Northcliff Resources Ltd. press release

NORTHCLIFF ANNOUNCES RESULTS OF FEASIBILITY STUDY UPDATE FOR SISSON PROJECT

2026-08-31

TSX - Toronto Stock Exchange · Tungsten · Molybdenum · Canada · Technical Studies

Canada NewsWire

Proposed Sisson Mine would be a key producer of critical minerals

VANCOUVER, BC, Aug. 31, 2026/CNW/ -- Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF) is pleased to announce the results of the Feasibility Study Update (the "2026 Study" or "Feasibility Study Update") for the Sisson Project ("Sisson"), located in New Brunswick ("NB"), Canada. The study forecasts strong financial results for an open pit mine and processing facility producing concentrates of tungsten and molybdenum - two critical minerals, as recognized by Canada and other international jurisdictions.

All values are expressed in Canadian dollars unless otherwise noted and are presented on a 100% project basis. All tonnages are stated in metric tonnes ("t").

2026 Feasibility Study Update Highlights

Post-tax net present value ("NPV") of $6,915 M at an 8% discount rate, an internal rate of return ("IRR") of 49.8% anda1.6-year payback based on forecast metal prices for European tungsten concentrate from US$1,520/MTU WO3for 2030, US$1,765/MTU WO3for 2035 and US$1,880/MTU WO3by 2040 and thereafter, and for molybdenum concentrate of US$29.57/lb Mo in 2030 to US$28.44/lb Mo in 2040 and thereafter, presented in a marketing study by specialists at Argus Metals (the "Argus Study"). The forecast exchange rate is 1.35:1 C$:US$. Proven and probable mineral reservesof 276.8 Mt grading 0.075% tungsten trioxide ("WO3") and 0.021% molybdenum ("Mo") at an effective life of mine ("LOM") net smelter return ("NSR") cut-off of $16.31/t. Mill throughputdesigned at 30,000 tonnes per day ("t/d") average or 10.3 Mt per year ("t/a") for a total of 277 Mt of ore processed over 27 years of operation. Average effective strip ratio is 0.97:1. LOM productionof 16.1 M metric tonne units ("MTU") WO3and 113.5 M pounds ("lbs") Mo, average annual production of 598,000 MTU WO3 and 4.2 M lbs Mo at 78% and 82% recoveries, respectively. Mining will begin in an area of elevated WO3grades producing an annual average of 767,000 MTU of WO3and 4.0 M lbs of Mo for the first 5 years. Initial capital expenditures of $1,528 M to construct the Sisson mine, processing facilities, primary and secondary infrastructure, with sustaining capital of $571 M. Total operating cash costs to concentrate are $9.23/t milled, net of by-product credits. Direct employmentof approximately 300 people during operations and approximately 500 during construction phase. Construction is expected to take 2 years to complete.

Northcliff President and CEO Andrew Ing said:

"Northcliff's goal is to become a reliable and easily accessible producer of tungsten and molybdenum, increasing resiliency in the supply chain of these two critical minerals for Canada and its trading partners. The positive results of the Feasibility Study Update is a key step toward that goal."

"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. Increases in inflation and provincial tax rates since that time have increased capital and operating costs and income taxes. Additionally, refinements to the mine plan, tailings facility and infrastructure, primarily due to the incorporation of updated guidelines and other improvements have added to the capital and operating costs."

"Current market research supports the production of tungsten concentrate rather than Ammonium Paratungstate ("APT") as was proposed in 2013, and this decrease in process plant cost has partially offset other costs. We continue, however, to assess the strategic option of producing APT based on the Project's in-hand approvals and longevity of the proposed mine vis a vis market conditions."

"We look toward putting the final elements in place to accelerate the Sisson Project toward a construction decision in the latter part of 2027."

2026 Feasibility Study Update – Key Metrics

| | | Life of Mine | | | Net Smelter Return* | | $ 43,032 M | | | Operating Costs | | $ 6,391 M | | | Total Initial Capital Costs | | $ 1,528 M | | | Sustaining Capital | | $ 571 M | | | Reclamation & Closure Funding | | $ 147 M | | | Taxes & Royalties | | $ 14,499 M | | | Financial Results* | | Pre-Tax | Post-Tax | | Undiscounted Cash Flow | | $ 34,527 M | $ 19,896 M | | Net Present Value (8%) | | $ 12,290 M | $ 6,915 M | | Internal Rate of Return (IRR) | | 68.3 % | 49.8 % | | Payback | | 1.3 years | 1.6 years |

| *Gross revenue minus off-site realization costs. | | Value of the reclamation bond at closure is $210 M. | | *NPV calculated at the commencement of construction using mid year discounting. Exchange rate assumptions for C$:US$ are 1.35:1 during construction and 1.35:1 during production. Metal prices are base case forecasts for European tungsten concentrate applied as price curve from US$1,520/MTU WO3for 2030, US$1,765/MTU WO3 for 2035 and US$1,880/MTU WO3in 2040 and thereafter, and for molybdenum concentrate of US$29.57/lb Mo in 2030 to US$28.44/lb Mo in 2040 and thereafter. |

| Production Results | | | | Amount | | | | | Milling Rate (tonnes/day) - nominal | | 30,000 | | | | | | | Strip Ratio | | | | | 0.97 : 1 | | | | Life of Mine | | | | 27 years | | | | | | | | | | Annual | Life of Mine | Years 1 to 5 | | Tonnes Milled | | | | 10.3 M/a | 277 M | 10.2 M/a | | | Tungsten (WO3) Production | | | 598,000 MTU/a | 16.1 M MTU | 767,000 MTU/a | | | | Molybdenum Production | | | 4.2 M lbs/a | 113.5 M lbs | 4.0 M lbs/a | | | | Avg. WO3Grade / Recovery | | | 0.075% / 78.0% | 0.075% / 78.0% | 0.096% / 78.0% | | | | Avg. Molybdenum Grade / Recovery | | 227 ppm / 82.0% | 227 ppm / 82.0% | 217 ppm / 82.0% | | | |

| Average Annual Operating Costs | | | $ / tonne milled | $ / WO3MTU | | | | | Mining | | | | | | 7.50 | 129 | | Milling | | | | | | 12.72 | 218 | | Waste Management | | | | | 1.69 | 29 | | | G&A | | | | | | 1.17 | 20 | | Total operating costs to concentrate | | | 23.09 | 396 | | | | | Less: Molybdenum by-product credit | | | -13.85 | -238 | | | | | Total operating cash costs to concentrate, net of Molybdenum by-product credits | 9.23 | 158 | | | | | |

| Mining cost is $3.75 per tonne mined excluding quarry and pre-production period. |

| Initial Capital Cost Summary | | | $ M | | | | Mine | | | | | 193 | | Crushing | | | | | 211 | | Process Plant | | | | 249 | | | Tailings Storage Facility (TSF) & Water Management | 118 | | | | | | Utilities | | | | | 72 | | On-site Infrastructure | | | 114 | | | | Off-site Infrastructure | | | 125 | | | | Indirects | | | | | 246 | | Contingency | | | | 200 | | | Total | | | | | 1,528 |

| Sisson Project Mineral Reserves | | | | | | | | Category | Run of Mine (ROM, Mt) | Grade | Contained Metal | | | | | NSR ($/t) | WO3

(%) | Mo (%) | WO3

(M MTU) | Mo

(M lb) | | | | Proven | 85.6 | 37.81 | 0.079 | 0.025 | 6.77 | 47.79 | | Probable | 191.2 | 33.78 | 0.073 | 0.021 | 13.92 | 90.58 | | Total Proven & Probable | 276.8 | 35.03 | 0.075 | 0.023 | 20.69 | 138.37 |

| Notes: | | | 1. | The Mineral Reserve estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of August 11, 2026. | | 2. | Mineral Reserves utilize the current Mineral Resource Estimate and are defined by the 2026 Feasibility Study life-of-mine open pit design and production schedule. | | 3. | Mineral Reserves are mined tonnes and grade; the reference point is the mill feed at the primary crusher and includes consideration for operational modifying factors such as loss and dilution. Estimated ROM quantities and grade are based on measurements within a 10 m x 10 m x 10 m block, with a variable application of loss & dilution by block, averaging 2.56% over the model at 0% diluting grade, and a 98.76% mining recovery. | | 4. | Mineral Reserves are reported based on a variable (by period) NSR grade cut-off, with an effective LOM cut-off at $16.31/t. | | 5. | NSR grade assumes: US$330/MTU WO3(Concentrate pricing) and $20/lb Mo; $0.12/lb WO3and $3.39/lb Mo offsite costs (transportation, losses, insurance, treatment charges, and smelter costs); variable WO3metallurgical recovery of [(-3,904.0 x WO3%2) + (869.6 x WO3%) + 34.4] with a maximum of 82% and fixed Mo metallurgical recovery of 82% | | 6. | Numbers have been rounded as required by reporting guidelines | | | | | Factors that may materially affect the Mineral Reserve estimate include changes in metal prices, variations in geological interpretations of mineralization, and updated geotechnical or hydrogeological assumptions. Additionally, changes to operating and capital costs, fluctuations in process plant recoveries, or the inability to maintain necessary environmental permits and social licenses could impact these reserve estimates. | |

| Sisson Project Mineral Resources | | | | | | | | | Category | Tonnage | Grade WO3 | Grade Mo | Contained WO3 | Contained Mo | Grade WO3EQ | Average NSR | | (Mt) | ( %) | ( %) | (M MTU) | (M lb) | ( %) | (C$/t) | | | Measured | 117.9 | 0.068 | 0.022 | 8.0 | 57.2 | 0.098 | 39.13 | | Indicated | 303.7 | 0.061 | 0.019 | 18.5 | 127.2 | 0.088 | 34.65 | | Total Measured & Indicated | 421.6 | 0.063 | 0.020 | 26.6 | 185.9 | 0.091 | 35.90 | | Inferred | 182.9 | 0.048 | 0.020 | 8.8 | 80.6 | 0.078 | 28.59 |

| Notes: | | | 1. | CIM (2014) definitions were followed for Mineral Resources, as estimated by Philip Geusebroek, M.Sc., P. Geo., SLR Consulting (Canada) Ltd., the independent qualified person. The effective date for the estimate is December 31, 2025. | | 2. | WO3Eq = WO3% + ((Mo% x NSP_Mo x REC_Mo)/(NSP_WO3x REC_WO3)). | | 3. | Mineral Resources are estimated at an NSR cut-off grade of C$12.02/t. | | 4. | Mineral Resources are estimated using a long-term WO3price of US$500/MTU, and a long-term Mo price of US$23/lb. Recovery factors are based on a conditional regression formula for WO3, and set to 82% for Mo. | | 5. | Mineral Resources are constrained within a Whittle shell, generated using the NSR cut-off value. | | 6. | Bulk density is interpolated into blocks where density sample information is present and set to 2.77 t/m3outside of the estimated blocks. | | 7. | Mineral Resources are inclusive of Mineral Reserves. | | 8. | Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. | | 9. | To meet reasonable prospects for eventual economic extraction, Mineral Resources assume metallurgical recoveries and processing costs to be the same as for Mineral Reserves but use higher long term metal prices to calculate NSR. | | 10. | Numbers may not add due to rounding. | | | | | The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate. | |

Project Sensitivities

A sensitivity analysis was conducted on the base case pre-tax and post-tax NPV and internal rate of return of the project, using the following variables: commodity prices, operating costs, initial capital costs, metal recovery, head grade and exchange rate. The project is most sensitive to changes in foreign exchange rate, commodity price, head grade and recovery; it is less sensitive to total operating cost and sustaining capital cost.

The post and pre-tax sensitivities for the NPV (in millions of dollars) and IRR are tabulated below:

| IRR, Post-tax Sensitivity | 75 % | 80 % | 85 % | 90 % | 95 % | 100 % | 105 % | 110 % | 115 % | 120 % | 125 % | | Grade | 38 % | 41 % | 43 % | 45 % | 48 % | 50 % | 52 % | 54 % | 56 % | 58 % | 60 % | | Recovery | 38 % | 41 % | 43 % | 45 % | 48 % | 50 % | 52 % | 54 % | 56 % | 58 % | 60 % | | Initial CAPEX | 61 % | 59 % | 56 % | 54 % | 52 % | 50 % | 48 % | 46 % | 45 % | 44 % | 42 % | | Sustaining CAPEX | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | 50 % | | On-site OPEX | 51 % | 51 % | 51 % | 50 % | 50 % | 50 % | 50 % | 49 % | 49 % | 49 % | 48 % | | FX Rate | 38 % | 41 % | 43 % | 45 % | 48 % | 50 % | 52 % | 54 % | 56 % | 58 % | 60 % | | Metal Prices | 38 % | 41 % | 43 % | 45 % | 48 % | 50 % | 52 % | 54 % | 56 % | 58 % | 60 % |

| NPV, Post-tax Sensitivity | 75 % | 80 % | 85 % | 90 % | 95 % | 100 % | 105 % | 110 % | 115 % | 120 % | 125 % | | Grade | 4,585 | 5,051 | 5,517 | 5,982 | 6,448 | 6,915 | 7,381 | 7,847 | 8,313 | 8,779 | 9,245 | | Recovery | 4,585 | 5,051 | 5,517 | 5,982 | 6,448 | 6,915 | 7,381 | 7,847 | 8,313 | 8,779 | 9,221 | | Initial CAPEX | 7,134 | 7,091 | 7,047 | 7,003 | 6,959 | 6,915 | 6,871 | 6,826 | 6,782 | 6,738 | 6,694 | | Sustaining CAPEX | 6,955 | 6,947 | 6,939 | 6,931 | 6,923 | 6,915 | 6,907 | 6,899 | 6,891 | 6,883 | 6,875 | | On-site OPEX | 7,251 | 7,184 | 7,117 | 7,049 | 6,982 | 6,915 | 6,847 | 6,780 | 6,713 | 6,645 | 6,578 | | FX Rate | 4,580 | 5,047 | 5,514 | 5,981 | 6,447 | 6,915 | 7,382 | 7,849 | 8,316 | 8,783 | 9,250 | | Metal Prices | 4,580 | 5,047 | 5,514 | 5,981 | 6,447 | 6,915 | 7,382 | 7,849 | 8,316 | 8,783 | 9,250 |

| IRR, Pre-tax Sensitivity | 75 % | 80 % | 85 % | 90 % | 95 % | 100 % | 105 % | 110 % | 115 % | 120 % | 125 % | | Grade | 52 % | 56 % | 59 % | 62 % | 65 % | 68 % | 71 % | 74 % | 77 % | 80 % | 83 % | | Recovery | 52 % | 56 % | 59 % | 62 % | 65 % | 68 % | 71 % | 74 % | 77 % | 80 % | 83 % | | Initial CAPEX | 84 % | 80 % | 77 % | 74 % | 71 % | 68 % | 66 % | 64 % | 62 % | 60 % | 58 % | | Sustaining CAPEX | 69 % | 69 % | 69 % | 68 % | 68 % | 68 % | 68 % | 68 % | 68 % | 68 % | 68 % | | On-site OPEX | 70 % | 70 % | 69 % | 69 % | 69 % | 68 % | 68 % | 68 % | 67 % | 67 % | 66 % | | FX Rate | 52 % | 56 % | 59 % | 62 % | 65 % | 68 % | 71 % | 74 % | 77 % | 80 % | 83 % | | Metal Prices | 52 % | 56 % | 59 % | 62 % | 65 % | 68 % | 71 % | 74 % | 77 % | 80 % | 83 % |

| NPV, Pre-tax Sensitivity | 75 % | 80 % | 85 % | 90 % | 95 % | 100 % | 105 % | 110 % | 115 % | 120 % | 125 % | | Grade | 8,214 | 9,030 | 9,845 | 10,660 | 11,475 | 12,290 | 13,105 | 13,921 | 14,736 | 15,551 | 16,366 | | Recovery | 8,214 | 9,030 | 9,845 | 10,660 | 11,475 | 12,290 | 13,105 | 13,921 | 14,736 | 15,551 | 16,324 | | Initial CAPEX | 12,643 | 12,573 | 12,502 | 12,431 | 12,361 | 12,290 | 12,220 | 12,149 | 12,079 | 12,008 | 11,937 | | Sustaining CAPEX | 12,352 | 12,340 | 12,328 | 12,315 | 12,303 | 12,290 | 12,278 | 12,265 | 12,253 | 12,241 | 12,228 | | On-site OPEX | 12,861 | 12,747 | 12,633 | 12,519 | 12,404 | 12,290 | 12,176 | 12,062 | 11,948 | 11,834 | 11,720 | | FX Rate | 8,206 | 9,023 | 9,840 | 10,657 | 11,473 | 12,290 | 13,107 | 13,924 | 14,741 | 15,558 | 16,375 | | Metal Prices | 8,206 | 9,023 | 9,840 | 10,657 | 11,473 | 12,290 | 13,107 | 13,924 | 14,741 | 15,558 | 16,375 |

Metal Price Environment and Current Market

According to a recent 2026 Argus market study, the tungsten market has fundamentally changed, and prices are unlikely to return to historical averages. This structural change reflects both near-term and long-term demand factors. New supply capacity is expected to moderate prices, particularly outside China, but cannot restore pre-control pricing dynamics given the altered demand composition and regulatory environment.

The tungsten market now exhibits a pronounced geographic division: European prices remain close to record highs while spot prices in China have fallen by nearly 60% from their peak levels. Argus states that this bifurcation reflects structural changes that have permanently altered the market's pricing structure. The primary driver of this bifurcation is China's export controls, implemented in February 2025. China accounted for approximately 83% of the world's mined tungsten in 2024, yet export controls have significantly constrained global availability, creating tight prompt supply outside China and supporting firm European prices while domestic Chinese competition intensifies.

Supply dynamics within China are also shifting. Recycled tungsten is expected to account for around 35% of China's total tungsten supply, up from approximately 25% in 2024-25. This expanding scrap supply has created price pressure domestically, particularly in lower-grade materials, while also reducing Chinese exporters' ability to supply global markets.

The Argus study also analysed the current market to assess the selection of the production of tungsten concentrate versus production of APT (the intermediate product). The conclusion was that, given the current market situation with tightness principally in the supply of concentrate (particularly with China importing increasing quantities of concentrate), production of tungsten concentrate would be preferable. This conclusion was reached purely on the assessment of market conditions rather than any project economic considerations.

Project Overview

The Sisson Project is owned by the Sisson Limited Partnership in which Northcliff owns an 88.5% interest and Todd Sisson (NZ) Limited, a subsidiary of Todd Corporation of New Zealand owns an 11.5% interest.

A positive Feasibility Study based on a nominal 30,000 t/d open pit mine and processing facility with an APT plant was completed in 2013, and the Sisson Project entered the provincial and federal Environmental Impact Assessment ("EIA") process later that year. Provincial and federal EIA approvals were received in 2015 and 2017, respectively, followed by other key approvals, including a Metal and Diamond Mining Effluent Regulation Schedule 2 amendment authorization in July 2019 and a Fisheries Act Authorization and an Off-setting/Fish Habitat Compensation Plan Authorization in October 2020. More recently, Northcliff advanced work toward meeting the conditions associated with its EIA approvals and initiated the Feasibility Study Update and other activities to progress the Sisson Project through the pre-construction phase.

Located 100 km by road northwest of Fredericton, New Brunswick, access to the Sisson property is gained via paved highway and good quality gravel forestry roads. Forestry roads also provide access to most areas of the property. The deep-sea port at Saint John is accessible by road from the site.

All necessary supplies and commercial services for exploration and mining can be acquired in Fredericton. Daily international commercial air service operates out of Fredericton, as well as rail, bus, courier, and truck transport. Several towns and villages located in the Project area can provide labour and additional support services.

Mine and Infrastructure

The proposed Sisson mine site will include an open pit, process plant and tailings storage facilities, water treatment plant and ancillary buildings. The latter include offices, shops, warehouses, transportation, communications and power supply and distribution infrastructure (Figure 1).

The Project will be accessed using a combination of existing public and forestry roads and Project-specific access roads. Existing road corridors will be used to the greatest practical extent to reduce new disturbance, earthworks, environmental effects, and capital cost. Upgrades will generally be concentrated at locations where the existing road geometry, pavement structure, drainage, visibility, or structural condition does not satisfy the anticipated construction and operational traffic requirements.

Existing bridges along the access routes were previously established for single-lane forestry traffic, including logging vehicles with a gross vehicle weight of up to approximately 62,500 kg. The condition and load capacity of these structures will be confirmed through structural assessment before they are relied upon for Project construction and operational traffic. Traffic-control measures will be implemented where continued public, forestry, or Project access must be maintained during construction.

The Project's power requirements will be satisfied by utilizing the existing New Brunswick electrical grid. Approximately 9 km of the existing 345 kV transmission line that crosses the Sisson claims will be relocated away from the Project facilities. A new 42 km 138 kV power line will also be constructed by NB Power from the existing line to the facilities and there will be upgrades to the Keswick Terminal, providing the Project with 58 MW of power.