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
Original announcement by orestocks on
- Company
- Cartier Resources Inc.
- Ticker
- ECR.V
- Exchange
- Unavailable
- Region
- Quebec, Canada
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-09-17 12:25:07 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Cartier Resources Inc. announced an updated Preliminary Economic Assessment (PEA) for its Cadillac Project in Quebec, Canada, revealing 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 average annual gold production of 100 koz over a 16.2-year mine life, with a low initial CAPEX of C$275.8 million and an AISC of US$2,137/oz. The PEA incorporates an updated mineral resource estimate and recent metallurgical testwork, highlighting the project's economic viability and potential for further optimization and resource growth.
Reasoning: The updated Preliminary Economic Assessment (PEA) for the Cadillac Project demonstrates robust economics with a significant after-tax NPV and IRR, supported by updated resource and metallurgical data, indicating strong potential for development and future growth.
Positive factors
- Robust economics with high after-tax NPV and IRR at base case and spot gold prices
- Long mine life and significant total recovered gold production
- Low initial CAPEX and competitive AISC
- High metallurgical recovery of 95% with a conventional flowsheet
- Updated mineral resource estimate and metallurgical results incorporated into the PEA
- Potential for further optimization and resource growth from un-incorporated drilling and new discoveries
Negative factors
- The PEA is preliminary in nature and includes a significant portion of Inferred Mineral Resources
- Recent drilling (35,000m) is yet to be incorporated into the economic model
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 7
Classification and evidence
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The document is an announcement of an updated Preliminary Economic Assessment (PEA) for the project.
Evidence · text
“Cartier announces updated PEA for the Cadillac Project”
QP/CP Signedpositive
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: Multiple Qualified Persons (QPs) are named and their responsibilities for the PEA are detailed.
Evidence · text
“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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA and the underlying mineral resource estimate were prepared in accordance with National Instrument 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″)”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a Measured category for both open pit and underground components.
Evidence · table
“Measured”
Context: Measured
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes an Indicated category for both open pit and underground components.
Evidence · table
“Indicated”
Context: Indicated
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes a significant Inferred category for both open pit and underground components.
Evidence · table
“Inferred”
Context: Inferred
Resource Updateneutral
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource estimate clearly states cut-off grades of 0.30 g/t Au for open pit and 1.00 g/t Au for underground resources.
Evidence · text
“Cut-off Grade = 0.30g/t Au”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: A gold recovery of 95% is reported, which is exceptional for a conventional mill/CIL flowsheet.
Evidence · text
“Metallurgical recovery of 95%”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Metallurgical testwork was performed on six variability samples from three main zones, indicating coverage of different ore domains.
Evidence · text
“a series of tests were performed on six variability samples: two from each of the three main zones, Chimo, East Chimo, and West Nordeau.”
Recovery Improvingpositive
Recovery improved versus a like-for-like prior test program on the same domain and route.
Why it applies: The updated PEA incorporates new metallurgical results from a 2026 testwork program, implying an improvement or updated understanding compared to the prior PEA.
Evidence · text
“Metallurgical recovery of 95%, supported by the 2026 metallurgical testwork program”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing scenario involves a conventional flowsheet with crushing, grinding, gravity concentration, and cyanide leaching, indicative of a mill route.
Evidence · text
“conventional flowsheet with crushing, grinding, gravity concentration and cyanide leaching.”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: The processing flowsheet explicitly includes gravity concentration.
Evidence · text
“gravity concentration and cyanide leaching.”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
measuredCadillac Project · goldTonnes: 1770000Grade: 2.16Grade Unit: g/tContained Metal: 123300Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:da1b94134cd581a7d941
- Mining method
- combined
- Ownership percent
- 100 %
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: This Measured Open Pit resource contributes high-confidence ounces to the overall project, supporting the positive economics of the updated PEA.
Positive factors
- High confidence Measured category resource
- Good grade for open pit gold
- Part of an updated resource estimate supporting a positive PEA
Evidence · table
“2.16”
Context: 1,770,000
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredCadillac Project · goldTonnes: 4210000Grade: 2.8Grade Unit: g/tContained Metal: 379300Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:a8265ce10648b36d6c4e
- Mining method
- combined
- Ownership percent
- 100 %
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: This Measured Underground resource provides high-confidence ounces at a good grade, forming a strong foundation for the project's economic assessment.
Positive factors
- High confidence Measured category resource
- Good grade for underground gold
- Part of an updated resource estimate supporting a positive PEA
Evidence · table
“2.80”
Context: 4,210,000
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCadillac Project · goldTonnes: 1730000Grade: 1.52Grade Unit: g/tContained Metal: 84500Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:446cdd2e441985def727
- Mining method
- combined
- Ownership percent
- 100 %
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: This Indicated Open Pit resource adds to the project's confidence, though at a lower grade than the Measured category, it supports the overall economic model.
Positive factors
- Indicated category resource provides reasonable geological confidence
- Contributes to the overall resource base for the PEA
Evidence · table
“1.52”
Context: 1,730,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCadillac Project · goldTonnes: 2240000Grade: 2.51Grade Unit: g/tContained Metal: 180600Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:d0a9492ecbd766a68c76
- Mining method
- combined
- Ownership percent
- 100 %
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: This Indicated Underground resource provides a solid contribution to the project's economic viability with good grade and reasonable confidence.
Positive factors
- Indicated category resource provides reasonable geological confidence
- Good grade for underground gold
- Contributes to the overall resource base for the PEA
Evidence · table
“2.51”
Context: 2,240,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCadillac Project · goldTonnes: 4740000Grade: 1.13Grade Unit: g/tContained Metal: 172600Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:4780905cd6d9f331fd5d
- Mining method
- combined
- Ownership percent
- 100 %
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: This Inferred Open Pit resource represents future potential but carries lower confidence, requiring further drilling for upgrade and economic viability.
Positive factors
- Adds to the overall resource potential of the project
- Potential for future upgrade to higher confidence categories
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone
Evidence · table
“1.13”
Context: 4,740,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCadillac Project · goldTonnes: 30450000Grade: 2.29Grade Unit: g/tContained Metal: 2244200Contained Unit: ozView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Pierre Luc Richard, P.Geo., Stephen Coates, P.Eng.
- Resource group id
- resource:ded872370001e9d5dea2
- Mining method
- combined
- Ownership percent
- 100 %
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: This large Inferred Underground resource provides significant future potential for the project, but its preliminary nature means it requires further de-risking through additional drilling.
Positive factors
- Significant tonnage and contained metal in the Inferred category, indicating substantial growth potential
- Good grade for underground gold, suggesting economic potential upon upgrade
Negative factors
- Inferred category has lower geological confidence and cannot support economic studies alone
- Represents a large portion of the total resource, impacting overall project confidence
Evidence · table
“2.29”
Context: 30,450,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
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)
flotationCadillac Project · goldRecovery: 95 %Head Grade: 2.28Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cadillac Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec, Canada
- Ticker
- ECR.V
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, gravity concentration and cyanide leaching
- Sample
- six variability samples: two from each of the three main zones, Chimo, East Chimo, and West Nordeau
- Grind P80
- 50 µm
Recovery
- Recovery
- 95 %
- Recovery Basis
- actual_test
- Head Grade
- 2.28
- Head Grade Unit
- g/t
Lab
- Consultant
- Soutex Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: The high gold recovery of 95% from detailed metallurgical testwork on multiple ore domains significantly de-risks the processing aspect of the Cadillac Project and underpins the positive PEA results.
Positive factors
- Exceptional gold recovery of 95% for a conventional mill/CIL flowsheet
- Testwork covered multiple ore domains, indicating good variability understanding
- Supports the economic viability of the project as demonstrated in the PEA
Evidence · text
“Metallurgical recovery of 95%, supported by the 2026 metallurgical testwork program and a conventional flowsheet with crushing, grinding, gravity concentration and cyanide leaching.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
High Recoverypositive
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.