Cara Community GSM 50: Wallbridge Mining

Wallbridge Mining (TSX: WM) (OTC: WLBMF) reviewed 10-14-2020

Market Cap:       $422 Million (USD)          Share Price:        $0.72 (USD)

Shares outstanding: 586,997,997 at 31 Dec 2019

Cash:  $42.5 Million (USD) at 30 Jun 2020

Debt: Nil as of 30 Jun 2020

Current operations: Exploration & Drilling

Insider holdings: 35%.    Institutional: 7 holders with 3.6% of the float

Website: wallbridgemining.com

Investor Presentations:  https://wallbridgemining.com/investors/presentations/

CEO: Marz Kord   HQs: Ontario, Canada

Late-stage developer with assets in Quebec

Operates in the Detour-Fenelon gold trend, a major structure which hosts the Detour Lake Mine owned by Kirkland Lake

Fenelon is the 100%-owned flagship property, with high-grade Au drill results. Has six discovery areas: Fenelon, Tabasco/Area51, Ripley, Martiniere, Rambo, and Lynx

Acquired Balmoral Resources with closure 23 May 2020. Increased property size to 739 sq km

The company expects a 43-101 filing in mid-2021, has 5 drill rigs operating in 2020

Resources estimated at approx. 2.0 million ounces; however, the addition of the Balmoral Resources property will likely (and should) increase this

A good balance sheet as of 30 Jun 2020

Eric Sprott owns 20%

This is a company that should be followed closely for additional news

Bottom line:

  • Potential to become a mid-tier producer. Fenelon asset is promising
  • Must find additional resources. If they can find 4 M oz Au this will become a valuable company
  • Tends to dilute shares
  • No position and none contemplated at this time

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