# 17:30 ET NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT Northcliff Resources Ltd. \("Northcliff" or the "Company"\) \(TSX: NCF\) is pleased to announce the results of the Feasibility Study Update \(the "2026...

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81

Original source: https://www.newswire.ca/news-releases/northcliff-announces-results-of-feasibility-study-update-for-sisson-project-824785245.html

Publisher: cnw

Original announcement: 2026-08-31T21:39:20.474Z

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, Canada

- Primary commodity: Tungsten

- Secondary commodities: Molybdenum

- Document categories: Resource update, Production

- Extracted: 2026-08-31 21:43:08 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Northcliff Resources Ltd. announced positive results from its Feasibility Study Update for the Sisson Project in New Brunswick, Canada. The study forecasts strong financial results for an open-pit mine producing tungsten and molybdenum concentrates, with a post-tax NPV of $6,915 M 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 initial capital expenditures of $1,528 M.

Reasoning: The Feasibility Study Update for the Sisson Project demonstrates strong economic viability with high NPV and IRR, supported by significant proven and probable reserves of tungsten and molybdenum. While costs have increased, improved metal prices and exchange rates have led to positive financial outcomes, making this a material and positive update for the company.

- Positive factor: Strong financial results \(high NPV, IRR, short payback\)

- Positive factor: Significant proven and probable reserves established

- Positive factor: Positive update to a prior feasibility study, incorporating improved metal prices and exchange rates

- Positive factor: NI 43-101 compliant and QP/CP signed off

- Negative factor: Resource estimate includes a substantial inferred component

- Negative factor: Capital and operating costs increased due to inflation and updated guidelines

Facts used in scoring: 18

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The mineral reserve and resource estimates were prepared and reported using the 2014 CIM Definition Standards and are compliant with National Instrument 43-101.

Evidence · text

> Mineral Reserve estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of August 11, 2026.

**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 mineral reserve estimate was prepared by Robert Gray, P.Eng., and the mineral resource estimate by Philip Geusebroek, M.Sc., P. Geo., both independent Qualified Persons.

Evidence · text

> 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: The mineral reserves are reported based on an effective LOM cut-off of $16.31/t NSR, and mineral resources are estimated at an NSR cut-off grade of C$12.02/t.

Evidence · text

> effective LOM cut-off at $16.31/t

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The study reports 85.6 Mt of Proven mineral reserves.

Evidence · table

> Proven

Context: 85.6

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The study reports 191.2 Mt of Probable mineral reserves.

Evidence · table

> Probable

Context: 191.2

**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 study reports 117.9 Mt of Measured mineral resources.

Evidence · table

> Measured

Context: 117.9

**Indicated Resource**

Polarity: positive

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

Why it applies: The study reports 303.7 Mt of Indicated mineral resources.

Evidence · table

> Indicated

Context: 303.7

**Inferred Resource**

Polarity: negative

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

Why it applies: The study includes 182.9 Mt of Inferred mineral resources, which is the lowest confidence category.

Evidence · table

> Inferred

Context: 182.9

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: The document is a Feasibility Study Update, which is a definitive level study supporting project development.

Evidence · text

> Feasibility Study Update

**Resource Update**

Polarity: neutral

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

Why it applies: The document presents an update to a previous feasibility study from 2013, including updated resource and reserve estimates.

Evidence · text

> Feasibility Study Update

## Extracted facts

Stored fact records: 18. Some facts used in scoring do not have a stored record.

## Resource Estimates (18)

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-0)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: proven
- Tonnes: 85600000
- Grade: 0.079
- Grade Unit: %
- Contained Metal: 6770000
- Contained Unit: MTU
- Cutoff Grade: 16.31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The proven tungsten reserve provides a high-confidence estimate of economically extractable material, contributing significantly to the project's overall positive economics.

- Positive factor: High confidence reserve category \(Proven\)

- Positive factor: Significant contained metal for tungsten

- Positive factor: Part of a financially robust feasibility study

Evidence · table

> 0.079

Context: 85.6

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-1)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Category: proven
- Tonnes: 85600000
- Grade: 0.025
- Grade Unit: %
- Contained Metal: 47790000
- Contained Unit: lb
- Cutoff Grade: 16.31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The proven molybdenum reserve adds significant value as a critical byproduct, enhancing the project's overall economic viability with high confidence.

- Positive factor: High confidence reserve category \(Proven\)

- Positive factor: Significant contained metal for molybdenum as a critical byproduct

- Positive factor: Part of a financially robust feasibility study

Evidence · table

> 0.025

Context: 85.6

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-2)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: probable
- Tonnes: 191200000
- Grade: 0.073
- Grade Unit: %
- Contained Metal: 13920000
- Contained Unit: MTU
- Cutoff Grade: 16.31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The probable tungsten reserve significantly expands the project's economic inventory, providing a strong foundation for a long mine life with good confidence.

- Positive factor: High confidence reserve category \(Probable\)

- Positive factor: Substantial contained metal for tungsten

- Positive factor: Contributes to a long mine life

Evidence · table

> 0.073

Context: 191.2

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-3)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Category: probable
- Tonnes: 191200000
- Grade: 0.021
- Grade Unit: %
- Contained Metal: 90580000
- Contained Unit: lb
- Cutoff Grade: 16.31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The probable molybdenum reserve further strengthens the project's economic profile as a valuable byproduct, contributing to the positive financial outlook.

- Positive factor: High confidence reserve category \(Probable\)

- Positive factor: Substantial contained metal for molybdenum as a critical byproduct

- Positive factor: Enhances overall project economics

Evidence · table

> 0.021

Context: 191.2

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-4)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: measured
- Tonnes: 117900000
- Grade: 0.068
- Grade Unit: %
- Contained Metal: 8000000
- Contained Unit: MTU
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The measured tungsten resource provides a high-confidence geological estimate, forming a solid base for future reserve conversion and project planning.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: Significant contained metal for tungsten

Evidence · table

> 0.068

Context: 117.9

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-5)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Category: measured
- Tonnes: 117900000
- Grade: 0.022
- Grade Unit: %
- Contained Metal: 57200000
- Contained Unit: lb
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The measured molybdenum resource adds to the project's overall metal inventory with high geological confidence, supporting its byproduct potential.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: Significant contained metal for molybdenum

Evidence · table

> 0.022

Context: 117.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-6)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: indicated
- Tonnes: 303700000
- Grade: 0.061
- Grade Unit: %
- Contained Metal: 18500000
- Contained Unit: MTU
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The indicated tungsten resource significantly contributes to the project's total resource base, providing a good level of confidence for future studies and conversion to reserves.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: Substantial contained metal for tungsten

Evidence · table

> 0.061

Context: 303.7

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-7)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Category: indicated
- Tonnes: 303700000
- Grade: 0.019
- Grade Unit: %
- Contained Metal: 127200000
- Contained Unit: lb
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The indicated molybdenum resource adds significant byproduct potential to the project, with a good level of geological confidence.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: Substantial contained metal for molybdenum

Evidence · table

> 0.019

Context: 303.7

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-8)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: inferred
- Tonnes: 182900000
- Grade: 0.048
- Grade Unit: %
- Contained Metal: 8800000
- Contained Unit: MTU
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The inferred tungsten resource represents additional potential but requires further drilling to upgrade its confidence level for economic evaluation.

- Positive factor: Adds to the overall resource base and future exploration potential

- Negative factor: Lowest confidence resource category \(Inferred\)

- Negative factor: Cannot be used for economic studies without further drilling

Evidence · table

> 0.048

Context: 182.9

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-9)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Category: inferred
- Tonnes: 182900000
- Grade: 0.02
- Grade Unit: %
- Contained Metal: 80600000
- Contained Unit: lb
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The inferred molybdenum resource indicates additional byproduct potential but requires further work to increase geological confidence.

- Positive factor: Adds to the overall resource base and future exploration potential

- Negative factor: Lowest confidence resource category \(Inferred\)

- Negative factor: Cannot be used for economic studies without further drilling

Evidence · table

> 0.020

Context: 182.9

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-10)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: measured
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The measured tungsten equivalent grade offers a comprehensive value metric for the polymetallic resource, with transparent assumptions supporting its credibility.

- Positive factor: Metal equivalent grade provides a combined value metric

- Positive factor: Assumptions for calculation are disclosed

Evidence · table

> 0.098

Context: 117.9

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-11)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: indicated
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The indicated tungsten equivalent grade provides a useful combined value metric for the polymetallic resource, with transparent assumptions.

- Positive factor: Metal equivalent grade provides a combined value metric

- Positive factor: Assumptions for calculation are disclosed

Evidence · table

> 0.088

Context: 303.7

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-12)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Category: inferred
- Cutoff Grade: 12.02

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The inferred tungsten equivalent grade offers a combined value metric for the polymetallic resource, but its low confidence category limits its immediate utility.

- Positive factor: Metal equivalent grade provides a combined value metric

- Positive factor: Assumptions for calculation are disclosed

- Negative factor: Lowest confidence resource category \(Inferred\)

Evidence · table

> 0.078

Context: 182.9

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-13)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The project demonstrates robust production potential for tungsten over a long mine life, supported by a good recovery rate, contributing positively to project economics.

- Positive factor: Long mine life supports sustained production

- Positive factor: Significant annual and life-of-mine production figures

- Positive factor: Recovery rate is good for the processing route

Evidence · table

> 598,000 MTU/a

Context: Tungsten \(WO 3 \) Production

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-14)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: Molybdenum production provides substantial byproduct revenue over the project's long life, with a strong recovery rate, enhancing overall project value.

- Positive factor: Significant annual and life-of-mine production figures for molybdenum as a byproduct

- Positive factor: Recovery rate is good for the processing route

Evidence · table

> 4.2 M lbs/a

Context: Molybdenum Production

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-15)

Sisson Project · tungsten

#### Identity

- Project: Sisson Project
- Commodity: tungsten
- Ticker: NCF

#### Resource Data

- Grade: 0.075
- Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The average tungsten grade and recovery are deemed economic for the proposed open pit operation, contributing to the project's positive financial results.

- Positive factor: Average grade and recovery support economic viability for an open pit operation

Evidence · table

> 0.075% / 78.0%

Context: Avg. WO 3 Grade / Recovery

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-16)

Sisson Project · molybdenum

#### Identity

- Project: Sisson Project
- Commodity: molybdenum
- Ticker: NCF

#### Resource Data

- Grade: 227
- Grade Unit: ppm

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The average molybdenum grade and recovery are economic for a byproduct, adding value to the project's overall financial performance.

- Positive factor: Average grade and recovery support economic viability for molybdenum byproduct

Evidence · table

> 227 ppm / 82.0%

Context: Avg. Molybdenum Grade / Recovery

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/17-30-et-northcliff-announces-results-of-feasibility-study-update-for-sisson-pro--6b285263-8470-49a1-9ab1-3eb35b80ca81#fact-resource-facts-17)

Sisson Project

#### Identity

- Project: Sisson Project
- Ticker: NCF

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-31T00:00:00.000Z

Reasoning: The project's financial metrics, including a high NPV, IRR, and short payback, demonstrate exceptional economic viability, making this a highly positive and material update.

- Positive factor: Very high post-tax NPV and IRR indicate strong project economics

- Positive factor: Short payback period reduces investment risk

- Positive factor: Initial and sustaining CAPEX are within expected ranges for a project of this scale

Evidence · table

> $ 6,915 M

Context: Net Present Value \(8%\)

## 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.