Investor Presentation - March 2026
Pivotal Metals is funded for an active 2026 drilling program targeting exploration upside at its Belleterre high-grade Cu-Ni-PGM-Au discoveries and growth potential at its Horden Lake copper resource in Quebec, Canada.
- Horden Lake hosts a 2025 JORC Mineral Resource of 37Mt @ 1.10% CuEq (407 kt CuEq contained), with 31.2Mt @ 1.10% CuEq (341 kt CuEq) constrained within an optimised pit shell.
- The company has $5.5M cash (as at 31 Dec 2025) and no debt, with an Enterprise Value of $20.7M as at 27 Feb 2026.
- A 4,000m+ drilling program at Belleterre is funded for 2026, targeting high-grade copper, nickel, PGM and gold conductors including Alotta and Midrim East.
- Metallurgical testwork has shown 87-94% total copper recovery via a conventional flotation flowsheet, with a 24% Cu concentrate grade and significant by-product credits from nickel, gold, PGMs and silver.
- Geophysics (FLTEM/DHEM) at Horden Lake indicates the deposit remains open with up to 750m of down-plunge extension potential beyond the current resource limit.
- At Belleterre's Lorraine target, historical underground results include 28m @ 45.2 g/t Au & 3.2% Cu, with a 2km target trend largely unexplored since past Cu-Ni mining ceased.
Horden Lake total Mineral Resource
37.0 Mt @ 1.10% CuEq (407 kt CuEq)p.13
Horden Lake in-pit resource
31.2 Mt @ 1.10% CuEq (341 kt CuEq)p.13
Cash balance
$5.5 Mp.4
Enterprise Value
$20.7 Mp.4
Market Cap
$26.2 Mp.4
Shares on issue
1,310 Mp.4
Share price
0.020p.4
Belleterre package size
160km2p.5
Total drilling at Horden Lake
51,814mp.13
Highlight Midrim intersection
21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t Au+PGMp.5
Highlight Lorraine gold intersection
28m @ 45 g/t Aup.5
Copper recovery range (metallurgical testwork)
87-94%p.16
Quebec metallurgy grant
A$120kp.6
The presentation positions Pivotal as holding both an established, JORC-compliant copper resource at Horden Lake with near-term optimisation and growth potential, and a highly prospective, underexplored exploration package at Belleterre with high-grade historical intersections. The company states it is fully funded for its 2026 exploration and drilling activities via cash reserves and Quebec flow-through share financing structures, which it says reduce shareholder dilution. Investors should note that resource estimates referenced (including the Horden Lake MRE) have not been updated since their original announcement dates.
Pivotal Metals Investor Presentation March 2026p.1
ASX:PVT - High-grade copper & gold in a Tier 1 jurisdictionp.1
Investment highlightsp.3
Investment highlights summary
p.3| Quality Copper and Gold | Tier 1 Location | Strong Market Thematic | Value Catalysts |
|---|---|---|---|
| Belleterre (100%): Impending drilling campaign; Expanding on exceptional Cu, PGE and Au discoveries; Large package with intensive system active. Horden Lake (100%): A leading ASX high-grade shallow copper resource underpins market cap; Substantial exploration upside | Quebec, a world class location: Established operating and regulatory environment; Extensive infrastructure and low-cost power. Flow through shares: Premium financings for project expenditure; Structure lowers dilution with no overhang risk | Universally bullish outlook for copper: Demand case is very robust, big questions on supply; Lack of credible advanced projects on ASX. Critical metals tailwinds: Designation supports the biggest challenges: permitting, and financing | Drilling high-priority copper and gold targets; Systematic exploration pipeline development on regional scale land package; Horden Lake deposit growth opportunities; Strategic value definition & optimisation at Horden Lake. Horden Lake only: EV $21m, $50 EV/t CuEq, 2.3c EV/lb CuEq |
Footnotes: October 2025 FTS placement at 65% premium to concurrent institutional placement. At close 27 February 2026, Cash @ 31 Dec 2025.p.3
Corporate overviewp.4
Corporate overview key figures
p.4| Metric | Value |
|---|---|
| Share price – 27 Feb 26 | 0.020 |
| Shares on issue | 1,310 M |
| Market Cap | $26.2 M |
| Debt | - |
| Cash | $5.5 M |
| Enterprise Value | $20.7 M |
| Directors Own | 5% |
| Top 20 Own | 38% |
- Strong cash balance: $5.5m cash following recent placement
- Active program in place: 4,000m+ drilling program funded 2026; Large geophysics program supporting new target development; Articulation of Horden Lake value case
- Strong shareholder base: Institutional shareholders in a strongly supported placement plus 'Canadian Flow Through' premium priced financing
- Experienced board and management: Strong corporate focus with project generation, development and private equity experiences; Participation in every placement
Line and bar chart showing PVT share price (Close) rising from around $0.010 in Feb-25 to peaks near $0.030 around Oct-25, with trading volume (bars) spiking notably around Oct-25 and Dec-25.
Quality Québec critical and precious metalsp.5
Horden Lakep.5
- Large copper endowment. Over 230kt Cu / 400kt CuEq in JORC compliant resources.
- Major in-pit resource. 341 kt CuEq @ 1.1% CuEq, shows low risk production scale pathway.
- Significant exploration upside. EM targets show clear tonnage upside potential.
- High copper recoveries. Clean concentrates and conventional flowsheet derisk NSR.
- Open pit premium. Deposit starts at surface. Scalable and lowers capex and start-up risk.
- Access to infrastructure. Highway access. Rail. Cheap power. Smelters. Skills.
Belleterrep.5
- Large package. 160km2 position in prime Canadian Shield greenstone belt.
- High-grades of Cu, Au, PGMs and Ni, including: 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t Au+PGM; 28m @ 45 g/t Au in underground channel sampling at Lorraine
- Under-explored. Historical bias on known 1960's outcropping discoveries.
- Drilling Multiple high conviction targets. Tightly constrained with ground EM.
- New discovery focused. Strategy geared to make a new major discovery.
- Top location. Abitibi proximity to excess milling capacity, power, roads & workforce.
Footnotes: Indicated: 19.5mt @ 0.72% Cu, 0.19% Ni, 0.15 g/t Au, 0.15 g/t Pd, 0.04 g/t Pt, 9.6 g/t Ag, 144ppm Co (1.17% CuEq). Inferred: 17.4mt @ 0.53% Cu, 0.20% Ni, 0.17 g/t Au, 0.16 g/t Pd, 0.05 g/t Pt, 11.1 g/t Ag, 139ppm Co (1.02% CuEq). 31.2mt @ 0.63% Cu, 0.18% Ni, 0.17 g/t Au, 0.15 g/t Pd, 0.05 g/t Pt, 10.6 g/t Ag, 140ppm Co (1.10% CuEq).p.5
Regional map of Quebec, Canada showing the Horden Lake Project and Belleterre Projects locations relative to other mines, deposits, smelters and hydroelectric plants including James Bay, Chibougamau, Matagami and Rouyn-Noranda.
Québec – premier mining jurisdictionp.6
- Access to low-cost renewable energy: Quebec grid is 99% renewable with among the lowest power costs globally; 100% renewable power for low ESG footprint
- Excellent infrastructure network: Biggest power grid in North America; Highway within 10km of the project; Rail to local smelters or export ports
- 'Flow-through scheme' tax incentives: Quebec has the highest tax credit in Canada for critical metals exploration; Up to 2x leverage on money raised, without structural overhang
- Direct and tangible government assistance: PVT received A$120k metallurgy grant; $1B Natural Resource and Energy Fund for direct equity investment
- Mature and stable operating jurisdiction: Fraser Institute Global #5 Investment Attractiveness Index; Prolific cluster of projects, mines and smelters, directly employs 19,000 people in Quebec
Collage of news clippings and government logos referencing a $1.5 billion Natural Resources and Energy Capital Fund, a $1.5-Billion Critical Minerals Infrastructure Fund from the Government of Canada, $43 million in federal critical minerals funding for Quebec junior miners, and Pivotal Metals securing a Canadian grant for Horden Lake, with a photo of a hydroelectric dam.
Belleterre Projectsp.8
160 km2 Strategic greenstone belt landholding, 100% owned, consolidated by Pivotal.p.8
- Intensely mineralised system active at a regional scale
- Drilling hyper-biased to 1960s outcropping discoveries
- Multiple high-conviction walk-up drill ready targets
- World renowned and highly active mineral province
- Prior commercial scale mining on the property
Highlight mineralisationp.8
- 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim)
- 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim)
- 21m @ 2.1% Cu, 2% Ni & 2.1 g/t 3PGE (from 37m, Alotta)
- 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta)
- 15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t Au+PGM (from 55.3m, Alotta)
- Samples to 0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta)
- 28m @ 45 g/t Au in u/g channel sample (Lorraine)
0.5m @ 22% Cu, 0.78% Ni, 14.8 g/t 3PGE - spectacular 'bonanza grade' intersection of massive chalcopyrite-pyrrhotite mineralisation from 55.3m (19-ZA-05), forms part of 15.7m @ 3.1% Cu, 1.6% Ni, 2.2 g/t Pd, 0.6 g/t Pt, 0.25 g/t Au, drilled at Alotta by Chase Mining in 2019.p.8
Regional geology map of the Belleterre Greenstone Belt showing Pivotal Metals claim tenure (Midrim, Alotta, Lorraine areas) relative to Rouyn-Noranda (70km), Val d'Or (90km) and Sudbury (160km), with mafic/intermediate volcanics, mafic and ultramafic intrusions, diorite, iron formation, mineral occurrences and mined deposit locations marked.
Midrim Project: priority drill targetsp.9
- Target: Alotta - Large new FLTEM conductor below spectacular grade deposit; Conductor still open, and not tested with historical drilling.
- Target: Midrim East - FLTEM conductor, no outcrop, never drilled; Starts at 25m, extends for 250m downplunge; Similar signature to Midrim, located 4km E.
- Regional Scale Significance - 6km cluster of high-grade deposits are related; Geophysics and drilling to extend the discovery footprint
Alotta Cross Section intersections
p.9| Interval |
|---|
| 21.6m @ 1.2% Cu, 0.8% Ni, 1.1 g/t 3PGE |
| 22.0m @ 2.1% Cu, 1.9% Ni, 2.0 g/t 3PGE |
| 15.7m @ 3.1% Cu, 1.6% Ni, 2.9 g/t 3PGE |
| 4.4m @ 2.5% Cu, 1.6% Ni, 2.6 g/t 3PGE |
| 3.4m @ 5.1% Cu, 1.6% Ni, 3.3 g/t 3PGE |
| 13.1m @ 1% Cu, 1.6% Ni, 2.3 g/t 3PGE |
| 13.9m @ 2.4% Cu, 2.1% Ni, 2.7 g/t 3PGE |
| 11m @ 2.9% Cu, 2.4% Ni, 2.5 g/t 3PGE |
| 9.2m @ 2.8% Cu, 2.6% Ni, 3.6 g/t 3PGE |
Map showing Midrim belt-scale exploration area with undrilled FLTEM conductors and VTEM anomaly rankings across Lac Long, Lac Kirwan, Midrim, Alotta, Lac Croche, Delphi Patry, Zullo and Midrim East targets within a belt-scale 6 x 2.5 km high grade cluster; accompanied by an Alotta cross-section showing drill intercepts along a down-dip conductor and a long section image.
Lorraine – Copper & Goldp.10
- Target: Shanty Lake - New FLTEM conductor, 500m x 150m, starts at 150m depth; Drilling pre-dates geophysics
- Target: Lorraine Mine - Conductors associated with 1960's past-producing mine; Limited drilling outside mined zone
- Target: Kelly Lake East - Highly anomalous Cu-Au in trenches and soils; Coincident VTEM, 1km x 1.5km footprint; High-grades extend E and W on neighbouring properties
Map of the Lorraine Project showing the locations of Lorraine Mine (Cu, Ni, PGM, Au), Roy (Cu, Au), Blondeau (Cu, Ni, Au, PGM), Kelly Lake (Globex 100%, 1.4mt @ 0.7% Cu, 0.7% Ni, 0.3 g/t PGE), Shanty Lake (Cu, Ni, Au, PGM) and Kelly Lake East (Cu, Au, Zn) targets, with undrilled FLTEM conductor markers and prior operator drill hole collars, plus an inset showing the Shanty Lake FLTEM conductor cross-section (500m x 150m).
Lorraine Mine – new targets in underexplored trendp.11
- Bonanza gold grades: Au-Cu quartz vein system encountered during 1960's Cu-Ni mining
- 28m @ 45.2 g/t Au & 3.2% Cu (6th level u/g crosscut)
- 9.5m @ 14.1 g/t Au & 3.2% Cu (6th level u/g crosscut)
- 1m @ 56.2 g/t Au (DDH U-6-76)
- Visible gold encountered in drilling
- Largely un-explored following the conclusion of Cu-Ni focused mining
- System Scale Potential – 2km target trend
- Up to 5.5 g/t Au in outcrop, 600m east of the mine
- 1.1 g/t soil sample 1.5km east
- Up to 13.8 g/t Au in mine dump grab samples
- All with Au in signature Cu-quartz veining
- Coincident IP anomalies
Total magnetics intensity base map of the Lorraine Mine area overlaid with 2025 IP survey area boundary, gold and copper IP anomaly picks numbered 1 through 10, drill collar locations, surface samples, and underground development, showing a +1km prospective horizon with limited sampling and entirely undrilled sections east of the mine.
Horden Lakep.13
Advanced Cu-Ni-Au-PGM-Co Project with substantial exploration upside. 51,814m of drilling completed.p.13
- 407 kt CuEq - 2025 MRE: 37mt @ 1.1% CuEq – 53% indicated category; Copper dominant: 62% Cu, 22% precious, 15% Ni in NSR
- 341 kt CuEq is in-pit: 1.1% CuEq grade and scale in a single open pit; By-product credits derisked with recent met work
- Platform for growth: Geophysics is unlocking the scale opportunity; Priority near term along-strike targets recently drilled; Major exploration upside potential remains undrilled
- Development Credibility: Shallow deposit with nearby road access; Metallurgically simple producing clean concentrates; Tier 1 jurisdiction with 99% low-cost renewable hydropower
2025 MRE by pit-constraint category
p.13| 2025 MRE | Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm |
|---|---|---|---|---|---|---|---|---|---|
| In-pit | 31.2 | 1.10 | 0.63 | 0.18 | 0.17 | 0.15 | 0.05 | 10.6 | 140 |
| Out-of-pit | 5.8 | 1.13 | 0.65 | 0.24 | 0.10 | 0.18 | 0.04 | 9.0 | 151 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.16 | 0.16 | 0.05 | 10.3 | 141 |
3D block model visualisation of the Horden Lake deposit showing CuEq percent discrete grade shells within a pit outline, with color coding ranging from magenta/red high-grade zones through yellow, green and blue lower-grade zones.
Scale Potential – deposit extensionp.14
Major EM anomalies down-plunge and along-strike massively expand the upside potential of the project. Undrilled targets extend up to 1,000m down-plunge.p.14
32m @ 0.96% CuEq (264m) incl. 14.2m @ 1.43% CuEq. Limit of 2025 MRE (350m down-plunge). Limit of 2024 DHEM plates (540m down-plunge). Limit of 2025 FLTEM scenario plates (1,100m down-plunge). 750m plunge extension potential.p.14
Cross-section (looking NE) of Horden Lake showing the 2025 FLTEM conductor plates, 2024 DHEM plates, 2025 MRE outline, drill holes (DDH) and MRE pit shell over a 2,200m strike length, with vertical extension measurements of 250m, 200m and 400m; accompanying section shows drill holes HN-24-98 and HN-24-94 with a 750m plunge extension potential arrow.
Scale Potential – regionalp.15
- Magnetics demonstrate scale opportunity: Classic magmatic Cu-Ni-PGM sulphide mineralization at the contact, base of a large regional mafic intrusion; Clear extensions along strike; Repeating of structure to the west; No, or limited/misplaced, drilling of the key areas for regional growth; Limited drilling outside main zone
- Pivotal drilled first hole ever into Western trend in 2024: 4 mineralised zones intersected in HN-24-113; But did not reach the contact zone; Magmatic sulphide mineralisation shares similar characteristics of the main Horden Lake zone; Priority target for follow up
Total magnetic intensity (TMI) map showing a mafic intrusion contact trend with numerous drill hole collar dots and the location of hole HN-24-113 at the southern end of the mapped structure, indicating repeating structural trend to the west of the main Horden Lake zone.
Metallurgical testwork derisks NSRp.16
- Copper is the dominant economic driver (+80% NSR): 87-94% Cu total recovery shown in open and locked-cycle tests; High copper con, 24% Cu, with substantial precious by-product credits; Fast-floating chalcopyrite, with no deleterious elements
- Significant byproduct contribution: High grade nickel con, 12% Ni, ~50% recoveries expected; 50-70% Au, Ag, Pt recoveries, predominately to copper
- Conventional flotation flowsheet established, optimisation next: No need for expensive and complex hydromet process; First program, excellent potential for optimisation; A$120k Quebec grant for metallurgical testwork
- Strategic optionality evident: Clean, byproduct laden cons attractive to smelters & traders; Substantial precious/PGM revenues, stream financing possibility, low AISC NOBC; 2x grade uplift from ore sorting, potential for off-site processing
Flow diagram depicting crushing, optional sorting, grinding to 75μm, primary roughing and light regrind, optional scavenging, sequential Cu & Ni flotation (~90% Cu recovery ~80% NSR, ~50% Ni recovery ~20% NSR), and shipping to clean concentrates to Horne Cu smelter (400km) and Sudbury Ni smelter (650km), with 200km to a shared facility rail head for deepwater ports and ~30% NSR from precious+PGMs.
Development considerationsp.17
Development considerations summary
p.17| 31mt @ 1.1% CuEq is pit-constrained | Structural cost advantages | Favourable deposit geometry | Conventional processing | Coveted products | Located in a mining jurisdiction |
|---|---|---|---|---|---|
| Low-cost and complexity development pathway; Scalable production capacity | National highway to within 10km; Québec hydro-network – cheapest power globally | Amenable to bulk mining techniques; Low NSR CoG for open pit and underground | Simple 2 product flotation demonstrated; Abundant optimization potential | High recoveries to clean high-grade concentrates; High precious and PGMs > Streaming potential | Access to labour, contractors and smelters; Supportive social and regulatory backdrop |
Includes 18Mt of inferred resources.p.17
Standout pit-constrained resource on the ASXp.18
Horden Lake is one of the leading high-grade pit-constrained deposits on the ASX. Open pits vs Underground project developments have hugely different cost basis, risk profiles and ability to scale. Many projects either ignore pit constraining, or have major underground component that supports grade or size. Most large pits are low grade porphyries.p.18
- Horden Lake is shallow
- Has Grade: 1.1% CuEq in-pit
- With Scale: 341 kt CuEq in-pit
- All constrained in a single pit-shell
- Potential for long-life open pit with a meaningful copper production profile plus underground resources plus upside demonstrated by wide open resources, backed by major EM anomalism
Chart comparing pre-development pit-constrained resources on the ASX including Llahuin (SUH), Mumbezhi (PSC), Myall (MAG), Horden Lake (PVT, highlighted), Bommie (CAZ), Kalman (HMX), Greater Duchess (CNB), Storm (AW1), Nanadie (SLS), Thursdays Gossan (SVY) and Mt Cannindah (CAE), showing contained CuEq tonnes as bars and CuEq grade as points, with Horden Lake shown having grade and scale advantages relative to peers, noting larger projects are all low-grade porphyries.
Strategic Value: New World Resources case studyp.19
Bidding war for New World Resources (ASX:NWC) put a spotlight on mid-scale copper development projects in top jurisdictions. Market failed to recognise the strategic value of the Antler asset.p.19
Antler PFS vs Common Misconception
p.19| Antler PFS | Common Misconception |
|---|---|
| 30kt/a CuEq production | Mid-scale: "Can you get it to 50kt/a?" |
| 55% copper, 45% Pb/Zn/Ag/Au | High by-product credit: "If only it were 100% copper!" |
| 12 year mine life | Modest mine life: "But where is the upside??" |
Line and volume chart of New World Resources (NWC) share price from 15/7/24 to 15/7/25, showing key events: delivery of PFS (30kt/a CuEq, US$498M post-tax NPV7, 30.3% IRR), a $14m raise at $50m valuation, an 11% MRE increase, and a CAML-Kinterra bidding war resulting in a $248m cash bid, with share price rising sharply from around $0.020-0.030 to over $0.080.
Investment Highlights (closing)p.20
Closing investment highlights
p.20| Exploration Engine | Value is Underpinned | Fully Funded Catalysts | Premier Jurisdiction | Copper Leverage |
|---|---|---|---|---|
| Drill ready targets at Belleterre associated with known high-grade mineralisation; EM shows clear upside growth at Horden Lake. | Large Cu endowment in shallow deposit with development credentials; Advanced assets benefit most in bull markets. | Imminent drilling on high-grade copper and gold targets; Systematic exploration pipeline development on regional scale position; Strategic value optimisation at Horden Lake. | Quebec is skills and infrastructure rich, with access to the lowest cost greenest power on the planet; Flow Through Financing greatly reduces shareholder dilution. | Clear structural supply constraints, coupled with robust traditional and transitional demand drivers; Obvious lack of advanced project pipeline. |
Board & Managementp.21
- Ivan Fairhall, Managing Director: Chartered engineer, finance and capital markets professional with 20 years of mining experience; previously CEO of TSX listed Mawson Gold, which spun out Southern Cross Gold (ASX:SX2); previously Senior Investment Manager with PE fund Greenstone Resources, deploying $500m into mining pre-development space with special focus on copper.
- Simon Gray, Independent Non-Executive Chair: Lawyer with strong background in capital markets; previously sat on Board of Morgans Financial and Shaw and Partners; currently Chair of ASX's Appeals Tribunal, previously Chair of ASIC's Markets Disciplinary Panel.
- Robert Wrixon, Independent Non-Executive Director: Founder and Director of Starboard Global; 20 years in corporate strategy, commodities marketing, mining M&A and exploration management; five years in corporate strategy for Xstrata plc; PhD in mineral engineering from UC Berkeley.
- Daniel Rose, Independent Non-Executive Director: CEO of MCM Partners, a HK based asset management firm; Founder and lead Portfolio Manager of the MCM Commodity Credit Fund; previously CEO of VTB Capital HK and long career at Societe Generale.
- Paul Nagerl, Exploration Manager: Quebec based professional senior exploration geologist, OGQ; previously 17 years with Falconbridge focused on Cu, Ni and PGM projects.
Appendix: Economic Parameters, CuEq Equation (Horden Lake)p.27
Economic parameters for CuEq calculation
p.27| Element | Unit | Price | Recovery | Sales Cost | Factor |
|---|---|---|---|---|---|
| Copper | USD/t | 9,921 | 90% | 992 | 1.00 |
| Nickel | USD/t | 19,848 | 50% | 1,985 | 1.11 |
| Gold | USD/oz | 2,600 | 60% | 260 | 0.56 |
| Palladium | USD/oz | 1,200 | 55% | 120 | 0.24 |
| Platinum | USD/oz | 1,200 | 40% | 120 | 0.17 |
| Silver | USD/oz | 30 | 65% | 3 | 0.009 |
| Cobalt | USD/t | 35,274 | 25% | 3,527 | 0.0001 |
Full assay breakdown of referenced drillholes
p.27| Hole ID | Width (m) | CuEq | Cu% | Ni% | Au g/t | Pd g/t | Ag g/t | Pt g/t | Co ppm | From (m) |
|---|---|---|---|---|---|---|---|---|---|---|
| HN-24-98 | 32.1 | 0.96 | 0.57 | 0.19 | 0.08 | 0.13 | 8.2 | 0.04 | 192 | 264.3 |
| Including | 14.2 | 1.43 | 0.86 | 0.28 | 0.11 | 0.20 | 11.8 | 0.06 | 315 | 275.9 |
| 01-BT-32 | 13.1 | 1.01 | 1.59 | 0.07 | 1.84 | 7.6 | 0.37 | 54.3 | ||
| Including | 13.9 | 2.38 | 2.13 | 0.15 | 1.80 | 10.1 | 0.72 | 72.2 | ||
| And | 10.0 | 3.15 | 2.65 | 0.10 | 1.96 | 12.1 | 0.60 | 92.3 | ||
| 18-ZA-02 | 14.5 | 1.25 | 0.92 | 0.06 | 1.07 | 2.8 | 0.31 | 28.5 | ||
| 18-ZA-04 | 24.2 | 2.31 | 1.23 | 0.10 | 1.43 | 7.2 | 0.32 | 53.1 | ||
| 19-ZA-04 | 14.0 | 1.61 | 1.09 | 0.10 | 1.12 | 0.0 | 0.27 | 49.0 | ||
| 19-ZA-05 | 3.2 | 0.79 | 0.31 | 0.07 | 0.54 | 0.0 | 0.15 | 49.5 | ||
| Including | 15.7 | 3.11 | 1.64 | 0.25 | 2.02 | 0.0 | 0.59 | 55.3 | ||
| 20-ZA-01 | 4.4 | 2.46 | 1.61 | 0.17 | 1.58 | 5.9 | 0.83 | 62.6 | ||
| Including | 3.4 | 5.05 | 1.61 | 0.04 | 2.10 | 15.2 | 1.12 | 75.8 | ||
| 01-BT-19 | 21.0 | 2.14 | 1.98 | 0.07 | 1.54 | 23.0 | 0.46 | 36.8 | ||
| 17-MR-01 | 21.1 | 2.48 | 1.71 | 0.11 | 2.10 | 9.9 | 0.56 | 29.0 | ||
| Including | 14.4 | 2.84 | 2.39 | 0.30 | 2.76 | 6.2 | 0.99 | 56.6 |
2025 Total MRE by classification
p.26| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co kt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indicated | 19.5 | 1.17 | 0.72 | 0.19 | 0.15 | 0.15 | 0.04 | 9.6 | 144 | 229 | 141 | 37 | 96 | 96 | 28 | 6,049 | 2.8 |
| Inferred | 17.4 | 1.02 | 0.53 | 0.20 | 0.17 | 0.16 | 0.05 | 11.1 | 139 | 178 | 92 | 35 | 98 | 90 | 26 | 6,220 | 2.4 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.16 | 0.16 | 0.05 | 10.3 | 141 | 407 | 234 | 72 | 194 | 186 | 54 | 12,269 | 5.2 |
2025 Total MRE by cut-off category
p.26| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co kt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In-pit | 31.2 | 1.10 | 0.63 | 0.18 | 0.17 | 0.15 | 0.05 | 10.6 | 140 | 341 | 196 | 58 | 175 | 153 | 48 | 10,598 | 4.3 |
| Out-of-pit | 5.8 | 1.13 | 0.65 | 0.24 | 0.10 | 0.18 | 0.04 | 9.0 | 151 | 66 | 38 | 14 | 19 | 34 | 7 | 1,672 | 0.9 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.16 | 0.16 | 0.05 | 10.3 | 141 | 407 | 234 | 72 | 194 | 186 | 54 | 12,270 | 5.2 |
In-pit MRE by classification
p.26| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co kt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indicated | 18.3 | 1.16 | 0.71 | 0.18 | 0.15 | 0.15 | 0.04 | 9.7 | 142 | 212 | 132 | 34 | 91 | 89 | 26 | 5,690 | 2.6 |
| Inferred | 12.8 | 1.00 | 0.50 | 0.19 | 0.20 | 0.15 | 0.05 | 11.9 | 136 | 129 | 65 | 24 | 83 | 64 | 22 | 4,906 | 1.8 |
| Total | 31.2 | 1.10 | 0.63 | 0.18 | 0.17 | 0.15 | 0.05 | 10.6 | 140 | 341 | 197 | 58 | 175 | 152 | 48 | 10,597 | 4.3 |
Forward-Looking Statements
Impending drilling campaign at Belleterre expanding on Cu, PGE and Au discoveries.
4,000m+ drilling program funded for 2026.
Large geophysics program supporting new target development.
Priority near term along-strike targets at Horden Lake recently drilled, with major exploration upside potential remaining undrilled.
Conventional flotation flowsheet optimisation planned as next step following initial metallurgical testwork.
Strategic value definition & optimisation at Horden Lake.