Pivotal Metals is about to begin its first drill campaign at Belleterre since project acquisition, testing new high-priority copper-nickel-PGM targets with $5.5M cash on hand to extend the program based on results.
- Drilling is set to commence at the Midrim project area, with the contracted driller expected to mobilise next week.
- The initial 1,500m diamond drilling program will test priority targets including the undrilled 'Alotta' extension target and the newly defined 'Midrim East' anomaly.
- Drilling is expected to continue on to the Lorraine project area, initially prioritising 'Shanty Lake' and 'Lorraine Mine East' targets, pending drilling permits which are well progressed.
- The company holds $5.5M cash as at 31 December 2025, which it says provides flexibility to extend or expand drilling based on results.
- Belleterre adds exploration optionality alongside the more advanced Horden Lake project, which hosts a 37Mt @ 1.1% CuEq Mineral Resource Estimate (407kt CuEq).
- Historic highlight drill results at Belleterre include intercepts such as 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE at Midrim, and samples to 0.4m @ 23.8% Cu at Alotta.
Initial drilling program length
1,500mp.1
Cash position
$5.5Mp.1
Horden Lake shallow copper deposit
407kt CuEqp.1
Horden Lake MRE total tonnes and grade
37mt @ 1.1% CuEqp.5
Belleterre land package area
160km2p.1
New conductor distance from Midrim
200mp.2
New conductor areal size
~100x40mp.2
New conductor depth to top
~75-125mp.2
New conductor strength
~500-1000Sp.2
Highlight drill result - Midrim
21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim)p.3
Highlight drill result - Alotta
15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGM (from 55.3m, Alotta)p.3
Highlight sample - Alotta
0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta)p.3
Channel sample - Lorraine
28m @ 45 g/t Aup.3
Region historic copper production
7 Mtp.4
Region historic gold production
200 Mozp.4
Canadian Malartic spare milling capacity
14 Mt/annump.4
Estimated hydropower cost
5.5c/kWhp.4
Total claims
295 claimsp.11
Midrim project claims
113 claims, 6142 Hap.11
Lorraine project claims
158 claims, 8669 Hap.11
LaForce project claims
24 claims, 1396 Hap.11
The announcement signals the start of new drilling activity at Belleterre, testing conductors and anomalies not previously drilled, following geophysical work including a recently completed FLTEM survey. No new assay or drilling results are included in this release; it is a pre-drilling update. The company's stated cash position is intended to support extension of the drilling program depending on outcomes.
DRILLING TO COMMENCE AT BELLETERRE AS PIVOTAL ADVANCES HIGH-GRADE COPPER EXPLORATIONp.1
Initial 1,500m program focused on multiple new untested targets identified by Pivotal. Funding provides flexibility to expand based on results.p.1
Highlightsp.1
- Drilling is set to commence at the Midrim project area – mobilisation next week.
- Midrim is host to multiple extremely high-grade Cu-Ni-Au-PGM deposits
- Pivotal's strategy is to expand the search radius around this cluster of highly intensive magmatic sulphide occurrences.
- Drilling to test undrilled conductors beyond historic drilling footprint
- Priority targets supported by newly acquired geophysics including
- 'Alotta' – undrilled extension target extending parallel to historic drilling
- 'Midrim East' – newly defined sub cropping anomaly, never before drilled
- Drilling expected to continue on to the Lorraine project area, initially prioritising 'Shanty Lake' and 'Lorraine Mine East' copper and gold targets.
- Initial 1,500m diamond drilling program planned, Pivotal's first drill campaign since project acquisition
- $5.5M cash ensuring Pivotal is well placed to extend or expand drilling based on results of phase 1 and targets generated from parallel exploration programs
- Belleterre provides additional high-grade copper discovery optionality alongside the advanced Horden Lake project, where a substantial shallow copper deposit (407kt CuEq) has already been defined.
Ivan Fairhall, Pivotal Managing Director, commented: "We're pleased to confirm that drilling at our Midrim Project area is set to commence shortly. Midrim hosts a system that exhibits globally significant intensity of mineralisation, and our strategy is deliberately focused on expanding the search radius around this fertile magmatic sulphide system. Our initial 1,500m program is targeting multiple high-priority targets across our wider 100% owned Belleterre land package. Importantly, we are well funded, with capacity to extend or expand drilling based on results. This program represents an exciting next phase for Pivotal as we work to unlock the broader scale potential of our district."p.1
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce that its initial phase of drilling at its Belleterre exploration projects is expected to commence shortly. The Belleterre projects consist of a 160km2 100% owned dominant greenstone package, located in Québec, Canada — a globally recognised Tier-1 mining jurisdiction with over 20 operating mines, established permitting frameworks, access to low-cost hydroelectric power and year-round infrastructure.p.1
Site preparation activities at Midrim East and Alotta are progressing and the Company's contracted driller is expected to mobilise next week, with drilling to commence immediately thereafter.p.2
This drilling program represents the first systematic test of multiple undrilled conductors within a proven high-grade copper-nickel district. Success would materially enhance the scale potential of the Belleterre portfolio and provide additional copper and precious/PGM dominant growth optionality alongside our Horden Lake growth and definition strategy.p.2
The recently completed Midrim FLTEM survey has reconfirmed the existence of the undrilled conductor at Alotta, which dips broadly in the same direction of historic drilling, The Company's strategy is to drill the target from a northerly direction to intersect a potential down-plunge extension of the Alotta deposit.p.2
In addition, a new undrilled conductor has been identified 200m east of Midrim, with a preliminary interpretation of a moderate strength ~500-1000S, areal size ~100x40m, depth to top ~75-125m, shallow to moderate S/SW dip. Interpretations remain ongoing.p.2
Satellite image map of the Midrim belt-scale system showing labelled prospects Lac Long, Lac Kirwan, Midrim, Alotta, Delphi Patry, Lac Croche, Midrim East and Zullo, with a dashed red circle marking a belt-scale 6 x 2.5 km high grade cluster, undrilled FLTEM conductor stars, VTEM anomaly dots of varying order, and historic diamond drill hole markers from prior operators, over a property outline.
Drilling permits for our Lorraine project are well progressed and the Company anticipates these remaining approvals will be delivered in the coming weeks.p.2
Belleterre Projects Overviewp.3
Pivotal holds a dominant 160km2 position on the Belleterre-Angliers Greenstone Belt, which forms part of the Archean Superior Province of the Canadian Shield – one of the worlds most productive mineral systems.p.3
Greenstone belts are characterised by an abundance of volcanic and sedimentary lithologies intruded by felsic, mafic, and ultramafic bodies. These lithologies are known to host magmatic Cu-Ni-PGE, shear zone and quartz vein hosted Au, and volcanogenic massive sulphide Cu-Zn deposits.p.3
Pivotal's wider Belleterre project area already host a number of magmatic Cu-Ni-PGE and Au deposits, occurrences, and a past producing mine. Notable discoveries include the Midrim, Alotta, Lac Croche, Delphi-Patry, Zulu, Lorraine Mine, Blondeau, and LaForce occurrences where wide zones of spectacular Cu-Ni-PGM mineralisation have been defined.p.3
- 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim)
- 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim)
- 21m @ 2.1% Cu, 2% Ni & 2.1 g/t 3PGE (from 37m, Alotta)
- 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta)
- 15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGM (from 55.3m, Alotta)
- Samples to 0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta)
- 28m @ 45 g/t Au in u/g channel sample (Lorraine)
These individual deposits are not fully closed off, but most importantly are collectively evidence of a strong and widespread high-grade polymetallic mineralising event. Multiple regional anomalies combined with the known occurrences infer a very large system covering several kilometres which remains extremely under-explored.p.3
Regional shaded total field magnetic map showing the Midrim, Lorraine and LaForce project outlines under 100% Pivotal ownership, with mineral occurrence dots and two mined deposit symbols marked across the Belleterre-Angliers Greenstone Belt, with an inset locating the belt within Quebec relative to Val d'Or, Rouyn-Noranda and Sudbury.
Outstanding Location with Excellent Access to Infrastructurep.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 Abitibi region spanning Ontario and Quebec showing the location of the Midrim, Lorraine and La Force project areas, the Horne smelter, operating and historic mines including Malartic Complex, Westwood, La Ronde, GoldeX, Wasamac, Don Rouyn, Kirkland Lake and Casa Berardi, hydroelectricity infrastructure, transmission lines, roads, rail and towns including Rouyn-Noranda, Val-d'Or and Amos.
About Pivotal Metalsp.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 Indicated and Inferred Mineral Resource Estimate of 37mt @ 1.1% CuEq, comprising copper, nickel, palladium and gold. 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.5
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.5
Regional map of Quebec and Ontario showing PVT project locations at Horden Lake and the BAGB Projects relative to nearby gold, lithium and base metal mines/deposits, smelters and hydroelectric plants, including James Bay, Chibougamau, Val-d'Or, Rouyn-Noranda, Kirkland Lake and the Glencore Nickel Smelter at Sudbury.
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 1.p.6
Table 1: Horden Lake 2025 Mineral Resource Estimate Statement
p.6| 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 |
2025 MRE cut-off: In-pit = USD 25/t NSR, Out-of-pit = USD 65/t NSR. SG = 3.12. 3E = Pd + Pt + Au at average ratio of 3.6 : 3.4 : 1; Refer to the original market announcement for a complete metal breakdown.p.6
Metal Equivalentsp.6
Horden Lake metal equivalents have been calculated using the following recovery and metals prices assumptions (Table 2). 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.6
Table 2: Metal equivalent parameters
p.6| 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.6
JORC Code, 2012 Edition – Table 1p.7
Section 1 Sampling Techniques and Datap.7
| JORC Code criteria and explanation | Commentary |
|---|---|
| Sampling techniques | No new drilling results are presented in the news release. |
| Drilling techniques | No new drill results reported |
| Drill sample recovery | No new drill results reported |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Logging | No new drill results reported |
| Sub-sampling techniques and sample preparation | No new drill results reported |
| Quality of assay data and laboratory tests | No new sample results are included in this release. FLTEM geophysical survey was implemented by TMC Geophysique of Val d'Or Quebec using the Crone system, a base frequency of 5ms (~5Hz) current of 17A, and ramp ~1.5msec. TDEM reading were carried out using the CDR4 receiver operating in a crystal synchronisation mode. It was connected to a single-axis surface coil. Reoriented at each station for the measurement of X, Y, and Z components of the EM secondary field. At each station, the standard Primary Pulse was measured as well as 22 channels of the X-Y-Z components of the EM secondary dB/dt field sampled during the Tx off-time period. |
| Verification of sampling and assaying | No new sample results are included in this release. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Location of data points | No new sample results are included in this release. All sample location information is presented in UTM coordinate system NAD83 Zone 17 North. The locations of the geophysical survey loop and stations were obtained from a handheld GPS. |
| Data spacing and distribution | No new sample results are included in this release. The survey was carried out along 29 nominal 100m spaced north-south lines (56km), with readings at 50m stations, utilising 3 large input loops |
Satellite image showing three overlapping survey loop outlines with north-south oriented yellow FLTEM survey lines spaced at 100m over an area including lakes and cleared land, with white dots marking drill hole or anomaly locations.
| JORC Code criteria and explanation | Commentary |
|---|---|
| Orientation of data in relation to geological structure | Survey grids were oriented for best estimate of mineralisation trend |
| Sample security | No new samples included in this release |
| Audits or reviews | No audits were carried out |
Section 2 Reporting of Exploration Resultsp.11
| JORC Code criteria and explanation | Commentary |
|---|---|
| Mineral tenement and land tenure status | 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. Complete claim number listings are regularly reported in Pivotal's Quarterly Reports, available on the ASX. 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. There are no known protection areas or native title interests overlapping the claims. Typically exploration on the properties would not be prioritised during hunting season (mid-Sept to mid-October). There are no known impediments to completing proposed exploration work |
| Exploration done by other parties | Multiple rounds of exploration to date have been completed by other parties, which includes surface sampling, geophysics and drilling. A significant amount of exploration data is available publicly on the Quebec ministry database SIGÉOM. A reasonable level of effort has been made to include the context of relevant historical exploration in this report. The CP cannot confirm the completeness of this data, nor validity of the work completed by previous explorers. Where results are presented, reasonable effort has been made to verify the work in the context in which the results are being presented. |
Belleterre Project Claims
p.11| Project | Claims | Ha |
|---|---|---|
| Midrim | 113 | 6142 |
| Alotta-Delphi | 15 | 679 |
| Midrim | 89 | 5021 |
| Lac Katutu | 2 | 109 |
| Zullo | 3 | 175 |
| Laverlochere | 3 | 100 |
| Laverlochere South | 1 | 58 |
| Lorraine | 158 | 8669 |
| LaForce | 24 | 1396 |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Geology | The Belleterre projects are located in the Belleterre-Angliers Greenstone Belt (BAGB) of the Archean Superior Province of the Canadian Shield. Greenstone belts are characterised by an abundance of volcanic and sedimentary lithologies intruded by felsic, mafic, and ultramafic bodies. These lithologies are known to host magmatic Cu-Ni-PGE, shear zone and quartz vein hosted Au, and volcanogenic massive sulphide Cu-Zn deposits. The magmatic PGM-Ni-Cu sulphide mineralisation within the southern Belleterre-Angliers Greenstone Belt is reportedly typically of the tholeiite-hosted variety, thus they are characterised by associations with gabbro dykes and sills that crosscut the previous volcanic stratigraphy. Mineralisation is generally found as disseminations, coarse blebs, veins and stringers within the lower portions of the intrusion, becoming more massive towards the basal contact and into the footwall country rock. Belleterre is already host to a number of magmatic Cu-Ni-PGE and Au deposits, occurrences, and past producers. The Cu-Ni-PGE are largely held within the BAGB project envelopes covering large portions of the Baby and Lac des Bois segments of the greenstone belt. Quartz vein Cu-Au and VMS style mineralisation has also been identified within the project areas. |
| Drill hole Information | Historical drill collars, previously reported, are shown on body text Figures for reference. |
| Data aggregation methods | Highlight intervals cut off criteria have been previously reported. |
| JORC Code criteria and explanation | Commentary |
|---|---|
| Relationship between mineralisation widths and intercept lengths | Relationship between mineralisation widths and intercept lengths are not known. |
| Diagrams | Maps and sections are included in the body of this release as deemed appropriate by the competent person. |
| Balanced reporting | Representative information for drilling and sampling has been previously reported. |
| Other substantive exploration data | Exploration data relevant to the targets discussed here have been incorporated in the body of the announcement. Additional information can be found on the Pivotal Metals web site and within the relevant historic assessment reports available on the Government database. |
| Further work | Follow up geophysics to expand coverage over conductors, locally, and along the 5km Midrim-Zullo belt. Drilling of clearly defined conductors is planned. |
Forward-Looking Statements
Drilling permits for the Lorraine project are anticipated to be delivered in the coming weeks.
Follow up geophysics is planned to expand coverage over conductors, locally, and along the 5km Midrim-Zullo belt.
Drilling of clearly defined conductors is planned.
The company intends to extend or expand drilling based on results of phase 1 and targets generated from parallel exploration programs.