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