# Northcliff Resources Files Technical Report For Positive Feasibility Study Update of Sisson Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/northcliff-resources-files-technical-report-for-positive-feasibility-study-updat--613935c8-5937-4940-b7f2-11b8ce3852a8 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1421-tsx/ncf/212191-northcliff-files-technical-report-for-positive-feasibility-study-update-of-sisson-project.html Publisher: jmn Original announcement: 2026-10-01T00:38:02.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T04:17:34.923Z Atlas analysis updated: 2026-10-02T04:17:34.923Z - Company: Northcliff Resources Ltd. - Ticker: NCF - Exchange: TSX - Region: New Brunswick, Canada - Primary commodity: Tungsten - Secondary commodities: Molybdenum - Document categories: Other, Resource update - Extracted: 2026-10-02 04:17:35 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Northcliff Resources has filed an updated Feasibility Study for the Sisson Tungsten-Molybdenum Project in New Brunswick. The update forecasts a post-tax NPV of $6,915 million at an 8% discount rate and an IRR of 49.8%, supported by proven and probable reserves of 276.8 Mt. Reasoning: The filing of a positive Feasibility Study Update with high NPV and IRR represents a major project advancement and de-risking milestone. - Positive factor: Strong economic indicators with NPV of $6,915 M and IRR of 49.8% - Positive factor: Significant mineral reserves reported for tungsten and molybdenum - Positive factor: Short payback period of 1.6 years - Positive factor: De-risking milestone with environmental approvals in hand - Negative factor: High initial capital expenditure of $1,528 M Facts used in scoring: 4 ## 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: Robert Gray, P.Eng. is named as the independent Qualified Person for the mineral reserves estimate. Evidence · text > prepared by independent Qualified Person, Robert Gray, P.Eng. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report is explicitly stated as an N.I. 43-101 report. Evidence · text > N.I. 43-101 Report ## 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-resources-files-technical-report-for-positive-feasibility-study-updat--613935c8-5937-4940-b7f2-11b8ce3852a8#fact-resource-facts-0) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray - Resource group id: resource:fe40d311f63b6551880f - Deposit or zone: Sisson Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.079 - Grade Unit: % - Contained Metal: 6770000 - Contained Unit: mtu - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: High-grade proven reserve reported in the feasibility study update. - Positive factor: High-grade proven reserve Evidence · text > Includes Proven Reserves of 85.6 Mt at 0.079% WO 3 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 **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: qp\_signed is true **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-resources-files-technical-report-for-positive-feasibility-study-updat--613935c8-5937-4940-b7f2-11b8ce3852a8#fact-resource-facts-1) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray - Resource group id: resource:fe40d311f63b6551880f - Deposit or zone: Sisson Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 85600000 - Grade: 0.025 - Grade Unit: % - Contained Metal: 47790000 - Contained Unit: lb - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Proven reserve reported in the feasibility study update. - Positive factor: Proven reserve for molybdenum Evidence · text > Includes Proven Reserves of 85.6 Mt at 0.079% WO 3 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 **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: qp\_signed is true **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-resources-files-technical-report-for-positive-feasibility-study-updat--613935c8-5937-4940-b7f2-11b8ce3852a8#fact-resource-facts-2) Sisson Project · tungsten #### Identity - Project: Sisson Project - Commodity: tungsten - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray - Resource group id: resource:19ff8dcde73d13db6ce6 - Deposit or zone: Sisson Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.073 - Grade Unit: % - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Large probable reserve reported in the feasibility study update. - Positive factor: Large probable reserve Evidence · text > Probable Reserves of 191.2 Mt at 0.073% WO 3 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 **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: qp\_signed is true **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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-resources-files-technical-report-for-positive-feasibility-study-updat--613935c8-5937-4940-b7f2-11b8ce3852a8#fact-resource-facts-3) Sisson Project · molybdenum #### Identity - Project: Sisson Project - Commodity: molybdenum - Region: canada\_nb - Reported Region: New Brunswick, Canada - Ticker: NCF #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Robert Gray - Resource group id: resource:19ff8dcde73d13db6ce6 - Deposit or zone: Sisson Project - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 191200000 - Grade: 0.021 - Grade Unit: % - Contained Metal: 90580000 - Contained Unit: lb - Cutoff Grade: 16.31 #### Prior Estimate - Resource Date: 2026-08-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Probable reserve reported in the feasibility study update. - Positive factor: Probable reserve for molybdenum Evidence · text > Probable Reserves of 191.2 Mt at 0.073% WO 3 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 **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: qp\_signed is true **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.