# Tungsten surge transforms Northcliff’s Sisson economics Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d Original source: https://www.canadianminingjournal.com/news/tungsten-surge-transforms-northcliffs-sisson-economics/ Publisher: canadianminingjournal Original announcement: 2026-09-02T17:36:29.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Northcliff Resources Ltd - Ticker: NCF - Exchange: Unavailable - Region: New Brunswick - Primary commodity: Tungsten - Secondary commodities: Molybdenum - Document categories: Resource update, Other - Extracted: 2026-09-12 01:12:59 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Northcliff Resources has released a new feasibility study for the Sisson tungsten-molybdenum project in New Brunswick, reporting a post-tax NPV of $6.9 billion. The study highlights significantly improved economics compared to a 2013 study, driven by higher tungsten prices and a revised mine plan. Reasoning: The new feasibility study shows a massive improvement in project economics \(NPV and IRR\) driven by higher tungsten prices, despite increased capital costs. - Positive factor: Significant NPV increase vs 2013 study - Positive factor: Strong IRR of 50% - Positive factor: Large reserve tonnage and grade - Positive factor: Strategic importance for domestic tungsten supply - Negative factor: Increased initial capital due to inflation and taxes - Negative factor: Production timeline delayed compared to previous guidance Facts used in scoring: 8 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents a new feasibility study with updated resource and reserve estimates. Evidence · text > new feasibility study for the Sisson tungsten-molybdenum project **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The new study provides significantly larger reserve and resource figures compared to the 2013 study context. Evidence · text > Proven reserves total 85.6 million tonnes... Probable reserves add 191.2 million tonnes ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-0) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: reserve - Resource group id: resource:436d1fc148ce5ceb56e2 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.079 - Grade Unit: % tungsten trioxide - Contained Metal: 6.8 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: High-confidence proven reserve reported in new feasibility study. - Positive factor: Strong reserve grade Evidence · text > Proven reserves total 85.6 million tonnes grading 0.079% tungsten trioxide #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-1) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: reserve - Resource group id: resource:436d1fc148ce5ceb56e2 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.025 - Grade Unit: % molybdenum - Contained Metal: 47.8 - Contained Unit: million lb. #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Byproduct molybdenum grade reported within proven reserves. Evidence · text > grading 0.079% tungsten trioxide and 0.025% molybdenum, containing 6.8 million mtu of tungsten trioxide and 47.8 million lb. of molybdenum #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-2) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: reserve - Resource group id: resource:00b5305a3e15425adf25 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.073 - Grade Unit: % tungsten trioxide - Contained Metal: 13.9 - Contained Unit: million mtu #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Large probable reserve reported. Evidence · text > Probable reserves add 191.2 million tonnes grading 0.073% tungsten trioxide #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-3) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: reserve - Resource group id: resource:00b5305a3e15425adf25 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.021 - Grade Unit: % molybdenum - Contained Metal: 90.6 - Contained Unit: million lb. #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Byproduct molybdenum grade reported within probable reserves. Evidence · text > grading 0.073% tungsten trioxide and 0.021% molybdenum, containing 13.9 million mtu and 90.6 million lb., respectively #### 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 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-4) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: resource - Resource group id: resource:62c27b36bbc37250893c - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 421600000 - Grade: 0.063 - Grade Unit: % tungsten trioxide - Contained Metal: 26.6 - Contained Unit: million mtu #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Significant M&I resource reported. Evidence · text > Measured and indicated resources, which include reserves, total 421.6 million tonnes grading 0.063% tungsten trioxide #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-5) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: resource - Resource group id: resource:62c27b36bbc37250893c - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 421600000 - Grade: 0.02 - Grade Unit: % molybdenum - Contained Metal: 185.9 - Contained Unit: million lb. #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Byproduct molybdenum grade reported within M&I resource. Evidence · text > grading 0.063% tungsten trioxide and 0.020% molybdenum, containing 26.6 million mtu of tungsten trioxide and 185.9 million lb. of molybdenum #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-6) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: resource - Resource group id: resource:7cfc7e98d5517947b434 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.048 - Grade Unit: % tungsten trioxide - Contained Metal: 8.8 - Contained Unit: million mtu #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Inferred resource component reported. - Negative factor: Inferred category limits economic confidence Evidence · text > Inferred resources add 182.9 million tonnes at 0.048% tungsten trioxide #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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/tungsten-surge-transforms-northcliff-s-sisson-economics--9eb4afb7-4b38-49b8-a477-e3e7343a800d#fact-resource-facts-7) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick - Ticker: NCF #### Resource scope - Estimate type: resource - Resource group id: resource:7cfc7e98d5517947b434 - Deposit or zone: Sisson - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.02 - Grade Unit: % molybdenum - Contained Metal: 80.6 - Contained Unit: million lb. #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-02T00:00:00.000Z Reasoning: Byproduct molybdenum grade reported within inferred resource. - Negative factor: Inferred category limits economic confidence Evidence · text > at 0.048% tungsten trioxide and 0.020% molybdenum, containing 8.8 million mtu and 80.6 million lb., respectively #### 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 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **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 ## 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.