# NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d Original source: https://orestocks.com/company/NCF.TO/press-releases/4679875036015659 Publisher: orestocks 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.TO - Exchange: Unavailable - Region: New Brunswick, Canada - Primary commodity: Tungsten - Secondary commodities: Molybdenum - Document categories: Resource update - Extracted: 2026-08-31 22:06:05 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Northcliff Resources announced highly positive results from its 2026 Feasibility Study Update for the Sisson Project in New Brunswick, Canada, outlining a post-tax NPV of $6,915 million and an IRR of 49.8% with a rapid 1.6-year payback. The study confirms 276.8 Mt of Proven and Probable Mineral Reserves grading 0.075% WO3 and 0.021% Mo, supporting a 27-year open-pit operation with average annual production of 598,000 MTU WO3 and 4.2 M lbs Mo. The update incorporates significant changes in the macroeconomic environment and metal markets since the 2013 study, reinforcing the project's economic viability as a critical minerals producer. Reasoning: The Feasibility Study Update demonstrates robust economic viability for the Sisson Project with strong financial metrics, substantial mineral reserves, and a long mine life, positioning it as a key producer of critical minerals, despite some cost increases. - Positive factor: Strong financial metrics \(NPV, IRR, payback\) - Positive factor: Significant Proven and Probable Mineral Reserves - Positive factor: Long mine life \(27 years\) - Positive factor: Updated Feasibility Study reflecting current market conditions - Positive factor: Production of critical minerals \(tungsten and molybdenum\) - Positive factor: High M&I percentage in resource classification - Positive factor: QP/CP sign-off and NI 43-101 compliance - Negative factor: Increased capital and operating costs due to inflation and tax rates - Negative factor: Project sensitivity to foreign exchange rate, commodity prices, head grade, and recovery Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 12 ## Classification and evidence **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 estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person, and Mineral Resources were estimated by Philip Geusebroek, M.Sc., P. Geo., SLR Consulting \(Canada\) Ltd., the independent qualified person. Evidence · text > The Mineral Reserve estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person **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 estimates were reported using the 2014 CIM Definition Standards, and the company will file an NI 43-101 technical report. Evidence · text > reported using the 2014 CIM Definition Standards, and have an effective date of August 11, 2026. **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document explicitly reports '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 document explicitly reports '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 document explicitly reports '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 document explicitly reports 'Indicated' mineral resources. Evidence · table > Indicated Context: 303.7 **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 NSR cut-off of $16.31/t for reserves and C$12.02/t for resources are clearly stated. Evidence · text > NSR cut-off of $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 is titled 'Feasibility Study Update' and explicitly refers to a '2026 Feasibility Study Update'. Evidence · text > Feasibility Study Update **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 the highest level of study supporting a development decision. Evidence · text > Feasibility Study Update **Mill Route** Polarity: neutral Story-specific tag Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process design includes a 'flotation flowsheet' to produce concentrates. Evidence · text > flotation flowsheet to produce separate molybdenum and tungsten concentrates. ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-0) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.079 - Grade Unit: % - Contained Metal: 6.77 - Contained Unit: M MTU - Cutoff Grade: 16.31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Proven reserves represent the highest confidence category, indicating a well-defined and economically viable portion of the deposit, contributing significantly to the project's overall value. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant contained metal - Positive factor: Part of a robust economic study Evidence · table > 0.079 Context: 85.6 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-1) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.025 - Grade Unit: % - Contained Metal: 47.79 - Contained Unit: M lb - Cutoff Grade: 16.31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Proven molybdenum reserves add significant byproduct value and confidence to the project's economic model, contributing to the overall positive outlook. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant contained metal as a byproduct - Positive factor: Part of a robust economic study Evidence · table > 0.025 Context: 85.6 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-2) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.073 - Grade Unit: % - Contained Metal: 13.92 - Contained Unit: M MTU - Cutoff Grade: 16.31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Probable reserves represent a high confidence category, adding substantial tonnage and contained metal to the project's economic foundation. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant contained metal - Positive factor: Part of a robust economic study Evidence · table > 0.073 Context: 191.2 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-3) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.021 - Grade Unit: % - Contained Metal: 90.58 - Contained Unit: M lb - Cutoff Grade: 16.31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Probable molybdenum reserves contribute significant byproduct value and confidence to the project's economic model, enhancing the overall positive outlook. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant contained metal as a byproduct - Positive factor: Part of a robust economic study Evidence · table > 0.021 Context: 191.2 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-4) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Resource Data - Category: measured - Tonnes: 117900000 - Grade: 0.068 - Grade Unit: % - Contained Metal: 8 - Contained Unit: M MTU - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Measured resources provide the highest level of geological confidence, underpinning a substantial portion of the project's overall resource base. - Positive factor: Highest confidence resource category \(Measured\) - Positive factor: Significant contained metal - Positive factor: Part of a robust economic study Evidence · table > 0.068 Context: 117.9 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-5) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Resource Data - Category: measured - Tonnes: 117900000 - Grade: 0.022 - Grade Unit: % - Contained Metal: 57.2 - Contained Unit: M lb - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Measured molybdenum resources contribute significant byproduct value and confidence to the project's overall resource base. - Positive factor: Highest confidence resource category \(Measured\) - Positive factor: Significant contained metal as a byproduct - Positive factor: Part of a robust economic study Evidence · table > 0.022 Context: 117.9 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-6) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Resource Data - Category: indicated - Tonnes: 303700000 - Grade: 0.061 - Grade Unit: % - Contained Metal: 18.5 - Contained Unit: M MTU - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Indicated resources provide a high level of geological confidence, adding substantial tonnage and contained metal to the project's resource base. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Significant contained metal - Positive factor: Part of a robust economic study Evidence · table > 0.061 Context: 303.7 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-7) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Resource Data - Category: indicated - Tonnes: 303700000 - Grade: 0.019 - Grade Unit: % - Contained Metal: 127.2 - Contained Unit: M lb - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Indicated molybdenum resources contribute significant byproduct value and confidence to the project's resource base. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Significant contained metal as a byproduct - Positive factor: Part of a robust economic study Evidence · table > 0.019 Context: 303.7 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-8) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.048 - Grade Unit: % - Contained Metal: 8.8 - Contained Unit: M MTU - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Inferred resources provide additional potential but have lower geological confidence and cannot be used for economic studies without further drilling. - Positive factor: Adds to overall resource base - Positive factor: Potential for future upgrade - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.048 Context: 182.9 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-9) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Resource Data - Category: inferred - Tonnes: 182900000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 80.6 - Contained Unit: M lb - Cutoff Grade: 12.02 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: Inferred molybdenum resources provide additional byproduct potential but have lower geological confidence and require further work for economic consideration. - Positive factor: Adds to overall resource base - Positive factor: Potential for future upgrade - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.020 Context: 182.9 ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-10) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Ticker: NCF.TO #### Lab - Laboratory: SGS Canada #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The 78% tungsten recovery is based on actual testwork and is integrated into the feasibility study, but it is on the lower side compared to typical base metal flotation recoveries, suggesting potential for optimization or inherent mineralogical challenges. - Positive factor: Recovery from actual testwork - Positive factor: Part of a comprehensive feasibility study - Negative factor: Recovery is below strong/exceptional for general flotation rubrics Evidence · text > 78% and 82% recoveries, respectively. ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-announces-results-of-feasibility-study-update-for-sisson-project--73feae02-f991-4ae3-85be-958b3fcdf33d#fact-resource-facts-11) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Ticker: NCF.TO #### Lab - Laboratory: SGS Canada #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-31T00:00:00.000Z Reasoning: The 82% molybdenum recovery is based on actual testwork and is integrated into the feasibility study, providing a solid basis for economic modeling, though it is not exceptionally high for flotation. - Positive factor: Recovery from actual testwork - Positive factor: Part of a comprehensive feasibility study - Negative factor: Recovery is below strong/exceptional for general flotation rubrics Evidence · text > 78% and 82% recoveries, respectively. ## 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.