Cartier Resources (TSX-V:ECR) has outlined an after-tax net present value (NPV) of C$1.001 billion ($1 billion) in an updated preliminary economic assessment (PEA) for its Cadillac Project near Val-d’Or in Québec, Canada.
The study forecasts an after-tax internal rate of return of 26.6% and a 4.3-year payback period, using a gold price of US$3,600 ($5,062) per ounce.
The economics apply a 5% discount rate and an assumed exchange rate of C$1.38 per US dollar.
Initial capital is estimated at C$275.8 million, with all-in sustaining costs of US$2,137 per ounce. Average annual production is forecast at 100,000 ounces over a 16.2-year mine life, recovering 1.61 million ounces in total.
The proposed underground operation would use longitudinal longhole stoping, reaching a peak mining rate of 4,300 tonnes per day.
Processing would initially involve off-site toll milling before moving to an on-site plant. Metallurgical test work supports an estimated gold recovery of 95%.
CEO Philippe Cloutier says the study identifies opportunities for further optimisation.
“Importantly, the project has been designed as a fully underground mining operation, minimising its surface footprint and supporting a responsible development approach,” Cloutier says.
Prepared by Evomine Consulting, the assessment replaces the April 2023 PEA for what was then called the Chimo Mine Project. It incorporates the December 2025 mineral resource estimate and May 2026 metallurgical results.
Vice President Exploration Ronan Déroff notes approximately 35,000m of drilling completed in 2025–2026, alongside discoveries in the Contact and Hope sectors, remains outside the current economic model.
The PEA is preliminary and includes inferred mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty the projected results will be realised.
Cartier says it plans to file the supporting technical report within 45 days.
Cartier is a Val-d’Or-based gold explorer whose wholly owned Cadillac Project covers 14,000 hectares along 15km of the Cadillac Fault.
Write to France Pinzon at Mining.com.au
Images: Cartier Resources
