December 2007December 2007December 2007December 2007

Cautionary and Forward Looking StatementCautionary and Forward Looking Statement

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 th t t t f hi t i l f t th t dd f t d ti

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 th t t t f hi t i l f t th t dd f t d ti than statement of historical facts , 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

than statement of historical facts , 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 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 form those in the forward- looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general

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 form those in the forward- looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general 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-

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-p y p ylooking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

p y p ylooking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Wallbridge MissionWallbridge Mission Founded to explore for nickel-copper-PGEs in Founded to explore for nickel-copper-PGEs in ppNorth AmericaExploring in Sudbury

ppNorth AmericaExploring in Sudbury Invested in Duluth through spin out company Duluth Metals

Invested in Duluth through spin out company Duluth MetalsSudbury, an established under-explored mining camp

Sudbury, an established under-explored mining camp camp Duluth, an emerging copper-nickel-PGE camp

hi h h i

camp Duluth, an emerging copper-nickel-PGE camp

hi h h i which shows economic potential with advances in metallurgy and strong

which shows economic potential with advances in metallurgy and strong metal pricesmetal prices

Share StructureShare Structure

Issued and Outstanding 76.0 MIssued and Outstanding 76.0 MgOptions (average price $0.48) 8.2 MWarrants 6 8 M

gOptions (average price $0.48) 8.2 MWarrants 6 8 MWarrants 6.8 M

0.75 M @ 0. 40 July 20080 61 M @ 0 75 December 2008

Warrants 6.8 M0.75 M @ 0. 40 July 20080 61 M @ 0 75 December 20080.61 M @ 0.75 December 20085.40 M @ 1.00 June 2010

Fully Diluted 91 0 M

0.61 M @ 0.75 December 20085.40 M @ 1.00 June 2010

Fully Diluted 91 0 MFully Diluted 91.0 MFully Diluted 91.0 M

Share OwnershipShare Ownership

Lonmin Plc. 14%Lonmin Plc. 14%Management and Directors 9%GMP (Brokers and Investors) 7%Front Street Capital 9%

Management and Directors 9%GMP (Brokers and Investors) 7%Front Street Capital 9%Front Street Capital 9%Mavrix Funds 5%Close Friends of Management 3%

Front Street Capital 9%Mavrix Funds 5%Close Friends of Management 3%Close Friends of Management 3%US Global Investors –World PM Fund 2%Remaining 50% equally distributed between i tit ti d t il

Close Friends of Management 3%US Global Investors –World PM Fund 2%Remaining 50% equally distributed between i tit ti d t il

g q yinstitutions and retail

g q yinstitutions and retail

Share Price Performance 2006-2007Share Price Performance 2006-2007Share Price Performance of Sudbury Area CompaniesWallbridge Mining WM with DM DividendFirst Nickel FNX Mining

300%

350%

400%ck

Pric

e

150%

200%

250%

Dec

reas

e) in

Sto

c

0%

50%

100%

erce

nt In

crea

se (D

-100%

-50%

2005

2005

2006

2006

2006

2006

2007

2007

2007

2007

Pe

30 S

epte

mbe

r

30 D

ecem

ber

31 M

arch

30 J

une

30 S

epte

mbe

r

30 D

ecem

ber

31 M

arch

01 J

uly

30 S

epte

mbe

r

30 D

ecem

ber

TradingTrading

Current Share Price $0.35(Dec. 7, 2007)Current Share Price $0.35(Dec. 7, 2007)Market Capitalization $26.6 M52 week range $0.73 - $0.20Market Capitalization $26.6 M52 week range $0.73 - $0.20Average daily volume (previous year) 198,301Average daily volume (previous year) 198,301Current cash position ~ $4.0 M + minimum $1.5-3.0 M JV in pending partner commitments for 2008

Current cash position ~ $4.0 M + minimum $1.5-3.0 M JV in pending partner commitments for 2008commitments for 2008commitments for 2008

Market Capitalization (Dec. 7, 2007)Market Capitalization (Dec. 7, 2007)

Current Market Capitalization $26.6 MCurrent Market Capitalization $26.6 MAssets

Market Value of Duluth Shares $31.0 MC h H d $ 4 0 M

AssetsMarket Value of Duluth Shares $31.0 MC h H d $ 4 0 MCash on Hand $ 4.0 MJV Partner commitments $ 1.6 MJV Partner funding ( optional) $ 1 0 1 5 M

Cash on Hand $ 4.0 MJV Partner commitments $ 1.6 MJV Partner funding ( optional) $ 1 0 1 5 MJV Partner funding ( optional) $ 1.0-1.5 M

$37.6-38.1 MJV Partner funding ( optional) $ 1.0-1.5 M

$37.6-38.1 M

Current Valuation of Sudbury (-$11.0 to -11.5 M)PropertiesCurrent Valuation of Sudbury (-$11.0 to -11.5 M)PropertiesPropertiesProperties

Market CapitalizationMarket CapitalizationWallbridge Market CapitalizationValue of Duluth Shares

S

$50,000,000

$55,000,000

$60,000,000Value Attributed to Sudbury

$35,000,000

$40,000,000

$45,000,000

$15 000 000

$20,000,000

$25,000,000

$30,000,000

$0

$5,000,000

$10,000,000

$15,000,000

5 5 6 6 6 6 7 7 7

-$15,000,000

-$10,000,000

-$5,000,000

30/0

9/20

05

30/1

2/20

05

30/0

3/20

06

30/0

6/20

06

30/0

9/20

06

30/1

2/20

06

30/0

3/20

07

30/0

6/20

07

30/0

9/20

07

Potential for Price AppreciationPotential for Price Appreciation

1. Exploration Upside in Sudbury(currently given no value by market)

1. Exploration Upside in Sudbury(currently given no value by market)(currently given no value by market)

2. Potential Increase in Value of Duluth H ldi g

(currently given no value by market)2. Potential Increase in Value of Duluth

H ldi gHoldingsHoldings

Why Sudbury?Why Sudbury?

Sudbury DepositsSudbury Deposits

DisseminatedFootwall

Copper-PGEZ

EmbaymentStructure

Zones(eg. FNX PM Zone, Nickel

Rim South FW)

Traditional Contact Massive Sulphide Nickel-Copper

Ore Zones

Footwall Copper-

Nickel-PGEVeins

After Morrison, 1984

(eg. FNX Levack

Footwall Zones)

Wallbridge Focus

Wallbridge Discoveries in Sudbury to dateWallbridge Discoveries in Sudbury to date2002 P ki R2002 P ki R2002- Parkin Resource

264,000 tonnes 0.70 Cu%, 0.65% Ni, 1.64 g/t PGE Indicated87 000 tonnes 0 70 Cu% 0 40% Ni 2 8 g/t PGE Inferred

2002- Parkin Resource264,000 tonnes 0.70 Cu%, 0.65% Ni, 1.64 g/t PGE Indicated87 000 tonnes 0 70 Cu% 0 40% Ni 2 8 g/t PGE Inferred87,000 tonnes 0.70 Cu%, 0.40% Ni, 2.8 g/t PGE Inferred

2003-2005 Broken Hammer Discovery251,000 tonnes 3.80 g/t PGE, 1.00 Cu%, 0.10% Ni Inferred

87,000 tonnes 0.70 Cu%, 0.40% Ni, 2.8 g/t PGE Inferred

2003-2005 Broken Hammer Discovery251,000 tonnes 3.80 g/t PGE, 1.00 Cu%, 0.10% Ni Inferred

2005- Trill Offset Dyke Sulphide Lense2005 – Amy Lake PGE Zone 2005- Trill Offset Dyke Sulphide Lense2005 – Amy Lake PGE Zone 2005 Amy Lake PGE Zone 2006- Nickel Intercept East Range2006 2007 North Range Project

2005 Amy Lake PGE Zone 2006- Nickel Intercept East Range2006 2007 North Range Project2006-2007 North Range Project2006-2007 North Range Project

Wallbridge Sudbury Properties > 66,800 hectaresWallbridge Sudbury Properties > 66,800 hectares

Broken Hammer Broken Hammer

NorthNorthRangeRange

ParkinParkin

SkynnerSkynnerLakeLakeFrostFrost LakeLakeFrost Frost

LakeLake

Creighton Creighton SouthSouth

TrillTrill

Resource Property

South South

New Mineralization 2005-2006New Mineralization 2005-2006

Skynner Lake

Broken HammerWisner

Skynner LakeFrost Lake

New Lonmin-CVRD-IncoCapre Lake Footwall Discovery

Trill

New Lonmin-CVRD-IncoDenison Discovery

East RangeFrost Lake

East RangeFrost LakeFrost LakeSkynner LakeFrost LakeSkynner Lake

East RangeFrost Lake

East RangeFrost LakeFrost LakeSkynner LakeFrost LakeSkynner Lake

New LonminNew Lonmin CVRD/IncoCVRD/IncoNew LonminNew Lonmin--CVRD/IncoCVRD/IncoDiscovery January 2007Discovery January 2007

Amy Lake PGE ZoneAmy Lake PGE ZoneWM-XSTRATAWM-XSTRATA WM-

XSTRATA

New Lonmin

Inco/CVRD

Discovery

From To Length TPM Pt Pd Au Ni Cu Sm m m ppm ppm ppm ppm % % %

Drillhole WC-02064.00 71.00 7.00 0.701 0.253 0.352 0.097 0.06 0.14 0.37

134.50 138.50 4.00 3.980 2.035 1.581 0.364 0.09 0.19 0.83150 00 151 50 1 50 0 920 0 384 0 429 0 107 0 03 0 09 0 21

Highlight analytical results for 2006 drilling at the Amy Lake Target, Wallbridges Frost Lake Property.

150.00 151.50 1.50 0.920 0.384 0.429 0.107 0.03 0.09 0.21168.50 174.50 6.00 1.143 0.543 0.523 0.077 0.03 0.06 0.18

Drillhole WC-02346.00 48.00 2.00 5.080 2.485 2.106 0.489 0.09 0.22 0.34

including… 46.00 47.00 1.00 8.721 4.230 3.530 0.961 0.15 0.40 0.5162.70 66.00 3.30 1.000 0.457 0.521 0.021 0.04 0.05 0.0684.50 96.50 12.00 1.064 0.547 0.456 0.061 0.02 0.03 0.09

including… 95.00 96.50 1.50 4.050 2.180 1.710 0.160 0.03 0.06 0.03111.50 122.00 10.50 1.665 0.698 0.714 0.254 0.03 0.11 0.10

including… 113.00 117.50 4.50 3.188 1.314 1.347 0.527 0.05 0.17 0.13

including… 116.00 117.50 1.50 6.640 2.690 2.680 1.270 0.08 0.28 0.30140.00 141.50 1.50 0.417 0.101 0.182 0.134 0.04 0.05 0.28

Skynner LakeSkynner Lake

Drill Program currentlyDrill Program currentlyg yUnderway testing Titan 24 geophysical

g yUnderway testing Titan 24 geophysicalTitan-24 geophysicaltargetsTitan-24 geophysicaltargets

Creighton SouthCreighton South

Mapping and sampling has identified anomalous PGE’s in Mapping and sampling has identified anomalous PGE’s in environment similar to nearby Lonmin/CVRD Denison discoveryenvironment similar to nearby Lonmin/CVRD Denison discovery

Creighton South GeochemistryCreighton South Geochemistry

Creighton South IP SurveyCreighton South IP Survey

Trill Property Trill Property

Currently drill testing Titan-24 targets Currently drill testing Titan-24 targets Currently drill testing Titan 24 targets and extending breccia environmentsCurrently drill testing Titan 24 targets and extending breccia environments

North Range Project North Range Project Massive expansion ofland position into formerly unexplored

Massive expansion ofland position into formerly unexploredformerly unexploredareasMotivation for

formerly unexploredareasMotivation for Lonmin Plc. privateplacement$3.9 M committed

Lonmin Plc. privateplacement$3.9 M committed$3 9 co ttedto exploration over3 years

$3 9 co ttedto exploration over3 years

Pele PropertyPele Property

Broken Hammer StatusBroken Hammer StatusGrass roots discovery by WallbridgeInferred Resource Estimate by Roscoe Postle Associates Grass roots discovery by WallbridgeInferred Resource Estimate by Roscoe Postle Associates 251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel

251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel Acquired minority interest from JV partner Xstrata Nickel, WM now controls resourceI iti l M t ll gi l W k C l t d

Acquired minority interest from JV partner Xstrata Nickel, WM now controls resourceI iti l M t ll gi l W k C l t d Initial Metallurgical Work Completed, Advanced Exploration Permitting Completed Scoping Study recommended a bulk sample

Initial Metallurgical Work Completed, Advanced Exploration Permitting Completed Scoping Study recommended a bulk sampleScoping Study recommended a bulk sampleOptions for bulk sample currently being explored Scoping Study recommended a bulk sampleOptions for bulk sample currently being explored

Broken Hammer ResourceBroken Hammer Resource

Demorest TownshipDemorest Township

Demorest SamplingDemorest Sampling

Demorest AssaysDemorest AssaysO t # G b S l # A A % C % PbOutcrop # Grab Sample # ppm Au ppm Ag % Cu % Pb

1 601612 4.82 10.00 0.16 0.051 601613 12.10 49.80 0.79 0.051 604168 1 45 1175 00 1 37 5 681 604168 1.45 1175.00 1.37 5.681 604169 3.62 14.75 0.92 0.19

3 604170 0.89 161.00 0.14 0.493 604171 1.07 25 40 0 78 0 443 604171 1.07 25.40 0.78 0.443 701753 0.65 166.00 0.12 1.103 701754 1.10 69.00 7.99 0.023 701755 0.65 12.00 1.35 0.013 701756 2.87 770.00 3.70 2.933 701757 0.19 567.00 2.44 10.903 701758 2.05 225.00 0.49 1.493 701759 0.01 5.00 0.03 0.07

5 601615 0.15 94.40 5.43 0.035 601616 0.05 2.20 0.21 0.005 601617 0.28 25.90 0.82 0.075 604172 0.18 3.67 0.62 0.01

6 601614 0.22 2.27 0.66 0.006 604173 0.32 3.60 1.05 0.00

Investment in Duluth Metals LimitedInvestment in Duluth Metals Limited

Duluth Metals Limited (DM:TSX)B ildi V l f WM h h ldDuluth Metals Limited (DM:TSX)B ildi V l f WM h h ldBuilding Value for WM shareholdersBuilding Value for WM shareholders

Spin out of WM Minnesota property in November 2005Spin out of WM Minnesota property in November 2005WM shareholders got 1 share for every 4 shares of WM heldWallbridge retained 10M shares ( 15% equity stake)

WM shareholders got 1 share for every 4 shares of WM heldWallbridge retained 10M shares ( 15% equity stake)Wallbridge retained 10M shares ( 15% equity stake)Duluth is currently well financed company with about $20 M cash and $25 M in warrants currently in the

Wallbridge retained 10M shares ( 15% equity stake)Duluth is currently well financed company with about $20 M cash and $25 M in warrants currently in the ymoney)Market capitalization of approximately $200 million

ymoney)Market capitalization of approximately $200 millionCurrently trades at about $3.10, valuing WM shareholding at $31 M Currently trades at about $3.10, valuing WM shareholding at $31 M

Duluth HighlightsDuluth HighlightsNovember 2005 spinout completedNovember 2005 spinout completedNovember 2005 spinout completedOctober 2006 IPO ($ 11.7 M) and Listing on TSXNovember 2006– Present – Aggressive Drilling Program

November 2005 spinout completedOctober 2006 IPO ($ 11.7 M) and Listing on TSXNovember 2006– Present – Aggressive Drilling Program gg g gwith 3 to 4 drillsApril – May 2007 – Second Financing Raises $15.3 M June 2007 – Initial Resource

gg g gwith 3 to 4 drillsApril – May 2007 – Second Financing Raises $15.3 M June 2007 – Initial Resource June 2007 Initial Resource

347 million tonnes Indicated Resources grading 0.62% copper, 0.20% nickel, 0.52 grams per tonne of total precious metals (TPM = Platinum+Palladium+Gold),

June 2007 Initial Resource 347 million tonnes Indicated Resources

grading 0.62% copper, 0.20% nickel, 0.52 grams per tonne of total precious metals (TPM = Platinum+Palladium+Gold),total precious metals (TPM Platinum Palladium Gold),plus an additional 108 million tonnes of Inferred Resources grading 0.64% copper, 0.18% nickel, 0.70 grams per tonne of TPM.

O 200

total precious metals (TPM Platinum Palladium Gold),plus an additional 108 million tonnes of Inferred Resources grading 0.64% copper, 0.18% nickel, 0.70 grams per tonne of TPM.

O 200October 2007- Metallurgy November 2007 ScopingOctober 2007- Metallurgy November 2007 Scoping

RPA NI-43-101 Resource EstimateRPA NI-43-101 Resource Estimate

Market Capitalization of Duluth Companies

$700,000,000

$600,000,000

Potential for Potential for

$500,000,000

tion

ReaffirmsProductionfor 2008

US$41.25 M Financing

for Appreciation for Appreciation

$300,000,000

$400,000,000

rket

Cap

italiz

at

PolymetFranconiaDuluth Metals

AnnouncesGrade Increase andFeasibility Study

PositiveFeasibility Study

$200,000,000

Mar

Takes Ownership of Plant Updated

Resource

InitialResource

Financing

$0

$100,000,000

AcquiresCliffs Erie Plant

Annouces Financing

Expands Drilling Program

TSXListing

RestructuresAgreement

Financing

MaturiAcquisition

$0

02-J

an-0

4

01-J

an-0

5

01-J

an-0

6

01-J

an-0

7

01-J

an-0

8

g

The Wallbridge OpportunityThe Wallbridge Opportunity

Currently undervalued relative to other base metal stocks, Duluth shares and cash cover entire market capitalizationCurrently undervalued relative to other base metal stocks, Duluth shares and cash cover entire market capitalizationDuluth shares and cash cover entire market capitalization

Multiple opportunities for short term exploration success in

Duluth shares and cash cover entire market capitalization

Multiple opportunities for short term exploration success in p pp pSudbury, at zero cost to investor

Strategic Sudbury land position with excellent mid to long

p pp pSudbury, at zero cost to investor

Strategic Sudbury land position with excellent mid to long Strategic Sudbury land position with excellent mid to long term exploration potentialStrategic Sudbury land position with excellent mid to long term exploration potential

Potential for significant appreciation in value of shareholding in Duluth Metals LimitedPotential for significant appreciation in value of shareholding in Duluth Metals Limited

Thank you from our teamThank you from our team

Wallbridge Mining Company Team 2006