Investor Insight

Cartier Resources presents a compelling gold investment opportunity, driven by a growing Abitibi resource, solid institutional support, and upcoming development milestones.

Overview

Cartier Resources (TSXV:ECR,FSE:6CA) is a Quebec-based gold exploration company advancing a compelling growth story anchored in one of Canada’s most prolific gold regions — the Abitibi Greenstone Belt. With a focused strategy, institutional support and a commitment to innovation, Cartier is building a significant gold resource base while positioning its flagship Cadillac project as an emerging mining camp east of Val-d’Or. As the company transitions from explorer to potential developer, the coming months present multiple catalysts for a significant valuation uplift.

The Cadillac project has evolved from a single mine project into an emerging gold camp with multiple deposits, advanced resource modeling, and a clear path to development. Located in a mining-friendly jurisdiction with existing infrastructure, the Cadillac project is ideally positioned to attract development partners, strategic investments or acquisition interest from senior producers.

In 2023, using a gold price of US$1,750, Cartier completed a preliminary economic assessment( PEA) which confirmed the project’s robust economics, with a production forecast of 116,900 oz/year over 9.7 years and a low AISC of US$755/oz. With permitting pathways de-risked by historical mining activity, and over 100 km of cumulative drilling in hand, Cartier is preparing to execute a 100,000 meter exploration program — designed to validate the district-scale potential of its land package. The company’s use of AI and geostatistical reinterpretation techniques, in addition to traditional exploration methods, positions it at the forefront of modern mineral discovery.

Company Highlights

• Cartier Resources’ core asset, the Cadillac project, consolidates the former Chimo Mine and East Cadillac properties into a high-potential district-scale land package on the prolific Larder Lake-Cadillac Fault — host to over 100 million ounces of historic gold production.
• A 2023 PEA outlined robust project fundamentals with 116,900 oz/year production over 9.7 years, a post-tax NPV of C$388 million, and IRR of 20.8 percent at US$1,750/oz gold.
• Cartier is launching a 100,000 meter drill program in 2025, one of the largest exploration campaigns in the region, to expand its already substantial gold resources and demonstrate Cadillac’s camp-scale potential.
• Cartier is at the forefront of innovation, deploying AI-assisted mineral discovery tools in partnership with VRIFY to enhance drill targeting and accelerate new discoveries.
• With a 28 percent equity stake, Agnico Eagle is Cartier’s largest shareholder and an active financial partner — a clear vote of confidence in Cartier’s assets and strategy.
• A newly introduced low-capex, ESG-friendly initiative to assess reprocessing of 600,000 tons of historic mine tailings — representing a potential near-term revenue stream.
• Cartier boasts a clean share structure with a market cap of just C$47 million, presenting strong re-rating potential as catalysts are delivered.

Key Projects

Cadillac Project

The company’s flagship Cadillac project is a consolidated land package totaling 11,525 hectares, located along a 15-kilometre strike of the Larder Lake–Cadillac Fault (LLCF) — one of the most productive gold-bearing structures in Canada. This fault zone has historically produced over 100 million ounces of gold across multiple camps. Cartier’s land package includes the past-producing Chimo Mine (379,012 oz gold from 1964 to 1997), West Nordeau, and several new discovery zones over a 10-km strike length straddling the LLCF.

Cartier has completed four mineral resource estimates (MREs) between 2019 and 2022. The most recent, published in May 2023, outlined 7.1 million tons (Mt) @ 3.1 grams per ton (g/t) gold (720,000 oz) indicated and 18.5 Mt @ 2.8 g/t gold (1.63 Moz) inferred. The PEA evaluated an underground mining operation fed from three primary zones (Chimo, East Chimo, West Nordeau), with a 2.9-year payback on a C$341 million capex. The PEA assumes an average head grade of 3.0 g/t gold and annual production of 116,900 oz gold. Infrastructure advantages include an existing shaft, power line and permitted tailings facility.

In 2024, Cartier drilled 28,000 meters across 162 holes, identifying 10 new high-grade gold zones including intercepts such as 173.6 g/t gold over 0.5 m (VG10), 130.0 g/t gold over 1.4 meters (East Nordeau), and 24.7 g/t gold over 2 meters (Nordeau). A 100,000 meter follow-up drill campaign, launching in 2025, will focus on expanding these discoveries and outlining new resource blocks. The exploration strategy includes AI-driven modeling, deposit-scale reinterpretation, and traditional geophysics/geochemistry, all layered into a ranking system for prioritizing targets.

Chimo Tailings Project

As part of Cartier’s sustainability-focused development strategy, the company is evaluating the potential for reprocessing approximately 600,000 tons of historical tailings deposited during the Chimo Mine operations. This project could unlock near-term, low-cost production with a minimal environmental footprint. Cartier will launch metallurgical characterization to assess gold recovery potential and economic viability. The project benefits from proximity to several underutilized gold mills in the Val-d’Or region, potentially enabling toll milling agreements.

Other Projects: Wilson, Fenton and Benoist

Cartier also holds 100 percent ownership of three additional gold projects — Wilson, Fenton and Benoist — all located within the Abitibi Belt and each hosting historical gold mineralization or compliant resources. The Wilson Project (1,750 ha, three zones), Fenton (671 ha, 12 zones) and Benoist (3,086 ha, two zones) are currently available for joint ventures or sale. These assets offer significant exploration upside and optionality, allowing Cartier to remain focused on Cadillac while preserving long-term value.

Management Team

Philippe Cloutier – President and CEO

Philippe Cloutier is the founder and driving force behind Cartier Resources. A professional geologist with over 35 years of experience in the exploration and development of precious and base metal deposits, Cloutier has a deep technical understanding of the Abitibi Greenstone Belt, having spent most of his career advancing projects in this prolific region.

Nancy Lacoursière – Chief Financial Officer

Nancy Lacoursière brings over 20 years of experience in corporate finance, accounting and strategic financial management. She has held CFO and senior finance positions across the natural resources and manufacturing sectors, with a strong focus on Quebec-based operations.

Ronan Déroff – Senior Geologist and Qualified Person

Ronan Déroff is a senior exploration geologist and Cartier’s designated qualified person under NI 43-101. With over 15 years of experience in mineral exploration, resource modeling, GIS and project management, Déroff leads the technical execution of Cartier’s exploration strategy. He has overseen the development of multiple MREs and PEAs for the Cadillac project, and played a central role in integrating modern data analysis and AI-assisted targeting into the company’s workflow. He holds a Masters in operations and management of mineral resources (EGERM), from the Université d’Orléans (France).