Pivotal Metals' Phase 2 metallurgical testwork improved copper recoveries at Horden Lake to over 90% into a clean concentrate, with meaningful nickel and precious metal by-product credits, feeding into the in-progress scoping study.
- Phase 2 metallurgical testwork expanded the Horden Lake metallurgical database to 17 samples across a wide range of feed grades and combinations.
- A second locked cycle test recovered 90.5% Cu grading 26% Cu, 293 g/t Ag, 2 g/t Au and 2.5 g/t Pd.
- At the 2026 MRE head grade, updated recoveries stand at 92% total copper recovery, 46% nickel recovery, 61% gold, 73% silver, 60% palladium, 29% platinum and 42% cobalt.
- Feedback from traders confirms payability of the metals suite generally above payable thresholds, with both concentrates remaining attractive due to absent penalty elements.
- The flowsheet remains unchanged following this phase of testwork.
- Results will directly inform the in-progress scoping study, due in September 2026.
Second LCT copper recovery
90.5% Cu grading 26% Cu, 293 g/t Ag, 2 g/t Au & 2.5 g/t Pdp.1
Copper total recovery at MRE head grade
92%p.1
Nickel recovery at MRE head grade
46%p.1
Gold total recovery
61%p.1
Silver total recovery
73%p.1
Palladium recovery
60%p.1
Platinum recovery
29%p.1
Cobalt total recovery
42%p.1
Metallurgical sample count
17 samplesp.1
Mineral Resource Estimate
52mt @ 1.05% CuEqp.2
Combined LCT recovery table - Cu
92%p.4
The testwork confirms and strengthens the copper recovery profile previously reported for Horden Lake using a simple flotation flowsheet, while also better quantifying by-product recoveries of nickel, gold, silver, palladium, platinum and cobalt. The company states this supports evaluation of alternative financing pathways such as metals streaming, referencing a comparable precious-metals stream transaction at another project, though it notes there is no assurance a similar financing would be achieved by Pivotal.
Higher Copper Recoveries For Horden Lakep.1
Variability and optimisation program improves copper recoveries to >90%, with strong nickel and precious metal credits from simple flowsheet.p.1
- Phase 2 metallurgical testwork strengthens flowsheet, recovery assumptions, and builds on the strong Phase 1 results reported in 2025.
- The program expands the Horden Lake metallurgical database to 17 samples across a wide range of feed grades/combinations.
- Copper metallurgy and selectivity have improved further, utilising the same simple flotation flowsheet.
- Second locked cycle test recovered 90.5% Cu grading 26% Cu, 293 g/t Ag, 2 g/t Au & 2.5 g/t Pd.
- At the 2026 MRE head grade, updated recoveries now stand at: Copper: 92% total recovery: 88% to a clean, high-grade 24% copper conc + 4% payable in Ni conc; Nickel: 46% recovery to a high-grade 11% Ni nickel concentrate; Gold: 61% total recovery; Silver: 73% total recovery; Palladium: 60% recovery; Platinum: 29% recovery; Cobalt: 42% total recovery.
- Feedback from traders confirms payability of metals suite generally all above payable thresholds, and both concentrates remain highly attractive due to absent penalty elements.
- Strong copper and precious by-product performance underscores both the strategic value and financing potential of the Horden Lake Copper Project.
- Results will directly inform the in-progress scoping study, due in September 2026.
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce the results of Phase 2 metallurgical testwork on its 100% owned Horden Lake Copper Project in Quebec, Canada (the "Project"). The recoveries reported follow the Company's significantly expanded 52mt @ 1.05% CuEq Mineral Resource Estimate, and will directly inform the in-progress scoping study, expected in September 2026.p.2
The program has extended the Horden Lake metallurgical database to 17 samples, incorporating end-member precious metal samples, medium and low-sulphur samples and a copper-rich sample, together with a second locked cycle test on a composite representative of expected early copper feed grades to the scoping study. This work has been used to develop updated recovery relationships.p.2
Copper metallurgy remains excellent, and has improved with completion of the most recent locked cycle test. Nickel reporting to the copper concentrate continues to be reliably rejected, with little impact on copper recovery or concentrate quality. Nickel metallurgy remains more variable, reflecting the distribution of nickel between nickel-rich pentlandite and uneconomic pyrrhotite; sulphur grade is used as the primary indicator of recoverable nickel, with lower-sulphur material yielding materially higher nickel recovery as demonstrated in Phase 1.p.2
Summaryp.2
The total number of Horden Lake samples now numbers 17. The most recent samples studied have included end-member precious metal samples, medium and low-sulphur samples and a copper rich sample, all aimed at extending the existing understanding of the metallurgy across a breadth of assay ranges that exist in the project.p.2
The recent work culminated in definitive batch tests and an additional locked cycle test, and this data has been used in conjunction with the earlier test data to better describe the likely metallurgical response for the different metals as a function of head grades. Algorithms have been developed to estimate recoveries, with estimates based on average grades from the most recent in-pit mineral resource estimate shown in Table 1.p.2
Table 1: Estimated recoveries at Horden Lake in-pit Mineral Resource Estimate average head grades
p.2| Metal | MRE Head Grade | Model Recovery | Comment |
|---|---|---|---|
| Copper (Cu) | 0.56% | 92% | ~88% to Cu concentrate (96.5% payable); ~4% to Ni concentrate (60% payable). 24% Cu concentrate grade |
| Nickel (Ni) | 0.17% | 46% | Ni concentrate only. A function of S%. 10.7% Ni concentrate grade. Ni in Cu con excluded |
| Gold (Au) | 0.15 g/t | 61% | 93% to Cu concentrate |
| Silver (Ag) | 10.5 g/t | 73% | 80% to Cu concentrate |
| Palladium (Pd) | 0.14 g/t | 60% | 70% to Cu concentrate |
| Platinum (Pt) | 0.04 g/t | 29% | 60% to Cu concentrate |
| Cobalt (Co) | 134 ppm | 42% | Ni concentrate only |
| Sulphur (S) | 3.6% |
Copper metallurgy remains excellent, and has improved with the completion of the most recent locked cycle test, which recovered 90.5% Cu into a copper concentrate grading 25.67% Cu. Nickel in the copper concentrate has been shown to be reliably rejected with little impact on copper metallurgy. Good recoveries of gold (57%), silver (57%) and palladium (48%) were also achieved, at payable levels.p.2
Nickel metallurgy understanding has improved, and remains the focus of ongoing optimisation efforts. Variable quantities of nickel are hosted in pyrrhotite, with an inverse relationship existing between potentially recoverable nickel (in pentlandite) and sulphur grade in the sample. Accordingly sulphur grade is used as the primary parameter to predict recoverable nickel.p.2
The flowsheet (Figure 1) remains unchanged as a result of this phase of work.p.2
Process flow diagram showing mill feed passing through primary grind, pre-aeration, and copper/nickel rougher flotation producing rougher tails; concentrate then passes through concentrate regrind and pre-aeration to copper cleaners 1-3 (producing cleaner tails and copper concentrate) and nickel cleaners 1-3 (producing nickel concentrate).
Batch flotation test results form a good basis for understanding how metal recoveries are driven by head grades. To estimate final product recoveries, average cleaner stage recoveries from the locked cycle tests were used to convert recoveries to the copper/nickel rougher concentrates to final products. Small amounts of each metal in the rougher concentrate (from one to seven percent) are lost to the cleaner tails.p.3
This allows for recoveries to be estimated for any feed grade of the seven payable elements so substantially improving the quality of mine planning and project financial modelling. Examples of the data and relationships used to derive recoveries of metals to the copper/nickel rougher concentrate, and then the use of locked cycle data to estimate their distribution to final concentrates is shown below.p.3
Five scatter plots showing recovery percentage versus feed grade for copper (% Cu), nickel (% S), gold (g/t Au), silver (g/t Ag) and palladium (g/t Pd), each with a trend line, feeding into a flow diagram showing copper/nickel rougher concentrate splitting into cleaner stage recovery tables for copper concentrate and nickel concentrate by metal (Cu, Ni, Pt, Pd, Au, Ag, Co) for 2025 LCT and 2026 LCT, terminating in Copper Concentrate and Nickel Concentrate boxes.
Strategic Implicationsp.4
This improved and expanded understanding of Horden Lake's metallurgical response is a key step in advancing the Project from a technically robust resource toward a development-ready asset. Confirmed high copper recovery, together with a clearer, grade-based framework for forecasting nickel, cobalt and precious metal recoveries, provides a stronger basis for the Company's ongoing engineering and economic study work.p.4
Importantly, the growing understanding of by-product metal recoveries continues to support evaluation of future alternative financing pathways such as metals streaming, which may reduce reliance on equity and improve capital efficiency.p.4
Pivotal refers to the US$300 million gold and silver stream agreed 1 April 2026 between (ASX:KGL) KGL Resources and (TSX:WMP) Wheaton Precious Metals over the Jervois copper project in the Northern Territory - comprising US$275 million payable upfront across construction plus a US$25 million cost-overrun facility, and applying only to precious metal by-products so that copper production remains unencumbered. Financings like this illustrate the scale of non-dilutive capital such structures can attract to a copper/polymetallic development project. While Horden Lake is at an earlier stage, and there can be no assurance any similar financing would be achieved by Pivotal, the recovery of gold, silver, palladium and platinum into saleable concentrates demonstrated by this program is a necessary precondition for any comparable arrangement, and the Company will continue to assess these pathways.p.4
Combined with Québec's low-risk jurisdiction, infrastructure access and government support, these results continue to de-risk the development pathway and reinforce Horden Lake's positioning as a scalable, copper-dominant project in a market where advanced, financeable copper assets remain scarce.p.4
Additional Informationp.4
Table 2: Locked cycle test LCT results
p.4| Cu (%) | Ni (%) | Au (g/t) | Ag (g/t) | Pd (g/t) | Pt (g/t) | Co (ppm) | S% | ||
|---|---|---|---|---|---|---|---|---|---|
| Calculated Head Grade | 0.61 | 0.26 | 0.07 | 11 | 0.11 | 0.05 | 163 | 6.52 | |
| Copper Concentrate | Recovery % | 90.5 | 5.9 | 57.3 | 56.8 | 47.6 | 22.9 | 3.4 | 9.6 |
| Copper Concentrate | Grade | 25.7 | 0.70 | 1.99 | 293 | 2.48 | 0.51 | 255 | 29.2 |
| Nickel Concentrate | Recovery % | 1.6 | 36.2 | 3.8 | 12.2 | 15.3 | 13.8 | 27.2 | 4.0 |
| Nickel Concentrate | Grade | 1.10 | 10.1 | 0.31 | 148 | 1.88 | 0.72 | 4857 | 28.3 |
| Combined LCT | Recovery % | 92% | 42% | 61% | 69% | 63% | 37% | 31% | 14% |
Note that sulphur % is a key driver of nickel recovery. The mineral resource sulphur grade has been estimated at 3.6% vs 6.5% tested. Batch work indicates significantly better kinetics for lower S% samples, which reflect higher modelled recovery estimates.p.4
Table 3: Sample location information
p.4| Sample | Hole-ID | From_m | To_m | EASTING | NORTHING | Z | AZIMUTH | DIP |
|---|---|---|---|---|---|---|---|---|
| A | HN-24-105 | 150.0 | 150.7 | 303495.7 | 5646987.2 | 256.9 | 124.0 | -70.4 |
| A | HN-24-108 | 182.1 | 183.1 | 302802.3 | 5645839.3 | 256.0 | 153.8 | -49.4 |
| A | HN-24-115 | 123.6 | 126.0 | 303654.5 | 5647219.2 | 260.6 | 126.1 | -58.0 |
| A | HN-24-117 | 7.0 | 9.0 | 303704.2 | 5647108.3 | 258.8 | 125.0 | -53.5 |
| A | HN-24-122 | 184.9 | 185.4 | 303781.5 | 5647552.9 | 269.3 | 126.8 | -52.0 |
| A | HN-24-123 | 63.7 | 64.4 | 303742.1 | 5647246.3 | 261.6 | 125.1 | -62.4 |
| A | HN-24-93 | 77.0 | 83.0 | 303109.1 | 5646296.7 | 256.4 | 125.9 | -46.2 |
| B | HN-24-102 | 186.7 | 188.4 | 302905.2 | 5646171.5 | 258.0 | 126.2 | -51.0 |
| B | HN-24-106 | 48.0 | 50.6 | 302918.1 | 5645901.2 | 259.3 | 125.2 | -52.0 |
| B | HN-24-119 | 102.7 | 105.0 | 303795.9 | 5647415.5 | 263.6 | 125.7 | -52.0 |
| B | HN-24-123 | 105.9 | 107.0 | 303742.1 | 5647246.3 | 261.6 | 125.1 | -62.4 |
| B | HN-24-123 | 113.0 | 114.6 | 303742.1 | 5647246.3 | 261.6 | 125.1 | -62.4 |
| B | HN-24-92 | 103.5 | 105.0 | 303259.2 | 5646449.3 | 255.7 | 146.4 | -44.5 |
| B | HN-24-93 | 102.0 | 103.8 | 303109.1 | 5646296.7 | 256.4 | 125.9 | -46.2 |
| B | HN-24-94 | 171.7 | 178.7 | 303016.9 | 5646335.2 | 256.5 | 125.9 | -52.3 |
| B | HN-24-98 | 293.0 | 294.7 | 302950.6 | 5646448.7 | 254.5 | 127.0 | -57.5 |
| B | HN-25-127 | 182.8 | 184.6 | 302636.0 | 5645593.0 | 255.2 | 122.9 | -77.7 |
| B | HN-25-130 | 58.1 | 60.6 | 302764.0 | 5645604.0 | 255.9 | 125.1 | -69.4 |
| C | HN-24-115 | 115.2 | 119.0 | 303654.5 | 5647219.2 | 260.6 | 126.1 | -58.0 |
| C | HN-24-116 | 102.0 | 105.0 | 303728.3 | 5647324.1 | 262.7 | 126.0 | -56.3 |
| C | HN-24-119 | 79.2 | 85.0 | 303795.9 | 5647415.5 | 263.6 | 125.7 | -52.0 |
| D | HN-24-123 | 64.4 | 66.0 | 303742.1 | 5647246.3 | 261.6 | 125.1 | -62.4 |
| D | HN-24-97 | 282.2 | 286.7 | 302989.9 | 5646528.9 | 254.3 | 113.6 | -52.5 |
| D | HN-24-98 | 288.2 | 290.1 | 302950.6 | 5646448.7 | 254.5 | 127.0 | -57.5 |
| D | HN-25-125 | 137.6 | 139.8 | 302749.0 | 5645715.0 | 256.6 | 126.8 | -53.5 |
3D geological cross-section/wireframe model of the Horden Lake deposit showing green and teal mineralised zones and red drill hole traces marking the locations of 2026 metallurgical sampling.
Figure 2 results include stage 1 testing. Information and conclusion presented within this announcement, such as projected recoveries and data as shown in Figure 2 include results from stage 1 testing. Refer to ASX Announcement 12 March 2025 "Testwork Confirms Excellent Metallurgy at Horden Lake" for additional information.p.5
This announcement has been authorised by the Board of Directors of the Company.p.5
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects. Pivotal holds the recently acquired flagship Horden Lake property, which contains a JORC compliant MI&I Mineral Resource Estimate of 52 Mt @ 1.05% CuEq, comprising copper, nickel, gold, silver, palladium, platinum and cobalt. Pivotal intends to grow the mineral endowment of Horden Lake, in parallel with de-risking the Project from an engineering, environmental and economic perspective. Horden Lake is complemented by a battery metals exploration portfolio in Canada located within the prolific Belleterre-Angliers Greenstone Belt comprised of the Midrim, Laforce, Alotta and Lorraine high-grade nickel copper PGM sulphide projects in Quebec.p.6
Map of the Quebec/Ontario region showing PVT project locations including Horden Lake Project and BAGB Projects, alongside other gold mines/deposits, lithium mine/deposits, base metal mine/deposits, smelters and hydroelectric plants, with a 200 km scale bar.
Mineral Resourcesp.7
On 7 July 2026 the Company released an updated mineral resource estimate for the project "Major Copper Resource Growth at Horden Lake" The summary mineral resource estimate is shown in Table 4.p.7
Table 4: Horden Lake 2026 Mineral Resource Estimate Statement
p.7| 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 t |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In-pit | 45.5 | 1.07 | 0.56 | 0.17 | 0.15 | 0.14 | 0.04 | 10.5 | 134 | 485 | 257 | 79 | 219 | 209 | 65 | 15,336 | 6,121 |
| Out-of-pit | 6.9 | 0.93 | 0.51 | 0.18 | 0.08 | 0.14 | 0.03 | 8.5 | 130 | 64 | 35 | 12 | 18 | 31 | 7 | 1,872 | 898 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.14 | 0.14 | 0.04 | 10.2 | 134 | 549 | 292 | 91 | 237 | 240 | 72 | 17,208 | 7,019 |
| M&I | 24.3 | 1.17 | 0.67 | 0.18 | 0.15 | 0.15 | 0.04 | 9.2 | 143 | 283 | 163 | 45 | 117 | 114 | 31 | 7,175 | 3,478 |
| Inferred | 28.1 | 0.95 | 0.46 | 0.16 | 0.13 | 0.14 | 0.05 | 11.1 | 126 | 266 | 129 | 46 | 120 | 127 | 41 | 10,033 | 3,540 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.14 | 0.14 | 0.04 | 10.2 | 134 | 549 | 292 | 91 | 237 | 240 | 72 | 17,208 | 7,019 |
| In-Pit M&I | 24.2 | 1.17 | 0.67 | 0.18 | 0.15 | 0.15 | 0.04 | 9.2 | 143 | 282 | 163 | 44 | 120 | 116 | 35 | 7,166 | 3,473 |
| In-Pit Inferred | 21.3 | 0.95 | 0.44 | 0.16 | 0.15 | 0.14 | 0.05 | 12.0 | 125 | 203 | 94 | 35 | 105 | 95 | 32 | 232 | 8,173 |
| In-Pit Total | 45.5 | 1.07 | 0.56 | 0.17 | 0.15 | 0.14 | 0.04 | 10.5 | 134 | 485 | 257 | 79 | 219 | 209 | 65 | 15,336 | 6,121 |
Metal Equivalentsp.7
Metal Equivalents have been calculated using the following recovery and metals prices assumptions (Table 5). The metallurgical assumptions are informed by recent metallurgical testwork.p.7
Table 5: Metal equivalent parameters
p.7| Metal | Unit | Price | Recovery | Sales Cost | ME Factor |
|---|---|---|---|---|---|
| Copper | USD/t | 11,000 | 90% | 1,100 | 1.00 |
| Nickel | USD/t | 17,500 | 55% | 1,750 | 0.97 |
| Gold | USD/oz | 4,000 | 60% | 400 | 0.78 |
| Palladium | USD/oz | 1,500 | 55% | 150 | 0.27 |
| Platinum | USD/oz | 1,750 | 40% | 175 | 0.23 |
| Silver | USD/oz | 60 | 65% | 6 | 0.013 |
| Cobalt | USD/t | 45,000 | 40% | 4,500 | 0.0002 |
Copper equivalent is calculated based on the formula: CuEq% = Cu% + Ni% * 0.97 + Au ppm * 0.78 + Pd ppm * 0.27 + Pt ppm * 0.23 + Ag ppm * 0.0013 + Co ppm * 0.0002. 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.8
JORC Code, 2012 Edition - Table 1p.9
Section 1 Sampling Techniques and Datap.9
| JORC Code criteria and explanation | Commentary |
|---|---|
| Sampling techniques | No new drill intersection are reported here. Each compiled composite was stage crushed to 100% passing 6 mesh (3.35 mm) to minimize the generation of fines. Each composite was then homogenized by passing multiple times though a rotary splitter. Once homogeneous, a 250 g sub-sample was taken for head characterization, and the remainder was split into replicate 2.0 kg testwork charges. Chemical characterization of all composites and certain test products were conducted at BCR's in-house analytical lab. Gold, platinum and palladium were measured by fire assay with an ICP-OES finish. Silver, copper, nickel, iron, and cobalt were measured via four-acid digest with an ICP-OES finish. Nickel sulphide assays were measured via ammonium citrate leach with an ICP-OES finish. Total sulphur was measured directly on an ELTRA carbon-sulphur analyser using combustion IR methods. Some products were subjected to an ICP multi-element scan. |
| Drilling techniques | No new drill intersection are reported here. |
| Drill sample recovery | No new drill intersection are reported here. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Logging | No new drill intersection are reported here. |
| Sub-sampling techniques and sample preparation | Samples of half NQ core were picked by Pivotal geologists, under the guidance of Chris Martin to produce the requested composite samples to test the desired metallurgical characteristics. Core was bagged by interval and cross checked at the receiving laboratory. |
| Quality of assay data and laboratory tests | Blanks and standards were inserted at regular intervals for QAQC purposes. |
Sub-sampling composite mass by sample
p.10| Sample | Num Intervals | Sum of Len_m2 | Mass |
|---|---|---|---|
| A | 17 | 13.15 | 34.2 |
| B | 28 | 20.88 | 54.3 |
| C | 15 | 13.6 | 35.4 |
| D | 14 | 10.36 | 26.9 |
| Total | 74.00 | 57.99 | 150.8 |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Verification of sampling and assaying | Metallurgical reconciliations were completed for test work reporting purposes |
| Location of data points | Met sample intervals were selected based on core tray length markings which aligned to the samples assayed. |
| Data spacing and distribution | Met sample selection spacing was designed to build composites that grade / relative grade and include location variability across the deposit. |
| Orientation of data in relation to geological structure | NA |
| Sample security | Sample security was maintained using sealed bags and contracted delivery services. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Audits or reviews | The Blue Coast Laboratories program was overseen by Chris Martin, who physically attended several of the flotation tests. No additional audits were carried out. |
Section 2 Reporting of Exploration Resultsp.12
| JORC Code criteria and explanation | Commentary |
|---|---|
| Mineral tenement and land tenure status | Project is located approximately 131 km north-northwest of the town of Matagami in the NTS sheet 32K13, James Bay District (Eeyou Istchee James Bay Regional Government), Quebec. It is connected to the Route 109 (Billy Diamond James Bay Highway) via a winter road. The approximate location of the Horden Lake Deposit is UTM 303367mE, 5646592mN, Elevation 259.5m ASL map UTM datum NAD83 Zone 18 North, equivalent to 50.9374°N latitude and 77.7988°W longitude. The Main claim block hosting the Horden Lake deposit consists of 12 claim cells totalling 488.81 hectares in area. A further two separate claim blocks comprise 6 claims cells totaling 326 hectares in area and 4 claim cells totaling 217.3 hectares in area. The combined area of the 3 claim blocks is 1032.11 hectares. The Project is 100% owned by 9426-9198 Quebec Inc, a wholly owned Quebec registered subsidiary of Pivotal Metals Ltd. The 18 mining claims are in good standing, and have a significant amount of "excess work" expenditure credits. They are subject to two (2) separate Net Smelter Return Royalties ("NSR"), each payable at a rate of 1.0% (2% total). The Project is designated Category III native title. Permits are required to conduct exploration programs that will disturb the surface, filed with a minimum of 4 weeks; forest management permits from MRNF typically take 4 to 8 weeks. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Exploration done by other parties | Exploration to date has been completed by other parties including: 1963-1969 INCO, 2008 Southampton Ventures, 2012 El Condor Minerals (Kelso et al., 2009; El Condor, 2012), 2013 Canadian Royalties. There was very limited metallurgical testwork completed prior to Pivotal's involvement with the project. All metallurgical testwork since acquisition has been overseen by the Competent Person. |
| Geology | Regionally situated within the Frotet-Evans Greenstone Belt in the Opatica Subprovince of dominantly metavolcanic and metasedimentary rocks with felsic, mafic, and ultramafic intrusions. Magmatic Cu-Ni-PGE sulphide mineralisation primarily in the form of pyrrhotite and chalcopyrite, hosted along the Contact Zone between gabbroic mafic intrusive and sedimentary wall rock. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Drill hole Information | No new exploration results are reported here. Refer Table 3 & Figure 3 locations of holes where samples were selected from. |
| Data aggregation methods | No new drilling results are reported here. No top cutting has been used. |
Metal equivalent parameters (JORC Table 1)
p.14| Metal | Unit | Price | Recovery | Sales Cost | ME Factor |
|---|---|---|---|---|---|
| Copper | USD/t | 11,000 | 90% | 1,100 | 1.00 |
| Nickel | USD/t | 17,500 | 55% | 1,750 | 0.97 |
| Gold | USD/oz | 4,000 | 60% | 400 | 0.78 |
| Silver | USD/oz | 60 | 65% | 6 | 0.013 |
| Palladium | USD/oz | 1,500 | 55% | 150 | 0.27 |
| Platinum | USD/oz | 1,750 | 40% | 175 | 0.23 |
| Cobalt | USD/t | 45,000 | 40% | 4,500 | 0.0002 |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Relationship between mineralisation widths and intercept lengths | No new drilling results are reported here. |
| Diagrams | Maps included in the body of this release as deemed appropriate by the competent person. |
| Balanced reporting | Reported results and conclusions are considered balanced based on detail overseen by the Competent Person. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Other substantive exploration data | The metallurgical work reported herein was completed by Blue Coast Research, an established mineral and metallurgical testing laboratory specialising in mineralogical analysis, flotation and comminution testwork at their testing facilities in Parksville, BC, Canada. The program was independently supervised by the Competent Person, Chris Martin. Previously assayed half core intersections were selected for metallurgical testing composites. The metallurgical characterisation test work consisted of sample preparation, head grade assay confirmation, composite preparation, comminution testing, rougher batch flotation iterations, cleaner batch flotation iterations, and locked cycle flotation tests (LCT). |
| Further work | Additional metallurgical optimisation work to complement variability relationships and optimise recovery and grade. |
Forward-Looking Statements
Results will directly inform the in-progress scoping study, due in September 2026.
Additional metallurgical optimisation work planned to complement variability relationships and optimise recovery and grade.
Company will continue to assess alternative financing pathways such as metals streaming.