Interview with Brian W. Penny, CEO and Director, Wallbridge Mining

Our previous interview: https://www.cruxinvestor.com/posts/wallbridge-mining-tsxwm-advances-dual-gold-strategy-in-quebecs-abitibi-belt-8667

Recording date: 12th May 2026

Wallbridge Mining is advancing a significant gold resource base in Quebec’s Abitibi region, one of the world’s most established mining jurisdictions. The company controls approximately 4.25 million ounces of gold across two projects: the more advanced Fenelon deposit with 3.5 million ounces, and the earlier-stage Martiniere project with 750,000 ounces. Both assets remain open for expansion and are being evaluated independently to ensure disciplined capital allocation.

A March 2025 preliminary economic assessment for Fenelon highlights strong project economics, including a net present value of $1.4 billion, a 34% internal rate of return, and a rapid 2.4-year payback period at a conservative gold price of $3,000 per ounce. The project is designed as a 15-year underground operation producing an average of 107,000 ounces annually, with higher-grade output of 127,000 ounces per year in the first five years to accelerate returns.

Management has adopted a “right-sized” development strategy, opting for a 3,000 ton-per-day operation. This approach reduces capital intensity, simplifies permitting, and minimizes environmental impact while preserving upside from the broader resource base. Advancing the project to pre-feasibility will require $50–60 million and is expected to take approximately four years, including permitting and agreements with Indigenous communities.

Near-term catalysts include metallurgical testing to confirm gold recovery rates and validate dry-stack tailings, as well as an active drilling program at Martiniere targeting exploration upside. Despite strong project fundamentals, Wallbridge’s market capitalization remains around $100 million, creating a potential valuation gap.

With improving gold market conditions and a clear pathway to development, Wallbridge is positioned to unlock value through continued de-risking, resource conversion, and strategic flexibility, including the possibility of future acquisition.

Learn more: https://www.cruxinvestor.com/companies/wallbridge-mining