Pivotal has started a maiden modern field program at the historically drilled but under-explored LaForce Cu-Ni target, aiming to generate new drill targets for 2026.
- The maiden modern field program has commenced at the LaForce Cu-Ni Project within Pivotal's 100% owned Belleterre portfolio in Québec, Canada.
- Prior LaForce drilling intersected broad, high-grade shallow copper and nickel mineralisation, including 102.7m @ 0.39% Cu, 0.76% Ni from 1.3m, with a higher-grade interval of 9.5m @ 1.0% Cu, 1.59% Ni from 8.7m.
- Reinterpretation of historical data has delineated multiple new undrilled priority targets across a 3 x 2.5 km area sharing geochemical and geophysical signatures with the main occurrence.
- Historical drilling at LaForce has been shallow and limited to the outcrop occurrence, and the project has not previously been tested with modern deep-penetrating surface EM geophysics.
- Field validation is underway ahead of surface EM surveys, with results expected to support an expanded 2026 drill program across multiple Belleterre areas.
- The company is active across its wider portfolio, with first assays from Midrim-Alotta drilling expected late-May, drilling planned at La Croche and Shanty Lake, and Horden Lake MRE update, metallurgical testwork and scoping study in progress.
LaForce historical intercept
102.7m @ 0.39% Cu, 0.76% Ni from 1.3mp.1
Higher-grade sub-interval
9.5m @ 1.0% Cu, 1.59% Ni from 8.7mp.1
LaForce historical intercept
21.3m @ 0.66% Cu, 0.90% Ni from 52.9mp.1
Sample grades up to
3.00% Cu and 4.48% Nip.1
Target area size
3 x 2.5 km areap.1
Claim package size
160km2p.2
Belleterre Phase 1 drilling target
1,500-2,000mp.4
Horden Lake MRE total tonnes
37.0 Mtp.11
Horden Lake MRE grade
1.10 CuEq %p.11
The announcement signals the start of new field work at a known but under-explored mineralised system, aimed at building a pipeline of drill targets ahead of a budgeted 2026 drilling campaign. No new assay or resource results are included in this release; the value lies in the historical intercepts cited and the identification of new target areas for future testing.
PIVOTAL COMMENCES MAIDEN EXPLORATION PROGRAM AT LAFORCE Cu-Ni TARGETp.1
Delineating targets to expand the well-established LaForce Cu-Ni system as part of 2026 drilling prioritisationp.1
- Maiden modern field program commences at the LaForce Cu-Ni Project within Pivotal's district-scale 100% owned Belleterre portfolio in Québec, Canada.
- Broad zones and high-grades of shallow copper and nickel mineralisation intersected in prior 'LaForce' drilling, including: 102.7m @ 0.39% Cu, 0.76% Ni from 1.3m, Incl. 9.5m @ 1.0% Cu, 1.59% Ni from 8.7m; 21.3m @ 0.66% Cu, 0.90% Ni from 52.9m; Sample grades up to 3.00% Cu and 4.48% Ni
- Multiple new undrilled priority targets delineated across 3 x 2.5 km area, each with common geochemical and geophysical signatures to the main occurrence
- Historical drilling has been shallow, limited to the outcrop occurrence, and there has been no modern deep penetrating surface EM geophysics
- Field validation of targets is currently underway ahead of surface EM surveys. Results are expected to support an expanded drill program across multiple prospective Belleterre areas in 2026
- Pivotal is active across multiple fronts: First assays from the Midrim-Alotta drilling are expected late-May; Drilling commencing at La Croche then Shanty Lake; Horden Lake MRE update, metallurgical testwork and scoping study are in progress
Ivan Fairhall, Pivotal Managing Director, commented: "Commencing modern field work at LaForce is another important step in systematically unlocking the substantial Belleterre district opportunity. Historical drilling confirms the presence of a fertile copper-nickel system, however the project has seen very limited modern exploration despite a scalable system having been defined, and its proximity and geological similarities to Midrim and Lorraine. What is particularly compelling is that LaForce has never been subjected to modern deep penetrating EM methods capable of identifying conductive sulphide accumulations at depth or along strike. With multiple priority target areas already identified through reinterpretation of historic datasets, this program is designed to generate high-quality drill targets for 2026 while continuing to build the scale potential of the broader Belleterre portfolio."p.1
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce commencement of the maiden modern field program at its LaForce Cu-Ni Project, part of the Company's district-scale Belleterre Project portfolio in Québec, Canada.p.2
The program is designed to identify potential satellite Cu-Ni sulphide bodies associated with the known LaForce occurrence through the application of modern surface electromagnetic geophysical methods and integrated geological targeting ahead of drill testing.p.2
The LaForce occurrence is interpreted to form part of the same regional magmatic sulphide mineralising system that hosts multiple high-grade copper-nickel occurrences across the nearby Midrim and Lorraine projects. The commencement of systematic modern exploration at LaForce strengthens Pivotal's broader strategy of building a district-scale copper and nickel discovery pipeline across the Belleterre region.p.2
LaForce Project Overviewp.2
The LaForce Project is located within the Belleterre-Angliers Greenstone Belt in Québec, Canada, a well-endowed mineral district prospective for magmatic Cu-Ni-PGM sulphide systems and high-grade gold mineralisation. Pivotal is currently actively exploring across the 100% owned 160km2 claim package.p.2
Regional shaded total field magnetic map of the Belleterre project area showing the Midrim, Lorraine and LaForce project boundaries outlined in black, with red dots marking mineral occurrences and crossed-hammer symbols marking mined deposits, over a colourful magnetic intensity background.
The Ni-Cu mineralisation at LaForce occurs within brecciated and non-brecciated amphibolite. Sulphides comprise up to 30% of the unit and occur as 1-3mm blebs and veinlets of pyrrhotite, pentlandite, chalcopyrite, pyrite and trace millerite. Sulphide mineralisation has also been identified in other parts of the property in trace amounts within gabbro and pyroxenite. Several anomalous zones have been outlined using surface geochemistry and geophysical surveys but remain untested with drilling. The mineralisation is interpreted to represent remobilised sulphides associated with a larger magmatic sulphide system.p.2
Highlights from historical drilling include: 102.7m @ 0.39% Cu, 0.76% Ni & 1 g/t Ag from 1.3m (06-LF-04); Including 9.5m @ 1% Cu, 1.59% Ni & 1.7 g/t Ag from 8.7m; And 8.8m @ 0.6% Cu, 1.88% Ni & 1.5 g/t Ag from 33.9m; 21.3m @ 0.66% Cu, 0.9% Ni & 3.2 g/t Ag from 52.9m (07-LF-10); 16m @ 0.51% Cu, 1.04% Ni & 1.1 g/t Ag from 1.8m (58-G-04); 39m @ 0.47% Cu, 0.84% Ni & 3 g/t Ag from 39m (07-LF-07); 42.4m @ 0.21% Cu, 0.62% Ni & 0.4 g/t Ag from 32.3m (59-G-25); 5.2m @ 0.22% Cu, 2.95% Ni & 6.1 g/t Ag from 12.2m (58-G-11)p.2
Despite encouraging historical drill intersections, exploration activity at LaForce has remained limited and largely focused on the immediate discovery area.p.3
Importantly, the project has not previously been evaluated using modern deep penetrating transient electromagnetic ("TEM") methods capable of detecting conductive massive sulphide accumulations beneath shallow historical drilling.p.3
Multiple Targets Identifiedp.3
Pivotal has completed compilation and reinterpretation of historical geological, geochemical and geophysical datasets across the project area. This work has identified three Priority 1 target areas (Figure 2), each characterised by: highly anomalous nickel, copper and chromium soil geochemistry; coincident magnetic responses; and geological signatures analogous to the known LaForce occurrence.p.3
Vertical gradient magnetics map of the LaForce claim area showing the location of the historic LaForce occurrence with drill collars, three ellipse-marked Priority 1 target areas with multiple Cu+Ni+Cr soil anomalies, and a labelled 3 x 4km magmatic event zone.
Next Stepsp.4
Prospecting and field validation programs are currently underway ahead of detailed surface TEM surveys designed to identify conductive sulphide targets for future drill testing. The Company expects the results of the program to materially enhance targeting confidence across the project and support prioritisation of expanded drill testing activities planned and budgeted for 2026.p.4
- Completion of ongoing prospecting and target validation activities.
- Commencement of detailed surface EM surveys across priority target areas.
- Interpretation and modelling of EM conductors.
- Ranking and prioritisation of drill targets.
- Drill testing planned for 2026, subject to results and permitting.
- Drilling is ongoing at Belleterre, with Phase 1 targeting 1,500-2,000m
- First Belleterre assays expected late-May 2026
- Horden Lake MRE update Q2 26
- Horden Lake metallurgical testwork Q3 26
- Horden Lake scoping study Q3 26
Belleterre Overviewp.4
The Belleterre project area is located 85 km south of Rouyn-Noranda; the heart of the Abitibi greenstone belt, and one of the worlds most productive geological areas estimated to have produced 7 Mt of copper and 200 Moz of gold since 1901.p.4
The project area is extremely well serviced by infrastructure, being nearby a major mining services center, hosting an extensive electrical grid, road and rail network, and skilled labour force.p.4
There have been over 100 mining operations in the region with multiple mills in operation. Given the high-grade nature of the exploration targets, there is the potential to delineate deposits with potential for direct shipping to existing milling facilities. The Company notes Agnico Eagle's nearby Canadian Malartic Mine has a well publicised 14 Mt/annum of spare milling capacity forecast from 2028.p.4
The exceptionally low hydropower costs (estimated 5.5c/kWh) and close proximity to Glencore's 'Horne' copper and 'Sudbury' nickel smelters, further underscore the structural cost advantages for new discoveries made in this region.p.4
Regional map of the Belleterre-Angliers Greenstone Belt (BAGB) showing the Midrim, Lorraine and La Force project areas highlighted in green relative to Rouyn-Noranda, Val-d'Or, Amos, Kirkland Lake and Sudbury, with infrastructure including highways, railway, power transmission lines and the Horne smelter marked.
About Pivotal Metalsp.6
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects. Pivotal holds the 100% of the flagship Horden Lake property, which contains a JORC compliant Indicated and Inferred Mineral Resource Estimate of 37mt @ 1.1% CuEq, (refer Table 4). 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
Regional overview map of Quebec and Ontario showing the location of the Horden Lake Project and the BAGB Projects relative to other gold, lithium and base metal deposits, mines and smelters including Glencore Nickel Smelter, Detour Lake, Kirkland Lake and Val-d'Or.
Additional Exploration Datap.6
Copper (Cu ppm) soil geochemistry contour map over satellite imagery of the LaForce claim area, showing colour-graded anomalies from 20 to over 200 ppm, drill collar and sample locations, and a callout box summarising the LaForce Occurrence historical intercepts.
Nickel (Ni ppm) soil geochemistry contour map over satellite imagery of the LaForce claim area, showing colour-graded anomalies from 20 to 300 ppm, drill collar and sample locations, and a callout box summarising the LaForce Occurrence historical intercepts.
Chromium (Cr ppm) soil geochemistry contour map over satellite imagery of the LaForce claim area, showing colour-graded anomalies from 20 to over 200 ppm, drill collar and sample locations, and a callout box summarising the LaForce Occurrence historical intercepts.
Table 1: Significant intercepts - Low cut 0.3% Cu+Ni%, min 3m width or dilution. High cut >1% Cu+Ni%
p.8| Hole-ID | From_m | To_m | Len | Cu (%) | Ni (%) | Ag (ppm) | Au (g/t) | Pd (ppm) |
|---|---|---|---|---|---|---|---|---|
| 58-G-01 | 1.5 | 5.6 | 4.1 | 0.30 | 1.67 | 3.8 | ||
| 58-G-01 | 20.1 | 25.9 | 5.8 | 0.60 | 1.39 | 10.5 | ||
| 58-G-02 | 1.2 | 9.1 | 7.9 | 0.24 | 0.42 | 2.0 | ||
| 58-G-04 | 1.8 | 17.8 | 16.0 | 0.51 | 1.04 | 1.1 | ||
| Including | 5.2 | 14.0 | 8.8 | 0.77 | 1.68 | 0.8 | ||
| 58-G-06 | 1.8 | 12.5 | 10.7 | 0.16 | 0.37 | 0.1 | ||
| 58-G-08 | 34.3 | 36.6 | 2.3 | 0.26 | 0.48 | 0.1 | ||
| 58-G-08 | 14.6 | 22.1 | 7.5 | 0.13 | 0.49 | 1.4 | ||
| 58-G-09 | 29.7 | 52.7 | 23.0 | 0.30 | 0.59 | 0.4 | ||
| Including | 36.6 | 42.7 | 6.1 | 0.55 | 0.94 | 0.1 | ||
| 58-G-09 | 65.1 | 76.2 | 11.1 | 0.60 | 1.32 | 2.5 | ||
| Including | 65.5 | 72.4 | 6.9 | 0.69 | 1.91 | 4.0 | ||
| 58-G-10 | 39.2 | 45.4 | 6.3 | 0.50 | 1 | 0.1 | ||
| Including | 39.17 | 41.15 | 1.98 | 1.23 | 1.40 | 0.1 | ||
| 58-G-11 | 12.2 | 17.4 | 5.2 | 0.22 | 2.95 | 6.1 | ||
| 58-G-12 | 3.1 | 9.1 | 6.1 | 0.58 | 1.52 | 6.9 | ||
| 58-G-15 | 28.4 | 53.3 | 25.0 | 0.22 | 0.42 | 4.9 | 0.04 | |
| 58-G-15 | 61.6 | 73.2 | 11.6 | 0.29 | 0.65 | 10.5 | ||
| 58-G-16 | 32.6 | 44.2 | 11.6 | 0.49 | 1.03 | 2.3 | ||
| 58-G-16 | 57.9 | 67.1 | 9.2 | 0.59 | 1.19 | 0.1 | ||
| Including | 65.5 | 67.8 | 2.3 | 0.92 | 1.2 | 0.1 | ||
| 59-G-19 | 86.9 | 93.0 | 6.1 | 0.58 | 1.23 | 0.1 | ||
| 59-G-20 | 56.1 | 71.9 | 15.9 | 0.68 | 1.24 | 0.1 | ||
| 59-G-24 | 68.6 | 71.6 | 3.1 | 0.26 | 0.91 | 0.1 | ||
| 59-G-25 | 32.3 | 74.7 | 42.4 | 0.21 | 0.62 | 0.4 | ||
| Including | 42.7 | 48.8 | 6.1 | 0.52 | 1.49 | 0.1 | ||
| 59-G-26 | 57.6 | 61.6 | 4.0 | 0.26 | 0.3 | 0.1 | ||
| 59-G-27 | 52.4 | 54.9 | 2.4 | 0.36 | 0.88 | 0.1 | ||
| 61-LW-30 | 65.5 | 87.9 | 22.3 | 0.27 | 0.51 | |||
| Including | 75.6 | 81.7 | 6.1 | 0.33 | 0.77 | |||
| 61-LW-32 | 60.3 | 93.1 | 32.8 | 0.32 | 0.58 | |||
| Including | 63.6 | 76.8 | 13.3 | 0.41 | 0.64 | |||
| 61-LW-32 | 83.1 | 93.1 | 10.0 | 0.34 | 0.66 | |||
| 61-LW-35 | 45.7 | 50.0 | 4.3 | 0.07 | 0.6 | |||
| 61-LW-36 | 43.3 | 56.9 | 13.6 | 0.22 | 0.39 | |||
| 67-DB-10 | 132.2 | 132.3 | 0.1 | 3.00 | 3.00 | |||
| 06-LF-01 | 43.8 | 70.9 | 27.1 | 0.32 | 0.62 | 0.9 | 0.02 | 0.02 |
| Including | 45.0 | 50.0 | 5.0 | 0.51 | 1.01 | 1.2 | 0.02 | 0.04 |
| And | 65.0 | 68.0 | 3.0 | 0.82 | 1.14 | 1.9 | 0.02 | 0.04 |
| 06-LF-02 | 41.8 | 56.5 | 14.8 | 0.38 | 0.82 | 1.1 | 0.02 | 0.03 |
| 06-LF-02 | 65.2 | 70.0 | 4.8 | 0.38 | 0.35 | 0.9 | 0.02 | 0.02 |
| 06-LF-02 | 85.0 | 87.2 | 2.2 | 0.50 | 1.22 | 1.6 | 0.02 | 0.04 |
| 06-LF-04 | 1.3 | 104.0 | 102.7 | 0.39 | 0.76 | 1.0 | 0.02 | 0.03 |
| Including | 8.7 | 18.2 | 9.5 | 1.00 | 1.59 | 1.7 | 0.02 | 0.05 |
| And | 29.0 | 31.7 | 2.7 | 0.62 | 1.76 | 2.1 | 0.02 | 0.11 |
| And | 33.9 | 42.7 | 8.8 | 0.60 | 1.88 | 1.5 | 0.02 | 0.05 |
| And | 51.0 | 104.0 | 53.0 | 0.31 | 0.52 | 1.1 | 0.02 | 0.02 |
| 07-LF-07 | 39.0 | 78.0 | 39.0 | 0.47 | 0.84 | 3.0 | 0.01 | 0.03 |
| 07-LF-08 | 38.5 | 45.7 | 7.3 | 0.45 | 0.74 | 2.5 | 0.01 | 0.01 |
| 07-LF-08 | 55.1 | 63.2 | 8.2 | 0.25 | 0.45 | 2.1 | 0.01 | 0.01 |
| 07-LF-08 | 76.3 | 79.7 | 3.4 | 0.11 | 1.01 | 2.7 | 0.01 | 0.01 |
| 07-LF-10 | 52.9 | 74.2 | 21.3 | 0.66 | 0.9 | 3.2 | 0.01 | 0.01 |
| 07-LF-22 | 17.0 | 22.0 | 5.0 | 0.19 | 0.35 | 2.0 | 0.02 | 0.02 |
| 07-LF-22 | 65.5 | 79.0 | 13.5 | 0.43 | 0.68 | 3.5 | 0.1 | 0.05 |
| 07-LF-23 | 57.9 | 91.7 | 33.8 | 0.23 | 0.32 | 3.3 | 0.01 | 0.03 |
| Including | 65.5 | 76.3 | 10.8 | 0.31 | 0.48 | 3.7 | 0.01 | 0.04 |
| 07-LF-25 | 40.6 | 76.8 | 36.2 | 0.20 | 0.26 | 2.2 | 0.01 | 0.02 |
| Including | 57.0 | 70.0 | 13.0 | 0.34 | 0.4 | 2.7 | 0.01 | 0.03 |
Table 2: Individual assays >2% Cu or Ni
p.9| Hole-ID | Samp-ID | From_m | To_m | Len | Cu (%) | Ni (%) | Ag (ppm) | Au (g/t) | Pd (ppm) |
|---|---|---|---|---|---|---|---|---|---|
| 58-G-01 | 59201 | 1.5 | 3.4 | 1.9 | 0.60 | 2.50 | 8.2 | 0.001 | |
| 58-G-01 | 59204 | 21.3 | 22.3 | 1.0 | 0.58 | 2.12 | 0.1 | 0.001 | |
| 58-G-01 | 59206 | 24.4 | 25.9 | 1.5 | 0.68 | 2.30 | 9.9 | 0.001 | |
| 58-G-04 | 59226 | 10.7 | 12.2 | 1.5 | 0.82 | 2.14 | 0.1 | 0.001 | |
| 58-G-09 | 59309 | 65.5 | 66.5 | 0.9 | 0.69 | 2.52 | 13.4 | 0.001 | |
| 58-G-09 | 59311 | 67.1 | 68.3 | 1.2 | 0.46 | 2.08 | 0.1 | 0.001 | |
| 58-G-09 | 59314 | 70.1 | 71.3 | 1.2 | 0.80 | 2.86 | 0.1 | 0.001 | |
| 58-G-11 | 59333 | 12.2 | 13.7 | 1.5 | 0.22 | 3.33 | 0.1 | 0.001 | |
| 58-G-11 | 59334 | 13.7 | 15.2 | 1.5 | 0.10 | 3.36 | 7.9 | 0.001 | |
| 58-G-11 | 59335 | 15.2 | 16.8 | 1.5 | 0.30 | 2.62 | 7.5 | 0.001 | |
| 58-G-12 | 59339 | 6.1 | 7.6 | 1.5 | 0.90 | 3.04 | 12.3 | 0.001 | |
| 59-G-19 | 59402 | 89.9 | 91.4 | 1.5 | 0.56 | 2.19 | 0.1 | 0.001 | |
| 59-G-20 | 59412 | 62.5 | 64.0 | 1.5 | 0.94 | 2.19 | 0.1 | 0.001 | |
| 59-G-25 | 59430 | 44.2 | 45.7 | 1.5 | 1.06 | 2.22 | 0.1 | 0.001 | |
| 67-DB-10 | EST16 | 132.2 | 132.3 | 0.1 | 3.00 | 3.00 | |||
| 06-LF-04 | C073327 | 14.5 | 15.2 | 0.7 | 1.68 | 2.40 | 2.5 | 0.015 | 0.120 |
| 06-LF-04 | C073328 | 15.2 | 16.2 | 1.0 | 0.67 | 4.48 | 1.5 | 0.015 | 0.100 |
| 06-LF-04 | C073347 | 33.9 | 35.0 | 1.1 | 1.17 | 3.10 | 3.5 | 0.015 | 0.110 |
| 06-LF-04 | C073355 | 41.6 | 42.7 | 1.1 | 0.63 | 3.39 | 1.3 | 0.015 | 0.070 |
| 07-LF-07 | 54219 | 52.0 | 53.0 | 1.0 | 0.64 | 2.16 | 4.3 | 0.017 | 0.127 |
| 07-LF-07 | 54224 | 57.8 | 58.3 | 0.4 | 0.33 | 2.27 | 8.5 | 0.008 | 0.089 |
| 07-LF-07 | 54233 | 66.5 | 67.5 | 1.0 | 1.33 | 2.40 | 3.6 | 0.02 | 0.059 |
| 07-LF-07 | 54234 | 67.5 | 68.4 | 0.9 | 0.93 | 2.10 | 3.4 | 0.017 | 0.028 |
Mineral Resourcesp.11
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 4.p.11
Table 4: Horden Lake 2025 Mineral Resource Estimate Statement
p.11| 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 |
| 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.12
Horden Lake metal equivalents have been calculated using the following recovery and metals prices assumptions (Table 5). The metallurgical assumptions are informed by recent metallurgical testwork. Refer to ASX announcement 12 March 2025 "Testwork Confirms Excellent Metallurgy at Horden Lake" for more detailed information.p.12
Table 5: Metal equivalent parameters
p.12| 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 * 0.0001. 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.p.12
Mineral tenement and land tenure statusp.16
Belleterre claims summary
p.16| Project | Claims | Ha |
|---|---|---|
| Midrim | 116 | 6306 |
| Alotta-Delphi | 15 | 679 |
| Midrim | 90 | 5079 |
| Lac Katutu | 5 | 273 |
| Zullo | 3 | 175 |
| Laverlochere | 3 | 100 |
| Lorraine | 160 | 8786 |
| LaForce | 24 | 1396 |
The Belleterre Project is located approximately 100 km south of Rouyn-Noranda, in the Laverlochere area of Western Quebec, within the Belleterre-Angliers Greenstone Belt. The package totals 295 claims, all 100% owned by Pivotal Metals. All claims are in good standing, and many have excessive work credits. Various claims are subject to one or more net smelter return royalties, up to 2.5%. Any royalties on the projects are payable only upon commercial production.p.16
Forward-Looking Statements
Completion of ongoing prospecting and target validation activities.
Commencement of detailed surface EM surveys across priority target areas.
Interpretation and modelling of EM conductors.
Ranking and prioritisation of drill targets.
Drill testing planned for 2026, subject to results and permitting.
First Belleterre assays expected late-May 2026.
Horden Lake MRE update Q2 26.
Horden Lake metallurgical testwork Q3 26.
Horden Lake scoping study Q3 26.