News Summary
On December 18, 2025, Cartier Resources announced a substantial update to the Mineral Resource Estimate (MRE) for its 100% owned Cadillac Project in Quebec. Key highlights include:
– Total Measured and Indicated (M&I) resources grew to 767,800 ounces of gold (9.95M tonnes @ 2.40 g/t Au), a 7% increase from the 2023 PEA.
– Total Inferred resources surged to 2,416,900 ounces of gold (35.18M tonnes @ 2.14 g/t Au), representing a 48% increase.
– The resource is calculated using a gold price of USD $3,000/oz, reflecting a highly optimistic outlook on long-term bullion prices.
– The “Main Sector” remains the powerhouse of the project, hosting 87% of the total resources.
– The company confirmed that a significant 100,000m drilling program is ongoing (Q3 2025 to Q2 2027) with a Preliminary Economic Assessment (PEA) update scheduled for 2026.
Material Impact
The news is Material – Positive. The 48% jump in Inferred ounces is a significant validation of the “camp-scale” potential management has touted throughout 2025.
– Scale and Continuity: The shift in resource category and volume suggests that Cartier is successfully transitioning from a collection of small deposits to a unified, large-scale mining project.
– Strategic Validation: Throughout late 2025, Cartier released five batches of high-grade drill results (including intercepts of 111.5 g/t Au and 35.5 g/t Au). The MRE proves these hits were not isolated but part of a growing, continuous system.
– Valuation vs. Assumptions: While the growth is impressive, the use of a $3,000/oz gold price for the MRE is aggressive. Most peers still use $1,750–$2,000 for conservative resource modeling. This $3,000 base case likely captures lower-grade envelopes that may be vulnerable if gold prices retract.
– De-risking: Ongoing metallurgical and environmental baseline studies (awarded to Soutex and Stantec in Q3/Q4 2025) indicate a professional progression toward development, not just endless exploration.
Catalysts
– Drill Results (Ongoing): Results from the remaining 100,000m program, specifically testing the HÉVA Fault Zone and the eastern extensions.
– Metallurgical Testwork (Q1 2026): Results regarding gold recovery rates for the Chimo, East Chimo, and West Nordeau deposits. Historical recoveries were ~90.6%; the company aims to improve this.
– Tailings Assessment (H1 2026): Results of the 550-site sampling program to determine if the Chimo mine tailings can provide low-cost, immediate gold production.
– Market Reaction to the $3,000 Gold Price Assumption: Monitoring if institutional analysts apply a “haircut” to the ounce count based on more conservative price models.
Materiality Conclusion
The MRE update is the most significant fundamental milestone for Cartier in the past two years. It establishes the Cadillac Project as a 3M+ ounce asset in a Tier-1 jurisdiction. Combined with the ~27% ownership by Agnico Eagle, this project is now a prime acquisition target for mid-tier or major producers looking for Abitibi-based ounces.
