NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT

Northcliff Resources Ltd. (NCF) released the 2026 Feasibility Study Update for its Sisson tungsten-molybdenum project in New Brunswick. The study is presented on a 100% project basis, with Northcliff owning 88.5% and Todd Sisson (NZ) Limited owning the remaining 11.5%.

Headline economics from the update include a post-tax net present value (NPV) of $6,915M at an 8% discount rate, an internal rate of return (IRR) of 49.8%, a 1.6-year payback period, and $19,896M in undiscounted post-tax cash flow. Initial capital is estimated at $1,528M, comprising $571M in sustaining capital and $147M for reclamation and closure funding. The estimated closure bond stands at $210M.

The mine plan outlines a 30,000 t/d mill with a 27-year life, processing 277 Mt at an average strip ratio of 0.97:1. Mineral reserves are defined at 276.8 Mt proven and probable, grading 0.075% WO3 and 0.023% Mo, containing 20.69M MTU WO3 and 138.37M lbs Mo. Mineral resources include 421.6 Mt measured and indicated at 0.063% WO3 and 0.020% Mo, plus 182.9 Mt inferred at 0.048% WO3 and 0.020% Mo.

Average annual production is projected at 598,000 MTU WO3 and 4.2M lbs Mo, with the first five years averaging 767,000 MTU WO3. The study utilizes European tungsten concentrate prices of US$1,520/MTU in 2030, rising to US$1,880/MTU by 2040 and beyond, while molybdenum is priced at US$29.57/lb, falling to US$28.44/lb.

Northcliff plans to pursue basic engineering, arrange construction financing, and target a construction decision in late 2027, with operations starting in 2030. The technical report will be filed on SEDAR+ within 45 days.

Northcliff Resources Ltd. (NCF) released a technical study update on Tuesday, a non-earnings announcement that provides context for prior-period financials without restating them. The company had previously indicated in February 2026 that the feasibility study update would be completed by mid-2026, with partial funding provided by US$15M from the U.S. Department of Defense and up to C$8.214M from Natural Resources Canada.

The update quantifies the project’s economic outcome on a 100% basis, reporting a post-tax net present value (NPV) of $6,915M. This figure represents approximately 36 times Northcliff’s implied market capitalization of near C$192M. On an attributable basis, Northcliff’s 88.5% share of the post-tax NPV amounts to about C$6.1B. However, this valuation assumes construction commences according to plan, financing is secured, and operations begin in 2030. Consequently, the headline figure reflects future project value rather than current corporate value.

The financial model incorporates sensitivity assumptions, noting that at 75% of base-case metal prices, grade, recovery, or foreign exchange rates, the post-tax NPV remains around $4,580M with a roughly 38% internal rate of return (IRR). The model utilizes tungsten prices significantly higher than those used for reserve and resource calculations. Reserve net smelter return (NSR) cutoffs use US$330/MTU WO3, while resources use US$500/MTU WO3. The economic base case begins at US$1,520/MTU WO3, more than three times the reserve price. The company’s sensitivity analysis only extends down to 75% of this elevated price, rather than to the resource or reserve price levels.

The release contains no financing commitments, construction decisions, or executed offtake agreements. Northcliff remains pre-revenue and included a going-concern disclosure in its latest Management’s Discussion and Analysis. While the study materially supports the project narrative, it does not eliminate near-term risks regarding liquidity, financing, dilution, and execution.

Northcliff Resources Ltd. (NCF) is a development-stage mineral resource company focused on the Sisson tungsten-molybdenum project in New Brunswick, Canada. The project is held through the Sisson Limited Partnership, in which Northcliff owns 88.5% and Todd Sisson (NZ) Limited owns 11.5%.

The project has secured provincial and federal environmental impact assessment approvals in 2015 and 2017, respectively, along with MDMER authorization in 2019 and Fisheries Act authorization in 2020. A 2026 Feasibility Study Update proposes a 30,000 t/d open-pit mine with a 27-year mine life, producing tungsten and molybdenum concentrate. The project is expected to provide direct employment for about 300 people during operations and 500 during construction.

Strategically positioned as a North American critical minerals project, Sisson has received funding support from the U.S. Department of Defense and the Canadian government.