Cartier tables updated PEA for Quebec gold project, shares rise
Cartier Resources Inc. [ECR-TSXV, 6CA-FSE] has announced the results of an updated preliminary economic assessment (PEA) for its 100%-owned Cadillac Project in Val d’Or, Quebec.
The updated PEA was prepared in accordance with National Instrument 43-101 standards of disclosure and replaces the PEA published in April, 2023 on what was then named the Chimo Mine Project. It incorporates an updated mineral resource estimate announced on December 18, 2025, and metallurgical results announced on May 14, 2026.
Cadillac President and CEO said the project has been designed as a fully underground mining operation, minimizing its surface footprint and supporting a responsible development approach.
The PEA presents an underground mining operation that uses conventional longitudinal longhole stopeing at a peak mining rate of 4,300 tonnes per day over a 16.2-year mine life. A total of 23.1 million tonnes of mineralized material at an average grade of 2.3 g/t representing 1.7 million ounces of gold will be extracted. The mineralized material will be loaded by load-haul-dump (LHD) machines and hauled to the surface by trucks via ramps. The mine will be split into five separate areas with each area having their dedicated mining infrastructure.
Initial capital is estimated at $275.8 million, growth capital costs are estimated at $277.1 million and sustaining capital at $1.1 billion. The total capital cost is pegged at $1.65 billion.
The processing strategy considers toll milling to an off-site process plant for the pre-production period and the first five years of production at a rate of 3,000 tonnes per day. An on-site 3,000 tonne-per-day process plant will become available to process material as of the second year of production and until the fourth year of production when it will be expanded to 4,300 tonnes per day for the remainder of the mine life.
“The current PEA is only the beginning,’’ said Ronan Deroff, Vice-President, Exploration at Cartier. “With 35,000 metres of drilling completed in 2025-2026 yet to be incorporated, and compelling new gold discoveries emerging at the Contact and Hope Sectors, we believe Cadillac offers substantial resource-growth potential and significant exploration upside along the 15-kilometre Cadillac Fault – all of which remains outside the current economic model.’’’
The updated PEA is based on the mineral resource estimate announced in December, 2025, with measured and indicated resources standing at 9.95 million tonnes of grade 2.40 g/t gold or 767,800 ounces (underground and open pit resources). On top of that is an inferred resource of 35.2 million tonnes of grade 2.14 g/t gold or 2.4 million ounces.
The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages int eh Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant land position in a world class gold mining district, the company has said.
On Thursday, Cartier shares rose 6.15% or $0.02 to 34.5 cents. The shares trade in a 52-week range of 35 cents and 17 cents.