Pivotal Metals has started Phase 2 metallurgical testwork at Horden Lake to lift nickel and precious metal recoveries and support future economic studies, with results due by end of Q2 2026.
- Phase 2 metallurgical testwork has commenced at the 100%-owned Horden Lake project, with samples delivered to Blue Coast Research Ltd, who also completed Phase 1.
- Phase 1 delivered total copper recoveries of 87-94% in locked cycle and variability tests, with clean high grade Cu concentrates and no penalty elements, plus 50-70% recoveries of Au, Ag and Pd.
- The program targets improved nickel recovery through pentlandite, enhanced gold, silver, platinum and palladium recovery, and flowsheet de-risking under varying sulphur content and grade conditions.
- The work sits within the scope of a C$104k grant under Québec's Mineral Exploration Support Program for Critical and Strategic Minerals, providing up to 50% co-funding.
- Horden Lake hosts a JORC Indicated and Inferred Mineral Resource of 37mt @ 1.1% CuEq, including a pit-constrained 31mt @ 1.1% CuEq.
- Drilling at Belleterre is underway, with 'Midrim East' complete, the rig at 'Alotta', and Lac Croche and Lorraine targets to follow.
Phase 1 total copper recoveries
87-94%p.2
Phase 1 Au, Ag and Pd recoveries
50-70%p.2
Total Mineral Resource Estimate
37mt @ 1.1% CuEqp.1
Pit-constrained mineral resource
31mt @ 1.1% CuEqp.2
In-pit MRE tonnes
31.2p.5
Indicated MRE
19.5 Mt at 1.17 CuEq %p.5
Inferred MRE
17.4 Mt at 1.02 CuEq %p.5
Québec MESP-CSM grant
C$104kp.3
Grant co-funding level
up to 50%p.1
Distance from Matagami copper mine
131 km north-northwestp.2
The announcement is a program commencement rather than a results release, so no new metallurgical or drilling data is reported. The stated purpose is to improve recovery of by-product metals that contribute to project NSR and to generate data for economic study work. The company notes that a greater by-product contribution may support alternative financing structures such as streaming.
New Horden Lake Metallurgical Testwork Targets Value Upliftp.1
Project development advancing, focused on improving recoveries, enhancing concentrate value and de-risking the processing pathway.p.1
Highlightsp.1
- Pivotal has commenced Phase 2 metallurgical testwork at its 100%-owned Horden Lake project.
- Testwork targets optimisation of nickel, precious and PGM processing to enhance concentrate value and project NSR.
- Program builds on strong Phase 1 results, which delivered ~90% copper and moderate nickel, precious and PGM recoveries into clean, attractive concentrates from a conventional flotation flowsheet.
- Results will support ongoing engineering studies and future economic assessment.
- Improving the by-product metal contribution supports the already strong potential for streaming and alternative financing structures.
- Program will be completed by end-Q2, and will be supported by up to 50% co-funding under Québec's Critical Minerals grant program.
- Horden Lake hosts a 37mt @ 1.1% CuEq MRE1, supporting a scalable, shallow development opportunity in a Tier-1 mining jurisdiction, with access to infrastructure and low-cost hydro power.
Belleterre Exploration Updatep.1
- Drilling and geophysics is underway at the Belleterre project.
- Drill is currently at the 'Alotta' target, before it moves to Lac Croche, followed by the Lorraine targets ('Midrim East' is complete).
- Assays will be released during Q2 as they become available from the laboratory.
Ivan Fairhall, Pivotal Managing Director, commented: "With strong copper recoveries already demonstrated, this phase of testwork is designed to further enhance the value of Horden Lake by improving recovery of the full suite of metals that contribute important by-product revenue streams – important to economic performance and financing optionality.p.1
"The program represents an important step in de-risking the project and positioning it for future development and potential strategic engagement.p.1
"We're also pleased to confirm that drilling and target development at Belleterre advancing, which sets us up for news-flow during the coming months."p.1
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce the commencement of another phase of metallurgical test work on its 100% owned Horden Lake Cu-Ni-Au-PGM-Co Project in Quebec, Canada (the "Project"). Horden Lake is located 131 km north-northwest of Glencore's past-producing Matagami copper mine and sits adjacent to the James Bay highway.p.2
The planned testwork builds on the previous phase completed by Pivotal in 2025, which found:p.2
- Excellent total copper recoveries of 87-94% demonstrated in locked cycle and variability tests, producing clean high grade Cu concentrates produced with no penalty elements.
- Good recoveries of Au, Ag and Pd (50-70%), predominantly to the copper concentrate, where favourable payabilities are expected.
- High grade clean nickel concentrates produced into high grade concentrates with additional Co, Cu and Pd by-product credits – clean and highly marketable.
- Conventional two product flotation flowsheet utilised, meaning a low risk development pathway.
This next phase of metallurgical testwork is designed to advance Horden Lake toward development readiness by refining how we intend to process the material, and maximise value from the multiple metals contributing to the project NSR (net smelter return). Specifically, the program aims to:p.2
- Optimise concentrate quality and recoveries, building on the previous flowsheet that produced high grade clean concentrate outcomes.
- Target improved nickel performance, through improved recovery of pentlandite
- Unlock additional value from precious metals targeting enhanced recovery of gold, silver, platinum and palladium, which represent meaningful upside.
- Refine and de-risk the processing flowsheet and operating sensitivities, by testing different conditions (including sulphur content and grade variability) to ensure a robust, scalable process.
- Generate the data required to underpin economic study work and demonstrate project viability to investors and potential partners.
Samples have been delivered to Blue Coast Research Ltd (BCR) who have commenced work. BCR completed the Phase 1 testwork. This program is scheduled for completion by end of Q2 2026.p.2
Strategic Implicationsp.2
The Horden Lake deposit is a large and growing high-grade copper project. Importantly, the deposit's long strike, shallow setting and geometry result in the potential for a large scale open pit project, as evidenced by the pit constrained mineral resource declared of 31mt @ 1.1% CuEq (Table 1).p.2
This phase of metallurgical optimisation represents a key step in advancing Horden Lake from a technically robust resource toward a development-ready asset. Improved recovery of nickel and precious metals has the potential to materially enhance payable metal value and overall project economics, strengthening the basis for future economic studies.p.2
Importantly, the growing contribution of by-product metals supports alternative financing pathways, including potential streaming structures, which may reduce reliance on equity and improve capital efficiency. Combined with Québec's low-risk jurisdiction, infrastructure access and government support, this work continues to de-risk the development pathway and reinforces Horden Lake's positioning as a scalable copper-dominant project in a market where advanced, financeable copper assets remain scarce.p.2
Three-dimensional block model view of the Horden Lake deposit showing the pit-constrained resource envelope over a 2,200m strike length, coloured by CuEq_PCT discrete grade classes (0.1, 0.2, 0.5, 0.75, 1.5) with higher-grade zones in magenta and yellow within the shallow, elongate shell.
Process flowsheet diagram: mill feed to primary grind, pre-aeration, then copper/nickel rougher flotation producing rougher tails; concentrate regrind and pre-aeration feed copper cleaners 1, 2 and 3 producing copper concentrate, and nickel cleaners 1, 2 and 3 producing nickel concentrate with cleaner tails.
Government co-fundingp.3
The program is being undertaken within the scope of a C$104k grant, awarded to Pivotal under Québec's Mineral Exploration Support Program for Critical and Strategic Minerals (MESP-CSM).p.3
The program is designed specifically to support mineral exploration companies carry out development of projects aimed at the discovery and development of critical and strategic minerals in Québec. This grant formed part of a package of funding specifically directed at supporting companies to advance from exploration to pre-feasibility studies; recognising the importance of robust metallurgy and geometallurgy in assessing the value and potential of mineral discoveries. MESC-CSM forms part of a much larger multifaceted provincial level strategy, entitled Quebec Plan for the Development of Critical and Strategic Minerals.p.3
Belleterre Drillingp.4
Drilling is currently underway at the Company's 100% owned Belleterre properties. The initial program aims to test multiple anomalies across the wider combined project area for magmatic Cu-Ni-PGM and lode Cu-Au deposits.p.4
Drilling at 'Midrim East' is complete, with the rig operating at the 'Alotta' target. Upon completion, it is scheduled to move to Lac Croche and then continue on to multiple targets at the Lorraine project area.p.4
Assay results are expected to be released progressively throughout Q2 as they are received from the laboratory.p.4
Target development using geophysics is ongoing in parallel.p.4
Photograph of a diamond drill rig set up in a snow-covered clearing at the Midrim East target, with a red site shelter, core trays, fuel drums, a tracked bulldozer and a person standing in the foreground.
This announcement has been authorised by the Board of Directors of the Company.p.4
About Pivotal Metalsp.5
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects.p.5
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 (refer Table 1). 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 location map of Quebec and Ontario showing PVT project locations, with the Horden Lake Project marked in northern Quebec and the BAGB Projects in southern Quebec, alongside gold mines, lithium mine/deposits, base metal mines/deposits, smelters and hydroelectric plants including Matagami, Chibougamau, Val-d'Or, Rouyn-Noranda, Kidd Creek, Timmins and the Glencore Nickel Smelter at Sudbury.
Mineral Resourcesp.5
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.5
Table 1: Horden Lake 2025 Mineral Resource Estimate Statement
p.5| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRE by cut-off category | |||||||||||||
| 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 |
| MRE by classification | |||||||||||||
| 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.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 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 * 0.0001p.6
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 due to its dominance of in-situ and recovered metal contribution.p.6
Forward-Looking Statements
Phase 2 metallurgical program scheduled for completion by end of Q2 2026.
Results will support ongoing engineering studies and future economic assessment.
Belleterre drilling to move from 'Alotta' to Lac Croche and then to multiple Lorraine targets.
Belleterre assay results expected to be released progressively throughout Q2 as received from the laboratory.
Target development using geophysics is ongoing in parallel.