Government of Canada funding for FS Update and additional engineering
VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF) is pleased to announce that it has received final approval for funding from Natural Resources Canada ("NRCan") to help advance the Company's Sisson Tungsten-Molybdenum Critical Minerals Project (the "Sisson Project" or the "Project") in Canada. NRCan will provide contribution funding for up to C$8.214 million in support of the costs for the update of the Feasibility Study ("FS Update") and basic engineering through the Global Partnerships Initiative ("GPI"). The objectives of the work being funded by NRCan are to build on and complement the programs being supported through the US$15 million (~C$20.7 million) in Defense Production Act (DPA) Title III funding awarded by the U.S. Department of Defense ("DoD"), as detailed in Northcliff's May 1, 2025 release. This initiative supports Canada and U.S. goals to secure supply chains for the critical minerals needed for important manufacturing sectors, including communication technology, aerospace and defense, and clean technology.
Located near tidewater on the southeastern coast of Canada in New Brunswick, the Sisson Project hosts a deposit with the critical minerals tungsten and molybdenum. The Sisson Project has the prospects of becoming an accessible and reliable producer, strengthening and diversifying the supply chain for these two metals used in important industrial, electronic, aerospace and defense applications, and new technologies.
Northcliff expended some $70 million on resource, engineering, environmental and economic studies on the Sisson Project that culminated in a positive Feasibility Study in 2013, as well as the provincial and federal processes since that time that resulted in environmental assessment and other key approvals. The Company is currently focused on advancing the Project through the pre-construction phase with several aspects of the planned pre-construction program in progress. These include the FS Update and basic engineering, which is designed to provide the necessary economic and technical information to support a construction decision. Additionally, detailed project development planning, project finance and offtake engagement activities have been initiated (Northcliff June 26, 2025 news release).
" Canada is a global leader in mining, including the responsibly sourced critical minerals that power our economy for clean energy, digital technologies, and national defence. This federal investment demonstrates Canada's commitment to increasing Canadian mineral production to strengthen domestic supply chains, create Canadian jobs, and make the most of our natural resources, in New Brunswick and across the country ." The Honourable Tim Hodgson, Minister of Energy and Natural Resources.
Andrew Ing, Northcliff's Chairman, President and CEO commented, "Bi-lateral investments by the Canadian and U.S. governments are being made to ensure that the minerals are available to support newly developing technologies as well as maintain security of supply and North American industrial competitiveness. Northcliff has the opportunity to contribute to these key objectives by becoming a reliable, easily accessible, domestic producer of two critical minerals - tungsten and molybdenum. We appreciate this important additional funding from the Canadian government through the GPI, which will complement the DPA Title III award from the U.S. Department of Defense, and welcome the opportunity to work collaboratively with both governments in advancing the Sisson Project towards a construction decision to develop a domestic and resilient supply chain for critical minerals."
The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Tanya Yang, P.Eng., a Qualified Person who is not independent of the Company.
The Canadian to U.S. Dollar exchange rate used in the conversions is US$1 = C$1.38.
About Northcliff Resources Ltd.
Northcliff is a mineral resource company focused on advancing the feasibility-stage Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production.
Additional information on Northcliff is available on the website at www.northcliffresources.com. Investor services can be reached at (604) 684-6365 or within North America at 1-800-667-2114.
On behalf of the Board of Directors
Andrew Ing
Chairman, President & CEO
This news release includes certain statements that may be deemed "forward-looking statements" or "forward-looking information" within the meaning of Canadian and United States securities law. All statements, other than statements of historical facts, that address the use of the DoD funds and Government of Canada funds; advancement of the Sisson Project towards a project finance decision, including the successful development and construction of the planned Sisson tungsten-molybdenum mine, concentrator and APT plant to become a reliable source of tungsten and molybdenum are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The assumptions used by Northcliff to develop forward-looking statements include the following: the actual receipt of funds from DoD and the Government of Canada, the Company's ability to complete construction of Sisson Project mine and facilities, the Company's ability to arrange the necessary financing beyond the DoD funding and Government of Canada funding to continue operations and develop the Sisson Project, the receipt of all necessary regulatory approvals for the construction and operation of the Sisson Project; the relevant laws and regulations in Canada and the US; studies and development of the Sisson Project will continue to be positive; our expectations of continued availability of capital and debt financing, and no geological or technical problems will occur. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that may interfere with the Company's ability to continue development of the Sisson Project, the Company may not be able to finance and develop the Sisson Project on favourable terms or at all, relevant regulatory changes, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the Sisson Project, the Company may not be able to secure offtake agreements for the metals to be produced at the Sisson Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the financial markets and in the demand and market price for tungsten, molybdenum and other minerals and commodities, and fluctuations in exchange rates, particularly with respect to the value of the US Dollar and Canadian Dollar; the exploration and development of properties located within First Nations treaty and Aboriginal groups asserted territories may affect or be perceived to affect treaty and asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups or communities, environmental issues and liabilities associated with mining including processing and stockpiling; changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions, as well as risks relating to the uncertainties with respect to conflicts in Ukraine and the Middle East. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company reviews its forward-looking statements on an ongoing basis and updates this information when circumstances require it. For more information on the Company, investors should review the Company's annual information form that is available on its profile at www.sedarplus.ca.
SOURCE Northcliff Resources Ltd.
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