ASX : PVT
Share price, comparables, financial reports, and regulatory disclosures for Pivotal Metals shareholders.
Horden Lake Scoping Study · September 2026
Base-case forecasts from the maiden Scoping Study for the 100%-owned Horden Lake copper project.
A$920M
Post-tax NPV₇
Ungeared, 7% real discount rate
49%
Post-tax IRR
Ungeared, project level
1.3 yrs
Post-tax capital payback
From first production
29.1 kt
CuEq payable production a year
Years 1–8 average (19.1 kt Cu a year)
Base-case Scoping Study forecasts. Source: ASX announcement 29 September 2026, “Horden Lake Economics Confirm Strong Copper Development Case”.
| Base case | Study spot case | |
|---|---|---|
| Copper (US$/lb) | 5.50 | 6.78 |
| Nickel (US$/lb) | 7.25 | 7.40 |
| Gold (US$/oz) | 3,775 | 4,365 |
| Silver (US$/oz) | 58 | 67 |
| Palladium (US$/oz) | 1,255 | 1,300 |
| Platinum (US$/oz) | 1,600 | 1,782 |
| Cobalt (US$/lb) | 20 | 20 |
| Post-tax NPV₇ / IRR | A$920M / 49% | A$1,343M / 63% |
| Pre-tax NPV₇ / IRR | A$1,333M / 56% | A$1,961M / 75% |
| Post-tax payback (from first production) | 1.3 years | 1.0 years |
FX: USD/CAD 0.72, CAD/AUD 0.91. The “spot” case uses the commodity prices set out in the 29 September 2026 announcement, not live market prices. Full assumptions, cost estimates and sensitivities are in the announcement.
Key assumptions
Cautionary statement
Includes inferred resources. There is a lower level of geological confidence associated with Inferred Mineral Resources than with Indicated or Measured Mineral Resources. There is no certainty that further exploration work will result in the conversion of Inferred Mineral Resources to Indicated or Measured Mineral Resources, or that the Production Target itself, or the forecast financial information derived from it, will be realised.
Peer Comparison
Resources, pre-development production and EV per contained CuEq against a global junior copper developer peer set, TSX- and ASX-listed — switch between them with the tabs.
Share Information
Live ASX: PVT pricing, a 12-month price and volume history, and securities on issue.
Disclosures
Pivotal Metals Limited advised that its 2026 Annual General Meeting will be held on 24 November 2026, with the closing date for director nominations set at 5:00pm AWST on 13 October 2026.
Download PDFPivotal Metals will host a live investor webinar on 6 October 2026 in which Managing Director Ivan Fairhall will present an overview of the recently announced Scoping Study for the company's 100% owned Horden Lake copper project.
Download PDFPivotal Metals released an investor presentation summarising the results of its Scoping Study for the 100%-owned Horden Lake copper project in Quebec, Canada, reporting a post-tax NPV7 of ~A$920M, ~49% post-tax IRR and a 1.3 year payback, alongside an update on exploration progress at its Belleterre projects. The Scoping Study is a preliminary, order-of-magnitude assessment (AACE Class 5, -30/+50% accuracy) that includes Inferred Mineral Resources and is not sufficient to support Ore Reserve estimation.
Download PDFPivotal Metals released a maiden Scoping Study (AACE Class 5, -30%/+50% accuracy) for its 100%-owned Horden Lake Cu-Ni-Au-Ag project in Québec, Canada, outlining a base-case post-tax NPV7 of A$920 million and 49% IRR (A$1,343 million/63% at spot pricing), with capital payback of 1.3 years from first ore and pre-production capital of A$411 million. The study is based on the July 2026 Mineral Resource Estimate of 52 Mt at 1.05% CuEq and envisages an 11-year open-pit, truck-and-shovel operation producing copper and nickel concentrates, with the company noting more than A$400 million in additional funding will be required to advance development and cautioning that the results are preliminary and not sufficient to support Ore Reserve estimation.
Download PDFPivotal Metals completed drill hole 26-PIV-08 at the Shanty Lake Cu-Ni target within its 100%-owned Belleterre Project in Québec, which intersected sulphide mineralisation but returned no significant assay results. A subsequent downhole electromagnetic survey identified a 350x140m, 200-750 Siemens conductive plate interpreted to lie above the drill hole trajectory, leaving the refined target untested. Drilling of 988m in five holes at Lorraine Mine East is complete with assays pending.
Download PDFPivotal Metals Limited has lodged its Appendix 4G, confirming that its Corporate Governance Statement for the year ended 30 June 2026 is published on its website and has been approved by the board. The annexure sets out, recommendation by recommendation, that the company states it has followed all ASX Corporate Governance Council recommendations in full, with disclosures located on its website, except for one recommendation on internal audit function disclosure which is left unticked.
Download PDFPivotal Metals Limited has published its Corporate Governance Statement as at its admission to the ASX official list, disclosing the extent to which it follows the ASX Corporate Governance Council's 4th Edition Recommendations. The Company reports full or partial compliance with almost all recommendations, with the sole partial compliance relating to gender diversity objectives under Recommendation 1.5.
Download PDFPivotal Metals Limited's FY2026 Annual Report details continued advancement of its Québec copper-nickel-gold-PGM projects, including a post-year-end enlarged Mineral Resource at Horden Lake of 52.4Mt at 1.05% CuEq and encouraging drilling results at the Belleterre project's Alotta target. The Company reported a loss after tax of $1,312,928 for the year, raised A$5.4 million in equity, and holds cash of $3,481,915 at year end, with a maiden scoping study for Horden Lake targeted for the September 2026 quarter.
Download PDFPivotal Metals reported Phase 2 metallurgical testwork results for its Horden Lake Copper Project in Quebec, showing improved copper recoveries above 90% into a clean, high-grade concentrate along with nickel, gold, silver, palladium, platinum and cobalt by-product credits. The results will inform the company's in-progress scoping study, due in September 2026.
Download PDFPivotal Metals Limited proposes to issue 25,000,000 unquoted options exercisable at greater than 75% of the 30-day VWAP, expiring 3 years from issue date with vesting conditions. The issue is scheduled for 25 November 2026, subject to shareholder approval on 24 November 2026, and forms part of success-based fee arrangements under a mandate.
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Registry
Share Registry & Transfer Agent
Xcend Pty Ltd
Registry since 9 December 2024
Registered Office
Pivotal Metals Limited
Level 10, 360 Queen Street, Brisbane QLD 4000, Australia
ABN 49 623 130 987
