Cartier Files on SEDAR+ the NI 43-101 Technical Report of the updated Preliminary Economic Assessment for the Cadillac Project: After-tax NPV5% of C$1.0 billion and after-tax IRR of 26.6% at US$3,600/oz gold price
Cartier’s updated PEA confirms a C$1 billion NPV and 26.6% IRR at a gold price of $3,600 per ounce.
Cartier Resources Inc. filed the NI 43-101 Technical Report for its updated Preliminary Economic Assessment (PEA) on SEDAR+ on October 30, 2026. The filing formally replaces the April 2023 PEA and outlines a fully underground mining operation at the 100%-owned Cadillac Project in Val-d'Or, Quebec. This submission serves as the regulatory filing for the PEA results previously announced on September 17, 2026.
Base case economics at a US$3,600/oz gold price and 1.38 CAD/USD exchange rate show an after-tax NPV5% of C$1,001.2 million and an after-tax IRR of 26.6%. The project targets an average annual production of 100,000 ounces over a 16.2-year mine life, with an initial capital expenditure of C$275.8 million. All-In Sustaining Costs (AISC) are projected at US$2,107/oz, with cash costs at US$1,481/oz.
The metallurgical recovery rate is confirmed at 95% at a P80 grind size of 50 µm, utilizing a conventional crushing, grinding, gravity concentration, and cyanide leaching flowsheet.
Cartier Resources Inc. (ECR) filed a technical report with SEDAR+ on Thursday, validating the economic parameters disclosed in mid-September and confirming that the project’s financial model meets regulatory standards. The filing incorporates an updated mineral resource estimate of 767,800 ounces of measured and indicated resources and 2,416,900 ounces of inferred resources, alongside recent metallurgical testwork showing a 96.3% recovery rate, which reinforces the project's viability.
The report outlines a shift to a fully underground mining design, which minimizes the surface footprint and aligns with responsible development practices, potentially smoothing future permitting. This approach features a low initial capital expenditure of C$275.8 million against a C$1.0 billion net present value at a 5% discount rate (NPV5%), improving the NPV5% to initial capital ratio to 3.6x. As a formal regulatory step following the September announcement, the filing does not introduce new operational or financial data, serving as a confirmation of previously released information.
Cartier Resources Inc. (ECR) is a pre-revenue gold exploration and development company focused on the Cadillac Project in the Abitibi region of Quebec, Canada. The flagship asset spans 14,000 hectares along a 15-kilometre stretch of the prospective Cadillac Fault Zone.
The project features multiple high-grade gold sectors, including Main, Contact, Nordeau, Hope, and Portal, with historical infrastructure such as a 920-metre shaft, 500-metre ramp, and seven kilometres of drifts. The company is advancing a comprehensive exploration program utilizing AI-driven targeting to expand resources and define development pathways.