Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-inc-tsxvecr-continuous-focused-drilling-resource-update-ahead-9429

Recording date: 21st April 2026

Cartier Resources Inc. occupies a rare piece of real estate in the global gold mining landscape. The Quebec-based junior explorer holds the only remaining significant exploration position on a 50-kilometre stretch of the Cadillac Fault in Abitibi — Canada's most prolific gold-producing structure — flanked on all sides by producing mines owned by majors including Agnico Eagle, Eldorado, and IAMGold.

With a market capitalisation of approximately $120 million and $7 million in cash, the company has quietly consolidated 15 kilometres of strike length along the fault, defining 3.2 million ounces of gold across four distinct mineralisation types. That variety of deposit styles is central to CEO Philippe Cloutier's investment thesis: this isn't a single-zone story, but a camp-scale system with multiple potential deposits that together could determine the optimal layout for a future mining operation.

The most immediate challenge facing Cartier is the disconnect between its current public economic assessment and reality. Its 2023 Preliminary Economic Assessment modelled a standalone mill at $1,750 per ounce gold — well below today's prices — producing capital cost figures that look punishing by current standards. An updated scoping study is in progress, expected to incorporate recent shallow high-grade discoveries, metallurgical results, and scenarios involving toll milling through neighbouring producers with excess capacity. No release date has been confirmed.

Agnico Eagle's major shareholding and the recent board appointment of industry veteran Glenn Mullan signal institutional confidence in the asset. The company is 50% through its current drill program, having already met all initial objectives, with new discoveries prompting a revised approach to the remaining work.

Near-term catalysts include updated economics at current gold prices, continued drill results, a planned OTC QB listing to reach U.S. retail investors, and growing M&A interest as senior producers seek permitted, development-ready projects.

View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-inc

Cartier Resources (TSXV:ECR) - 'Undervalued?' Investment Series, with Philippe Cloutier