Wallbridge to Advance Fenelon to Pre-Feasibility Study with Strategic Investments from Agnico Eagle and Waratah for Approximately C$56 Million

On May 20, 2026, Wallbridge announced definitive agreements with Agnico Eagle Mines and Waratah Capital Advisors for a C$56.0 million equity injection at C$0.092 per share – a 15% premium to the 20‑day VWAP. Each investor will hold approximately 19.9% of the company on a partially diluted basis. The proceeds will fully fund the Fenelon project through infill drilling and a pre‑feasibility study (PFS), expected in late 2027 or early 2028. Agnico Eagle gains board representation and participation in a technical committee; Waratah also receives board rights. The company will seek shareholder approval for a 20:1 share consolidation and a name change to “Sunday Lake Gold” in Q3 2026.

This is a transformative event. In the historical context, Wallbridge was a cash‑strapped explorer that steadily advanced its Martiniere project with high‑grade drill results (e.g., multiple >50 g/t Au intercepts), while preparing Fenelon for development. Over 2025–2026, it raised C$15.1 million in a flow‑through offering, sold Detour East for C$8 million, and received C$4.7 million in tax credits, ending 2025 with C$28.9 million in cash and a C$27 million 2026 program. However, the capital needed to push Fenelon to PFS far exceeded its balance‑sheet capability.

The C$56 million strategic investment removes the funding overhang entirely for the next 18–24 months. It brings in a major gold producer (Agnico Eagle) as a 19.9% cornerstone shareholder with technical collaboration, validating Fenelon’s geological merit and scale. The entry of a large new institutional investor (Waratah) further de‑risks the story. The 15% premium pricing and board seats signal strong confidence. The planned 20:1 consolidation and rebranding to Sunday Lake Gold reposition the company for a potential re‑rating as a development‑stage gold story. In short, the news is a material game changer, substantially surpassing routine positive drill results or minor financings.

Wallbridge Mining is a Canadian gold explorer focused on the Detour‑Fenelon gold trend in northern Quebec. Its flagship asset is the 100‑owned Fenelon gold project, host to a large orogenic gold deposit. A PEA completed in March 2025 outlined a potential development scenario. The adjacent Martiniere project (100‑owned) is a high‑grade satellite deposit with a 2025 resource of 346k oz indicated (2.29 g/t Au) and 387k oz inferred (3.11 g/t Au). The company also holds regional properties (Casault, Grasset) along the Sunday Lake Deformation Zone, covering 830 km². Management has systematically de‑risked and expanded these assets through drilling.