Wallbridge Mining's 2026 pre-feasibility metallurgical drilling program at Fenelon Gold has cleared a concrete sample-collection threshold: 635 kilograms of mineralized material averaging 5.00 g/t Au, drawn from areas within the PEA mine plan and approximately 20% above the minimum required for the planned testwork, according to the company's September 2, 2026 news release on GlobeNewswire.

The program generated results from seven HQ-diameter drill holes totalling 3,144 metres. Within PEA mine-plan areas, highlighted intercepts include 8.27 g/t Au over 16.4 m in FAL-26-002A, 25.41 g/t Au over 3.6 m in FAL-26-003, and 10.67 g/t Au over 5.0 m in FAL-26-005. Outside the current PEA mine plan, the program returned 52.30 g/t Au over 2.1 m in FAL-26-001 and 25.91 g/t Au over 1.6 m in FAL-26-007.

An additional 185 kilograms averaging 6.92 g/t Au — collected from drilled intervals peripheral to the current mineral resource estimate and PEA mine plan — has been flagged for potential use in current and future metallurgical studies, per the same release. Combined, 820 kilograms of mineralized material has been delivered to Base Met's testing facility, where preparation of the bulk composites is underway. Initial results from the 2026 testing program are expected in the latter half of Q4 2026.

The PFS metallurgical work builds on two earlier phases of testwork conducted in 2020 and 2021 on material from the Area 51 and C-T-C zones by SGS Canada Inc., as assessed in the 2025 PEA, per the company's project page at wallbridgemining.com. That PEA applied an 85.0% metallurgical recovery and a 2.0% royalty to its cutoff grade calculation, based on a metallurgical characterization study completed in December 2024.

Fenelon sits roughly 80 kilometres east of Agnico Eagle's Detour Lake mine — described in Wallbridge's project materials as Canada's largest producing gold mine — and approximately 30 kilometres east of Wallbridge's own exploration-stage Martiniere Gold Project. The company holds a contiguous 598-square-kilometre property position extending approximately 82 kilometres along the Detour-Fenelon gold trend, per the corporate site.

On the balance sheet, Wallbridge reported CAD $28.9 million in cash as of end of 2025, per GlobeNewswire. Shares outstanding stood at 1,222,582,805 as of May 2026, per ADVFN. Market capitalization was CAD $97.81 million per the most recently dated figure available, from May 2026, per StockAnalysis. The stock's most recent trading data, from August 9, 2026, shows WM on the TSX at CAD $0.09, with a day range of CAD $0.09 to $0.10 and a 52-week range of CAD $0.07 to $0.14. No intraday price data is available for the September 2, 2026 session.

Gold spot traded at $4,378.80, down $17.60 (-0.40%), on September 2, 2026, per Yahoo Finance.

CEO Brian Penny stated in earlier commentary: "As we close out 2025, I am very optimistic about the year ahead, supported by a strong balance sheet and a clearly defined strategy. Our focus remains on unlocking value from our earlier-stage projects while continuing to advance our flagship Fenelon project toward a future pre-feasibility study."

The next concrete milestone is the initial metallurgical test results from Base Met, expected in the latter half of Q4 2026, per the September 2, 2026 GlobeNewswire release.