Downhole EM Refines Shanty Lake Conductor
Drill hole 26-PIV-08 at Shanty Lake returned no significant assays, but a follow-up downhole EM survey relocated the conductor to a 350x140m plate above the hole, leaving a refined and still-untested drill target.
- 26-PIV-08 was drilled to 679m length to test the centre of a conductive plate interpreted from the 2025 surface FLTEM survey, and intersected mafic volcanic, microgabbro and iron formation with disseminated and blebby pyrite, pyrrhotite and chalcopyrite, but laboratory analysis returned no significant assay results.
- Elevated metal concentrations up to 1,640ppm Zn were identified in mafic volcanic and up to 1,065ppm Cu in iron formation.
- The downhole EM survey interpreted a 200-750 Siemens conductive plate, 350x140m in size, shallower than the original surface EM interpretation and above the trajectory of 26-PIV-08, and it remains untested by drilling.
- Drilling of 988m in five holes at Lorraine Mine East was recently completed, with all samples at the laboratory pending assays; these tested 5 of 11 undrilled IP anomalies and represent the first step-out drilling beyond 600m east of the past-producing Lorraine Mine.
- A Scoping Study on the flagship Horden Lake project is in the final stages of review and is expected to be released shortly.
- Horden Lake hosts a JORC compliant MI&I Mineral Resource Estimate of 52 Mt @ 1.05% CuEq.
26-PIV-08 hole length
679mp.1
Original FLTEM target dimensions
400m x 150mp.1
Original FLTEM conductivity
70-160 Siemensp.1
DHEM conductive plate size
350x140mp.2
DHEM conductivity
200-750 Siemensp.2
Peak zinc in mafic volcanic
1,640ppm Znp.2
Peak copper in iron formation
1,065ppm Cup.2
Lorraine Mine East drilling
988m in five holesp.3
Lorraine Mine historic production
600kt @ 1.37% Cu and 0.62% Nip.3
Belleterre land package
199km2p.3
Horden Lake Mineral Resource Estimate
52 Mt @ 1.05% CuEqp.6
Horden Lake total MRE tonnes
52.4p.6
The Shanty Lake hole did not intersect economic mineralisation, but the downhole EM data provides a technical explanation and a more constrained target position for any follow-up drilling. Investors have two near-term catalysts stated in the document: assays from almost 1,000m of drilling at Lorraine Mine East, and the Horden Lake Scoping Study. The company states its approach is to evaluate follow-up work against the better-defined target alongside the broader Belleterre portfolio.
Downhole EM Refines Shanty Lake Conductor at Belleterre Project in Quebecp.1
Downhole electromagnetic (DHEM) survey better defines the target conductor above 26-PIV-08, which remains untested.p.1
Highlightsp.1
- Drill hole 26-PIV-08 was completed at Shanty Lake to test the centre of a conductive plate interpreted from a surface fixed-loop electromagnetic (FLTEM) survey.
- Drilling intersected mafic volcanic, microgabbro and iron formation, with disseminated and blebby pyrite, pyrrhotite and chalcopyrite mineralisation; however, laboratory analysis returned no significant assay results.
- DHEM survey identified a 350x140m higher conductivity anomaly, now interpreted to lie above 26-PIV-08. DHEM survey provides a more constrained geophysical model and has materially refined the interpretation of the Shanty Lake conductor. The Company now has a clearer drill target for future drilling.
- Drilling of 5 new targets recently completed at Lorraine Mine East. Assays pending for almost 1,000m.
- Scoping Study on Pivotal's flagship Horden Lake project is in final stages of review and is expected to be released shortly.
Ivan Fairhall, Pivotal's Managing Director, commented: "Hole 26-PIV-08 did not return a significant assay result, but we may have just missed the target. The downhole EM indicates that the conductor has a greater conductivity, but is shallower than the original surface interpretation. The exploration thesis remains, and we now have a materially more constrained interpretation of the Shanty Lake conductive target to incorporate into our wider Belleterre targeting and follow up drilling program."p.1
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to provide an update on exploration at its 100%-owned Belleterre Project in Québec, Canada, following completion of drilling and follow up downhole electromagnetic (DHEM) survey at the Shanty Lake Cu-Ni target.p.1
Shanty Lake Explorationp.1
Shanty Lake forms part of Pivotal's 100%-owned Belleterre exploration portfolio in Québec, Canada. The Shanty Lake magmatic sulphide Cu-Ni target lies between the Blondeau and Kelly Lake gabbro hosted Cu-Ni-PGE deposits. The drill target was a large 400m x 150m steeply dipping 70-160 Siemens conductivity bedrock conductor starting from 150m depth as defined in Pivotal's 2025 FLTEM survey (refer ASX announcement dated 25 Aug 2025).p.1
Drill hole 26-PIV-08 drilled to 679m length was designed to test the centre of the conductive plate interpreted from the surface EM data.p.1
The hole intersected predominantly mafic volcanic lithologies with minor microgabbro and felsic intrusions and a fragment of iron formation. Trace disseminated and blebby pyrite was common in the drill core. Disseminated pyrrhotite and chalcopyrite was observed locally. Core samples were submitted for laboratory analysis. Elevated metal concentrations up to 1,640ppm Zn were identified in mafic volcanic and up to 1,065ppm Cu in iron formation.p.2
Following completion of drilling, Pivotal undertook a downhole electromagnetic survey of 26-PIV-08 to provide a higher-resolution assessment of conductive sources around the drill hole. Interpretation of the downhole EM response indicates a 200-750 Siemens conductive plate, 350x140m in size, but shallower than was interpreted from the original surface EM survey. This revised plate geometry places the conductor above the trajectory of 26-PIV-08, which was designed to intersect the centre of the original surface-derived plate. The downhole EM survey provides a materially more constrained conductive target but remains untested by drilling.p.2
The result demonstrates the value of combining drilling with downhole geophysics to progressively reduce geological uncertainty before committing additional exploration capital. While 26-PIV-08 did not intersect significant mineralisation, the downhole EM survey provides a technical explanation for that result and has refined the location and dimensions of the remaining conductor. This allows Pivotal to evaluate any follow-up work against a better-defined target and alongside the broader portfolio of opportunities within Belleterre. The approach is consistent with the Company's focus on disciplined capital allocation: advancing targets where the technical evidence supports further expenditure.p.2
Plan map of the Shanty Lake area, Lorraine, Belleterre (UTM NAD83 Zone 17 North) over satellite imagery, showing the 26-PIV-08 collar, historic drill collars, 2026 FLTEM and DHEM conductors, VTEM conductors and a conductivity image over the Shanty Lake Target. Annotated occurrences include Blondeau (0.8m @ 0.9% Cu, 2.2% Ni within 7.6m @ 0.5% Cu 0.6% Ni, No Au/PGM assays, 57-P-17, from 71m; and 7.0m @ 0.43% Cu, 0.58% Ni, 0.64g/t 3PGE, BL-92-01, from 202m), a hole reporting 0.9m @ 0.74% Ni, 0.1% Cu (No Au/PGM assays, 63-PS-05, from 23m), a boulder at 0.30% Cu, 1.16% Ni, and an inset for Kelly Lake (100% TSXV Globex, 1950's discovery; 1.4mt @ 0.7% Cu, 0.7% Ni 0.3 g/t PGE, 100% inferred, resource stage). Scale bar 0 to 500 metres.
Cross-section looking west showing drill hole 26-PIV-08 trace in red from surface, a blue rectangular 'Newly modelled conductor (DHEM) 350 x 140m' plate positioned above and to the left of the hole trace, and a shaded 'Previously modelled conductor (FLTEM)' plate dipping steeply and intersected lower by the hole. Elevation axis from 400 to -200; scale bar 0 to 250 metres.
Drilling updatep.3
Following 26-PIV-08, the drill moved to the Lorraine Mine East targets. Drilling of 988m in five holes was recently completed and all samples are at the laboratory pending assays.p.3
The Lorraine Mine East targets consist of 11 undrilled IP anomalies, supported by surface mineralisation and/or a prospective structural signature. Drilling has tested 5 of these targets, and represents the first step-out drilling beyond 600m east of the past-producing Lorraine Mine, which produced 600kt @ 1.37% Cu and 0.62% Ni during the 1960s.p.3
Belleterre Overviewp.3
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.3
Pivotal has consolidated a 199km2 greenstone belt package that already hosts a number of magmatic Cu-Ni-PGE and Au deposits, occurrences, and a past producing mine. Notable discoveries include the Midrim, Alotta, LacCroche, Delphi-Patry, Zulu, Lorraine Mine, Blondeau, and LaForce occurrences where wide zones of spectacular Cu-Ni-PGM mineralisation have been defined.p.3
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.3
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.3
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 location map of the Belleterre-Angliers Greenstone Belt Projects (BAGB) in Québec/Ontario showing Pivotal claims at Midrim, Lorraine and La Force, relative to Rouyn-Noranda, Val-d'Or, Kirkland Lake, New Liskeard, Amos and La Sarre, with the Horne Smelter, Malartic Complex, Westwood, LaRonde, Don Rouyn Mine, Wasamac, GoldeX Complex, hydroelectric facilities, highways, railways, power transmission lines and the provincial border. Inset shows the BAGB Project Area within Canada. Scale 25km, NAD83.
This announcement has been authorised by the Board of Directors of the Company.p.4
Additional Exploration Datap.4
Table 1: Drill hole details (UTM NAD83 Zone 17 North)
p.4| Hole_ID | UTM_X | UTM_Y | UTM_Z | Az | Dip | Len |
|---|---|---|---|---|---|---|
| 26-PIV-08 | 659881 | 5244523 | 313 | 184 | -59.5 | 679 |
About Pivotal Metalsp.6
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects. Pivotal holds the flagship Horden Lake property, which contains a JORC compliant MI&I Mineral Resource Estimate of 52 Mt @ 1.05% CuEq (Table 2), 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.6
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 brought into production given their proximity to the world famous Abitibi mining district.p.6
Mineral Resourcesp.6
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 2.p.6
Table 2: Horden Lake 2026 Mineral Resource Estimate Statement
p.6| Category | Tonnes Mt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | Au koz | Pd koz | Pt koz | Ag koz | Co t |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRE by cut-off category | |||||||||||||||||
| In-pit | 45.5 | 1.07 | 0.56 | 0.17 | 0.15 | 0.14 | 0.04 | 10.5 | 134 | 485 | 257 | 79 | 219 | 209 | 65 | 15,336 | 6,121 |
| Out-of-pit | 6.9 | 0.93 | 0.51 | 0.18 | 0.08 | 0.14 | 0.03 | 8.5 | 130 | 64 | 35 | 12 | 18 | 31 | 7 | 1,872 | 898 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.14 | 0.14 | 0.04 | 10.2 | 134 | 549 | 292 | 91 | 237 | 240 | 72 | 17,208 | 7,019 |
| MRE by classification | |||||||||||||||||
| M&I | 24.3 | 1.17 | 0.67 | 0.18 | 0.15 | 0.15 | 0.04 | 9.2 | 143 | 283 | 163 | 45 | 117 | 114 | 31 | 7,175 | 3,478 |
| Inferred | 28.1 | 0.95 | 0.46 | 0.16 | 0.13 | 0.14 | 0.05 | 11.1 | 126 | 266 | 129 | 46 | 120 | 127 | 41 | 10,033 | 3,540 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.14 | 0.14 | 0.04 | 10.2 | 134 | 549 | 292 | 91 | 237 | 240 | 72 | 17,208 | 7,019 |
| In-Pit MRE by classification | |||||||||||||||||
| M&I | 24.2 | 1.17 | 0.67 | 0.18 | 0.15 | 0.15 | 0.04 | 9.2 | 143 | 282 | 163 | 44 | 120 | 116 | 35 | 7,166 | 3,473 |
| Inferred | 21.3 | 0.95 | 0.44 | 0.16 | 0.15 | 0.14 | 0.05 | 12.0 | 125 | 203 | 94 | 35 | 105 | 95 | 32 | 8,173 | 8,173 |
| Total | 45.5 | 1.07 | 0.56 | 0.17 | 0.15 | 0.14 | 0.04 | 10.5 | 134 | 485 | 257 | 79 | 219 | 209 | 65 | 15,336 | 6,121 |
Metal Equivalentsp.7
Metal Equivalents have been calculated using the following recovery and metals prices assumptions (Table 3). The metallurgical assumptions are informed by recent metallurgical testwork.p.7
Table 3: Metal equivalent parameters
p.7| 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 |
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 * 0.013 + Co ppm * 0.0002p.7
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.7
JORC Code, 2012 Edition – Table 1p.8
Section 1 Sampling Techniques and Datap.8
Section 1 Sampling Techniques and Data (criteria and commentary)
p.8| JORC Code criteria | Commentary |
|---|---|
| Sampling techniques | Drill hole 26-PIV-08 was completed by EDCOR Drilling. Drill core samples were cut using a diamond blade core saw and half core submitted for analysis. Drill core samples were submitted to ALS Laboratory located in Val d'Or QC for sample preparation and forwarded to ALS Laboratory in Vancouver BC for assay. Trace element concentrations were determined using four acid digestion and the ICP-MS method. Ore grade elements and precious metals were determined using four acid digestion and the ICP-AES method. Total sulphur was determined using the LECO method. Certified standard material and blank materials was inserted by Pivotal Metals. ALS Laboratory also inserted standards. |
| Drilling techniques | 2026 diamond drill holes reported here were completed using NQ size. Location and directional information was obtained from handheld GPS and downhole directional gyro. |
| Drill sample recovery | Drill core sample location and length was determined by a geologist. Sample lengths ranged from 0.2m to 1.5m and were selected to not cross any major lithological boundaries. Samples were cut in half using a core saw by a trained technical support staff. Half core was sent to a laboratory for analysis and the remaining half kept for verification. Samples were analysed by ALS Laboratory, a fully accredited laboratory. |
| Logging | All 2026 diamond drill core was logged by a geologist. Major lithologies and mineralisation was recorded into a digital database to support future studies and mineral resource estimations. Systematic photographs of the drill core were taken. |
| Sub-sampling techniques and sample preparation | Drill core was sawn using a diamond blade core saw. Where sampling was required, half core was removed and submitted for analysis. The sample range was 0.5m to 1.5m. |
| Quality of assay data and laboratory tests | Selected drill core samples were submitted to ALS Laboratory for analysis. Trace element concentrations were determined using four acid digestion and the ICP-MS method. Ore grade elements and precious metals were determined using four acid digestion and the ICP-AES method and fire assay. Total sulphur was determined using the LECO method. Certified standard material and blank materials was inserted by Pivotal Metals. ALS Laboratory also inserted standards. The chain of custody for the samples was maintained using sealed bags and contracted delivery services. |
| Verification of sampling and assaying | Sample intervals and assay results are recorded into a digital database and compared to the drill logs. The results are verified by a geologist and company executive. Original assay certificates and original protected digital assay spreadsheets are stored on a secured cloud-based data space. |
| Location of data points | Drill hole collar location was obtained using handheld GPS and presented in the UTM coordinate system NAD 83 Zone 17 north. Drill hole directional data was obtained using a gyro instrument. |
| Data spacing and distribution | NA. Reporting of a single drill hole into a conductor. No compositing is reported |
| Orientation of data in relation to geological structure | No bias in sampling is detected. |
| Sample security | Sample security was maintained using sealed bags and contracted delivery services. |
| Audits or reviews | Results of the certified standards and blank material were examined for quality control of the analyses carried out by ALS Laboratory. No additional audits were carried out. |
Section 2 Reporting of Exploration Resultsp.11
Section 2 Reporting of Exploration Results (criteria and commentary)
p.11| JORC Code criteria | 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 359 claims, all 100% owned or under option to Pivotal Metals. All claims are in good standing, and many have excess 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. Some have partial buyback rights. There are no known protection areas or defined native title interests overlapping the claims. Stakeholder consultation including with First Nations, is an important part of the exploration permitting process. 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, though additional permits are required for drilling, noting the company has been successful in obtaining similar permits in nearby areas. |
| 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. |
| 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 | Refer Table 1 in body of the announcement. |
| Data aggregation methods | No composite intervals are reported |
| Relationship between mineralisation widths and intercept lengths | No significant intersection reported. |
| Diagrams | Maps included in the body of this release as deemed appropriate by the competent person. |
| Balanced reporting | Reasonable effort has been made to report the full context of the results being presented. |
| 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 website and within the relevant historic assessment reports available on the Government database. |
| Further work | Follow up drilling of the Shanty Lake target. Additional geophysical surveys and drilling to evaluate proximate conductors |
Belleterre claim package
p.11| Project | Claims | Ha |
|---|---|---|
| Midrim | 175 | 9,744 |
| Alotta-Delphi | 15 | 679 |
| Midrim | 92 | 5,195 |
| Lac Katutu | 5 | 273 |
| Zullo | 3 | 175 |
| Laverlochere | 3 | 100 |
| Bambino (option) | 57 | 3,320 |
| Lorraine | 160 | 8,786 |
| LaForce | 24 | 1,396 |
| TOTAL | 359 | 19,924 |
Forward-Looking Statements
Follow up drilling of the Shanty Lake target.
Additional geophysical surveys and drilling to evaluate proximate conductors.
Assays pending for almost 1,000m of drilling at Lorraine Mine East.
Scoping Study on Horden Lake expected to be released shortly.