
FEASIBILITY STUDY UPDATE
Additional Details

The proposed Sisson mine site will include a 30,000 t/d open pit and process plant, tailings storage facilities, water treatment plant and ancillary buildings. Key aspects of the mine infrastructure is shown in the site plan.
The mining fleet has been selected and optimized to support mill feed requirements while providing flexibility for ore, barren rock, and quarrying activities. The fleet will include hydraulic excavators, electric shovels, and front-end loaders matched with autonomous off-highway haul trucks. Mineral processing will consist of crushing, grinding, and flotation flowsheet to produce separate molybdenum and tungsten concentrates. The 2026 Feasibility Study Update estimates average annual production of approximately 598,000 metric tonne units (MTU) of tungsten trioxide (WO₃) and 4.2 million pounds of molybdenum over the 27-year mine life. Tungsten production is expected to be higher during the initial five years of operation due to higher tungsten grades in the early mine plan. Most of the production is expected to be trucked to smelters in the US, with some trucked to the port of Saint John for shipment to Europe or other destinations.
The tailing storage facility (TSF) is located adjacent to the process plant area and open pit. Since the 2013 Sisson Feasibility Study, the TSF has undergone a significant design review to reflect updated tailings guidance, industry practice, tailings incident learnings, and additional EIA conditions.
The TSF will be constructed in stages, with construction materials expected to be sourced primarily from quarries within the Project site, subject to further assessment and confirmation of material suitability. Barren rock and process plant tailings will be managed within the TSF, with some barren rock to be diverted back to the open pit in the later years of mining to facilitate closure.
The water management system was also redesigned, including the addition of a tailings thickener to reduce water transported to the TSF and operational spillways to provide additional water management protection. The TSF will also serve as the Project’s primary water management facility, with contact water collected and treated and non-contact water diverted around mine facilities where practicable. Groundwater monitoring wells will be installed around the TSF to monitor seepage and water quality.
A centralized Water Treatment Plant (WTP), located north of the process plant, will treat collected water to meet applicable federal and provincial regulatory requirements. Treated water will be reused within the Project where practicable, with excess or surplus treated water discharged to the environment in accordance with applicable regulatory requirements. The WTP is expected to operate throughout the mine life and, as required, during post-closure active care.
Following the completion of mining, decommissioning, reclamation and closure of the Project will be undertaken to establish physical, chemical and biological stability of the site to the extent practicable, and to meet desired end land uses, all as required under provincial and federal legislation and regulations. Financial security is planned, as required by the Province to ensure acceptable closure of the Project.
Site Plan

Key Metrics


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Gross revenue minus off-site realization costs.
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Value of the reclamation bond at closure is $210 M.
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NPV calculated at the commencement of construction using mid year discounting. Exchange rate assumptions for C$:US$ are 1.35:1 during construction and 1.35:1 during production. Metal prices are base case forecasts for European tungsten concentrate applied as price curve from US$1,520/MTU WO3 for 2030, US$1,765/MTU WO3 for 2035 and US$1,880/MTU WO3 in 2040 and thereafter, and for molybdenum concentrate of US$29.57/lb Mo in 2030 to US$28.44/lb Mo in 2040 and thereafter. Based on 276.8 Mt of Mineral Reserves including Proven of 85.6 Mt at 0.079% WO3 and 0.025% Mo and Probable of 191.2 Mt at 0.073% WO3 and 0.021%. The Mineral Reserves estimate with an effective date of August 11, 2026, was prepared by independent Qualified Person, Robert Gray, P.Eng. The NSR calculation assumes concentrate pricing of US$330/MTU for WO3 and US$20/lb for Mo, along with specific offsite costs and metallurgical recovery formulas. For further details see Northcliff August 31, 2026 news release and Technical Report which are filed on the company’s profile at www.sedarplus.ca.

