Northcliff accelerates Sisson project with US$15M boost

Northcliff Resources (TSX: NCF) has provided an update on the pre-construction phase work for its Sisson project in New Brunswick. The Sisson project contains a large deposit of two critical minerals: tungsten and molybdenum.

A feasibility study completed in 2013 proposed developing the project as an open pit mine with conventional processing and a value-added ammonium paratungstate plant. Both federal and provincial governments granted environmental impact assessment (EIA) approvals in 2015 and 2017, respectively, followed by other key approvals.

In 2025, the project received funding under US and Canadian critical minerals initiatives. This included a US$15 million (~C$20.7 million) award under the Defense Production Act (DPA) Title III program and C$8.2 million in Canadian support provided through the Global Partnerships Initiative. With this funding, Northcliff began a focused program to advance the Sisson project through its pre-construction phase.

Activities conducted under the company's focused pre-construction program include an update to the 2013 feasibility study (FS Update) and front-end basic engineering work, which encompasses site investigation programs and additional metallurgical testwork. Ausenco Engineering Canada ULC leads the FS update, which began in the second quarter of 2025. This work has involved numerous consultants and specialists, and completion is expected in mid-2026. This update is designed to provide the necessary economic and technical information to support a construction decision for the project.

Northcliff is also advancing multiple engineering workstreams and studies required to meet the technical conditions associated with its in-hand environmental approvals and support detailed project development planning. Following receipt of a field permit in October 2025, the company initiated a site investigation program. This program, expected to conclude by the end of February 2026, includes geotechnical drilling, test pitting, and a geophysical survey. It aims to collect information on overburden and bedrock characteristics to support basic and detailed engineering and design work for the tailings storage facility.

Discussions on project finance and product offtake arrangements are also advancing. Over the next quarter, work will continue to progress the FS update, front-end basic engineering, and EIA compliance workstreams. Planning and permitting are underway for the second phase of fieldwork, which will begin in late spring 2026 and involve further geotechnical drilling and test pitting to collect additional data in the open pit area.

Additionally, an archeological field program is being planned based on the results of previous work completed in 2015. Through engagement with the Province's Archaeology and Heritage Branch and the Wolastoqey Nation in New Brunswick, a Heritage Resource Protection Protocol is being finalized. This protocol sets the terms for training and mitigation activity associated with satisfying EIA conditions. The Company also continues its outreach with communities to discuss its work programs and finalize an engagement plan for the potential operation at Sisson.

Discussions with key potential Western off-take purchasers and engagement with potential project funding partners remain ongoing. Northcliff is also engaged in discussions with US and Canadian import-export credit agencies as part of its project finance workstream. The Company is also working with the Canadian Major Projects Office to explore opportunities for financial and regulatory assistance, based on its referral as a Nation Building Project. Northcliff continues to engage with governmental organizations with the aim of securing financing and product marketing support.

"Advancing projects like the Sisson Project is essential to strengthening Canada's critical minerals supply chains – including for manufacturing and security – and supporting jobs and economic growth in Atlantic Canada," Tim Hodgson, minister of energy and natural resources, stated.

He added: "Through our Majors Projects Office, our new government is helping move strategically important projects from planning to construction, while upholding strong environmental standards and meaningful engagement with local and Indigenous communities. This is how we ensure we are a reliable, responsible supplier to our allies and industry, and grow the strongest economy in the G7 at home."

Additional information is available on the website at www.NorthcliffResources.com.