Agnico-backed Cartier’s Cadillac gold plan: staged capex and mine metrics for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Cartier Resources has reworked its Cadillac gold project in Quebec’s Cadillac Fault, cutting initial capex to about $198 million by staging processing with 3,000 t/d toll milling in year one and an on-site plant ramping to 4,300 t/d from year five. The fully underground mine is now planned to produce 100,000 oz/y over 16.2 years, recovering 1.61 million oz at 95% recovery from 23.1 million tonnes grading 2.28 g/t, with AISC of $2,137/oz. At a $3,600/oz gold price, the PEA shows a 27% after-tax IRR, $1 billion NPV and C$2.77 billion free cash flow, backed by Agnico Eagle’s 27% equity stake.
Technical Brief
- 2023 Chimo PEA relied on sensor-based ore sorting to upgrade mill feed to 4.6 g/t.
- New Cadillac plan mines 23.1 Mt at 2.28 g/t versus 15.8 Mt at 2.7 g/t previously.
- Growth capital now totals about C$277 million, with sustaining capital rising to roughly C$1.1 billion.
- Total life-of-mine capital, including closure, is estimated at about C$1.65 billion.
- Sensitivity analysis: at US$3,000/oz gold, after-tax NPV is C$497 million and IRR 16%.
- Spot-price scenario at US$4,300/oz gold lifts NPV to C$1.57 billion and IRR to 37%.
- December resource underpins the PEA: 10 Mt M&I at 2.4 g/t (767,800 oz) plus 35.2 Mt inferred at 2.14 g/t (2.42 Moz).
- Around 35,000 m of drilling from 2025–2026, plus Contact and Hope sector discoveries, sit outside the current economic model.
Our Take
Agnico Eagle’s 27% stake in Cartier Resources fits a clear pattern in our database of Agnico seeding multiple juniors in the Quebec and Abitibi gold belt (e.g. Wallbridge Mining and Radisson Mining Resources), which likely gives it a long pipeline of optionality around the Cadillac Fault without committing full balance-sheet capital at this stage.
The updated Cadillac/Chimo plan’s move to 23.1 Mt at 2.28 g/t, versus the higher-grade but smaller-tonnage 2023 PEA, signals a strategic tilt towards bulk underground mining along the Cadillac Fault, which may better leverage regional mill and shaft infrastructure common in the Val-d’Or camp.
With an after-tax NPV that can reach into the billion-dollar range at higher gold prices and a market capitalisation of only C$154 million, Cartier sits in the group of Quebec gold developers in our coverage where project NPVs are several times current equity value, a setup that often precedes either strategic consolidation or staged farm-in by larger operators such as Agnico Eagle.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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