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 – November 2 , 202 3 – 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

(“Agnico”) of 7,926,277 common shares in the capital of the Company at a price of $0.1 1 per

common share (the “Private Placement”). The Private Placement was undertaken pursuant to

certain participation rights set out in a pre-existing participation agreement between the Company

and a predecessor of Agnico.

With the net proceeds from the Private Placement, together with the $9.4 million of gross proceeds

from the flow through private placement that closed on October 26, 2023, the Company expects

to have a year end cash balance of approximately $25 million, which it anticipates will be sufficient

to fund the 2024 exploration program on the Company’s Detour-Fenelon Gold Property (the

“Detour-Fenelon Gold Trend Property”). The Company will announce details of its exploration

plans in 2024 once board approval has been obtained.

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 re specting 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 Québec’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 projects, 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. In addition, Wallbridge believes that the extensive land package is extremely

prospective for the discovery of additional gold deposits.

Wallbridge has reported a positive Preliminary Economic Assessment on its 100% -owned

Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over

12.3 years (see Wallbridge press release of June 26, 2023).

Wallbridge also holds a 19.9% 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

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

2 P a g e

in November of 2022.

The scientific and technical content of this new s release has been reviewed and approved by

Francois Chabot., Eng., the Company’s Manager of Technical Services, a "Qualified Person" as

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

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 https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited

Brian Penny, CPA, CMA

Interim CEO

Tel: (416) 716-8346

Email: [email protected]

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 a s “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 use of proceeds of the

Private Placement; the Co mpany’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 th e 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,

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

3 P a g e

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.

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 equip ment 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 Defi nition

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 app licable 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 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.