Northcliff’s Sisson tungsten uplift: project economics and design notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Northcliff Resources’ updated feasibility study for the Sisson tungsten-molybdenum project in New Brunswick lifts post-tax NPV to C$6.9 billion at an 8% discount rate, versus C$1.53 billion in initial capital, for a 50% IRR and 1.6-year payback, driven largely by higher tungsten prices and a concentrate-only flowsheet. The planned 27-year open-pit will process 30,000 t/d to produce on average 598,000 mtu of tungsten trioxide and 4.2 million lb of molybdenum annually, rising to 767,000 mtu W03 in the first five years. Proven and probable reserves total 276.8 million tonnes at 0.075% W03 and up to 0.025% Mo, with construction targeted for 2028 and first production in 2030.
Technical Brief
- Updated feasibility removes on-site APT plant, shifting to direct sale of tungsten concentrate.
- New study assumes tungsten prices of $1,520/mtu in 2030, rising to $1,880/mtu from 2040 onwards.
- Initial capital has risen 164% versus 2013, driven by inflation, higher provincial taxes and revised mine/tailings designs.
- Proven reserves: 85.6 Mt at 0.079% WO₃ and 0.025% Mo, containing 6.8M mtu WO₃ and 47.8M lb Mo.
- Probable reserves: 191.2 Mt at 0.073% WO₃ and 0.021% Mo, containing 13.9M mtu WO₃ and 90.6M lb Mo.
- Measured and indicated resources total 421.6 Mt at 0.063% WO₃ and 0.020% Mo; inferred add 182.9 Mt at 0.048% WO₃.
- Construction phase will employ ~500 workers over two years; steady-state operations about 300 personnel.
- Projected post-tax undiscounted cash flow is C$19.9 billion, with C$14.5 billion in taxes and royalties over life.
- Ownership: Todd Corp. holds 82% of Northcliff; Sisson partnership is 88.5% Northcliff and 11.5% Todd subsidiary.
Our Take
The planned 27-year Sisson tungsten–molybdenum operation in New Brunswick should be a prime test case for Canada’s new Major Projects Office regime described in the 4 March 2026 coverage, where the promise of ‘conditions documents’ within two years is critical if Northcliff is to keep a 2027 construction decision on track.
Given China’s 79% share of global tungsten production and Sisson’s planned double‑digit share of non‑Chinese supply, the project’s economics position Northcliff as one of the more strategically significant tungsten names in our database, which otherwise features only a handful of tungsten‑tagged project stories relative to copper or lithium.
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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