reflect new

events or circumstances, except as may be required by law . Unless otherwise noted, this press

release has been prepared based on information available as of the date o f this press release .

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 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; the ability of the Company to obtain required governmental, regulatory,

environmental or other required approvals; the evolution of the global economic climate; metal

prices; environmental expectations; community and non- governmental actions; any impacts of

COVID-19 on the Deposits; and, the Company’s ability to secure required funding. R isks and

uncertainties about Wallbridge's business are more fully discussed in the disclosure materials

filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.

Information Concerning Estimates of Mineral Resources

The disclosure in this pr ess release and referred to herein was prepared in accordance with NI

43-101 which differs significantly from the requirements of the U.S . S ecurities and Exchange

Commission (the “SEC”). The terms “measured mineral resource”, “indicated mineral resource”

and “inferred mineral resource” used in this press release are in reference to the mining terms

defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM

Definition Standards” ), which definitions have been adopted by NI 43- 101. A ccordingly,

information contained in this press release providing descriptions of our mineral deposits in

accordance with NI 43 -101 may not be comparable to similar information made public by other

U.S. companies subject to the United States federal securities laws and the rules and regulations

thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be

converted into reserves. Pursuant to CIM Definition Standards, “ inferred mineral resources” are

that part of a mineral resource for which quantity and grade or quality are estimated on the basis

of limited geological evidence and sampling. S uch geological evidence is sufficient to imply but

not verify geological and grade or quality continuity. An inferred mineral resource has a lower level

of confidence than that applying to an indicated mineral resource and must not be converted to a

mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources

could be upgraded to indicated mineral resources with continued exploration. U nder Canadian

rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility

studies, except in rare cases . Investors are cautioned not to assume that all or any part of an

inferred mineral resource is economically or legally mineable. D isclosure of “contained ounces”

in a resource is permitted disclosure under Canadian regulations; however, the SEC normally

only permits issuers to report mineralization that does not constitute “reserves” by SEC standards

as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43- 101, differ significantly

from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new

mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act

of 1933, as amended (the “ SEC Modernization Rules”), with compliance required for the first

fiscal year beginni ng on or after January 1, 2021. T he SEC Modernization Rules replace the

historical property disclosure requirements included in SEC Industry Guide 7 . As a result of the

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adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured

mineral resources”, “indicated mineral resources” and “inferred mineral resources”. I nformation

regarding mineral resources contained or referenced in this press release may not be comparable

to similar information made public by companies that report acco rding to U.S. standards. While

the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition

Standards, readers are cautioned that there are differences between the SEC Modernization

Rules and the CIM Definitions Standards . Accordingly, there is no assurance any mineral

resources that the Company may report as “measured mineral resources” , “indicated mineral

resources” and “inferred mineral resources ” under NI 43 -101 would be the same had the

Company prepared the resource es timates under the standards adopted under the SEC

Modernization Rules.

The technical content of this release has been compiled, reviewed and approved by Francois

Chabot, Eng, Technical Studies Manager of the Company and a "Qualified Person" as defined in

National Instrument 43-101 - Standards of Disclosure for Mineral Projects.