Cartier Resources has released an updated Preliminary Economic Assessment for its Cadillac Project in Val-d’Or, Quebec, outlining an after-tax net present value of C$1,001 million and an after-tax internal rate of return of 26.6% based on a base-case gold price of US$3,600 per ounce.

The revised study replaces the April 2023 assessment, incorporating an updated mineral resource announced on December 18, 2025, metallurgical results from May 2026, and a higher gold price. The updated resource totals 767,800 ounces of measured and indicated resources at 2.40 g/t gold and 2,416,900 ounces of inferred resources at 2.14 g/t gold.

The evaluation is underpinned by a 16.2-year mine life utilizing underground longitudinal longhole stoping at a peak mining rate of 4,300 tonnes per day. Average annual gold production is projected at 100,000 ounces, yielding total recovered production of 1,610,000 ounces. Initial capital expenditures are estimated at C$275.8 million, with all-in sustaining costs pegged at US$2,137 per ounce and an after-tax payback period of 4.3 years.

Processing operations are planned via a staged approach consisting of initial toll milling at 3,000 tonnes per day for the first year, an on-site 3,000 tonnes per day process plant from years two to four, and an expansion to 4,300 tonnes per day from year five onward. Metallurgical recovery is modelled at 95%.

“The positive results of the study demonstrate the project's economic viability at the PEA level while highlighting several opportunities for further optimization.”

— Philippe Cloutier, President and CEO

Cartier consolidated the East Cadillac property with the Chimo Mine Project in 2022 to form the Cadillac Project land package covering over 15 kilometres of the Cadillac Fault Zone. The company is advancing the project with an ongoing 100,000-metre drilling program utilizing two drill rigs.

“The current PEA is only the beginning.”

— Ronan Déroff, Vice President Exploration

Cartier expects to file a National Instrument 43-101 technical report supporting the updated assessment within 45 days of the September 17, 2026, announcement. The company also plans further expansion drilling and exploration to test regional targets along strike, supported by structural modelling and VRIFY artificial intelligence targeting.

Nearby in the Val-d’Or district, Wesdome Gold Mines reported drilling results intersecting 3.1 g/t gold over 106.5 metres at Shawkey 10.

Read the full announcement: Cartier announces updated PEA 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