Wallbridge Mining Announces Closing Of $15.14 Million Public Offering

On October 31, 2025, Wallbridge Mining announced the closing of a public offering for gross proceeds of $15.14 million. This was slightly larger than the "up to approximately $15 million" offering announced on October 14, 2025. The financing consisted of: - 65,000,000 Charity Flow-Through Units at $0.15 per unit. - 49,000,000 Hard Dollar Units at $0.11 per unit. Each unit includes one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at an exercise price of $0.15 for 36 months. Strategic investor Agnico Eagle Mines Limited participated in the offering. The proceeds will be used to advance the Fenelon and Martiniere projects and for general corporate purposes.

The closing of this $15.14 million financing is a necessary and positive development, though it comes with significant dilution.

• Positive: The financing removes a major near-term risk by shoring up the company's balance sheet. Prior to recent non-dilutive funding events (an $8M asset sale and $4.7M in tax credits), the company's cash position was dwindling due to a consistent burn rate of over $5 million per quarter. With an estimated pro-forma cash position of over $30 million, Wallbridge is now funded for approximately 18 months of planned exploration and corporate activities. The continued participation of strategic investor Agnico Eagle is a strong endorsement. The offering being slightly oversubscribed is a minor positive.

• Negative: The financing is highly dilutive. It adds 114 million common shares and 114 million warrants to the capital structure, which already exceeded 1 billion shares. The warrants, exercisable at $0.15, create a significant overhang that will likely act as a ceiling on the stock price for the foreseeable future. The hard dollar price of $0.11 was a discount to the market price when announced and sits right at the current trading level, suggesting potential for near-term price weakness as financing shares become free-trading.

Overall, the event is rated "Routine - Positive" because for an exploration company, securing funding to continue value-accretive work is a standard and essential business activity. It addresses the critical risk of funding, allowing the focus to return to the drill bit at the promising Martiniere project.

Wallbridge Mining is a Canadian gold exploration and development company focused on its extensive 830 km² land package in the Abitibi Greenstone Belt of Quebec.

The company has two core assets: 1. Fenelon Gold Project: This is the flagship project, advanced to a Preliminary Economic Assessment (PEA) stage. The March 2025 updated PEA outlined a 16-year mine life with an after-tax NPV(5%) of $706 million and a 21% IRR, based on a $2,200/oz gold price. However, the project carries a very large initial CAPEX of $579 million, which is a significant funding hurdle for a company of Wallbridge's size. 2. Martiniere Gold Project: Located 30 km west of Fenelon, this project is the company's current exploration focus. The 2025 drilling programs have consistently delivered high-grade gold intercepts, successfully expanding the known mineralized footprint and demonstrating strong potential for resource growth. These positive results have been the primary driver of the stock's performance in the latter half of 2025.