# Cartier announces updated PEA for the Cadillac Project: After-tax NPV5% of C$1.0 billion and after-tax IRR of 26.6% at US$3,600/oz gold price

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba

Original source: https://orestocks.com/company/ECR.V/press-releases/8408907904487145

Publisher: orestocks

Original announcement: 2026-09-17T11:15:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Cartier Resources Inc.

- Ticker: ECR.V

- Exchange: Unavailable

- Region: Quebec, Canada

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Economic study, Metallurgy

- Extracted: 2026-09-19 02:20:57 UTC

Narrative sentiment: 0.70 · Bullish

## Minestarters Atlas summary

Cartier Resources Inc. announced an updated Preliminary Economic Assessment \(PEA\) for its Cadillac Project in Quebec, Canada, demonstrating robust economics with an after-tax NPV5% of C$1.0 billion and an IRR of 26.6% at a base case gold price of US$3,600/oz. The study outlines an initial capital expenditure of C$275.8 million and an All-In Sustaining Cost \(AISC\) of US$2,137/oz over a 16.2-year mine life, producing an average of 100,000 ounces of gold annually with a 95% metallurgical recovery. The PEA incorporates an updated mineral resource estimate and metallurgical testwork, but relies significantly on Inferred resources.

Reasoning: The updated PEA for the Cadillac Project demonstrates robust economics with a strong NPV and IRR, supported by a high gold recovery and low initial capital costs. The study is based on an updated resource estimate and metallurgical testwork, indicating significant progress. However, it remains a PEA, which is an early-stage study, and relies heavily on Inferred resources, which carry higher geological uncertainty. The project's location in Quebec, Canada, is a favorable jurisdiction.

- Positive factor: Robust after-tax NPV5% of C$1.0 billion and IRR of 26.6% at base case gold price of US$3,600/oz.

- Positive factor: Low initial CAPEX of C$275.8 M for an underground operation.

- Positive factor: High metallurgical recovery of 95% for gold.

- Positive factor: Significant resource growth potential and exploration upside along the Cadillac Fault mentioned.

- Negative factor: Study is at the PEA level, which is conceptual and not bankable.

- Negative factor: Material portion of the resource is in the Inferred category \(35.2 Mt at 2.1 g/t Au\), which is too speculative for economic studies.

- Negative factor: No explicit disclosure of the effective tax rate or closure funding mechanism.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 15

## Classification and evidence

**PEA Only**

Polarity: neutral

Definition: Only Class 4 / Initial Assessment economics available. Not bankable.

Why it applies: The document explicitly states that the results are from an 'updated Preliminary Economic Assessment \(PEA\)'.

Evidence · text

> Cartier announces updated PEA for the Cadillac Project

**High IRR**

Polarity: positive

Definition: Post-tax real unlevered IRR in the strong tier or better.

Why it applies: The after-tax IRR of 26.6% is above the strong tier threshold for economic studies.

Evidence · table

> 26.6%

Context: After-tax Internal Rate of Return

**Fast Payback**

Polarity: positive

Definition: Payback in the strong tier or better, on the required basis.

Why it applies: The after-tax payback period of 4.3 years is within the strong tier for economic studies.

Evidence · table

> 4.3

Context: After-tax Payback Period

**Conservative Pricing**

Polarity: positive

Definition: Conservative on the worst of the spot, 3-year and consensus comparisons.

Why it applies: The base case gold price of US$3,600/oz is below the spot price of US$4,300/oz mentioned in the highlights, indicating a conservative approach.

Evidence · text

> After-tax NPV5% of C$1,001 M and after-tax IRR of 26.6% at a base case gold price of US$3,600/oz and an exchange rate of 1.38 C$/US$. At a spot gold price of US$4,300/oz, after-tax NPV5% increases to C$1,565 M and after-tax IRR increases to 37.3%.

**Inferred Heavy Feed**

Polarity: negative

Definition: Material Inferred share of LOM mill feed, or the share is undisclosed.

Why it applies: The PEA includes Inferred Mineral Resources, which are considered too speculative geologically for economic studies, and the total Inferred resource is significantly larger than the M&I resource.

Evidence · text

> The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The PEA was prepared by independent QPs as defined by NI 43-101, and specific QPs are named for different sections.

Evidence · text

> The updated PEA was prepared by independent consulting firms with the respective responsibilities set out in Table 8. ... The PEA was prepared by consultants who are independent of Cartier, each of whom are Qualified Persons \(″QP″\) as defined by NI 43-101

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(″NI 43-101″\).

Evidence · text

> The updated PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(″NI 43-101″\)

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: A gold recovery of 95% is stated, which is at the exceptional band for mill/CIL processing.

Evidence · text

> a gold recovery of 95% could be achieved at a grind size P80 of 50 µm.

**Pilot Scale Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: The metallurgical testwork program included a series of tests on six variability samples and established design criteria, indicating a detailed level of testing.

Evidence · text

> To complete the process plant design and determine metallurgical performance, a series of tests were performed on six variability samples: two from each of the three main zones, Chimo, East Chimo, and West Nordeau.

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: Tests were performed on six variability samples, two from each of the three main zones \(Chimo, East Chimo, and West Nordeau\), indicating coverage of different ore domains.

Evidence · text

> To complete the process plant design and determine metallurgical performance, a series of tests were performed on six variability samples: two from each of the three main zones, Chimo, East Chimo, and West Nordeau.

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The PEA incorporates an 'updated mineral resource estimate announced on December 18, 2025'.

Evidence · text

> It incorporates the updated mineral resource estimate announced on December 18, 2025

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: A current resource fact retains the disclosed cut-off grade

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 13. Some facts used in scoring do not have a stored record.

## Resource Estimates (12)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-2)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:75e8e29d7145833278e5
- Deposit or zone: Total
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 5988000
- Grade: 2.61
- Grade Unit: g/t
- Contained Metal: 502600
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Measured resource category represents the highest level of geological confidence, providing a solid foundation for future studies. The grade is also favorable for a gold project.

- Positive factor: Measured resource category indicates high geological confidence.

- Positive factor: Good grade for an underground gold project.

Evidence · table

> Measured \| 1,770,000 \| 2.16 \| 123,300 \| 4,210,000 \| 2.80 \| 379,300 \| 5,988,000 \| 2.61 \| 502,600

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Total

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-3)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:7f7832ca8f1647dc2145
- Deposit or zone: Total
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 3965000
- Grade: 2.08
- Grade Unit: g/t
- Contained Metal: 265200
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Indicated resource category signifies a good level of geological confidence, suitable for pre-feasibility studies. The grade is also positive for a gold project.

- Positive factor: Indicated resource category provides reasonable geological confidence.

- Positive factor: Favorable grade for a gold project.

Evidence · table

> Indicated \| 1,730,000 \| 1.52 \| 84,500 \| 2,240,000 \| 2.51 \| 180,600 \| 3,965,000 \| 2.08 \| 265,200

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Total

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-4)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:cde44c4ab17a9587e13d
- Deposit or zone: Total
- Mining method: combined
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 35185000
- Grade: 2.14
- Grade Unit: g/t
- Contained Metal: 2416900
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The large Inferred resource base suggests substantial upside potential for the project. However, the speculative nature of Inferred resources means there is considerable geological uncertainty, and further drilling is required to upgrade these resources to higher confidence categories.

- Positive factor: Large contained gold ounces in the Inferred category indicate significant exploration potential.

- Negative factor: Inferred resource category is speculative and cannot be used for economic studies alone.

- Negative factor: High proportion of Inferred resources relative to Measured and Indicated.

Evidence · table

> Inferred \| 4,740,000 \| 1.13 \| 172,600 \| 30,450,000 \| 2.29 \| 2,244,200 \| 35,185,000 \| 2.14 \| 2,416,900

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Total

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-5)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:cf891c6006ad344f7dc6
- Deposit or zone: Open Pit
- Mining method: open\_pit
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 1770000
- Grade: 2.16
- Grade Unit: g/t
- Contained Metal: 123300
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Measured resource in the open pit scenario provides high confidence for potential early-stage development. The grade is also attractive for an open pit operation.

- Positive factor: Measured resource category for open pit indicates high confidence.

- Positive factor: Good grade for an open pit gold project.

Evidence · table

> Measured \| 1,770,000 \| 2.16 \| 123,300 \| 4,210,000 \| 2.80 \| 379,300 \| 5,988,000 \| 2.61 \| 502,600

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Open Pit

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-6)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:061bf24b0bcb2238df4e
- Deposit or zone: Open Pit
- Mining method: open\_pit
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 1730000
- Grade: 1.52
- Grade Unit: g/t
- Contained Metal: 84500
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Indicated resource in the open pit scenario offers a good level of confidence for further evaluation. The grade is moderate for an open pit gold project.

- Positive factor: Indicated resource category for open pit provides reasonable confidence.

Evidence · table

> Indicated \| 1,730,000 \| 1.52 \| 84,500 \| 2,240,000 \| 2.51 \| 180,600 \| 3,965,000 \| 2.08 \| 265,200

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Open Pit

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-7)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:bb8e77b3af1b5381425d
- Deposit or zone: Open Pit
- Mining method: open\_pit
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 4740000
- Grade: 1.13
- Grade Unit: g/t
- Contained Metal: 172600
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Inferred open pit resource contributes to the overall project scale but carries higher uncertainty due to its classification and lower grade, requiring further drilling for confirmation.

- Positive factor: Contained gold ounces in the Inferred category add to overall project potential.

- Negative factor: Inferred resource category is speculative and has lower confidence.

- Negative factor: Lower grade for an open pit scenario.

Evidence · table

> Inferred \| 4,740,000 \| 1.13 \| 172,600 \| 30,450,000 \| 2.29 \| 2,244,200 \| 35,185,000 \| 2.14 \| 2,416,900

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Open Pit

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-8)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:9fe19488395c053a25b3
- Deposit or zone: Underground
- Mining method: underground
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 4210000
- Grade: 2.8
- Grade Unit: g/t
- Contained Metal: 379300
- Contained Unit: oz
- Cutoff Grade: 1
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Measured underground resource provides a high level of confidence and a favorable grade, which is crucial for underground mining economics.

- Positive factor: Measured resource category for underground indicates high geological confidence.

- Positive factor: Good grade for an underground gold project.

Evidence · table

> Measured \| 1,770,000 \| 2.16 \| 123,300 \| 4,210,000 \| 2.80 \| 379,300 \| 5,988,000 \| 2.61 \| 502,600

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Underground

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-9)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:281c5242d27dfbc1cbb5
- Deposit or zone: Underground
- Mining method: underground
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 2240000
- Grade: 2.51
- Grade Unit: g/t
- Contained Metal: 180600
- Contained Unit: oz
- Cutoff Grade: 1
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The Indicated underground resource offers a good level of confidence and a favorable grade, supporting further development studies.

- Positive factor: Indicated resource category for underground provides reasonable confidence.

- Positive factor: Favorable grade for an underground gold project.

Evidence · table

> Indicated \| 1,730,000 \| 1.52 \| 84,500 \| 2,240,000 \| 2.51 \| 180,600 \| 3,965,000 \| 2.08 \| 265,200

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Underground

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-10)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Pierre Luc Richard, Stephen Coates
- Resource group id: resource:d1903663411943108a99
- Deposit or zone: Underground
- Mining method: underground
- Ownership percent: 100 %
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 30450000
- Grade: 2.29
- Grade Unit: g/t
- Contained Metal: 2244200
- Contained Unit: oz
- Cutoff Grade: 1
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: The substantial Inferred underground resource provides significant long-term potential for the project. However, its speculative nature means that considerable de-risking through further drilling is required before it can be fully integrated into definitive economic studies.

- Positive factor: Large contained gold ounces in the Inferred category for underground mining indicate significant potential.

- Negative factor: Inferred resource category is speculative and has lower confidence.

- Negative factor: Reliance on Inferred resources for underground mining carries higher risk.

Evidence · table

> Inferred \| 4,740,000 \| 1.13 \| 172,600 \| 30,450,000 \| 2.29 \| 2,244,200 \| 35,185,000 \| 2.14 \| 2,416,900

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Underground

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-12)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- Resource group id: resource:20371939820c11ada628
- Deposit or zone: Open Pit
- Mining method: open\_pit
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3500000
- Grade: 1.84
- Grade Unit: g/t
- Contained Metal: 207800
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: Explicit estimate recovered from a grouped resource table.

Evidence · table

> Measured & Indicated \| 3,500,000 \| 1.84 \| 207,800 \| 6,450,000 \| 2.70 \| 559,900 \| 9,953,000 \| 2.40 \| 767,800

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Open Pit

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-13)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- Resource group id: resource:255da5d80f5eceaf90fe
- Deposit or zone: Underground
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6450000
- Grade: 2.7
- Grade Unit: g/t
- Contained Metal: 559900
- Contained Unit: oz
- Cutoff Grade: 1
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: Explicit estimate recovered from a grouped resource table.

Evidence · table

> Measured & Indicated \| 3,500,000 \| 1.84 \| 207,800 \| 6,450,000 \| 2.70 \| 559,900 \| 9,953,000 \| 2.40 \| 767,800

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Underground

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-resource-facts-14)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Ticker: ECR.V

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-18T00:00:00.000Z
- Reporting standards: ni\_43\_101
- Resource group id: resource:c52b9f65fb21b1ee2e5a
- Deposit or zone: Total
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 9953000
- Grade: 2.4
- Grade Unit: g/t
- Contained Metal: 767800
- Contained Unit: oz

#### Prior Estimate

- Resource Date: 2025-12-18

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: Explicit estimate recovered from a grouped resource table.

Evidence · table

> Measured & Indicated \| 3,500,000 \| 1.84 \| 207,800 \| 6,450,000 \| 2.70 \| 559,900 \| 9,953,000 \| 2.40 \| 767,800

Context: All sectors / Category \| Open Pit Resources \| Underground Resources \| Total — Total

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (1)

### conventional flowsheet

[Link to this fact](https://atlas-extractions.minestarters.com/news/cartier-announces-updated-pea-for-the-cadillac-project-after-tax-npv5-of-c-1-0-b--0d829a7c-e946-44e6-8f60-d078cb1fb7ba#fact-metallurgical-facts-11)

Cadillac Project · gold

#### Identity

- Project: Cadillac Project
- Commodity: gold
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: ECR.V

#### Test Work

- Program Status: detailed
- Test Type: conventional flowsheet
- Processing Route: crushing, grinding, gravity concentration and cyanide leaching
- Sample: six variability samples from Chimo, East Chimo, and West Nordeau zones
- Grind P80: 50 µm

#### Recovery

- Recovery: 95 %
- Recovery Basis: unspecified

#### Lab

- Consultant: Soutex Inc.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-17T00:00:00.000Z

Reasoning: Source describes recovery that could be achieved, supported by variability testwork.

Evidence · text

> To complete the process plant design and determine metallurgical performance, a series of tests were performed on six variability samples: two from each of the three main zones, Chimo, East Chimo, and West Nordeau. The samples were selected from exploration drill core and are considered representative of the mineral resources. The test program included mineralogy, geochemistry, grindability, gold recovery, and tailings detoxification. The results indicate that, based on the average resource grade, a gold recovery of 95% could be achieved at a grind size P80 of 50 µm. The tests also established the required grinding energy, gold recovery equipment criteria, and reagent dosage design criteria.

#### Tags used in scoring

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: processing\_route matches the gravity signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.