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Cartier Resources is currently drilling a 100,000-metre program on the Cadillac gold project near Val-d’Or, Quebec, in the Abitibi Greenstone Belt. The talk was about ongoing drilling, the updated resource, metallurgy, internal scoping work, funding, and what the next stretch of news could mean for the project.

TL;DR

CEO Philippe Cloutier said they are roughly halfway through the 100,000-metre drill program. He also talked to me about the latest resource of about 3.2 million oz (when measured, indicated, and inferred are added together), as well as how they’re now trying to turn that into a better development picture through metallurgy, environmental baseline work, and internal scoping. The new angle was Hope, where Cloutier said first-pass drilling in the Pontiac sediments may point to a new (the fourth to date) mineralization style.

What have they done for shareholders lately?

Philippe told me that they have drilled about 50,000 metres, tested five targets, and put out around 10 drill-result releases since last August. In practical terms, he pointed to new work at Contact, added value around the old ramp, portal, and shaft areas, expansion at Nordeau East, and first holes at Hope south of the past-producing Chimo mine, while also launching metallurgical work, environmental baseline work, and internal scoping in parallel.

How much money do they have and what are they spending it on?

CEO Cloutier said Cartier had $7 million in the bank and had spent about $5 million to $6 million so far from the March 2025 financing, which was a $10 million raise at $0.13 with five-year $0.18 warrants. He said the current cash covers the existing drill plan, the money is being spent on drilling, metallurgy, environmental baseline work, and internal scoping, and full warrant exercise would add just under $15 million, though he was clear that this is potential cash, not cash already in hand.

Upcoming catalysts

Technical: more drill results from the 100,000-metre program, with the expectation for a news cadence of roughly every three weeks and more attention now going toward Contact and Hope. Operational: metallurgical results and environmental study results over the next few months, plus more clarity on recovery assumptions and whether toll milling, hybrid development, or other scenarios look better than the older 2023 setup. Corporate: possible release of internal scoping work, but he gave no hard date and said there are still plenty of moving parts, because mining executives do enjoy keeping one foot in the fog.

Risks

The near-term risk is mostly geology-related because Hope and some of the newer target areas are still first-pass or early expansion stories. Funding risk is there because Philippe said a larger drill push would need new money, new drills, and a new budget and warrant cash is not guaranteed. Market risk is real because he also said a bad financing market can still hit even a company that is drilling successfully.

Cartier Resources CEO Interview

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