# NORTHCLIFF FILES TECHNICAL REPORT FOR POSITIVE FEASIBILITY STUDY UPDATE OF SISSON PROJECT Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisso--30c49aef-9c3f-45f8-b2d5-7a95d1c5027f Original source: https://orestocks.com/company/NCF.TO/press-releases/6712060924794142 Publisher: orestocks Original announcement: 2026-10-02T03:36:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T04:16:51.538Z Atlas analysis updated: 2026-10-02T04:16:51.538Z - Company: Northcliff Resources Ltd. - Ticker: NCF.TO - Exchange: Unavailable - Region: New Brunswick, Canada - Primary commodity: Tungsten - Secondary commodities: Molybdenum - Document categories: Other, Resource update - Extracted: 2026-10-02 04:16:52 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Northcliff Resources has filed an updated Feasibility Study for the Sisson Project in New Brunswick, forecasting a post-tax NPV of $6,915 million and an IRR of 49.8%. The study outlines an open-pit mine with 276.8 Mt of proven and probable reserves containing tungsten and molybdenum. Reasoning: The filing of a positive Feasibility Study Update for a large-scale tungsten-molybdenum project represents a major de-risking milestone for the company. - Positive factor: Strong economic indicators with NPV of $6,915 M and IRR of 49.8% - Positive factor: Significant mineral reserves for critical minerals \(tungsten and molybdenum\) - Positive factor: Short payback period of 1.6 years - Positive factor: Major government funding support \(US DPA and NRCan\) mentioned - Negative factor: High initial capital expenditure of $1,528 M Facts used in scoring: 4 ## Classification and evidence **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 191.2 Mt of probable reserves for tungsten and molybdenum. Evidence · text > Probable Reserves of 191.2 Mt **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 85.6 Mt of proven reserves for tungsten and molybdenum. Evidence · text > Proven Reserves of 85.6 Mt ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisso--30c49aef-9c3f-45f8-b2d5-7a95d1c5027f#fact-resource-facts-0) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:436d1fc148ce5ceb56e2 - Deposit or zone: Sisson - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.079 - Grade Unit: % - Contained Metal: 6.77 - Contained Unit: m mtu - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Proven reserve component of the updated feasibility study. - Positive factor: High-grade tungsten reserve Evidence · text > Includes Proven Reserves of 85.6 Mt at 0.079% WO3 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-staging.minestarters.com/news/northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisso--30c49aef-9c3f-45f8-b2d5-7a95d1c5027f#fact-resource-facts-1) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:436d1fc148ce5ceb56e2 - Deposit or zone: Sisson - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.025 - Grade Unit: % - Contained Metal: 47.79 - Contained Unit: m lb - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Proven reserve component of the updated feasibility study. - Positive factor: Proven molybdenum reserve Evidence · text > 85.6 Mt at 0.079% WO3 and 0.025% Mo #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-staging.minestarters.com/news/northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisso--30c49aef-9c3f-45f8-b2d5-7a95d1c5027f#fact-resource-facts-2) Sisson · tungsten #### Identity - Project: Sisson - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:00b5305a3e15425adf25 - Deposit or zone: Sisson - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.073 - Grade Unit: % - Contained Metal: 13.92 - Contained Unit: m mtu - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Probable reserve component of the updated feasibility study. - Positive factor: Significant probable tungsten reserve Evidence · text > Probable Reserves of 191.2 Mt at 0.073% WO3 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-staging.minestarters.com/news/northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisso--30c49aef-9c3f-45f8-b2d5-7a95d1c5027f#fact-resource-facts-3) Sisson · molybdenum #### Identity - Project: Sisson - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:00b5305a3e15425adf25 - Deposit or zone: Sisson - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.021 - Grade Unit: % - Contained Metal: 90.58 - Contained Unit: m lb - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Probable reserve component of the updated feasibility study. - Positive factor: Significant probable molybdenum reserve Evidence · text > 191.2 Mt at 0.073% WO3 and 0.021% Mo #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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.