FEASIBILITY STUDY UPDATE Highlights
In 2025 the Company initiated studies to update the Feasibility Study. The work was led by Ausenco Engineering Canada ULC, with support from several other engineering consultants and technical specialists.
In August 2026, the Company announced the results of the Feasibility Study Update. The study forecasts positive financial results for an open pit mine and processing facility producing concentrates of tungsten and molybdenum.
Highlights from the study are shown here and on the following pages. Further details are provided in the report Sisson Tungsten-Molybdenum Project 43-101 Technical Report & Feasibility Study Update, New Brunswick, Canada, effective date September 23, 2026, filed on Northcliff’s profile at www.sedarplus.ca or on the 2026 Feasibility Update page.
All values on these pages are expressed in Canadian dollars unless otherwise noted and are presented on a 100% project basis. All tonnages are stated in metric tonnes (“t”).
2026 Feasibility Study Update Highlights
-
Post-tax net present value ("NPV") of $6,915 M at an 8% discount rate, an internal rate of return ("IRR") of 49.8% and a 1.6-year payback based on forecast metal prices for European tungsten concentrate from US$1,520/MTU WO3 for 2030, US$1,765/mtu WO3 for 2035 and US$1,880/mtu WO3 by 2040 and thereafter, and for molybdenum concentrate of US$29.57/lb Mo in 2030 to US$28.44/lb Mo in 2040 and thereafter, presented in a marketing study by specialists at Argus Metals (the “Argus Study”). The forecast exchange rate is 1.35:1 C$:US$.
-
Proven and probable mineral reserves oof 276.8 Mt grading 0.075% tungsten trioxide (“WO3”) and 0.023% molybdenum (“Mo”) at an effective life of mine ("LOM") net smelter return ("NSR") cut-off of $16.31/t.
-
Mill throughput designed at 30,000 t/d average or 10.3 Mt per year (“t/a”) for a total of 277 Mt of ore processed over 27 years of operation. Average effective strip ratio is 0.97:1.
-
LOM production of 16.1 M metric tonne units (“MTU”) WO3 and 113.5 M pounds (“lbs”) Mo, average annual production of 598,000 MTU WO3 and 4.2 M lbs Mo at 78% and 82% recoveries, respectively. Mining will begin in an area of elevated WO3 grades producing an annual average of 767,000 MTU of WO3 and 4.0 M lbs of Mo for the first 5 years.
-
Initial capital expenditures of $1,528 M to construct the Sisson mine, processing facilities, primary and secondary infrastructure, with sustaining capital of $571 M.
-
Total operating cash costs to concentrate are $23.09/t milled or $158/WO3 MTU, net of by-product credits.
-
Direct employment of at least 300 people (and up to 360 people at peak) during operations and approximately 500 during construction phase. Construction is expected to take 2 years to complete.