Wallbridge Announces its 2026 Exploration Program and Budget

On December 17, 2025, Wallbridge Mining announced its exploration program and budget for 2026. The company has approved a budget of approximately $27 million, which will fund around 25,000 metres of drilling across its Quebec properties. The primary focus will be on the Martiniere project, allocated approximately 17,000 metres of drilling, with the remainder spread across the Fenelon, Casault, and Grasset projects. The stated goal is to unlock value from earlier-stage projects while continuing to advance the flagship Fenelon project towards a future pre-feasibility study. CEO Brian Penny noted the company is supported by a "strong balance sheet" entering the new year.

This announcement is a routine, positive update that provides clarity on the company's operational plans for the upcoming year but does not materially alter the investment thesis. The news follows a critical period of capital raising in the fall of 2025, which is the primary context for this budget.

• Funding Context: In Q3 2025, Wallbridge was facing a dwindling cash position, with only $6.6 million as of September 30. Through a series of astute moves in October, the company shored up its balance sheet: selling the Detour East claims to strategic partner Agnico Eagle for $8 million, receiving $4.7 million in Quebec tax credits, and closing a $15.1 million public offering. The total cash injection was approximately $27.8 million. The newly announced $27 million budget for 2026 is, therefore, a direct deployment of these recently secured funds. This is an expected and prudent use of capital, not a surprise expansion.
• Drilling Program: The planned 25,000 metres of drilling is a continuation of the company's strategy, not an acceleration. For comparison, the company completed 17,411 metres at Martiniere alone in 2025. The 2026 plan maintains a similar focus on Martiniere (17,000 metres), which is logical given the series of excellent, high-grade drill results announced from that project between June and November 2025. These results successfully demonstrated the potential for a larger mineralized system at Martiniere.
• Expectations: The announcement meets, but does not exceed, expectations. Following a financing, investors expect a clear plan for how the proceeds will be used. This news release provides that plan. The CEO’s comment on a "strong balance sheet" is accurate but only as a result of the recent, and dilutive, financing.

In summary, the news confirms Wallbridge is funded for another year of exploration and is allocating capital logically toward its most promising target (Martiniere). It is positive as it removes uncertainty about the 2026 program, but it is routine because it is the direct and predictable outcome of the Q4 2025 financing activities. The value driver remains the results of this drilling, not the announcement of the plan itself.

Wallbridge Mining is a Canadian gold exploration company focused on its large 830 sq km land package in the prolific Detour-Fenelon Gold Trend of the Abitibi Greenstone Belt in Quebec. - Flagship Project (Fenelon): The company's most advanced asset is the Fenelon Gold Project. An updated PEA released in March 2025 outlined a 16-year mine life with average annual production of 107,000 ounces of gold. The project shows a strong after-tax NPV5% of $706 million at $2,200/oz gold, but this is coupled with a very high initial CAPEX of $579 million, a major challenge for a company of Wallbridge's size. - Secondary Project (Martiniere): Located 30 km west of Fenelon, Martiniere has been the focus of recent exploration, which has yielded significant high-grade intercepts outside the known resource, suggesting strong potential for resource growth. This project is the company's primary exploration catalyst.