Wallbridge Mining Company (TSX: WM) has secured cornerstone backing from Agnico Eagle Mines and Waratah Capital Advisors, with each party taking a partially-diluted stake of approximately 19.9% in the company through a combined capital injection of roughly C$56 million.
The two investors are buying in at $0.092 per share, a 15% premium to Wallbridge’s 20-day volume-weighted average price on the TSX. Agnico Eagle is purchasing 243,927,966 common shares for gross proceeds of approximately C$22.4 million, which, combined with its existing share and warrant holdings, gets it to the 19.9% mark. Waratah, acting on behalf of certain managed funds, is picking up 364,339,130 shares for roughly C$33.5 million to reach the same threshold.
Proceeds, together with cash already on the balance sheet, are earmarked to carry the flagship Fenelon gold project through infill drilling and a pre-feasibility study, with delivery targeted for late 2027 or early 2028.
The deal comes with governance strings attached. Both Agnico Eagle and Waratah will enter into investor rights agreements at closing, granting each participation rights, top-up rights and the ability to appoint at least one director, provided they maintain certain ownership thresholds. Agnico Eagle will also get a seat on a technical committee advising the company on technical matters.
Management isn’t stopping at the capital raise. Wallbridge intends to call a special meeting of shareholders in the third quarter of 2026 to approve a 20-to-1 share consolidation and a rebrand to Sunday Lake Gold, framing the dual moves as the opening of a new chapter for the company.
Chief Executive Officer Brian Penny called the financings a validation of Fenelon’s quality and scale, noting the capital positions the company to advance the asset and unlock value as it moves into the next phase.
In the meantime, Wallbridge plans to wrap up its fully funded 2026 exploration program at Martiniere, Casault and Grasset, which is already underway, before pivoting the bulk of its resources to Fenelon.
Wallbridge Mining last traded at $0.075 on the TSX.
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