Wallbridge Provides Corporate Update - Seite 3

At Martiniere, the Company is planning to evaluate the resource expansion potential of the Martiniere West and Bug deposits, which have a combined historical indicated resource of 7,919,598 t @ 2.32 g/t Au for 590,642 oz and have seen very limited drilling below 350 metres vertical depth. The geology and gold mineralization of these deposits are currently being reviewed internally and an updated 43-101 resource estimate is expected to be prepared along with the Fenelon MRE in Q3 2021. In addition, a number of high-priority grassroots gold targets exist elsewhere on the Martiniere property which may be prioritized for drill testing in 2021.

At Grasset, the Company is planning to follow up on historic intersections in the Grasset Gold showing (1.66 g/t Au over 33.00 metres, including 6.15 g/t Au over 4.04 metres) and elsewhere along the Grasset Ultramafic Complex where assays grading up to 216 g/t Au over 0.78 metres have been returned.

Nickel-Copper-PGE Assets

Wallbridge entered into an operatorship agreement (the “Operatorship Agreement”) with Lonmin Plc (now Sibanye Stillwater) on October 29, 2019 to operate the privately-owned Lonmin Canada (“Loncan”) in return for a 20% ownership interest in Loncan (now diluted to 17.8% due to Loncan equity financing, that Wallbridge chose not to participate in). The decision to proceed with the Operatorship Agreement provided Wallbridge with an interest in an advanced stage property that was complementary to Wallbridge’s own suite of Nickel-Copper-PGE assets. The opportunity, once the Denison Property was closer to production, was to use this project as leverage to advance the Company’s Nickel-Copper-PGE assets either through joint ventures, partnerships, and/or spin outs. Economic evaluation of the Denison Property is currently underway.

With its acquisition of Balmoral Resources Ltd. in May 2020, Wallbridge added several Nickel-Copper-PGE assets in Ontario and Quebec including the Grasset property with its Nickel-PGM resource. As a result, management now believes that it is in the best interest of its shareholders to assess its current Nickel-Copper-PGE assets with Grasset as the most advanced project. Wallbridge is currently reviewing a number of alternative structures to unlock the value of its Nickel-Copper-PGE assets, including joint ventures, partnerships, spin-outs or outright sales, and will provide an update when available.