Northcliff Resources Ltd. has released an updated feasibility study for the Sisson tungsten-molybdenum project in New Brunswick, Canada, shifting its development blueprint from downstream refining to prioritize direct concentrate production.

The updated study projects a post-tax net present value of $6,915 million at an 8% discount rate, an internal rate of return of 49.8%, and a 1.6-year payback period. These metrics are underpinned by proven and probable mineral reserves totaling 276.8 million metric tonnes grading 0.075% tungsten trioxide and 0.021% molybdenum.

The economic profile marks a departure from Northcliff's 2013 study, which originally proposed an on-site ammonium paratungstate plant. Northcliff now plans to produce marketable concentrates directly, driven by market research showing stronger demand tightness in concentrate supply. Initial capital expenditures are estimated at $1,528 million, alongside $571 million in sustaining capital over a 27-year mine life.

The open pit operation is designed for a nominal mill throughput of 30,000 tonnes per day, supported by an average strip ratio of 0.97:1. Mining will initially target an area of elevated tungsten grades to deliver an annual average of 767,000 metric tonne units of tungsten trioxide and 4.0 million pounds of molybdenum during the first five years. Total life-of-mine production is projected at 16.1 million metric tonne units of tungsten trioxide and 113.5 million pounds of molybdenum.

Project ownership is split between the Sisson Project Limited Partnership, where Northcliff holds an 88.5% interest, and Todd Sisson (NZ) Limited, holding the remaining 11.5%. To fund study updates and basic engineering, Northcliff secured US$15 million in 2025 under the United States Defense Production Act Title III program and C$8.214 million from Natural Resources Canada's Global Partnerships Initiative.

“The results of the 2026 Study reflect some significant changes in the macroeconomic environment and metal markets since the feasibility study in 2013. Metal prices, particularly for tungsten, have increased since 2013, and the change in exchange rate have improved the financial results.”

— Andrew Ing, President and CEO

Northcliff intends to file an NI 43-101 technical report on SEDAR+ within 45 days. The company is advancing basic engineering and working toward a formal construction decision in late 2027, with commercial operations targeted to start in 2030.

Read the full announcement: NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT