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Wallbridge Receives $8.1M of Quebec Refundable Investment Tax Credits

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Wallbridge Receives $8.1M of Quebec Refundable Investment Tax Credits

 

 

 

 

 

Wallbridge Mining Company Limited (TSX: WM) (OTCQB: WLBMF)  is pleased to report that it received $8.1 million of cash refunds with respect to its 2023 Quebec Tax Credit Relating to Resources that were claimed on its 2023 Quebec income tax return.

 

The government of Quebec supports mineral exploration within the province. One incentive that Walllbridge is entitled to receive is a tax credit that refunds a portion of eligible exploration expenses incurred and not funded by Quebec Flow Through shares. As per the Fraser Institute’s mining survey Quebec ranks fifth on overall investment attractiveness. This year’s report ranks 86 jurisdictions around the world based on their geologic attractiveness and government policies.

 

“We are pleased with the quick turnaround and payment of the refund by Revenue Quebec,” stated Brian Penny, Chief Executive Officer of Wallbridge. “The receipt of the TCRR Quebec investment tax credits will be used to advance the Company’s exploration and development programs to unlock the value of the Detour-Fenelon Gold Trend properties. We look forward to continuing to advance and de-risk Fenelon, Martiniere, and work on our greenfields regional exploration program to unlock the potential on the rest of the Company’s 830 square kilometre land package.”

 

About Wallbridge Mining

 

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the environment and communities where it operates (regional property map provided below).

 

Wallbridge’s most advanced projects, Fenelon Gold and Martiniere Gold incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square kilometre exploration land package controlled by Wallbridge.

 

Wallbridge has reported a positive Preliminary Economic Assessment at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

 

Wallbridge also holds a 15.79% interest in the common shares of NorthX Nickel Corp. as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec.

 

Posted May 22, 2024

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