Recorded at the New Orleans Investment Conference (NOIC) 2026, Kai Hoffmann sits down with Philippe Cloutier, President and CEO of Cartier Resources, to discuss the company's updated Preliminary Economic Assessment (PEA) for its Cadillac Gold Project in Quebec and the next steps toward potential mine development. Cartier's updated PEA outlines an approximately US$1 billion after-tax net present value using a US$3,600 per ounce gold price assumption, a 16-year mine life and a potential annual production profile of approximately 100,000 ounces of gold. The study also outlines initial capital expenditures of approximately US$275 million, supported by a development scenario that incorporates toll milling during the early years of operations, with the potential for an on-site mill later in the mine life. Philippe discusses the project's approximately 800,000 ounces of measured and indicated gold resources and how the company is evaluating a direct path toward a feasibility study, leveraging the project's existing historical underground infrastructure. The conversation also covers Cartier's exploration success in 2025, including new discoveries at the Contact and Hope areas that were not incorporated into the updated PEA. With multiple potential drilling programs under consideration, Cartier is assessing how to balance further resource growth against the financing and shareholder dilution that could accompany a large exploration campaign. Philippe also discusses potential toll-milling arrangements, Quebec's gold mining environment, permitting strategies, industry consolidation and the possibility of advancing Cadillac independently rather than relying on an acquisition. With approximately C$5 million in cash at the time of the interview, Cartier is focused on identifying the next development milestones that can create long-term value for shareholders.