Agnico-backed Cartier lowers Cadillac spend in Quebec gold belt

AI desk brief

Cartier cut initial capex for its Cadillac gold project to about $198 million in a new PEA while extending mine life to 16.2 years and keeping average output at 100,000 oz./yr, a setup that supports a 27% after-tax IRR and 4.3-year payback at $3,600/oz gold. The study pegs AISC at $2,137/oz and after-tax NPV at $1 billion; at $4,300 gold, NPV rises to $1.57 billion and IRR to 37%, while even $3,000 gold still yields a C$497 million NPV and 16% IRR.

The revised plan is materially larger than the 2023 Chimo PEA, with total life-of-mine capital including closure rising to about $1.65 billion, but first-year toll milling and staged plant build-out reduce upfront spending. Agnico Eagle holds about 27% of Cartier, and the shares hit a 52-week high on the update.