Pivotal Metals has grown the Horden Lake copper deposit's total resource by 42% to 52 Mt at 1.05% CuEq (549 kt CuEq), with 87% of tonnage now constrained within a single open pit shell, setting up a Q3 2026 Scoping Study.
- Total MRE increased 42% to 52 Mt @ 1.05% CuEq (549 kt CuEq), while the open pit resource grew 46% to 45 Mt @ 1.07% CuEq (485 kt CuEq).
- In-pit contained copper increased 30% to 257 kt Cu, with total contained copper across the resource at 292 kt.
- The resource contains substantial by-product credits: 549 koz of 3E metals (Au+Pd+Pt) plus 17 Moz Ag across the total resource.
- 87% of the MRE tonnage falls within a pit-constrained shell, supporting potential for a large-scale, long-life open pit mining scenario.
- The deposit remains open along strike and at depth, with growth driven by drilling of EM conductors and a large undrilled conductive horizon remaining.
- The Company plans a Scoping Study for Q3 2026 to assess the project's development pathway.
Total MRE tonnes and grade
52 Mt @ 1.05% CuEqp.1
Total contained CuEq metal
549 kt CuEqp.1
Open pit MRE tonnes and grade
45 Mt @ 1.07% CuEqp.1
Open pit contained CuEq metal
485 kt CuEqp.1
In-pit contained copper
257 ktp.3
Total contained copper
292 ktp.3
Contained 3E metals (Au+Pd+Pt)
549 kozp.1
Contained silver
17 Mozp.1
Deposit strike length
2,800mp.2
Growth in open pit resource tonnage
46%p.1
Growth in total MRE tonnage
42%p.1
Increase in in-pit contained Cu metal vs previous MRE
30%p.3
The updated resource estimate significantly increases the scale of Horden Lake while maintaining grade, strengthening the case for a large open-pit copper development. Because most of the growth came from a small portion of an undrilled conductive zone, and because the deposit is open along strike and at depth, the company sees further resource growth potential ahead of its planned economic study.
Major Copper Resource Growth at Horden Lakep.1
549 kt CuEq including 485 kt CuEq in a single open pit shell, confirming Horden Lake as a leading high-grade open pit copper deposit.p.1
Highlightsp.1
- Step-out drilling delivers substantial resource growth: 42% growth of total MRE to 52 Mt @ 1.05% CuEq (549 kt CuEq); 46% growth of open pit resource to 45 Mt @ 1.07% CuEq (485 kt CuEq).
- Horden Lake is a copper rich scalable open pit project: 292 kt of contained copper; 30% increase of copper in the pit shell, now 256 kt Cu; 87% of the MRE tonnage is constrained in a pit-shell; growth potential remains in open pit and out of pit 'underground' zones; Horden Lake is rare - the global copper pipeline lacks near-surface, high-grade development opportunities.
- Substantial by-product credits boost economic potential: 549 koz of 3E metals (Au + Pd + Pt) + 17 Moz Ag across the total resource; significant metals streaming financing optionality; by-products contribution backed by metallurgical testwork producing clean, high-grade and highly marketable concentrate products.
- High-confidence foundation for the Q3 2026 Scoping Study: updated MRE establishes the scale and confidence required to advance Horden Lake toward its first economic assessment; Pivotal will join a small peer group of copper pre-developers on the ASX.
- Horden Lake remains open - resource growth pipeline intact: resource open along strike and at depth; growth driven by EM conductor drilled in 2025, large scale conductive horizon remains undrilled.
Ivan Fairhall, Pivotal's Managing Director, commented: "When we drill Horden Lake, it gets bigger. With over 500kt CuEq at >1% CuEq this update increases our deposit by over 40% and underwrites a project of scale, grade, location and upside that is of significant strategic value in a world forecast to be structurally short of copper, and projects to deliver it. Importantly, the growth has come from drilling a small portion of the undrilled conductive horizon, with the deposit wide open and multiple priority EM targets still untested. Our focus remains on systematically growing the resource while advancing the technical work required to assess the development pathways - starting with our Scoping Study planned for Q3 2026."p.2
Paul Nagerl, Pivotal's VP Exploration, commented: "This update demonstrates the power of geophysics to target deposit extensions, and underscores the scale of the exploration upside at Horden Lake that remains undrilled. The Horden Lake mineralisation has a substantial component of massive and semi-massive sulphides, which are highly conductive. When coupled with the absence of false conductors (graphite, barren sulphides), this means EM conductors are high-conviction targets. We have proven that we can efficiently define targets, drill them, and convert them into resources."p.2
Pivotal Metals Limited (ASX:PVT) is pleased to announce an increase in the Mineral Resource Estimate at its Horden Lake Cu-Ni-Au-PGM-Co Project in Quebec, Canada. The MRE has demonstrated a significant increase in the size of the Project and delineated a large in-pit resource that strongly supports Pivotal's strategy to advance a large-scale, long-life open-pit copper mine scenario.p.2
Summaryp.2
Horden Lake is an advanced stage, copper-dominant Cu-Ni-Au-PGM-Co project, located 131 km north-northwest of Matagami, with highway access, in the Eeyou Istchee James Bay Region of Quebec, Canada. The total MRE is estimated at 52 Mt at 1.05% copper-equivalent (CuEq), for 549 kt of contained CuEq metal. Copper is overwhelmingly the dominant metal in the Resource (290 kt contained Cu metal), of which 87% falls into a pit-constrained resource.p.2
3D view of the Horden Lake deposit showing a 2,800m strike length, with an Open Pit MRE of 46mt ($25/t cut-off) and an Underground MRE of 7mt ($65/t cut-off) shown as distinct green-shaded zones.
The MRE has been prepared in accordance with the 2012 Edition of the JORC Code by independent consultants Caracle Creek International Consulting Inc. and its sub-consultant, Atticus Geoscience Consulting S.A.C., with an effective date of 15 June 2026. The Horden Lake Deposit extends more than 2,800 m along strike, and has been intersected at its deepest point, about 540 m vertical or 660 m down-dip along the Contact Zone.p.3
Table 1: Horden Lake 2026 Mineral Resource Estimate Statement
p.3| Category | Tonnes Mt | CuEq % | Cu % | Ni % | 3E g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | 3E koz | Ag koz | Co t |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Open Pit* | 45.5 | 1.07 | 0.56 | 0.17 | 0.34 | 10.5 | 134 | 485 | 257 | 79 | 494 | 15,336 | 6,121 |
| Underground^ | 6.9 | 0.93 | 0.51 | 0.18 | 0.25 | 8.5 | 130 | 64 | 35 | 12 | 55 | 1,872 | 898 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.33 | 10.2 | 134 | 549 | 292 | 91 | 549 | 17,208 | 7,019 |
| M&I | 24.3 | 1.17 | 0.67 | 0.18 | 0.34 | 9.2 | 143 | 283 | 163 | 45 | 262 | 7,175 | 3,478 |
| Inferred | 28.1 | 0.95 | 0.46 | 0.16 | 0.32 | 11.1 | 126 | 266 | 129 | 46 | 288 | 10,033 | 3,540 |
| Total (classification) | 52.4 | 1.05 | 0.56 | 0.17 | 0.33 | 10.2 | 134 | 549 | 292 | 91 | 549 | 17,208 | 7,019 |
- 45 Mt constrained within a pit shell, meaning potential for an open pit mine with a meaningful mine life and economies of scale.
- 257 kt in-pit contained Cu metal, an increase of 30% over the previous MRE.
- 485 kt in-pit contained CuEq metal, an increase of 40% over the previous MRE.
- Significant quantities of contained by-products: 237 koz gold, 17 Moz silver, 312 koz palladium + platinum and 7 kt cobalt.
Strategic Implicationsp.3
The updated MRE materially strengthens the development case for Horden Lake by increasing scale while maintaining grade and demonstrating potential for a large open-pit mining scenario. The resource growth has been delivered through targeted drilling of geophysical conductors, validating the Company's exploration model. Located in Quebec, Horden Lake benefits from all-season highway access to within 10km, low-carbon hydroelectric power, an established permitting framework and access to Quebec's flow-through funding regime.p.3
Continued Resource Growthp.4
Since acquisition in 2022, Pivotal has demonstrated strong resource growth of the deposit, having almost doubled the MRE tonnage whilst maintaining a consistent CuEq grade.p.4
Bar chart showing MRE tonnage growth by year (2022, 2025, 2026) split into M&I and Inferred categories, with an overlaid CuEq grade line and annotation indicating 88% CuEq Growth and +257 kt CuEq.
- To date, every single hole intersecting the Contact Zone has encountered mineralisation.
- There are only 8 holes penetrating the Contact Zone deeper than 300 m vertical.
- Only 7 out of >200 holes drilled into the Contact Zone do not directly contribute to the MRE, 4 of which are drilled in an isolated area on the southern Property boundary.
Long-section view of the Horden Lake deposit showing drill traces within a grey mineralised envelope and multiple overlapping maroon geophysical conductor plates extending below and beyond the current MRE envelope.
The Deposit occurs as remobilised concentrations of polymetallic sulphide accumulations along the Contact Zone, between mafic intrusive and metasedimentary rocks; mineralisation is known to be highly conductive. To date there has been no identified graphite or barren sulphides on the Contact Zone, meaning conductors are low risk of being 'false' and present as high conviction drill targets.p.5
Leading Shallow Deposits on the ASXp.5
The Horden Lake Deposit is one of the leading pit-constrained high-grade copper deposits on the ASX. By contrast to other larger, typically porphyry-style copper deposits which are almost exclusively low-grade, Horden Lake is shallow (2.8 km strike and growing), is constrained in a pit-shell (84% of the tonnes sit in an open pit shell with max. 320 m depth), has grade (1.1% CuEq in-pit), has scale (485 kt CuEq in-pit), and is in a global top-tier mining jurisdiction.p.5
Bar and scatter chart comparing contained Cu and CuEq (kt) and CuEq grade (%) across ASX-listed comparable shallow/pit-constrained copper projects including PSC Mumbezhi, SUH Llahuin, PVT Horden Lake, MAG/FMG Myall, AW1 Storm, CAZ Bommie, HMX Kalman, TNC Mt Oxide, SVY Thursdays Gossan, SLS Nanadie, CAE Cannindah and TNC Cloncurry, with PVT Horden Lake highlighted as having top-tier scale and grade.
Forward Work Planp.6
Pivotal believes the Horden Lake Project is of a scale that could support a standalone operation. The Company is currently completing a scoping study to outline the potential development pathway for the Project. In parallel, planning is underway for a significant exploration program to support more advanced levels of study, and step out drilling to continue to grow the Deposit.p.6
Mineral Resource Estimate - Pit Constrained 'Open Pit' Resourcesp.6
Open pit mining methods were considered to determine the amount of mineral resource that shows Reasonable Prospects for Eventual Economic Extraction (RPEEE). The MRE is reported at a NSR cut-off of USD 25/t.p.6
Table 2: Horden Lake Deposit pit constrained 2026 Mineral Resource Estimate
p.6| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm |
|---|---|---|---|---|---|---|---|---|---|
| Measured | 13.6 | 1.21% | 0.70% | 0.18% | 0.15 | 0.15 | 0.04 | 10.0 | 137 |
| Indicated | 10.7 | 1.11% | 0.64% | 0.19% | 0.15 | 0.14 | 0.04 | 8.2 | 152 |
| Inferred | 21.3 | 0.95% | 0.44% | 0.16% | 0.15 | 0.14 | 0.05 | 12.0 | 125 |
| Total | 45.5 | 1.07% | 0.56% | 0.17% | 0.15 | 0.14 | 0.04 | 10.5 | 134 |
Table 2 (continued): Contained Metal, pit constrained 2026 MRE
p.6| Category | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co t |
|---|---|---|---|---|---|---|---|
| Measured | 95 | 24 | 67 | 67 | 20 | 4,358 | 1,851 |
| Indicated | 68 | 20 | 53 | 49 | 15 | 2,808 | 1,622 |
| Inferred | 94 | 35 | 105 | 95 | 32 | 8,173 | 2,648 |
| Total | 257 | 79 | 225 | 211 | 67 | 15,339 | 6,121 |
3D perspective view of the Horden Lake open pit MRE block model coloured by CuEq grade, showing the large continuous shell of mineralisation along the 2.8km strike.
The in-pit MRE is derived from an open pit optimisation performed using Datamine NPVS, which uses the Lerchs-Grossmann Algorithm. The optimisation considered parameters that result in a calculated NSR cut-off of USD 15/t NSR. The cut-off applied in the Mineral Resource Statement is above this base level, at USD 25/t NSR.p.7
Line chart showing In-Pit MRE tonnes (Mt) declining and CuEq grade (%) increasing as NSR cut-off increases from 15 to 90 USD/t, with an annotation marking 45mt @ 1.07% CuEq / 485kt CuEq Metal at the USD25/t selected cut-off.
The Deposit is substantially copper dominant, as evidenced in the relative metal component value.p.7
Grouped bar chart showing US$ value contribution of Cu, Ni, Au, Pd, Pt, Ag and Co factors at NSR cut-offs from 15 to 90 USD/t, with copper (orange) dominating value across all cut-offs.
Out-of-Pit ('Underground') Resourcesp.8
An underground scenario was developed in which all mineral resources below the open pit and above an underground cut-off grade were considered as mineral resources with a RPEEE from an underground mining perspective, reported at a USD 65/t NSR cut-off.p.8
Table 3: Horden Lake out-of-pit 2026 MRE
p.8| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm |
|---|---|---|---|---|---|---|---|---|---|
| Measured | 0.0 | 1.19% | 0.67% | 0.23% | 0.07 | 0.15 | 0.03 | 12.1 | 183 |
| Indicated | 0.0 | 0.84% | 0.42% | 0.16% | 0.10 | 0.14 | 0.03 | 8.5 | 151 |
| Inferred | 6.9 | 0.93% | 0.51% | 0.18% | 0.08 | 0.14 | 0.03 | 8.5 | 130 |
| Total | 6.9 | 0.99% | 0.54% | 0.19% | 0.08 | 0.14 | 0.03 | 9.6 | 151 |
Table 3 (continued): Contained Metal, out-of-pit 2026 MRE
p.8| Category | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co t |
|---|---|---|---|---|---|---|---|
| Measured | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Indicated | 0 | 0 | 0 | 0 | 0 | 9 | 5 |
| Inferred | 35 | 12 | 18 | 31 | 7 | 1,862 | 892 |
| Total | 35 | 12 | 18 | 31 | 7 | 1,872 | 898 |
Line chart showing out-of-pit MRE tonnes declining and CuEq grade increasing as NSR cut-off rises from 35 to 100 USD/t, with an annotation marking 7mt @ 0.93% CuEq / 64kt CuEq Metal at the USD65/t selected cut-off.
Mineral Resource Estimate Supporting Informationp.9
Atticus calculated in-pit (open pit) and out-of-pit (underground) mineral resources for the Horden Lake Deposit. The MRE is contained within a mineralised envelope that is approximately 2,750 m long (northeast) and vertically about 200 m deep in the northeast, 600 m deep in the central area, and about 300 m deep in the southeast. The deposit dips at 45-55 degrees to the NW, and is open to the northeast, to the southwest, and at depth.p.9
A total of 244 exclusively diamond drill holes, totalling 51,814 m, have been drilled to date on the Horden Lake Property and of these, 223 drill holes totalling 48,206.92 m and 6,293 primary core assays were used in the MRE.p.9
Plan view map showing the Horden Lake shear zone (red) trending northeast-southwest with numerous drill hole collar locations (circles) concentrated along the trend, scale bar 250-500m.
The drill holes of the 2024/2025 campaigns were planned perpendicular to the overall orientation of the mineralisation to generate intervals representative of the true width of the mineralised envelope. All Pivotal samples were analysed by ALS Laboratories using four acid digestion and conventional ICP-AES for ore grade metals, ICP-AES and fire assay for precious metals, and four acid digestion and ICP-MS for 48 trace elements.p.10
Geological Interpretation & Modellingp.11
The Horden Lake Deposit is an accumulation of both primary and remobilised magmatic sulphide, predominantly pyrrhotite and chalcopyrite, rich in Cu, Ni, Co, PGM, Au and Ag. The Contact Zone corridor extends for at least 15 km with known sulphide mineralisation identified in historical work at periodic intervals, indicative of a large magmatic sulphide system with potential for multiple deposits similar to Horden Lake.p.11
Table 4: Estimation domain criteria
p.11| Domain /Wireframe | Definition | Thresholds |
|---|---|---|
| Sulphide Mineralisation | Geological logging, Structural model, and combined assay | Cu > 500ppm OR Ni > 0.1% |
| Copper | Cu Assay | Med Grade > 0.3%, High Grade > 0.8% |
| Nickel | Ni Assay | Med-High Grade > 0.1% |
| Cobalt | Co Assay | Med-High Grade > 300ppm |
| Gold | Au Assay | Med-High Grade > 0.1ppm |
| Silver | Ag Assay | Med-High Grade > 15ppm |
| Platinum | Pt Assay | Med-High Grade > 0.1ppm |
| Paladium | Pd Assay | Med-High Grade > 0.1ppm |
The 2024 drilling campaign generated 951 density measurements across the mineralised Contact Zone, resulting in a new global density of 3.27 t/m3.p.12
Lithology SG Reference
p.12| Lithology | SG Reference |
|---|---|
| Gabbro | 2.95 |
| Metasediment | 2.82 |
| Overburden | 2.65 |
The block model was built in Micromine software with a rotated grid azimuth of 35°. The parent block size is 4 m x 8 m x 4 m, with a sub-blocking ratio of 2, 4 and 2, generating minimum sub-block dimensions of 2 m x 2 m x 2 m.p.12
Table 6: Statistical validation of the block model (copper)
p.14| Copper Domain | BM OK | BM NN | Input Data |
|---|---|---|---|
| High Cu | 1.59 | 1.58 | 1.78 |
| Med Cu | 0.43 | 0.45 | 0.45 |
| Low Cu | 0.20 | 0.20 | 0.20 |
| HighCu_D6 | 1.13 | 1.3 | 1.04 |
| HighCu_D3 | 1.77 | 1.82 | 1.81 |
| HighCu_D2 | 1.49 | 1.42 | 1.86 |
| HighCu_D7 | 0.89 | 0.76 | 0.89 |
| HighCu_D1-A | 1.28 | 1.26 | 1.49 |
Swath plot showing OK estimation, NN estimation and input assay composite values for copper grade in the high-grade domain plotted against direction along strike (35 degrees azimuth), with bars showing composite counts.
Table 7: MRE classification criteria
p.15| Category | X distance (along structure) | Z distance (down dip) | Min no. drill holes | Min no. samples |
|---|---|---|---|---|
| Measured | 15-25 | 15-25 | 3 | 3 |
| Indicated | 50-70 | 50-70 | 3 | 3 |
| Inferred | 100-120 | 100-120 | 2 | 3 |
3D block model view of the Horden Lake deposit coloured by resource classification category, showing blue Inferred material surrounding a central zone of yellow Indicated and cyan Measured material.
Table 8: Cut-off parameters
p.16| Input | Unit | Value (open pit) | Value (underground) |
|---|---|---|---|
| Mining Cost | USD/t | 2.5 | 50.0 |
| Processing Cost | USD/t | 12.8 | 12.8 |
| G&A | USD/t | 2.6 | 2.6 |
| NSR Cut-off - calculated | USD/t | 15.4 | 65.4 |
| NSR Cut-off - selected | USD/t | 25.0 | 65.0 |
Table 9: USD NSR estimation criteria
p.16| Element | Unit | Sale Price | Recovery | Sales Cost |
|---|---|---|---|---|
| Copper | USD/t | 11,000 | 90% | 1,100 |
| Nickel | USD/t | 17,500 | 55% | 1,750 |
| Gold | USD/oz | 4,000 | 60% | 400 |
| Palladium | USD/oz | 1,500 | 55% | 150 |
| Platinum | USD/oz | 1,750 | 40% | 175 |
| Silver | USD/oz | 60 | 65% | 6 |
| Cobalt | USD/t | 45,000 | 40% | 4,500 |
Table 12: June 2026 MRE (current) comparison to 2025 MRE - Tonnes
p.17| Category | M&I Mt | Inferred Mt | Total Mt |
|---|---|---|---|
| In-pit MRE 2025 | 18.3 | 12.8 | 31.2 |
| In-pit MRE 2026 | 24.2 | 21.3 | 45.5 |
| In-pit Variance | 132% | 166% | 146% |
| Combined MRE 2025 | 19.5 | 17.4 | 37.0 |
| Combined MRE 2026 | 24.3 | 28.1 | 52.4 |
| Combined Variance | 124% | 161% | 142% |
Table 12 (continued): Contained Metal comparison
p.17| Category | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co t |
|---|---|---|---|---|---|---|---|
| In-pit MRE 2025 | 197 | 58 | 175 | 152 | 48 | 10,597 | 4,353 |
| In-pit MRE 2026 | 257 | 79 | 219 | 209 | 65 | 15,336 | 6,121 |
| In-pit Variance | 130% | 136% | 125% | 138% | 136% | 145% | 141% |
| Combined MRE 2025 | 234 | 72 | 194 | 186 | 54 | 12,270 | 5,231 |
| Combined MRE 2026 | 292 | 91 | 237 | 240 | 72 | 17,208 | 7,019 |
| Combined Variance | 125% | 127% | 122% | 129% | 133% | 140% | 134% |
The variance between the 2025 and 2026 MREs is essentially an increase in size with a minor drop in grade, resulting in an overall increase in total contained metal. The main driver in the variation is the extension of the mineralised zone further to the south, introducing more tonnage of the resource, but at a slightly lower grade than the resource in the central portion of the deposit.p.18
Table 13: Metal equivalent parameters
p.18| 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 |
Plan view of the elongated Horden Lake mineralised body coloured by grade with four cross-section lines (A-A', B-B', C-C', D-D') marked, alongside four corresponding cross-section panels showing drill traces and mineralisation geometry at each location.
About Pivotal Metals: 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. Horden Lake is complemented by a battery metals exploration portfolio in Canada located within the Belleterre-Angliers Greenstone Belt comprised of the Midrim, Laforce, Alotta and Lorraine high-grade nickel copper PGM sulphide projects in Quebec.p.22
Table 16: Comparable open pit deposit references (selected columns)
p.23| Owner (ASX Ticker) | Project | Location | Stage | Tonnes M | Grade Cu % | Grade CuEq % | Cog |
|---|---|---|---|---|---|---|---|
| PSC | Mumbezhi | Zambia | Resource | 173.8 | 0.44% | 0.50% | 0.2% Cu |
| SUH | Llahuin | Chile | Resource | 218 | 0.24% | 0.37% | 0.22% CuEq |
| PVT | Horden Lake | Quebec, CA | Resource | 45.5 | 0.56% | 1.07% | $25/t NSR |
| MAG/FMG | Myall | NSW, Aus | Resource | 110 | 0.27% | 0.33% | 0.2% Cu |
| AW1 | Storm | Nunavit, CA | Scoping | 28.2 | 0.98% | 0.98% | 0.25% Cu |
| CAZ | Bommie | WA, Aus | Resource | 95.6 | 0.27% | 0.27% | 0.2% Cu |
| HMX | Kalman | QLD, Aus | Resource | 27.7 | 0.42% | 0.89% | 0.4% CuEq |
| TNC | Mt Oxide | QLD, Aus | Resource | 15.3 | 1.46% | 1.46% | 0.5% Cu |
| SVY | Thursdays Gossan | VIC, Aus | Resource | 31 | 0.49% | 0.67% | 0.2% Cu |
| SLS | Nanadie | WA, Aus | Resource | 40.4 | 0.40% | 0.48% | 0.25% Cu |
| CAE | Mt Cannindah | QLD, Aus | Resource | 14.3 | 0.74% | 1.09% | 0.3% Cu |
| TNC | Cloncurry | QLD, Aus | Resource | 13.6 | 0.80% | 0.80% | 0.5% Cu |
JORC Code, 2012 Edition - Table 1: Section 1 Sampling Techniques and Datap.24
Horden Lake has been delineated entirely by diamond drilling. The 2026 MRE reported here includes results from 243 diamond drill holes completed in the period 1963 to 2025, comprising 111 INCO holes (1963-1969), 73 Southampton holes (2008), 12 Condor holes (2012), 2 Canadian Royalties holes (2013), and 45 Pivotal Metals holes (2024 & 2025).p.24
Standard diamond drilling methods of the period were applied across all programs, yielding EX, AQ, BQ, NQ, and HQ core sizes depending on the era and operator.p.24
For 2024 & 2025 Pivotal Metals drilling, sample lengths ranged from 0.10-2.28 metres, normally 1.00 metres. Diamond drill core recovery was measured for each run and was generally high, including within assayed mineralised portions.p.24
All drill core was logged for geology, mineralisation, and sample intervals. The Competent Persons have reviewed historical drill logs but have not verified the information independently for quality control and quality assurance, nor been to site.p.25
Geochemical analyses were performed on 4,291 samples, and specific gravity was determined for 951 samples in the 2024 & 2025 Pivotal Metals programs.p.27
The drilling database used in the mineral resource calculation consists of 48,206 metres from 223 drill holes: 181 historical diamond drill holes totalling 39,951 metres (96 INCO holes drilling 19,739 metres, 73 Southampton holes drilling 18,174 metres, 12 El Condor holes drilling 2,037 metres), plus 32 Pivotal holes from 2024 totalling 6,744 metres and 10 new Pivotal holes from 2025 totalling 1,532 metres.p.36
In 2025 Pivotal completed a full metallurgical characterisation and testwork program, concluding a viable flotation flowsheet could achieve recoveries of approximately 90% Cu, and 50% Ni, and 50-70% for precious metals and PGMs, into clean concentrates grading approximately 24% Cu and 12% Ni.p.34
Further work planned includes additional drilling to test open extensions of mineralisation and untested EM conductors, additional geophysics and drilling of the western magnetic trend, in-fill drilling to upgrade resource categorisation, continued metallurgical testwork, oriented drill core as part of geotechnical drilling, initiation of an Environmental Baseline Study, and moving the Project forward into a Scoping Study or Pre-Feasibility Study.p.34
No site visits to the Project have been completed by either of the Competent Persons; Pivotal's Exploration Manager, Paul Nagerl, has visited the site and coordinated closely with the Competent Persons. Given the general lack of exposure on the Property and the time of year (snow covered), a site visit would not add additional information.p.36
Forward-Looking Statements
Company is currently completing a Scoping Study to outline the potential development pathway for the Project, planned for Q3 2026.
Planning is underway for a significant exploration program to support more advanced levels of study and step-out drilling to continue to grow the Deposit.
Additional drilling planned to test open extensions of the mineralisation and untested EM conductors.
Additional geophysics and drilling of the western magnetic trend.
In-fill drilling planned to upgrade resource categorisation from Inferred to Indicated and Indicated to Measured.
Continued metallurgical testwork planned on fresh representative core.
Initiation of an Environmental Baseline Study planned as the Project advances toward higher levels of economic evaluation.