Pivotal Metals is running a Mineral Resource update, scoping study and metallurgical testwork at its Horden Lake copper project in Québec, targeting an open-pit development case ahead of a scoping study release in Q3 2026.
- A Mineral Resource update is in progress and is expected to increase the shallow open-pit constrained resource base by incorporating 2025 drilling that extended sulphide mineralisation along strike by 600m.
- The existing 2025 MRE stands at 37Mt @ 1.1% CuEq (407kt CuEq), with an in-pit component of 31.2Mt @ 1.10% CuEq.
- A scoping study is being advanced for release in Q3 2026, targeting a large long-life open-pit operation and intended to support strategic and financing discussions.
- Further metallurgical testwork builds on Stage 1 results of ~90% copper recovery into concentrate grading approximately 24% Cu, ~50% nickel recovery into concentrate grading approximately 12% Ni, and 50–70% PGM and gold recovery.
- Geophysical surveys have identified multiple large conductors along the 3,200-metre 'Contact Zone' extending beyond the current resource boundary, with the deposit open along strike and at depth.
- Maiden drilling at Belleterre has completed 906m at the Midrim East and Alotta targets, with first assays expected in May and drilling to recommence at La Croche within 1-2 weeks.
2025 MRE total
37Mt @ 1.1% CuEq (407kt CuEq)p.1
In-pit resource
31.2 Mt at 1.10 CuEq %p.3
Out-of-pit resource
5.8 Mt at 1.13 CuEq %p.3
Indicated resource
19.5 Mt at 1.17 CuEq %p.6
Inferred resource
17.4 Mt at 1.02 CuEq %p.6
Strike extension from 2025 step-out drilling
600mp.2
Copper recovery / concentrate grade
~90% copper recovery into a clean copper concentrate grading approximately 24% Cup.3
Nickel recovery / concentrate grade
~50% nickel recovery into a clean nickel concentrate grading approximately 12% Nip.3
Ore sorting mass rejection
up to 68% of ROM massp.3
Contact Zone strike length
3,200-metrep.3
Belleterre maiden drilling completed
906mp.5
The announcement is a status update on workstreams rather than a release of new results; no updated resource, study outcome or assay data is reported. Investors are being told the existing 2025 MRE remains the current statement and that an update, scoping study and metallurgical results are scheduled across Q2 and Q3 2026. Delivery timing and outcomes of those workstreams, along with the first Belleterre assays in May, are the near-term catalysts identified by the Company.
Horden Lake Strategy Updatep.1
Updated MRE and economic studies to demonstrate the Horden Lake open-pit copper development opportunity in Tier 1 Québecp.1
Highlightsp.1
- Mineral Resource update is in progress: Incorporation of new shallow strike extension drilling expected to enlarge the existing 37Mt @ 1.1% CuEq (407kt CuEq) 2025 MRE. Shallow mineralisation to grow what is already among highest-grade pit-constrained copper deposits of scale on the ASX1.
- Scoping Study is in progress: Targeting a large long-life open-pit operation. Grade and deposit geometry can support strong cashflow generation. Forms a platform to canvas strategic, financing and development pathways.
- Metallurgical testwork is in progress: To build on recoveries of 90% Cu + byproducts into clean high-grade concentrates2.
- Resource growth potential remains substantial: Horden Lake is open in multiple directions, with EM outlining substantial potential deposit extensions. Under-explored regional exploration opportunities for satellite deposits.
- Strong jurisdictional and strategic position, with commodity tail winds: 100% owned, located in Québec - a Tier 1 global mining jurisdiction. Highway access, low-cost power and government support for critical minerals. Copper, gold, silver and PGMs trading at-or near all time highs, against a backdrop of limited global copper development pipeline.
- Belleterre drilling continues in parallel with Horden Lake development work: First assay results expected in May.
Ivan Fairhall, Pivotal Managing Director, commented: “Horden Lake is one of the most compelling copper development opportunities on the ASX - large, shallow, high-grade, and in one of the world’s best mining jurisdictions.p.1
“The high-value workstreams we have ongoing – MRE update, metallurgical optimisation, and techno-economic studies – form an outstanding foundation to take the project to its next stage.p.1
“The deposit is wide open and we are excited to continue to grow the project. Now is the opportunity to deliver an economic picture that underwrites this continued exploration, and validate what the technical work is already telling us - that Horden Lake is a project of genuine scale and quality - in a world of record prices that reflects a significantly depleted global copper development pipeline.”p.1
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the following strategic update on its 100% owned Horden Lake Cu-Ni-Au-PGM-Co Project in Québec, Canada (the ‘Project’). This announcement outlines the technical and economic work programs that underpins the Company’s strategy for advancing Horden Lake to the pre-development stage, complementing the ongoing exploration growth trajectory.p.2
Strategic Contextp.2
Copper is trading at all-time highs, on the back of robust demand growth, supply curtailment, and a clear looming structural supply deficit. New mine supply is constrained by declining head grades, longer permitting timelines, and the dominance of large, complex, low-grade porphyry projects with onerous financial and ESG development hurdles.p.2
Horden Lake occupies a differentiated position within this landscape. Higher grades, simple open pit geometry, conventional processing and significant Québec infrastructure and regulatory advantages are expected to drive a project with competitive capital cost intensity and a timeline that can be realised in the upcoming cyclep.2
Advancing the development case for Horden Lake enhances the positioning of the project.p.2
- Articulates the significant value of the deposit already defined
- Frames the return on investment in incremental resource growth
- Facilitates strategic discussions
Mineral Resource Updatep.2
The Company is currently completing a mineral resource update, which is expected to result in an increase to the shallow open-pit constrained mineral resource base.p.2
The 2025 step-out drilling program successfully extended the sulphide mineralisation along strike by 600m. New assay results, as well as refined modelling and economic assumptions, form the basis of the resource update that is currently in progress.p.2
Long section of Horden Lake looking SE across a 2,200m strike extent, showing 2025 FLTEM plates (magenta), 2024 DHEM plates (cyan), the 2025 MRE outline (red) and 2025 MRE pit shell (grey), with drill hole traces. Dimensions annotated include 250m, 200m and 400m vertical extents. Red 'OPEN' arrows indicate mineralisation open to the west, at depth and to the east. A dashed green box at the eastern end labelled '2025 Drilling Excluded from MRE' encloses a shallow lens. Section line A-A is marked in the centre.
The update will build on the substantial Mineral Resource Estimate3 (2025 MRE). The 2025 MRE demonstrates that Horden Lake is already a large, well-defined and high-grade copper deposit, which is importantly shallow and amenable to a low cost and risk open-pit development scenario.p.2
Table 1: Horden Lake Mineral Resource Estimate Summary (April 2025, update pending to incorporate recent drilling)
p.3| Tonnes Mt | CuEq % | Cu % | Ni % | 3E g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | 3E g/t | Ag koz | Co t | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRE by cut-off category1 | |||||||||||||
| In-pit | 31.2 | 1.10 | 0.63 | 0.18 | 0.37 | 10.6 | 140 | 341 | 196 | 58 | 375 | 10,598 | 4,353 |
| Out-of-pit | 5.8 | 1.13 | 0.65 | 0.24 | 0.32 | 9.0 | 151 | 66 | 38 | 14 | 60 | 1,672 | 878 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.37 | 10.3 | 141 | 407 | 234 | 72 | 435 | 12,270 | 5,231 |
Scoping Studyp.3
The Company is currently advancing engineering studies to support the release of a scoping study in Q3 2026. The scoping study is expected to reinforce the following key attributes of Horden Lake:p.3
- Shallow deposit geometry, supporting a low cost open pit mining scenario with attractive scale and life.
- Processing utilising conventional processing techniques, to produce clean, high-grade, high-value concentrate products attractive to the global market (which is structurally short copper concentrate).
- Highlight the significant value and return on investment opportunity in prosecuting the well-developed resource growth priorities on the project.
- Demonstration of the potential for a copper production profile that attractive to mid-tier producers, as supported by recent pre-developer M&A.
- Jurisdictional advantages of the Québec, with access to low cost power, proximate smelters and highly skilled workforce.
The scoping study economic outputs will be used to support exploration prioritisation, and advance strategic and financing discussions.p.3
Metallurgical Testworkp.3
Further testwork is ongoing, targeting additional optimisation of recoveries, concentrate quality and processing design. The work will build on the strong outcomes achieved in the Stage 1 program, where the significant net smelter revenue (“NSR”) generating potential of the project was demonstrated with a conventional flotation flowsheet4.p.3
- ~90% copper recovery into a clean copper concentrate grading approximately 24% Cu
- ~50% nickel recovery into a clean nickel concentrate grading approximately 12% Ni
- 50–70% recovery of PGM and gold into concentrate, confirming commercial relevance of precious metal byproducts
The Company is also evaluating the role of ore sorting in the optimal or alternate development scenarios. Ore sorting demonstrated the ability to reject up to 68% of ROM mass5 at the crushing stage - before grinding and flotation - which creates substantial development optionality.p.3
Exploration Upside and Resource Growth Potentialp.3
The company intends to continue to grow the Horden Lake deposit. The deposit remains open along strike and at depth. Geophysical surveys completed in 2024 and 20256 have identified multiple large conductors along the 3,200-metre ‘Contact Zone’ extending well beyond the current resource boundary, providing a substantial pipeline of drill targets (Figure 1 & Figure 2). Contact Zone sulphide mineralisation at Horden Lake provides a strong and distinctive conductive response - the ‘Horden Lake signature’. These conductors are interpreted to represent extensions of the resource-hosting mineralised system and are a strong demonstration of the scale of the opportunity relative to the current resource base.p.3
The successful 2025 drilling which successfully targeted a shallow along-strike conductor (to be incorporated in the MRE update) serves as clear evidence of the effectiveness of EM as a primary targeting tool.p.3
Cross section A-A looking NE showing drill holes HN-24-98 and HN-24-94 intersecting a steeply plunging mineralised zone, annotated with intercept 32m @ 0.96% CuEq (264m) incl. 14.2m @ 1.43% CuEq. Labelled markers show Limit of 2025 MRE (350m down-plunge), Limit of 2024 DHEM plates (540m down-plunge) and Limit of 2025 FLTEM scenario plates (1,100m down-plunge), with an arrow indicating 750m plunge extension potential.
Regional Targetsp.4
The project hosts multiple opportunities for discovery in new un-tested areas.p.4
A priority target is the western parallel trend within the main claim block. Only one hole has ever been drilled into this target, and it intersected a mineralised gabbro geologically consistent with the Horden Lake host package.p.4
The company’s southern claim block hosts a sulphide iron formation abutting the Horden Lake gabbro, which remains substantially underexplored.p.4
The Company will provide further detail on exploration priorities and work programs as in due course.p.4
Regional map of the Horden Lake project claim blocks overlain on a colour total magnetic intensity image in NAD83_z18N grid, showing dense drill hole collars (DDH, DDH to be added to MRE) along a northeast-trending magnetic high and the 2025 MRE projection. An inset locality map shows the project position in Québec relative to Matagami, Val d'Or, Rouyn-Noranda, Kirkland Lake, Sudbury, Toronto, Ottawa and Montreal.
Belleterre Explorationp.5
Pivotal’s maiden drill program at the Belleterre projects has completed a total of 906m at the Midrim East and Alotta targets. First assays are expected in May. Drilling is currently on pause during ‘break up’ seasonal transition and is expected to recommence in the next 1-2 weeks – initially at La Croche before moving to the Lorraine project.p.5
The Company is planning a busy spring-summer field season of prospecting and geophysics to build out the pipeline of exploration targets for follow up drill testing. The program will include Pivotal’s maiden field program of the LaForce project area, host to the LaForce magmatic Cu-Ni sulphide deposit, as well as an evaluation of the Roy occurrence, and numerous other target areas identified for their geophysical signatures and support from surface sampling and historical drilling results.p.5
Forward Work Programp.5
Horden Lakep.5
- MRE update –Q2 2026
- Environmental assessment – Spring-Summer 2026
- Metallurgical testwork – Q3 2026
- Scoping study – Q3 2026
- Resource infill and expansion drilling – winter 2026-27
Belleterrep.5
- Drilling and assays - through Q2 2026
- Downhole and surface geophysics – Q2 2026
- Field prospecting and target generation– spring-summer 2026
This announcement has been authorised by the Board of Directors of the Company.p.6
About Pivotal Metalsp.6
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects.p.6
Pivotal holds the recently acquired flagship Horden Lake property, which contains a JORC compliant Indicated and Inferred Mineral Resource Estimate of 37mt @ 1.1% CuEq, comprising copper, nickel, gold, silver, PGM and cobalt (refer Table 2). Pivotal intends to grow the mineral endowment of Horden Lake, in parallel with de-risking the Project from an engineering, environmental and economic perspective.p.6
Horden Lake is complemented by a battery metals exploration portfolio in Canada located within the prolific Belleterre-Angliers Greenstone Belt comprised of the Midrim, Alotta, Laforce and Lorraine high-grade nickel copper PGM sulphide projects in Quebec. Pivotal intends to build on historic exploration work to make discoveries of scale which can be practically bought into production given their proximity to the world famous Abitibi mining district.p.6
Mineral Resourcesp.6
On 29 April 2025 the Company released an updated mineral resource estimate for Horden Lake “Large Increase in HL Project - Shallow High Grade Cu Deposit”. The summary mineral resource estimate is shown in Table 2.p.6
Table 2: Horden Lake 2025 Mineral Resource Estimate Statement
p.6| Tonnes Mt | CuEq % | Cu % | Ni % | 3E g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | 3E g/t | Ag koz | Co t | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRE by cut-off category1 | |||||||||||||
| In-pit | 31.2 | 1.10 | 0.63 | 0.18 | 0.37 | 10.6 | 140 | 341 | 196 | 58 | 375 | 10,598 | 4,353 |
| Out-of-pit | 5.8 | 1.13 | 0.65 | 0.24 | 0.32 | 9.0 | 151 | 66 | 38 | 14 | 60 | 1,672 | 878 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.37 | 10.3 | 141 | 407 | 234 | 72 | 435 | 12,270 | 5,231 |
| MRE by classification | |||||||||||||
| Indicated | 19.5 | 1.17 | 0.72 | 0.19 | 0.35 | 9.6 | 144 | 229 | 141 | 37 | 220 | 6,049 | 2,808 |
| Inferred | 17.4 | 1.02 | 0.53 | 0.20 | 0.38 | 11.1 | 139 | 178 | 92 | 35 | 214 | 6,220 | 2,423 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.37 | 10.3 | 141 | 407 | 234 | 72 | 435 | 12,269 | 5,231 |
Metal Equivalentsp.7
Horden Lake metal equivalents have been calculated using the following recovery and metals prices assumptions (Table 3). The metallurgical assumptions are informed by recent metallurgical testwork. Refer to ASX announcement 12 March 2025 for more detailed information.p.7
Table 3: Metal equivalent parameters
p.7| Metal | Unit | Price | Recovery | Sales Cost | ME Factor |
|---|---|---|---|---|---|
| Copper (Cu) | USD/t | 9,918 | 90% | 992 | 1.00 |
| Nickel (Ni) | USD/t | 19,836 | 50% | 1,984 | 1.11 |
| Gold (Au) | USD/oz | 2,600 | 60% | 260 | 0.56 |
| Palladium (Pd) | USD/oz | 1,200 | 55% | 120 | 0.24 |
| Platinum (Pt) | USD/oz | 1,200 | 40% | 120 | 0.17 |
| Silver (Ag) | USD/oz | 30 | 65% | 3 | 0.009 |
| Cobalt (Co) | USD/t | 35,264 | 25% | 3,526 | 0.0001 |
Copper equivalent is calculated based on the formula: CuEq% = Cu% + Ni% * 1.11 + Au ppm * 0.56 + Pd ppm * 0.24 + Pt ppm * 0.17 + Ag ppm * 0.001 + Co ppm * 0.0001p.7
In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered, based on current market conditions, metallurgical testwork, and the Company’s metallurgical consultant’s experience. Copper is chosen as the equivalent due to its dominance of in-situ and recovered metal contribution.p.7
Forward-Looking Statements
Horden Lake MRE update – Q2 2026
Horden Lake environmental assessment – Spring-Summer 2026
Horden Lake metallurgical testwork – Q3 2026
Horden Lake scoping study – Q3 2026
Horden Lake resource infill and expansion drilling – winter 2026-27
Belleterre drilling and assays through Q2 2026, with first assays expected in May
Belleterre downhole and surface geophysics – Q2 2026
Belleterre field prospecting and target generation – spring-summer 2026, including a maiden field program at LaForce