New BrunswickPrime minister’s major projects announcement drives dramatic spike, downturn in Northcliff Resources stock interest.Northcliff Resources stocks surge and then sag amid uncertainty over proposed mine’s futureRobert Jones · CBC News · Posted: Nov 14, 2025 5:17 PM EST | Last Updated: 1 hour agoListen to this articleEstimated 3 minutesThe audio version of this article is generated by text-to-speech, a technology based on artificial intelligence.Prime Minister Mark Carney announced seven more initiatives Thursday that he’s referring to the government’s Major Projects Office, including the Sisson Mine, to be evaluated for fast tracking. (Andrew Lee/CBC)The company behind New Brunswick’s proposed Sisson Mine has watched its stock price soar and then partially crash over three days as investors try to work out if anything major actually happened after a week of speculation and announcements about the project.Andrew Ing, the president of Northcliff Resources Ltd., said in a statement Thursday that he was “excited” the company’s long-stalled mine has been referred to the federal government’s Major Projects Office for evaluation and help.But he noted “a construction decision” on Sisson has still not been made.Earlier this week, word began leaking out that the proposed tungsten and molybdenum mine near Stanley, north of Fredericton, might be on a federal government list of national projects to be prioritized and fast-tracked.WATCH | Price of tungsten has more than doubled over the last 3 years:Why tungsten, the critical mineral of N.B.’s nation-building project, is going up in priceEquity research analyst Peter Thilo Hasler explains why the Chinese government has so much pricing power over tungsten.Announcements were scheduled for Thursday, but on Tuesday CBC News confirmed and reported Sisson would be part of the Thursday announcement. That caused a rare buying frenzy of Northcliff Resources stock Wednesday morning. By midday Thursday, the stock price, which dipped as low as two cents per share last winter had climbed 190 per cent in a matter of hours to hit 66 cents. According to the Toronto Stock Exchange 9.3 million shares of Northcliff were traded on Wednesday and Thursday, more than 500 times the volume exchanged on the same two days a week earlier Peter Thilo Hasler, founder and research analyst for Sphene Capital in Munich, says the domination of international tungsten markets by China leaves ‘lots of room’ for new North American mines. (Submitted by Sphene Capital)However, the tide soon turned. Sellers dominated trades late Thursday, and on Friday and the stock lost more than half of its gains for the week before settling out in the 40-cent range.But there remains significant interest in the minerals Northcliff hopes to eventually provide.Tungsten markets are dominated by supplies from China, and recent worldwide trade disputes have sent its price soaring and raised concerns about its long-term availability.Peter Thilo Hasler, a financial analyst with Splene Capital in Munich, evaluates international tungsten markets and companies. Without commenting directly on the New Brunswick project, he said he believes there is space for new North American suppliers of the mineral.”There is lots of room,” Hasler said in an interview. “To develop new mines in North America is one way out of this dependence on China.”The Todd Group, a billion-dollar family business based in New Zealand, is the largest shareholder in Northcliff Resources Ltd. and will make the ultimate decision on whether New Brunswick’s Sisson Mine will proceed. (Submitted by The Todd Group)Last week, Hasler said international tungsten prices hit $70 US per kilogram.Sisson’s original feasibility assumed that long-term prices of $35 US per kilogram for tungsten and $33 US for molybdenum would make the mine feasible. The Sisson mine is under evaluation for fast-tracking, and will still need to receive that designation. (Sisson Mining Ltd. )However, that study is now 12 years old and is scheduled to be redone.It was unclear what was causing the dip in Northcliff’s stock price following its initial surge although there did appear to be some confusion over the significance of what the federal government announced. On Thursday the Prime Minister’s Office confirmed to CBC News that projects announced so far, including Sisson, have only been referred for an evaluation for fast-tracking. None have yet won that special designation. ABOUT THE AUTHORRobert Jones has been a reporter and producer with CBC New Brunswick since 1990. His investigative reports on petroleum pricing in New Brunswick won several regional and national awards and led to the adoption of price regulation in 2006.
Millions of shares connected to N.B. tungsten project trade hands after government announcement
