Northcliff Resources Ltd.'s Sisson filing puts NPV at C$6.9B
Northcliff says the Sept. 23-effective report makes no material change to August's results; it holds 88.5 per cent of the partnership that owns Sisson.
Mara Quinlan
Northcliff Resources Ltd. TSENCF said on Thursday it filed a technical report for its Sisson tungsten-molybdenum feasibility update, effective Sept. 23, with a C$6.915 billion post-tax net present value at an eight per cent discount rate. The filing puts a C$1.528 billion estimated construction cost on record for holders assessing how the New Brunswick project would be funded.
Shares closed unchanged at C$0.34 in Toronto on Thursday, according to the TSENCF quote, stamped Oct. 1 at 4 p.m. EDT. The company release went out at 11:36 p.m. EDT, after that close.
Northcliff said the filing carries no material change in results from the Aug. 31 study announcement. Its economic estimates cover 100 per cent of Sisson; Northcliff holds an 88.5 per cent interest in Sisson Limited Partnership, which owns the project.
The study models an open-pit mine and processing plant handling an average of 30,000 tonnes a day over 27 years. It forecasts a two-year construction period, a 49.8 per cent internal rate of return and a 1.6-year payback under its stated metal-price assumptions.
"With key environmental provincial and federal approvals in hand, Northcliff will continue to focus on advancing workstreams for Basic Engineering, fulfillment of EIA conditions, project finance and offtake," Northcliff president and chief executive Andrew Ing said in the Oct. 1 release.
The reserve estimate, effective Aug. 11, totals 276.8 million tonnes grading 0.075 per cent tungsten trioxide and 0.023 per cent molybdenum. It comprises 85.6 million tonnes proven and 191.2 million tonnes probable at a net smelter return cutoff of C$16.31 per tonne.
The update forecasts average annual output of 598,000 metric tonne units of tungsten trioxide and 4.2 million pounds of molybdenum. The Oct. 1 filing release estimates another C$571 million in sustaining capital across the mine life.
The 2013 feasibility study included an ammonium paratungstate plant, while the update models tungsten and molybdenum concentrate production. The release says the new report is based on forecast tungsten concentrate prices of US$1,520 per metric tonne unit in 2030 and US$1,880 from 2040 onward.
For molybdenum concentrate, the study assumes US$29.57 a pound in 2030 and US$28.44 from 2040 onward. The study uses a forecast exchange rate of C$1.35 per US$1.
The company said a US$15 million U.S. Defense Production Act investment announced May 1, 2025 supported study work and preparations for a construction decision. Northcliff's Oct. 1 release says its Aug. 7, 2025 announcement reported Natural Resources Canada's approval of up to C$8.214 million for the study and basic engineering; project finance remains a separate workstream.
Northcliff said on Oct. 1 that basic engineering, environmental approval conditions, project finance and offtake remain ahead of a construction decision.
Northcliff's Aug. 31 study announcement anticipated a construction decision in the latter part of 2027.
