Quarterly Activities Report & Appendix 5Bp.1

Exploration and Development Activity Across Québec Exploration and Development Projects During the Quarter ended 30 June 2026p.1

Quarter Highlightsp.1

Managing Director Ivan Fairhall said: "We are active on multiple fronts across our portfolio to identify, build and unlock value for shareholders. The large increase in the Horden Lake MRE is significant - with over 500kt CuEq at >1% CuEq, our deposit grew by over 40% that cements a project of scale, grade, location and upside of significant strategic value. We are entering an exciting time at Horden Lake, with a resource update, metallurgical optimisation and a scoping study all in progress. We are excited by the value of our existing, already substantial, copper deposit, whilst we prepare our next stage of exploration growth. In parallel the drills are turning at Belleterre. We intersected high grades at Alotta indicative of the exciting mineralisation on the property. We remain focused on new discoveries within this exciting project, with assays in the lab and new areas being drilled. With a strong cash balance, we look forward to sharing results through the quarter and beyond."p.1

Operational Updatep.2

Pivotal was active during the Quarter across both its Horden Lake and Belleterre projects.p.2

Horden Lakep.2

During the quarter, the Company outlined and advanced its strategic plan for the 100% owned Horden Lake Project, in Québec, Canada. Horden Lake is an advanced copper project, with a large JORC compliant shallow Mineral Resource Estimate (MRE), located with access to infrastructure, with substantial exploration upside remaining. The recently enlarged MRE will form the basis for the maiden Scoping Study on the project, expected in September 2026.p.2

Mineral Resource Updatep.2

The Company materially advanced its MRE Update during the quarter, which was released just subsequent to quarter-end (7 July). The total MRE now totals 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

2026 MRE cut-off: *pit constrained 'open pit' @ cog USD 25/t NSR. ^ Out-of-pit 'underground' cog @ USD 65/t NSR. Totals may not add due to rounding. 3E = Au + Pd + Pt at average ratio of approx 3.4 : 3.2 : 1. Refer to ASX announcement 7 July 2026 "Major Copper Resource Growth at Horden Lake" for full details. 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.p.3

The MRE has been prepared in accordance with the 2012 Edition of the JORC Code by independent consultants Caracle Creek International Consulting Inc. ("Caracle Creek") and its sub-consultant, Atticus Geoscience Consulting S.A.C. ("Atticus"), and has an effective date of 15 June 2026 ("Effective Date").p.3

The Horden Lake Deposit (the "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 intrusive footwall-sedimentary country rock contact zone (the "Contact Zone").p.3

The ability for the by-products to be recovered and sold has been well demonstrated in recent metallurgical testwork, where clean high-grade concentrates have been produced from a conventional flotation flowsheet. The CuEq calculation accounts for expected recoveries of each metal as evidenced in testwork, and results in a by-products contribution that is realistically stated as 'equivalent' to 257 kt of additional contained copper metal.p.3

Growth Upsidep.3

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.3

Despite this success, there is significant exploration growth potential remaining. The deposit is constrained by a lack of drilling, and is open along its entire strike length and at depth.p.4

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. Recent electromagnetic (EM) surveys have defined an extensive matrix of interconnecting conductors that mimic the "Horden Lake signature", strongly implying extensive down plunge and along strike extensions of resources. 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.4

Metallurgical Testworkp.4

During the quarter the Company advanced its third metallurgical testwork program, with a focus on optimising the NSR of the metals complex. This testwork is being married with feedback from concentrate traders to facilitate a refined understanding of concentrate recovery x grade x payability/deduction relationships for the copper and nickel concentrates, as well as the precious and PGM products that report to them. Results from this program are expected during August and will be used to inform economic assumptions used in the upcoming scoping study.p.4

Scoping Studyp.4

The Company advanced other technical work streams such as mining processing and tailings during the period in support of its maiden scoping study. This will be first time a potential development case has been outlined for Horden Lake. Copper is trading at all-time highs, on the back of robust demand growth, supply curtailment, and a clear looming structural supply deficit. New mine supply is constrained by declining head grades, longer permitting timelines, and the dominance of large, complex, low-grade porphyry projects with onerous financial and ESG development hurdles.p.4

Horden Lake occupies a differentiated position within this landscape. Higher grades, simple open pit geometry, conventional processing and significant Québec infrastructure and regulatory advantages are expected to drive a project with competitive capital cost intensity and a timeline that can be realised in the upcoming cycle. Advancing the development case for Horden Lake enhances the positioning of the project.p.5

Belleterrep.5

During the quarter, the Company reported results from its maiden drill program at the Midrim Project, part of the 100%-owned Belleterre Projects in Québec, Canada. Results from 905m were announced, with a total of approximately 800m with assays pending, and approximately 1500m recently drilled or planned during Q3.p.5

Alottap.5

Four holes (671m) tested the orientation of the known Alotta occurrence and a northerly-plunging FLTEM conductor identified in 2025. Hole 26-PIV-02 intersected multiple zones of sulphide mineralisation.p.5

Mineralisation textures ranged from massive and semi-massive to net-textured, disseminated and vein pyrrhotite-chalcopyrite, consistent with a multiple-injection, remobilised emplacement model, with the source yet to be identified. Step-out holes 26-PIV-04 to -06 intersected a combination of quartz feldspar porphyry, mafic volcanic and mineralised gabbro hosting disseminated sulphide returning highly anomalous corresponding Cu, Ni, Ag and Pd concentrations. These results affirm the high tenor of the mineralisation at Alotta, and extend the previously interpreted Alotta mineralised halo northward above the main semi massive and massive sulphide hosting body.p.5

Midrim Eastp.6

Hole 26-PIV-01 tested a discrete FLTEM conductor with no outcrop expression, intersecting a local sulphide concentration coincident with the targeted conductor. While not materially mineralised, the result validated the Company's integrated geophysical targeting approach for detecting sulphide accumulations under cover.p.6

Shanty Lakep.6

The Shanty Lake magmatic sulphide Cu-Ni target lies between the Blondeau and Kelly Lake gabbro hosted Cu-Ni deposits. Pivotal's 2025 FLTEM survey identified a large 400m x 150m steeply dipping bedrock conductor starting from 150m depth. This untested conductive target is flanked by gabbro bodies disrupting narrow iron formations within predominantly mafic volcanic sequences where historic drill holes intersected anomalous Cu and Ni. The combination of known prospective host environment, established mineralisation, VTEM conductor, and FLTEM conductor makes Shanty Lake a highly prospective and priority drill target. Drilling is complete at Shanty Lake (674m), with assays being processed at the laboratory and expected in August, along with follow up DHEM.p.6

Lorraine Mine East – Drill Program Expansionp.6

Subsequent to quarter end, the Company announced a 1,500m expansion of its diamond drilling program at Belleterre, targeting the Lorraine Mine East area. This extends the initial 1,800m program, which was nearing completion at quarter end (now completed). Lorraine Mine East comprises eight priority targets defined by the Company's December 2025 Induced Polarisation (IP) survey, located immediately east of the past-producing Lorraine Mine (historic production of approximately 600kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au, 1964–1968). None of the targets have been previously drill tested.p.6

Drill targets are selected and prioritised based on their IP chargeability and resistivity characteristics with consideration for historic results including drilling, surface sampling and associated magnetic features. At the date of this report, 294m have been drilled, with the program expected to be complete in August 2026.p.6

Forward Programp.7

Company has a well funded exploration and development program under way.p.7

Horden Lakep.7

Belleterrep.7

Corporate Updatep.8

Pivotal's cash position as at 30 June 2026 was $3.482m.p.8

Financial commentaryp.8

The Appendix 5B for the quarter ended 30 June 2026 provides an overview of the Company's financial activities. Exploration expenditure for the quarter was $0.593m for ongoing study work associated with the Company's projects. Corporate and other expenditure for the quarter was $0.372m. The total amount paid to Directors of the Company, their associates and other related parties was $0.105m and includes salary, fees and superannuation.p.8

This announcement has been authorised by the Board of Directors of the Company.p.8

About Pivotal Metalsp.9

Pivotal is developing two major projects at Horden Lake and Belleterre located in the Province of Quebec, Canada. Both represent high quality exploration and development opportunities in a global leading mining jurisdiction. Our 100% owned Horden Lake project is well advanced with a large copper dominant JORC compliant indicated and inferred mineral resource estimate totalling 52mt @ 1.05% CuEq. There is significant exploration upside potential to compound value of the large predominantly open-pit constrained resource already defined. Our 100% owned Belleterre Projects consist of a large 160km2 greenstone land package encompassing three key project areas: Midrim-Alotta, Lorraine and Laforce. All projects demonstrate advanced exploration prospects, with multiple very high-grade Cu-Ni-PGM and Au occurrences and targets, historic resources, and some with prior mining.p.9

Metal Equivalentsp.10

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.10

Schedule of Exploration Tenementsp.11

The Company holds 100% interests in a large number of exploration tenements across its Alotta-Delphi, Horden Lake, Lac Katutu, LaForce, Lorraine, Midrim and Zullo project areas in Québec, with no changes in interests held between 31 December 2025 and 31 March 2026.p.11

Appendix 5B - Consolidated Statement of Cash Flowsp.16

Includes Director salaries, fees and superannuation.p.18

This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A and gives a true and fair view of the matters disclosed. Date: 30 July 2026. Authorised by: By the Board.p.20