# NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b Original source: https://money.tmx.com/en/quote/NCF/news/4679875036015659/northcliff-announces-results-of-feasibility-study-update-for-sisson-project Publisher: tmx Original announcement: 2026-08-31T21:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Northcliff Resources Ltd. - Ticker: NCF - Exchange: TSX - Region: New Brunswick, Canada - Primary commodity: Tungsten - Secondary commodities: Molybdenum - Document categories: Resource update, Metallurgy - Extracted: 2026-09-12 14:22:42 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Northcliff Resources announced positive results from the Feasibility Study Update for its Sisson Project in New Brunswick, Canada. The study forecasts strong financial returns for an open-pit tungsten-molybdenum mine, with a post-tax NPV of $6,915 million and an IRR of 49.8%. The project outlines proven and probable mineral reserves of 276.8 Mt, supporting a 27-year mine life with substantial annual production of both critical minerals. Reasoning: The Feasibility Study Update presents robust economics for the Sisson Project, confirming its viability as a significant producer of critical tungsten and molybdenum, despite increased costs. - Positive factor: Strong post-tax NPV of $6,915 M and IRR of 49.8% from the Feasibility Study Update. - Positive factor: Significant proven and probable mineral reserves of 276.8 Mt for a 27-year mine life. - Positive factor: Project will be a key producer of critical minerals \(tungsten and molybdenum\). - Positive factor: Updated study reflects improved metal prices and exchange rates since 2013. - Negative factor: Increases in inflation and provincial tax rates have increased capital and operating costs. - Negative factor: Recoveries for tungsten \(78%\) and molybdenum \(82%\) are below typical flotation benchmarks. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 16 ## Classification and evidence **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Proven' mineral reserves for both tungsten and molybdenum. Evidence · table > Proven Context: Proven **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Probable' mineral reserves for both tungsten and molybdenum. Evidence · table > Probable Context: Probable **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports 'Measured' mineral resources for both tungsten and molybdenum. Evidence · table > Measured Context: Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Indicated' mineral resources for both tungsten and molybdenum. Evidence · table > Indicated Context: Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Inferred' mineral resources for both tungsten and molybdenum. Evidence · table > Inferred Context: Inferred **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document states that 'The Company will file an NI 43-101 technical report on SEDAR+ within 45 days of this release' and that Qualified Persons reviewed information for NI 43-101 purposes. Evidence · text > The Company will file an NI 43-101 technical report on SEDAR+ within 45 days of this release. **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: Robert Gray, P.Eng. is named as the independent Qualified Person for Mineral Reserve estimates, and Philip Geusebroek, M.Sc., P. Geo. is named for Mineral Resources. Evidence · text > The Mineral Reserve estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Mineral Reserves are reported based on an effective LOM cut-off at $16.31/t NSR, and Mineral Resources are estimated at an NSR cut-off grade of C$12.02/t. Evidence · text > Mineral Reserves are reported based on a variable \(by period\) NSR grade cut-off, with an effective LOM cut-off at $16.31/t. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces the results of a 'Feasibility Study Update' which includes updated Mineral Reserve and Mineral Resource estimates. Evidence · text > Northcliff Resources Ltd. \("Northcliff" or the "Company"\) \(TSX: NCF\) is pleased to announce the results of the Feasibility Study Update \(the "2026 Study" or "Feasibility Study Update"\) for the Sisson Project **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Tungsten recovery is 78.0% and Molybdenum recovery is 82.0%, both of which are below the weak band \(80%\) for default flotation processing. Evidence · table > 78.0% Context: 0.075% **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (14) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-0) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:44212011626cdf114772 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.079 - Grade Unit: % - Contained Metal: 6.77 - Contained Unit: m mtu - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: This Proven Reserve for tungsten contributes significantly to the project's overall economic viability and confidence. - Positive factor: High confidence Proven Reserve category. - Positive factor: Significant tonnage and contained metal for tungsten. Evidence · table > 0.079 Context: 85.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-1) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:44212011626cdf114772 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 47.79 - Grade Unit: m lb - Contained Metal: 47.79 - Contained Unit: m lb - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: This Proven Reserve for molybdenum adds substantial value to the project, complementing the primary tungsten production. - Positive factor: High confidence Proven Reserve category. - Positive factor: Significant contained metal for molybdenum as a critical byproduct. Evidence · table > 47.79 Context: 85.6 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-2) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:8bb3664825f41a03d5b2 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.073 - Grade Unit: % - Contained Metal: 13.92 - Contained Unit: m mtu - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Probable Reserve for tungsten provides substantial additional resources, extending the project's economic horizon. - Positive factor: Large tonnage in the Probable Reserve category for tungsten. - Positive factor: Adds significant scale to the project's mine life. Evidence · table > 0.073 Context: 191.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-3) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:8bb3664825f41a03d5b2 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 90.58 - Grade Unit: m lb - Contained Metal: 90.58 - Contained Unit: m lb - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Probable Reserve for molybdenum significantly boosts the project's byproduct credits and overall economic robustness. - Positive factor: Large contained molybdenum in the Probable Reserve category. - Positive factor: Enhances the overall economic value of the project. Evidence · table > 90.58 Context: 191.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-4) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:3d3ee97239a26137564b - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 276800000 - Grade: 0.075 - Grade Unit: % - Contained Metal: 20.69 - Contained Unit: m mtu - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The combined Proven & Probable Reserves for tungsten underpin the project's long-term production profile and economic viability. - Positive factor: Total Proven & Probable Reserves provide a robust foundation for the project. - Positive factor: Significant contained tungsten supports a long mine life. Evidence · table > 0.075 Context: 276.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-5) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray, P.Eng. - Resource group id: resource:3d3ee97239a26137564b - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 276800000 - Grade: 138.37 - Grade Unit: m lb - Contained Metal: 138.37 - Contained Unit: m lb - Cutoff Grade: 16.31 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The combined Proven & Probable Reserves for molybdenum significantly enhance the project's overall revenue stream and economic resilience. - Positive factor: Total Proven & Probable Reserves include substantial molybdenum. - Positive factor: Strong byproduct contribution to project economics. Evidence · table > 138.37 Context: 276.8 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-6) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:14f748d9280506d5e5e1 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 117900000 - Grade: 0.068 - Grade Unit: % - Contained Metal: 8 - Contained Unit: m mtu - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Measured Resource for tungsten indicates a high level of geological confidence, supporting the project's long-term potential. - Positive factor: High confidence Measured Resource category for tungsten. - Positive factor: Provides a strong base for future reserve conversion. Evidence · table > 0.068 Context: 117.9 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-7) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:14f748d9280506d5e5e1 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 117900000 - Grade: 0.022 - Grade Unit: % - Contained Metal: 57.2 - Contained Unit: m lb - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Measured Resource for molybdenum provides a high-confidence base for byproduct revenue, enhancing project economics. - Positive factor: High confidence Measured Resource category for molybdenum. - Positive factor: Adds significant byproduct potential to the project. Evidence · table > 0.022 Context: 117.9 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-8) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:b5f89eabdcc8e3b090c3 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 303700000 - Grade: 0.061 - Grade Unit: % - Contained Metal: 18.5 - Contained Unit: m mtu - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated Resource for tungsten significantly expands the project's overall resource base, offering future growth potential. - Positive factor: Large tonnage in the Indicated Resource category for tungsten. - Positive factor: Provides substantial potential for future reserve conversion. Evidence · table > 0.061 Context: 303.7 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-9) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:b5f89eabdcc8e3b090c3 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 303700000 - Grade: 0.019 - Grade Unit: % - Contained Metal: 127.2 - Contained Unit: m lb - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Indicated Resource for molybdenum adds considerable byproduct value, contributing to the project's overall economic attractiveness. - Positive factor: Large contained molybdenum in the Indicated Resource category. - Positive factor: Further enhances the project's byproduct potential. Evidence · table > 0.019 Context: 303.7 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-10) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:29149dddf7ae3d060917 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 421600000 - Grade: 0.063 - Grade Unit: % - Contained Metal: 26.6 - Contained Unit: m mtu - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The combined Measured & Indicated Resources for tungsten establish a substantial and confident resource base for the project. - Positive factor: Total Measured & Indicated Resources provide a robust and high-confidence resource base for tungsten. - Positive factor: Strong foundation for long-term project development. Evidence · table > 0.063 Context: 421.6 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-11) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:29149dddf7ae3d060917 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 421600000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 185.9 - Contained Unit: m lb - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The combined Measured & Indicated Resources for molybdenum represent a substantial and confident source of byproduct value. - Positive factor: Total Measured & Indicated Resources include significant molybdenum. - Positive factor: Provides a strong and confident base for byproduct revenue. Evidence · table > 0.020 Context: 421.6 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-12) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:9503ee2491ef67e2cab3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.048 - Grade Unit: % - Contained Metal: 8.8 - Contained Unit: m mtu - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred Resource for tungsten provides additional exploration upside but requires further drilling to upgrade confidence. - Positive factor: Adds to the overall resource potential of the project. - Negative factor: Lower confidence Inferred category. Evidence · table > 0.048 Context: 182.9 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-resource-facts-13) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: resource - Effective date: 2026-08-11T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Philip Geusebroek, M.Sc., P.Geo. - Resource group id: resource:9503ee2491ef67e2cab3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 80.6 - Contained Unit: m lb - Cutoff Grade: 12.02 - Cutoff Unit: C$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The Inferred Resource for molybdenum offers additional byproduct potential but requires further work to improve confidence. - Positive factor: Adds to the overall byproduct potential of the project. - Negative factor: Lower confidence Inferred category. Evidence · table > 0.020 Context: 182.9 #### 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 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-metallurgical-facts-14) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: crushing, grinding, and flotation #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Tungsten recovery is reported at 78% via flotation, which is below typical benchmarks for this processing route, potentially impacting overall project economics. - Positive factor: Recovery is based on actual testwork from a detailed study. - Negative factor: Recovery of 78% is below the weak band for default flotation \(80%\). Evidence · table > 78.0% Context: 0.075% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--7013c7a4-c281-4836-8ad9-c7d1c841288b#fact-metallurgical-facts-15) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: crushing, grinding, and flotation #### Recovery - Recovery: 82 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Canada #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Molybdenum recovery is reported at 82% via flotation, which is at the lower end of typical benchmarks for this processing route, potentially affecting byproduct revenue. - Positive factor: Recovery is based on actual testwork from a detailed study. - Negative factor: Recovery of 82% is below the weak band for default flotation \(80%\), though closer to the threshold. Evidence · table > 82.0% Context: 227 ppm #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## 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.