- Agnico Eagle Mines (TSX:AEM) and Waratah Capital Advisors will respectively invest C$22.4 million and C$33.5 million in Wallbridge Mining (TSX:WM), granting each of them a stake of approximately 19.9 per cent in the junior gold stock.
- Wallbridge is a gold exploration and development company active in Quebec’s Abitibi region on a contiguous 598-square-kilometre land package.
- Wallbridge Mining stock has added 90 per cent year-over-year but remains down by 85.38 per cent since 2021.
Agnico Eagle Mines (TSX:AEM) and Waratah Capital Advisors will respectively invest C$22.4 million and C$33.5 million in Wallbridge Mining (TSX:WM), granting each of them a stake of approximately 19.9 per cent in the junior gold stock.
The investments, made at C$0.092 per common share, are expected to fully fund a pre-feasibility study at Wallbridge’s flagship Fenelon project, an advanced exploration-stage asset in Quebec hosting an estimated 1.75 million ounces of gold indicated and 1.65 million ounces inferred.
At closing, Agnico Eagle and Waratah will enter into investor rights agreement with Wallbridge, entitling them to participation rights, top-up rights and the right to appoint at least one member to Wallbridge’s board of directors. Agnico Eagle will also have the right to participate in a technical committee to advise the company along its development path.
According to Wednesday’s news release, Wallbridge is also planning to hold a special shareholder meeting to authorize a 20:1 share consolidation and change its name to Sunday Lake Gold. A circular on these matters will be made available in the near future.
The junior gold company recently kicked off a fully-funded 2026 exploration program at its Martiniere, Casault, Grasset and Fenelon projects, with prospective initial results released earlier this month.
Leadership commentary
“We are delighted to announce these cornerstone investments from our long-time shareholder Agnico Eagle and by Waratah, who we welcome as a significant new shareholder in the company,” Brian Penny, Chief Executive Officer of Wallbridge Mining, said in a statement. “In our view, these investments underscore the quality and scale of our flagship asset, Fenelon, while providing the capital required to advance it through infill drilling and a pre-feasibility study, which we expect to deliver in late 2027 or early 2028.”
“With this capital injection from our cornerstone investors,” Penny added, “we will be well-positioned to advance Fenelon and unlock significant value for all shareholders as we enter this important new phase in the company’s history.”
About Wallbridge Mining
Wallbridge Mining is a gold exploration and development company active in Quebec’s Abitibi region. Its portfolio extends for a contiguous 598 square kilometres, including 82 kilometres along the Detour-Fenelon gold trend.
Wallbridge Mining stock (TSX:WM) is up by 26.67 per cent trading at C$0.095 as of 10:05 am ET. The stock has added 90 per cent year-over-year but remains down by 85.38 per cent since 2021.
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