Discover The Project
Mont Sorcier 100% Magnetite High Purity Iron Project
The Mont Sorcier Iron ore project hosts a large, high-purity iron resource (67%) located in the Municipality of Chibougamau, 19 km northeast of the city of Chibougamau, on the Eeyou Istchee Cree traditional territory.
The Mont Sorcier contains 100% magnetite, high-quality iron. Compared to hematite, magnetite allows steelmakers to reduce the amount of coal used in their transformation process. In short, the deposit at Mont du Sorcier makes it possible to produce high-purity magnetite iron concentrate for steelmakers, while supporting the fight against climate change.
Strategic Context
With a high-purity iron resource (67%) 100% in the form of magnetite, the Mont Sorcier project, led by Voyager Metals (a subsidiary of Cerrado Gold), is in line with the Quebec and Federal governments’ vision of developing critical and strategic minerals, in a global context of growing demand for these minerals, which are essential to the energy transition towards a low-carbon economy, particularly in the green steel sector.
Green Steel
When used in blast furnaces to produce steel, high-grade iron concentrate contributes to significantly reduce GHG emissions in steel production, since it reduces the amount of energy required for steelmaking. The use of a high-grade iron concentrate thus contributes to the overall efforts to fight against climate change in the steel industry.
Northern Corridor
Located in northern Quebec, on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau, Mont Sorcier project benefits from natural rail access to the Port of Saguenay, an operational outlet to Europe and the Middle East. This northern logistics corridor represents a pragmatic, immediately deployable solution for structuring the export of Canadian resources.
The Mont Sorcier Project Highlights
- Production of 8 Mt per year deployed in two phases of 4 Mt over 20 years, start-up of the second phase during the third year of operation.
- Production of a magnetite-type iron concentrate with 67% Fe
- Proven processing method with no technological risk
- Entirely privately financed – no request for government assistance to finance the project
- UK Export Finance – major investment commitment of US$500 million
- Impact study currently underway
- Relations initiated with Indigenous communities and regional stakeholders
- Alignment with Quebec and Canada’s economic development priorities: critical and strategic minerals, Indigenous partnerships, sustainable development
- Stable commodity (iron), sheltered from extreme market fluctuations in emerging technologies
- Site located less than 40 km from a CN public rail line terminal.
- >300 km of existing underutilized rail lines directly connected to the Port of Saguenay.
- Collaboration agreement signed in August 2021 with the Port of Saguenay for the shipment of concentrate.
2022 Pre-economic assessment (PEA) Results (to be reviewed in Q2 2026)
Highlights
- Annual average EBITDA of US$348MM and average annual free cash flow of US$235MM over 21-year life of mine (“LOM”)
- Annual production targeted at approx. 5.0 million tonnes of high grade, low impurity, iron concentrate grading ~65% iron per tonne of concentrate
- Total operating costs of US$66/t of concentrate over LOM (freight to China included)
- Initial Capex estimated at US$574 million includes US$118 million contingency
- Payback period under 2 years
- 21-year LOM uses fraction of total resources
- Open pit mining operation with a LOM strip ratio less than 0.9:1
- Additional upside from the potential to expand development from the current North Zone Inferred Resources (507Mt) and South Zone Indicated (119Mt) and Inferred (89Mt) Resources
Mining design profile
Based on 2022 PEA results in addition with subsequent drilling to be completed in 2026, the mine design is currently under review.
Mont Sorcier 2025 Preliminary Mine Production Profile (Currently under review)
Metallurgy and Processing:
The results of the test work to date have indicated that the production of premium high-grade 67% magnetite iron concentrate can be achieved.
The processing plant designed for Mont Sorcier is forecast to be in line with similar projects in production locally and globally using standard equipment and technologies.
Infrastructure
The site is located with access to all weather roads, water, low-cost grid hydro power and sufficient railway capacity to support project development with only modest infrastructure capital needs. The PEA incorporates expenditures required for additional infrastructure including temporary construction workers camp, auxiliary buildings, electrical grid connection, rail loading facilities at the mine site and unloading facilities at the Port of Saguenay. This also includes a new rail loop at the mine to improve loading efficiencies and a new rail spur to connect to the main line to the Port of Saguenay. For the PEA it has been assumed all concentrate production will be rail hauled to the Port of Saguenay for international shipment to Europe and Middle East. Given the proximity to Chibougamau, no permanent camp is required for the anticipated permanent workforce.
In addition, the project will also include new tailing facilities in a location to the North of the open pit. The location of a Non-Mineralized Rock waste dump will be determined after consultation with land users, local stakeholders and additional engineering and design.
Schedule
