Cartier Metallurgical Testwork Program is Underway at Cadillac

The most recent news release from November 18, 2025, announced that the metallurgical testwork program for Cartier Resources' Cadillac Project is underway. This program is supervised by Soutex and is being conducted on samples from the Main Sector, specifically from the Chimo, East Chimo, and West Nordeau deposits. The program involves 388.7 kg of samples for various tests, including cyanidation tests at three different grind sizes, gravimetric concentration, cyanide destruction tests of the gravity tails, comminution tests, and chemical/mineralogical characterization. The objective is to define expected gold recovery rates, improve historical results, establish recovery data for previously untested deposits (East Chimo and West Nordeau), and support the development of an integrated process flowsheet. Results from this testwork are anticipated in Q1 2026. The news also reiterated the current indicated gold resources of 720,000 ounces and inferred gold resources of 1,633,000 ounces, and the ongoing 100,000-meter drilling program.

This news is a confirmation of an ongoing process that was previously announced to have commenced (September 30, 2025: "Cartier Starts Metallurgical Testwork Program at Cadillac"). While the details provided regarding the sample size (388.7 kg) and specific tests are useful, they do not introduce new information that would significantly alter the company's outlook or stock valuation. It signifies steady operational progress, fulfilling previously stated strategic objectives, rather than a new material development. The company had outlined metallurgical testwork as a key component of its new development strategy as early as February 2025, and confirmed its initiation in September 2025. The current update provides more granular details, confirming the program is progressing as planned, but does not present unexpected positive or negative results. Therefore, its impact on the stock price is likely to be neutral to slightly positive, primarily serving as a routine update that reinforces the company's execution capabilities. The market has already factored in the initiation of such a program.

In the broader context of recent news, this metallurgical update is a supportive, but non-material, follow-through on the company's strategic plan. The most material recent events for Cartier Resources were the successful closing of an $11.39 million private placement in April 2025 (including a significant investment from Agnico Eagle Mines Ltd.), the launch of the 100,000-meter drill program in August 2025, and the subsequent release of consistently strong high-grade gold drill results (September, October, and November 2025), which have had a more direct and positive impact on market perception and the stock price. The metallurgical testwork is a necessary step towards future economic studies, de-risking the project, and optimizing potential recovery, but its impact is long-term rather than immediate and disruptive.

Cartier Resources Inc. is a junior exploration company primarily focused on gold projects in the prolific Val-d’Or mining camp in Quebec, Canada. Its flagship asset is the Cadillac Project, an extensive 14,000-hectare property that encompasses a 15-kilometer stretch of the Larder Lake-Cadillac Fault Zone, a major gold-producing structure. The project integrates the historic Chimo Mine and the East Cadillac properties, making it one of the largest consolidated land packages in the region.

Flagship Project Development: - Resource Estimate: A Preliminary Economic Assessment (PEA) effective May 29, 2023, outlined significant resources: - Indicated: 7.1 million tonnes at 3.1 g/t Au for 720,000 ounces of gold. - Inferred: 18.5 million tonnes at 2.8 g/t Au for 1,633,000 ounces of gold. - Economic Potential: The PEA, based on a gold price of US$1,750/ounce and evaluating only a 2-kilometer segment of the fault zone, projected an average annual gold production of 116,900 ounces over a 9.7-year mine life. - Exploration Strategy: Cartier has adopted a dual-focus exploration strategy combining brownfield (expansions of known zones) and greenfield (new high-priority targets) initiatives. A significant component of this strategy involves leveraging AI-assisted mineral discovery tools (Vrify's Dora platform) to enhance targeting efficiency. - Recent Activities: The company launched its largest-ever drill program in August 2025, a 100,000-meter campaign with 600 holes planned over 18 months, which is fully funded. Initial results from this program have been consistently positive, delivering high-grade gold intercepts, particularly in the North Contact Zone (NCZ) and new VG9/VG10 zones, some near surface. - Metallurgical & Environmental Studies: Alongside drilling, Cartier initiated environmental baseline studies and a metallurgical testwork program in late 2025, to de-risk the project, define recovery rates, and assess the economic potential of reprocessing Chimo mine tailings. - Non-Core Asset Divestment: The company has strategically optioned out non-core properties (Benoist, Fenton, Wilson) to Exploits Discovery Corp., retaining significant royalty interests while focusing capital and resources on Cadillac.

The Cadillac Project benefits from excellent infrastructure, road access, and proximity to milling capacity in the Val-d’Or region, positioning it for potential rapid advancement and value creation.