Bambino Deal Expands High-Grade Cu-Ni-PGM at Belleterre

Bambino Acquisition Expands High-Grade Cu-Ni-PGM Footprint at Belleterrep.1

Further consolidating Pivotal tenure around 6km trend of high-grade magmatic sulphide occurrences together with extensive underexplored prospective gabbrop.1

Highlightsp.1

Ivan Fairhall, Pivotal's Managing Director, commented: "Bambino greatly expands our control of a regional scale mineralising system that has already demonstrated it can produce very high copper, nickel and precious-metal grades."p.1

"We see important vectors for new discovery: abundant gabbro with known intense and active mineralising system, and structural features often associated with sulphide deposition. This further consolidates our strategic greenstone belt position, and allows us to systematically evaluate and test the entire horizon."p.1

"This is now a priority exploration area, and geophysics will commence in September ahead of possible drilling in the fourth quarter."p.1

Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce it has entered into an agreement (the "Option Agreement") to acquire the "Bambino" Project, an expansion of the Company's district-scale Belleterre Projects located in Québec, Canada.p.2

The 57-claim, 3,320-hectare property is contiguous with, and substantially surrounds, Pivotal's existing Delphi Patry and Zullo polymetallic occurrences, consolidates the 'string of pearls' Midrim trend, and greatly expands the prospective environment for new deposits.p.2

Summaryp.2

The Bambino Project (Figure 1) is located within the Belleterre-Angliers Greenstone Belt, near Laverlochère in southern Québec, Canada. Pivotal already holds a dominant land position across the belt, which hosts numerous historical discoveries of high-grade copper, nickel, platinum group metals and gold. This acquisition expands and consolidates this position, where company technical work has interpreted these occurrences as evidence of a widespread polymetallic mineralising event with a source yet to be determined.p.2

The broader Belleterre project area is well serviced by established mining infrastructure, including road access, electrical infrastructure, skilled labour and operating milling capacity in the wider Abitibi region.p.2

Demonstrated Magmatic Sulphide Systemp.3

The principal exploration target at Bambino is gabbro-hosted magmatic sulphide Cu-Ni-PGM mineralisation. Quartz vein associated gold mineralization has also been identified within this project area and provides additional potential.p.3

Globally significant concentrations of mineralisation associated with gabbroic intrusions have been demonstrated in this region. Cu-Ni-PGE sulphides occur as disseminations, coarse blebs, veins, stringers and more massive accumulations, including near intrusive contacts and within adjacent country rock.p.3

Historical exploration has demonstrated high-grade mineralisation within the Bambino area at the Delphi-Patry and Zullo occurrences. Previous exploration results reported include:p.3

These results establish the fertility of the local magmatic system and provide an important geological vector for systematic exploration of the larger intrusive complex.p.3

Considered in context with the wider Pivotal Belleterre project, the land consolidation unifies a 5km 'string of pearls' series of high-grade occurrences. Highlights from the Midrim-Alotta area, just north of Bambino, includep.3

Targetingp.3

The Bambino project area is interpreted to host a series of folded gabbroic sills where existing Cu-Ni-PGE occurrences are found located on their limbs (Figure 2). The fold nose of these sills, as areas of low pressure where magmatic sulphide could migrate and accumulate, are primary targets. The fold limbs and extensions of these sills are secondary targets and supported by compelling soil geochemical anomalies. The east to west major structural feature, located at the base of the Bambino property, appears to truncate the folded sequences' southern limbs and may represent a deep structure, possible conduit for the deep sources magmatic activity generating the targeted magmatic sulphide. A kimberlite located on this structure supports the deep seating interpretation.p.3

Initial work will focus:p.3

Electromagnetic methods are particularly relevant to the Belleterre magmatic sulphide model because massive and semi-massive sulphides can generate strong conductive responses. Pivotal has already deployed modern surface FLTEM methods across other parts of the Belleterre portfolio to search beyond the historically drilled occurrences.p.3

Historical Exploration Left the Larger System Largely Untestedp.4

A central feature of Pivotal's Belleterre strategy is that historical exploration was heavily biased toward shallow, outcropping discoveries. This is particularly relevant at Bambino.p.4

Across the wider Midrim-Alotta-Lac Croche-Delphi-Patry-Zullo trend, it is evident that historical drilling was overwhelmingly concentrated around known occurrences, while systematic exploration between and beyond these areas was limited.p.4

Ownership fragmentation has also impacted exploration effort. A case in point is Zullo, an existing Pivotal outcropping target that sits right on the property boundary. This has not been drilled since 1987, and since acquisition Pivotal has been reluctant to advance this highly prospective target prior to this consolidating transaction occurring.p.4

Next Stepsp.4

The Company will provide further updates as target definition work progresses.p.4

Acquisition Termsp.5

Pivotal will acquire Bambino project from a Quebec prospecting syndicate (the "Vendors"). Under the Option Agreement, Pivotal will have the exclusive option to acquire a 100% interest in Bambino by paying C$125,000 cash, issuing 9,615,000 shares, and completing $500,000 of exploration work, scheduled as annual installments over a three-year term.p.5

An initial cash payment of C$12,500 and 1,923,000 shares in Pivotal will be made within 5 days of signature. Pivotal will seek shareholder approval for the balance of the shares, which will be issued in three annual milestones. Payments can be accelerated at Pivotal's discretion.p.5

Upon exercise of the Option, the Vendors will retain a 2.0% Net Smelter Return royalty. Pivotal will have the right at any time to buy back 1% of the royalty for C$1,000,000 cash. Milestone payments of C$500,000 at decision to mine and C$1,000,000 at commercial production will be made, offset against future royalty payments.p.5

Lorraine Drilling Updatep.5

Drilling continues at the Lorraine mine. To date 1,084m have been drilled across 3 of the 8 target areas. Drilling is ongoing on the fourth target with an additional 4 targets selected. Progress has been slower than anticipated due to poor contractor productivity, but the program is scheduled to be completed in September.p.5

Drilling of the Shanty Lake target, (679m) was completed in July. Assays are in the laboratory. A downhole EM survey has also been completed, which is being processed in parallel.p.5

Belleterre Overviewp.5

The Belleterre project area is located 85 km south of Rouyn-Noranda; the heart of the Abitibi greenstone belt, and one of the world's most productive geological areas estimated to have produced 7 Mt of copper and 200 Moz of gold since 1901.p.5

The project area is extremely well serviced by infrastructure, being nearby a major mining services centre, hosting an extensive electrical grid, road and rail network, and skilled labour force.p.5

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.5

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.5

This announcement has been authorised by the Board of Directors of the Company.p.6

About Pivotal Metalsp.7

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. 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.7

Horden Lake is complemented by a battery metals exploration portfolio in Canada located within the prolific Belleterre-Angliers Greenstone Belt comprised of the Midrim, Laforce, Alotta 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.7

Mineral Resourcesp.7

On 7 July 2026 the Company released an updated mineral resource estimate for the project "Major Copper Resource Growth at Horden Lake" The summary mineral resource estimate is shown in Table 1.p.7

Metal Equivalentsp.8

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.8

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 * 0.0002p.8

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.8

JORC Code, 2012 Edition – Table 1p.9

Section 1 Sampling Techniques and Datap.9

Section 2 Reporting of Exploration Resultsp.12