New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). Announcement • May 23
Wallbridge Mining Company Limited announced that it has received CAD 55.960573 million in funding from Agnico Eagle Mines Limited On May 22, 2026, Wallbridge Mining Company Limited closed the transaction. The company issued 608,267,096 common shares at an issue price of CAD 0.092 for gross proceeds of CAD 55,960,572.832. The transaction includes participation from Agnico Eagle Mines Limited for 243,927,966 common shares for proceeds of CAD 22,441,372.872 and Waratah Capital Advisors Limited, on behalf of certain investment funds managed by it for 364,339,130 common shares for proceeds of CAD 33,519,199.96. As of closing, each of Agnico Eagle and Waratah has a partially-diluted ownership position of, or control or direction over, approximately 19.9% of the common shares of the Company. Announcement • May 21
Wallbridge Mining Company Limited announced that it expects to receive CAD 55.960573 million in funding from Agnico Eagle Mines Limited, Waratah Capital Advisors Ltd. Wallbridge Mining Company Limited has entered into definitive agreements with Agnico Eagle Mines Limited and Waratah Capital Advisors Limited, on behalf of certain investment funds managed by it, to issue 608,267,096 common shares at an issue price of CAD 0.092 for gross proceeds of CAD 5,59,60,572.832 on May 20, 2026. Agnico Eagle has agreed to purchase 243,927,966 common shares of the Company for gross proceeds of approximately CAD 22.4 million, which together with Agnico Eagle’s existing ownership position of common shares and common share purchase warrants, will result in a partially-diluted ownership interest of 19.9% in the Company. Waratah, on behalf of certain investment funds managed by it, agreed to purchase 364,339,130 common shares of the Company for gross proceeds of approximately CAD 33.5 million, which will result in such funds having an aggregate pro forma ownership interest of 19.9% in the Company. Closing is subject to customary conditions for a transaction of this nature, including the approval of the Toronto Stock Exchange. The transaction is expected to close on May 22, 2026. 
