Pivotal Metals commenced its first drill campaign at Belleterre and advanced Horden Lake toward a resource update and scoping study, while holding a $4.44m cash balance at quarter end.
- Drilling commenced at Belleterre's Midrim and Lorraine project areas, completing 906m at the Midrim East and Alotta targets, with first assays expected late-May 2026.
- An IP survey east of the past-producing Lorraine Mine identified gold and copper-nickel sulphide targets extending up to 1.8km, supported by historic results including 28m @ 45 g/t Au and surface samples up to 0.63% Cu and 0.93% Ni.
- A new copper-gold target area was defined at Kelly Lake East, with historic trenching returning up to 1.9 g/t Au, 2.0% Cu and 0.71% Zn, and follow-up work planned for Q2 2026.
- Horden Lake ore sorting testwork demonstrated up to 2.1x CuEq grade uplift while retaining 69% of contained copper at 68% mass rejection, and a new Phase 2 flotation program has commenced.
- A mineral resource update is under way, expected to enlarge the existing 37Mt @ 1.1% CuEq (407kt CuEq) 2025 MRE, alongside a scoping study targeted for Q3 2026.
- Cash balance at 31 March 2026 was $4.44m, with quarterly exploration expenditure of $0.487m and corporate/other expenditure of $0.381m.
Cash balance at 31 March 2026
$4.44mp.1
Existing Horden Lake 2025 MRE
37Mt @ 1.1% CuEq (407kt CuEq)p.1
Ore sorting grade uplift (preferred pathway)
2.1xp.1
Belleterre maiden drilling completed
906mp.3
Historic Lorraine channel sample
28m @ 45 g/t Aup.2
Historic Lorraine Mine production
approximately 600kt at 1.4% Cu, 0.6% Ni and 0.6 g/t Au (1964–1968)p.2
Kelly Lake East trench grades
up to 1.9 g/t Au, 2.0% Cu and 0.71% Znp.3
Exploration expenditure for the quarter
$0.487mp.6
Corporate and other expenditure for the quarter
$0.381mp.6
Payments to Directors and related parties
$0.120mp.6
The announcement shows Pivotal advancing two parallel work streams: early-stage exploration drilling and target generation at Belleterre, and de-risking/value articulation activities (metallurgy, resource update, scoping study) at the more advanced Horden Lake deposit. The Company describes itself as well-funded with an active news-flow pipeline expected over the next six months, though it did not report any new drilling assay results or an updated resource figure in this quarter.
QUARTERLY ACTIVITIES REPORT & APPENDIX 5Bp.1
Quarter Highlightsp.1
- Drilling commenced at Belleterre exploration projects - Permits granted, and multiple targets being tested across the Midrim and Lorraine project areas - the first drilling by Pivotal since project acquisition.
- Multiple new gold and copper targets - IP survey highlights discovery potential adjacent to past-producing Lorraine Mine massive sulphide Cu-Ni-Au mine, and where underground development encountered very high-grade vein hosted gold.
- Widespread and highly anomalous copper-gold footprint verified at Kelly Lake East.
- Horden Lake metallurgical testwork results and momentum - Ore sorting demonstrates up to 2.1x grade uplift potential, highlighting project development optionality.
- New flotation testwork program commenced, building on excellent Phase 1 results to enhance concentrate value and project NSR.
- Horden Lake MRE Update and Scoping Study under way - Incorporation of new shallow strike extension drilling expected to enlarge the existing 37Mt @ 1.1% CuEq (407kt CuEq) 2025 MRE.
- Grade and deposit geometry can support strong cashflow generation.
- Active and well-funded program, with strong news-flow expected over the coming 6 months - Initial 1,500-2,000m drill campaign continues across multiple Belleterre target areas – IN PROGRESS. First assays expected late-May 2026.
- Belleterre field programs to develop new drill targets – Q2-Q3 2026.
- Horden Lake resource update, metallurgy and scoping study activities at–Q2-Q3 2026.
- Cash balance at 31 March 2026 of $4.44m.
Managing Director Ivan Fairhall said: “We are active on multiple fronts across our portfolio to identify, build and unlock value for shareholders. Drilling continues at Belleterre and we keenly await the first assays from the program. We also look forward to the spring thaw so we can recommence our field target generation activities. We are entering an exciting time at Horden Lake, with a resource update, metallurgical optimisation and a scoping study all in progress. We are excited to articulate the value of our existing, already substantial, copper deposit, whilst we prepare in parallel our next stage of exploration growth. With a strong cash balance, we look forward to sharing results through the quarter and beyond.”p.1
OPERATIONAL UPDATEp.2
Pivotal was active with exploration programs primary focused on its Belleterre project, in preparation for winter 2026 drilling. In parallel, the Company is undertaking resource update and metallurgical testwork in preparation a scoping study on the Horden Lake project.p.2
Belleterrep.2
During the quarter Pivotal released the results of exploration targeting activities, and commenced its first drill campaign since project acquisition.p.2
Lorraine Mine IP Surveyp.2
Induced Polarisation (IP) surveying completed outlined multiple high-priority targets immediately east of the past-producing Lorraine Cu-Ni-Au Mine, extending the known mineralised corridor into areas that have seen limited modern exploration.p.2
The survey identified gold-focused chargeability anomalies extending for up to 1.8km east of the Lorraine Mine, with responses spatially associated with historic underground and surface gold-copper mineralisation. These include historic underground channel sampling results of 28m @ 45 g/t Au, supporting the presence of a significant gold-bearing structural system. Several discrete chargeability targets coincide with historic drilling, trenching and surface sampling, reinforcing the interpretation of a laterally extensive mineralised corridor.p.2
In addition, coincident high-chargeability and low-resistivity responses define targets interpreted to represent gabbro-hosted magmatic sulphide mineralisation, analogous to the Lorraine Cu-Ni deposit. This interpretation is supported by historic surface samples grading up to 0.63% Cu and 0.93% Ni, highlighting the potential for additional copper-nickel sulphide mineralisation east of the mine.p.2
The proximity of these targets to the Lorraine Mine - which historically produced approximately 600kt at 1.4% Cu, 0.6% Ni and 0.6 g/t Au (1964–1968) - further underscores the fertility of the mineral system and the opportunity to define additional mineralisation along strike. Drilling permits have been received for this area, with access routes currently being finalised.p.2
Map showing IP survey chargeability anomaly outlines (numbered targets 1-10) overlaid on UAV magnetic survey data near the Lorraine Mine, with annotated historic assay results including 600kt @ 1.4% Cu, 0.6% Ni, 0.6 g/t 3PGE past production, 28m @ 45g/t Au & 3.2% Cu underground channel, 9.4m @ 14.1g/t Au & 3.2% Cu, 5.5 g/t Au & 0.47% Cu outcrop, 1% Cu & 0.16 g/t Au outcrop, and other surface samples, and a labelled +1km prospective horizon with limited sampling and entirely undrilled.
Kelly Lake Eastp.3
Recent fieldwork has defined a new copper–gold target area at Kelly Lake East, confirming a widespread Cu-Au anomalous footprint and establishing a new exploration priority within Pivotal’s Belleterre exploration program.p.3
Kelly Lake East lies 6.6km southeast of the past-producing Lorraine Mine, which historically delivered high-grade copper and gold mineralisation, including 28m @ 45 g/t Au from underground channel sampling. Prior trenching exposed Cu-Au anomalous bands up to 25m wide, with multiple outcrops returning grades of up to 1.9 g/t Au, 2.0% Cu and 0.71% Zn.p.3
Mineralisation extends across the eastern project boundary onto neighbouring ground held by Vior Inc (TSXV: VIOR), where grab samples assayed up to 4.1% Cu and 2.1 g/t Au, supporting a laterally extensive mineralised system.p.3
The area remains underexplored, with limited historical drilling completed largely sub-parallel to the interpreted mineralised trend. Undrilled VTEM conductors and copper soil anomalies define a ~1km by 1.5km exploration corridor, with quartz veins and shear structures analogous to those associated with the Lorraine gold system approximately 7km to the northwest.p.3
Follow-up mapping, soil sampling and geophysics are planned at Kelly Lake East in Q2 2026 to refine drill targets.p.3
Aerial map of Kelly Lake East showing outcrop and VTEM survey results, drill collar locations, EM conductor axes, and property boundaries between Globex, Pivotal and Vior Inc, with annotated sample results including Kelly Lake (Globex) 1.4mt @ 0.7% Cu, 0.7% Ni, 0.3 g/t PGE, trench samples to 2.0% Cu 0.7% Zn, surface samples to 1.9g/t Au 0.8% Cu, and Vior Inc samples of 4.2% Cu 2.1 g/t Au.
Field Program Updatep.3
Drill permits for priority Midrim and Lorraine project areas have been received.p.3
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 late-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.3
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.4
Horden Lakep.4
On 26 April 2025, Pivotal declared an updated inferred and indicated mineral resource estimate at its advanced Horden Lake project, in the James Bay region of Québec. The project now hosts 37mt @ 1.1% CuEq, importantly with 31mt @ 1.1% CuEq falling within a large single pit constrained resource (refer Table 2 and Table 3). Open mineralisation and EM conductors indicate substantial resource upside potential, including a shallow along strike conductor that was drilled in March 2025 and excluded from the MRE calculation.p.4
During the quarter, the Company advanced resource, metallurgical and economic assessment activities to enhance the positioning of the project.p.4
- Articulate the significant value of the deposit already defined
- Frame the return on investment in incremental resource growth
- Canvas strategic, financing and development pathways
Cross-section long section (looking SE) spanning approximately 2,200m showing the 2025 MRE pit outline, 2025 FLTEM and 2024 DHEM conductor plates, DDH drill traces, with 2025 drilling excluded from the MRE marked and open extension arrows indicating mineralisation open at depth and along strike over intervals of 250m, 200m and 400m.
Ore Sorting Testworkp.4
On 2 February 2026, Pivotal announced results from the Phase 2 ore sorting test work program, completed on full-scale TOMRA X-Ray Transmission (XRT) sorting equipment, in combination with heavy liquid separation (HLS) tests.p.4
The preferred pathway delivered a 2.1x uplift in copper-equivalent (CuEq) head grade, rejecting 68% of mass while retaining 69% of contained copper. An alternative, higher-recovery pathway produced a 1.5x CuEq uplift at 44% mass rejection and 86% copper recovery, providing flowsheet flexibility to optimise against project economics.p.4
The results materially enhances the development optionality of the Horden Lake project, with the potential to reduce capital intensity and operating costs by significantly upgrading the ROM ahead of further on-site or off-site processing.p.4
Chart showing sorting mass pull (bars) declining from Feed through Low Selective, Med Selective and High Selective sorting scenarios, alongside line plots of CuEq grade uplift rising to approximately 2.0x and CuEq recovery declining modestly, illustrating significant CuEq grade uplift with modest recovery losses and decrease in mass to downstream processing.
Additional Flotation Testworkp.5
During the quarter the Company also initiated a Phase 2 flotation testwork program, aimed at improving recovery of nickel and precious metals to enhance concentrate value and overall project economics. The program builds on earlier testwork that demonstrated strong copper recoveries (~87–94%) using a conventional flotation flowsheet, producing clean and marketable copper and nickel concentrates. The new phase of work is focused on optimising recovery of pentlandite-hosted nickel and improving recovery of gold, silver and PGMs, which represent important by-product credits.p.5
The testwork will support in-progress economic assessment of the project. Improving by-product recovery has the potential to materially increase net smelter return (NSR) and strengthen the basis for development and financing strategies. Samples have been delivered to Blue Coast Research Ltd, with results expected in early Q3 2026.p.5
The program is supported by Québec government funding, covering up to ~50% of the program cost under the Critical Minerals grant program.p.5
MRE Update and Scoping Studyp.5
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. 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.5
The update will build on the substantial Mineral Resource Estimate (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.5
Table 1: Horden Lake Mineral Resource Estimate Summary (April 2025, update pending to incorporate recent drilling)
p.5| Category | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 Study Attributesp.6
In parallel 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.6
- 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.6
FORWARD PROGRAMp.6
Company has a well funded exploration and development program under way.p.6
Horden Lakep.6
- 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.6
- Drilling and assays - through Q2 2026
- Downhole and surface geophysics – Q2 2026
- Field prospecting and target generation– spring-summer 2026
CORPORATE UPDATEp.6
Pivotal’s cash position as at 31 March 2026 was $4.444m.p.6
Financial commentaryp.6
The Appendix 5B for the quarter ended 31 March 2026 provides an overview of the Company’s financial activities. Exploration expenditure for the quarter was $0.487m for ongoing study work associated with the Company’s projects. Corporate and other expenditure for the quarter was $0.381m. The total amount paid to Directors of the Company, their associates and other related parties was $0.120m and includes salary, fees and superannuation.p.6
Securities on issue at 31 March 2026
p.7| Security | Listed on ASX | Unlisted | Total |
|---|---|---|---|
| Fully paid ordinary shares | 1,310,922,494 | - | 1,310,922,494 |
| $0.045 unlisted options expiring 5 May 2026 | - | 7,518,796 | 7,518,796 |
| $0.0425 unlisted options expiring 5 December 2026 | - | 3,000,000 | 3,000,000 |
| $0.04 unlisted options expiring 23 July 2027 | - | 6,000,000 | 6,000,000 |
| $0.011 unlisted options expiring 2 December 2027 | - | 12,000,000 | 12,000,000 |
| $0.03 unlisted options expiring 5 December 2027 | - | 4,000,000 | 4,000,000 |
| $0.0425 unlisted options expiring 5 December 2027 | - | 4,000,000 | 4,000,000 |
| $0.055 unlisted options expiring 5 December 2027 | - | 4,000,000 | 4,000,000 |
| $0.023 unlisted options expiring 22 November 2028 | - | 6,000,000 | 6,000,000 |
| $0.025 unlisted options expiring 22 November 2028 | - | 7,500,000 | 7,500,000 |
| $0.025 unlisted options expiring 22 December 2028 | - | 40,000,000 | 40,000,000 |
| $0.025 unlisted options expiring 7 January 2029 | - | 12,000,000 | 12,000,000 |
| Unlisted performance rights expiring 13 October 2026 | - | 2,250,000 | 2,250,000 |
| Unlisted performance rights expiring 22 November 2027 | - | 1,832,055 | 1,832,055 |
| Unlisted performance rights expiring 2 December 2030 | - | 10,500,000 | 10,500,000 |
| Total | 1,310,922,494 | 120,600,851 | 1,431,523,345 |
About Pivotal Metalsp.8
Pivotal is developing two major projects at Horden Lake and Belleterre located in the Province of Quebec, Canada. Both represent high quality exploration and development opportunities in a global leading mining jurisdiction.p.8
Our 100% owned Belleterre Projects consist of a large 160km2 greenstone land package encompassing three key project areas: Midrim-Alotta, Lorraine and Laforce. All projects demonstrate advanced exploration prospects, with multiple very high-grade Cu-Ni-PGM and Au occurrences and targets, historic resources, and some with prior mining.p.8
Our 100% owned Horden Lake project is well advanced with a large copper dominant JORC compliant indicated and inferred mineral resource estimate totalling 37mt @ 1.1% CuEq (Table 2). There is significant exploration upside potential to compound value of the large predominantly open-pit constrained resource already defined.p.8
Regional map of Quebec showing the locations of Pivotal's Horden Lake Project and Belleterre Projects relative to other mines, deposits and gold occurrences in the region, including James Bay, Chibougamau, Val d'Or, Rouyn-Noranda, and Sudbury areas.
Mineral Resourcesp.9
On 29 April 2025 the Company released an updated mineral resource estimate for the project “Large Increase in HL Project - Shallow High Grade Cu Deposit”. The summary mineral resource estimate is shown in Table 2.p.9
Table 2: Horden Lake 2025 Mineral Resource Estimate Statement
p.9| 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 (by classification) | 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 |
| 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 (by cut-off) | 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 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 |
| In-pit 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 |
| In-pit 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 |
2025 MRE cut-off: In-pit = USD 25/t NSR, Out-of-pit = USD 65/t NSR. SG = 3.12p.9
Metal Equivalentsp.9
Metal Equivalents have been calculated using the following recovery and metals prices assumptions (Table 3). The metallurgical assumptions are informed by recent metallurgical testwork.p.9
Table 3: Metal equivalent parameters
p.9| 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.9
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 metal due to its dominant economic average weighting at the assumptions stated, which is consistent across the deposit area.p.10
Appendix 5B: Consolidated statement of cash flows (selected items)
p.16| Item | Current quarter $A'000 | Year to date (9 months) $A'000 |
|---|---|---|
| 1.9 Net cash from / (used in) operating activities | (472) | (1,097) |
| 2.1(c) Payments for property, plant and equipment | (12) | (12) |
| 2.1(d) Payments for exploration & evaluation | (487) | (1,307) |
| 2.6 Net cash from / (used in) investing activities | (499) | (1,132) |
| 3.1 Proceeds from issues of equity securities | - | 5,387 |
| 3.4 Transaction costs related to issues of equity securities | (26) | (169) |
| 3.10 Net cash from / (used in) financing activities | (26) | 5,218 |
| 4.1 Cash and cash equivalents at beginning of period | 5,478 | 1,516 |
| 4.5 Effect of movement in exchange rates on cash held | (37) | (61) |
| 4.6 Cash and cash equivalents at end of period | 4,444 | 4,444 |
Reconciliation of cash and cash equivalents
p.18| Item | Current quarter $A'000 | Previous quarter $A'000 |
|---|---|---|
| 5.1 Bank balances | 2,438 | 3,232 |
| 5.2 Call deposits | 2,006 | 2,246 |
| 5.5 Cash and cash equivalents at end of quarter | 4,444 | 5,478 |
Payments to related parties
p.18| Item | Current quarter $A'000 |
|---|---|
| 6.1 Aggregate amount of payments to related parties and their associates included in item 1 | 120 |
Estimated cash available for future operating activities
p.19| Item | $A'000 |
|---|---|
| 8.1 Net cash from / (used in) operating activities | (472) |
| 8.2 Payments for exploration & evaluation classified as investing activities | (487) |
| 8.3 Total relevant outgoings | (959) |
| 8.4 Cash and cash equivalents at quarter end | 4,444 |
| 8.6 Total available funding | 4,444 |
| 8.7 Estimated quarters of funding available | 4.6 |
Forward-Looking Statements
First assays from the Belleterre drill program expected late-May 2026.
Belleterre field programs to develop new drill targets in Q2-Q3 2026.
Horden Lake resource update, metallurgy and scoping study activities expected in Q2-Q3 2026.
Follow-up mapping, soil sampling and geophysics planned at Kelly Lake East in Q2 2026.
Flotation testwork results from Blue Coast Research expected early Q3 2026.
Environmental assessment planned for Spring-Summer 2026 and resource infill/expansion drilling planned for winter 2026-27 at Horden Lake.