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Producing and Exploring in Sudbury, Canada’s Premier Mining District
Platinum, Palladium, Copper, Nickel and Gold
July 2014
CAUTIONARY STATEMENT
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No regulatory authority has approved or disapproved the information contained in this presentation.
This presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors should be cautious that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
THE WALLBRIDGE OPPORTUNITY
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• Broken Hammer Open Pit Mining Project in Sudbury, Ontario – Production Commenced April 2014, 12 month mine life – 800 tonnes of ore per day – Smelter Revenue expected starting August 2014 – Over $5 million pre-tax profit expected to July 2015
• Active Partner Funded Exploration in Sudbury, Ontario – $5.1M+ partner funded exploration in 2014
• Record of Low-Dilution Exploration, Discovery & Development – 2014 Broken Hammer production as “alternative financing” – 2013 Wisner Amendment, $6.0M over 3 years including cash option payments funded by Lonmin – 2012 North Range JV, up to $8.8M funding over 3 yrs. funded by Lonmin – 2010 Miocene Metals Spin Out TSXV:MII – 2008 Parkin Offset JV, $7.3M exploration funded by Implats – 2005 Duluth Metals Spin Out TSX:DM – 2002 Sudbury Camp JV, min. USD $1.0M annual funding by Lonmin
• Polymetallic Exposure in North America – Copper, platinum, palladium and gold deposits – Copper, platinum, palladium, gold and nickel deposits – Copper and gold properties – Molybdenum properties
• Underlying Value and Growth Potential of Spin Out Equity Investments – Wallbridge owns 10.1 million shares (7.4%) Duluth Metals Limited (DM:TSX) – Wallbridge owns 28.4 million shares (40.5%) Miocene Metals Limited (MII:TSXV)
• Socially Responsible with Operations and Assets in Secure Jurisdictions Broken Hammer Open Pit Mine, Sudbury, Ontario, Canada
CORE ASSETS
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• Producing at Broken Hammer
• $5.1M+ Partner Funded Exploration in 2014
• 40 Projects, 11 Joint Ventures
• Platinum, Palladium, Copper, Nickel and Gold
• TSX:DM
• 10.1M Shares (7.4%)
• Large PFS Stage Project in Minnesota, USA
• Twin Metals Joint Venture with Antofagasta Plc
• Copper, Platinum, Palladium, Nickel and Gold
• TSXV:MII
• 28.4M Shares (40.5%)
• Copper, Gold, Molybdenum
• Exploration Projects
• Merger underway with Carube Resources Inc.
• Includes Funded Joint Venture with Oz Minerals
RECENT EXPLORATION & DEVELOPMENT ACTIVITY
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2014 EXPLORATION
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– UTEM5, HELITEM, DCIP, Max-Min geophysics completed this past winter – Two drills currently at Wisner, funded by Lonmin Plc – Drilling at Skynner Lake & Trill planned August/September, funded by Lonmin – Prospecting & fieldwork ongoing to firm-up drill targets for 2015, funded by Lonmin – Drilling at Parkin proposed for fall 2014 / winter 2015
Original 2014 Budget: 14,776 metres drilling Current 2014 Forecast: 16,000 - 18,000 metres drilling
2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 2014October November December January February March April May June July August September
NRJVMax-Min, UTEM5,Drilling
SCJVUTEM5, Drilling
Wisner
Geophysics HEM, UTEM5, Drilling
2014 Lonmin JVs
PDACXMAS Break-up
Drilling, BHEM
Drilling, BHEM
MIRA
VTEM
Fieldwork, stripping
Fieldwork, stripping
Fieldwork, stripping Fieldwork,
Fieldwork, stripping
Drilling, BHEMDrilling,
Linecut
LineLinecut
Max-Min UTEM
UTEM5
Line
UTEM5Drilling, BHEM
Fieldwork, stripping
Lonmin JVs follow October 1 to September 31 fiscal year.
MANAGEMENT AND DIRECTORS
WARREN HOLMES • Mining executive with +40 yrs. experience in mining • Director for HudBay Minerals, Atlanta Gold Inc.,
Foraco International
PARVIZ FARSANGI • Mining Executive with +25 yrs. experience • Director for Miocene Metals, INV Metals, • CEO of Canadian Royalties • Previously CEO of Scorpio Mining & COO with Vale
ROLAND HORST • +35 yrs. experience as investment banker • Previously CEO of C Bay and Director of Victory
Nickel
RENE GALIPEAU • +30 yrs. experience in mining • CEO of Victory nickel and Director of Nuinsco
Resources, Victory Nickel and KWG Resources
DARRYL SITTLER • Former NHL player and 1989 Hall of Fame inductee • Director for Miocene Metals, Royal Nickel, Frontline
Gold
ELAINE ELLINGHAM • Professional Geologist with +30 years of experience • Director for Richmont Mines Inc., Aurania Resources
Ltd. and Williams Creek Gold Limited.
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ALAR SOEVER Executive Chairman and Director
• Professional Geologist with +30 yrs. experience
• Chairman Miocene Metals, Director for Duluth Metals
MARZ KORD President and CEO
• Mining Engineer with +25 yrs. experience in mining
• Previously EVP for Genivar Consultants, Falconbridge
MARY MONTGOMERY, CPA, CA CFO
• She held senior positions with a number of companies associated with the mining industry in Sudbury
JOSHUA BAILEY Vice President Exploration
• Professional Geologist with +15 yrs. experience
• President of the Sudbury Prospectors and Developers Association
WHY WE LIKE SUDBURY
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• Production since 1886 • 10 active mines • 2 active mills • 2 active smelters • Good mining culture • Good infrastructure • Skilled workforce • Secure regulatory environment • High value polymetallic Cu-Ni-PGE deposits • Numerous recent discoveries
Vale’s Copper Cliff Smelter, Clarabelle Mill, North Mine, and South Mine Infrastructure in Sudbury
SUDBURY CAMP METAL ENDOWMENT (Naldrett, 2004): ~1.648 billion tonnes, 1.08% Cu, 1.20% Ni, 1.17 g/t PGEs 44 billion lbs. Ni, 40 billion lbs. Cu, 62 million oz. PGEs
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19+ Million Ounces of PGEs discovered since ~1990*
– Includes over 15 deposits containing a total of over 120 million tonnes with averages grades of:
~4.8 g/t PGE + Au ~3.6 % Cu ~1.7 % Ni
RECENT DISCOVERIES IN SUDBURY
Examples of Recent Discoveries in Sudbury with
1M+ Ounces of PGEs*
Resource Ni Cu Pt + Pd Pt + Pd
Mt % % g/t Moz
Capre ? ? ? ? ? Victoria 14.5 2.5 2.5 7.6 3.5
McCreedy East FW 6.8 0.9 9.9 13.4 2.9 Nickel Rim South 13.0 1.4 3.1 4.3 1.8
Totten Mine 10.1 1.5 1.97 4.8 1.6 Kelly Lake 11.4 1.72 1.41 3.8 1.4
Victor Deep FW 6.16 1.9 6.2 6.7 1.3 *3rd party mineral resources information is from publicly available documents, Wallbridge can not confirm the accuracy of this information.
BROKEN HAMMER OPEN PIT MINE PROJECT
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2014 RESERVE UPDATE (BASED ON CURRENT MINING)
TONNES 193,152
CU 0.95 %
NI 0.10 %
PT 2.16 gpt
PD 1.96 gpt
AU 0.65 gpt
AG 6.69 gpt
The Qualified Person for the Broken Hammer updated reserve estimate is Mr. Marz Kord, P. Eng., President & CEO for Wallbridge. The updated Mineral Reserve estimate is based on updated economic inputs and does not represent a material difference from the previous Mineral Reserves estimated by RPA Inc.(see Press Release dated September 18, 2013).
open
COPPER 11,377$ NICKEL -$ GOLD 4,409$ SILVER 411$
PLATINUM 15,193$ PALLADIUM 7,561$
TOTAL REVENUE 38,952$
FORECASTED REVENUE ('000 CAD)
Mining incl. G&A 10,650$ Crushing & Hauling 8,058$
Processing 11,776$ Royalties 1,277$
Capital Expenditures 1,543$ TOTAL COSTS 33,305$
FORECASTED COSTS ('000 CAD) METAL PRICE RECOVERYCOPPER 3.25$ 86.2%NICKEL 8.00$ 48.2%
GOLD 1,310$ 84.8%SILVER 21$ 63.6%
PLATINUM 1,500$ 82.5%PALLADIUM 850$ 80.3%
CAD/US 1.07:1
TOTAL REVENUE 38,952$
NET CASHFLOW 5,647$
FORECASTED CASHFLOW ('000 CAD)
TOTAL COSTS INCL. CAPITAL & ROYALTIES 33,305$
BROKEN HAMMER OPEN PIT MINE SUMMARY
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Ore Delivery To Mill
Construction Starts
Concentrates to Smelters
Payments from Smelters
Expected Completion April 2015
Broken Hammer Open Pit Mine Site, June 10, 2014
-$1,000 $-
$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000
$10,000
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BROKEN HAMMER CUMULATIVE CASHFLOW
WISNER PROPERTIES - LONMIN
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• $2.6M budget funded by Lonmin from October 1, 2013 to September 30, 2014.
• Potential additional $3.4 million Lonmin funding to September 2016.
• Drilling (two rigs), mechanical outcrop stripping and prospecting underway.
• 10 kms strike length of favourable geology.
• Numerous target areas including high grade Cu-PGE occurrences at surface, geophysical and soil anomalies, and favourable Sudbury breccia structures in the footwall to Ni-Cu-PGE deposits on adjacent Vale and Glencore properties.
North Range Joint Venture (NRJV)
• $0.9M funded by Lonmin from October 2013 to September 2014.
• Up to $8.8M Lonmin funding to 2016. • 13 Early stage projects. • Currently fieldwork underway. • Early stage projects
Sudbury Camp Joint Venture (SCJV)
• USD $1.6M funded by Lonmin from October 2013 to September 2014.
• Minimum USD $1.0M Lonmin funding annual
• 9 projects
• Currently drilling planned for August and September at Skynner Lake and Trill properties.
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OTHER LONMIN JV PROJECTS
Mechanical Stripping at the new Trill East Ni-Cu-PGE occurrence on the Trill Property
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9.5 kms Parkin Offset Dyke – Past Producing Milnet Mine – Parkin Resource (open at depth) – High Grade Milnet 1500 Zone (open in all
directions) – High Grade Brady Showing (open at depth)
2014/2015: drilling at Parkin Resource
– Exploration target: 3-5 million tonne resource expansion potential above 500 metres depth.
– Exploration target is conceptual based on current drill intersections, borehole geophysics, and the nature of the Parkin Resource and similar Offset deposits elsewhere in Sudbury. There has been insufficient work completed to determine whether a deposit of this size exists on the property, further exploration is required.
Impala Platinum Joint Venture
PARKIN PROPERTY
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Feb 2014 Updated Resource, contained metals *
Metal Measured Resource
Indicated Resource
M&I Resource
Inferred Resource
Copper 3.7 billion lbs. 11.0 billion lbs. 14.7 billion lbs. 12.3 billion lbs.
Nickel 1.2 billion lbs. 3.5 billion lbs. 4.7 billion lbs. 4.2 billion lbs.
Platinum 1.3 million ozs. 4.5 million ozs. 5.8 million ozs. 3.6 million ozs.**
Palladium 3.0 million ozs. 10.2 million ozs. 13.2 million ozs. 8.0 million ozs.**
Gold 0.7 million ozs. 2.5 million ozs. 3.2 million ozs. 1.8 million ozs.**
Significant Value Driver for Wallbridge Shareholders
Twin Metals Minnesota (TMM) JV with Antofagasta Plc – The world’s largest undeveloped Cu-Ni-PGE deposit in friendly jurisdiction of North America – Joint Venture with Antofagasta Plc who would earn 40% of the project by completing the Bankable
Feasibility Study
Duluth Metals Upside – Feasibility Study results expected in H1, 2014 – Exploration potential in 37,000 acres of exploration interests outside of Twin Metals spin-out – Discovery of two new mineralized zones in January 2013 on Duluth’s 100% owned properties
WALLBRIDGE SPIN-OUT EQUITY INTEREST- DULUTH METALS
*Using a base case 0.3% Cu cut-off, the deposit contains 1,069 million tons of Measured & Indicated Resource grading Cu 0.59%, 0.19% Ni, Pt 0.16 gpt, Pd 0.36 gpt, Au 0.08 and 562 million tons of Inferred Resource grading Cu 0.51%, 0.17% Ni, Pt 0.14 gpt, Pd 0.32 gpt, Au 0.07
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WALLBRIDGE SPIN-OUT EQUITY INTEREST- MIOCENE
Porphyry Cu-Au-Mo projects in SW BC – Rogers Creek and MacKenzie: Cu, Au – Salal: Moly
Miocene age Cascade Magmatic Arc – Similar to copper-gold belts in Chile, Peru, USA, Indonesia
and Papua New Guinea (e.g., El Teniente, Chuquicamata, Grasberg, Bingham Canyon)
Excellent infrastructure in British Columbia
MIOCENE-CARUBE RESOURCES PROPOSED MERGER 2014
Porphyry Cu-Au projects in Jamaica
Joint Venture Partnership with Oz Minerals $6.5M expenditure to earn 70%. Additional $6.5M on each of three other properties
Excellent infrastructure in Jamaica
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WALLBRIDGE VALUE PROPOSITION
• Small producer to generate cash flow • Strong management team with mining and exploration experience • Good track record of optimizing investor exposure to discovery upside through
self-funded exploration, spin-outs, and joint ventures with major companies • High Potential for further exploration-driven discoveries in an established mining
camp • Exploration budget and drilling increasing as joint venture commitments grow • Significant upside potential through retained equity interests in quality projects • Successfully implemented “alternative financing” strategy consisting of JV funding
and small scale mining cash flow, minimizing shareholder dilution
Broken Hammer Open Pit Mine Site, June 10, 2014
FOR FURTHER INFORMATION Linda Zubal, VP, Corporate Communications 705-682-9297, ext. 263 [email protected]
Issued and Outstanding 167.2 MOptions 19.4 MWarrants and Compensation Options 7.0 MRSU's & DSU's 2.5 MFully Diluted 196.1 M