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Cartier Resources projects high profitability for Cadillac Project with $1.0 billion NPV at $3,600 gold price

Executive summary: Cartier Resources updated its Preliminary Economic Assessment for the Cadillac Project in Val-d'Or, Quebec, reporting a C$1.0 billion after-tax NPV and 26.6% IRR. The update demonstrates the high economic viability of the project at a projected gold price of US$3,600/oz, supporting long-term development plans.

Who is involved: Cartier Resources.

Likely next: Further feasibility studies or final investment decisions to move the project toward active production.

Cartier Resources released an updated Preliminary Economic Assessment for its Cadillac Project in Quebec, reporting an after‑tax NPV5% of C$1.0 billion and an IRR of 26.6% based on a long‑term gold price of US$3,600 per ounce. The study forecasts average annual production of roughly 100,000 ounces over a 16.2‑year mine life. Compared with other recent gold‑project assessments—Liberty Gold’s Black Pine (US$2.4 billion NPV5%, 60% IRR at US$3,250/oz), New Pacific Metals’ Carangas (US$2.65 billion NPV5%, 35.9% IRR) and Getchell Gold’s Fondaway Canyon (US$1 billion NPV PEA)—Cartier’s figures place the Cadillac Project in the mid‑range of profitability while relying on a higher gold‑price assumption. The robust NPV and IRR suggest the project could attract financing interest if gold prices remain near the assumed level, though the economics are sensitive to price fluctuations; a decline to US$3,000/oz would markedly reduce the NPV. In the near term, Cartier will likely advance to a feasibility study, secure permits and explore partnerships or joint‑venture structures to fund the estimated capital outlay. Market participants will watch for updates on resource definition, cost estimates and any changes in the gold‑price outlook, as these will determine whether the project moves toward development or remains a valuation‑driven exploration asset.

What's next — scenarios

Base Case: Project advancement (60%)

Steady progression through feasibility stages toward production.

Upside: Accelerated development (25%)

Faster path to production due to high IRR and favorable market conditions.

Downside: Regulatory or technical delays (15%)

Delayed production start and increased costs.

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