NORTHCLIFF FILES TECHNICAL REPORT FOR POSITIVE FEASIBILITY STUDY UPDATE OF SISSON PROJECT

Northcliff Resources Ltd. filed an independent 43-101 Technical Report and Feasibility Study Update for the Sisson Tungsten-Molybdenum Project in New Brunswick, Canada. Led by Ausenco Engineering, the study outlines a 27-year open-pit mine with a 30,000 tonnes per day mill throughput.

The project’s financial metrics include a post-tax net present value (NPV) of $6,915 million at an 8% discount rate, an internal rate of return (IRR) of 49.8%, and a 1.6-year payback period. Initial capital expenditures are estimated at $1,528 million, with sustaining capital of $571 million. Proven and probable reserves total 276.8 million tonnes grading 0.075% WO3 and 0.023% Mo.

Operations are targeted to begin in 2030, following a construction decision in late 2027. The project benefits from $15 million US from the U.S. Defense Production Act and up to C$8.214 million from Natural Resources Canada. Ownership structure remains unchanged: Northcliff holds 88.5% of the Sisson Limited Partnership, with Todd Corporation holding 11.5%.

Northcliff Resources Ltd. (NCF) filed its feasibility study results on October 1, completing the regulatory process for data previously announced on August 31, 2026. The financial metrics, reserves, and project timeline remain identical to the prior release.

The market was already aware of the study’s completion and its positive economics, making the filing an expected, incremental milestone rather than a new catalyst. The project’s strong economics, including a 49.8% internal rate of return (IRR) and a 1.6-year payback period, validate its potential. However, the $1.5 billion capital expenditure (CapEx) requirement remains a significant hurdle relative to the company’s approximately $214 million market capitalization.

The news confirms management’s execution on the pre-construction phase but does not de-risk the capital raising or construction execution phases. It serves as a routine confirmation of previously disclosed data.

Northcliff Resources Ltd. is a Canadian exploration and development company focused on the Sisson Tungsten-Molybdenum Project. The Sisson Project is located in New Brunswick, Canada, near tidewater and hosts a large, low-grade tungsten and molybdenum deposit. The proposed operation is an open-pit mine with a processing facility designed to produce tungsten and molybdenum concentrates. The project has received federal and provincial Environmental Impact Assessment approvals in 2015 and 2017, and was added to Canada's Nation Building Projects list in November 2025. Management aims to restart Canadian tungsten production for the first time in over a decade, targeting a construction decision in late 2027 and operations in 2030.