Investor Presentation - Horden Lake Scoping Study
Pivotal Metals' Scoping Study for the Horden Lake copper project reports a post-tax NPV7 of ~A$920M and ~49% post-tax IRR, though the study is a preliminary, low-confidence assessment that includes Inferred Mineral Resources.
- The Scoping Study, an AACE Class 5 (-30/+50% accuracy) preliminary assessment, is based on a Production Target of which approximately 30% of the NSR is derived from Inferred Mineral Resources.
- Post-tax NPV7 is ~A$920M with ~49% post-tax IRR and 1.3 year payback, using a base case copper price of US$5.50/lb; at spot copper price (US$6.78/lb) post-tax NPV7 rises to A$1,343M.
- Pre-production capex is estimated at A$411M (including A$75M contingency), with AISC of US$1.00/lb Cu net of by-product credits.
- The Mineral Resource Estimate (announced 7 July 2026) stands at 52.4Mt @ 1.05% CuEq (549kt CuEq contained), up 42% from the prior estimate, and remains open at depth and along strike.
- Funding of the estimated A$411m development capex is not yet secured and would likely require equity, debt or a project-level transaction, which may dilute existing shareholders.
- At Belleterre, drilling continued with results including 21.8m @ 1.3% Ni, 1.0% Cu & 1.3 g/t 3PGE, and the company entered an option agreement to earn 100% of the Bambino project.
Post-tax NPV7 (base case)
~A$920Mp.6
Post-tax IRR (base case)
~49%p.6
Payback period
1.3 yearsp.6
AISC
US$1.00/lbp.6
Pre-production capex
A$411Mp.6
Average annual production, years 1-8
29kt CuEqp.6
Mineral Resource Estimate total tonnage
52.4p.33
MRE CuEq grade
1.05p.33
LoM free cash flow (post-tax)
A$1.4Bp.6
Cash at 30 June 2026
$3.5 Mp.25
Market Cap
$22.3 Mp.25
The Scoping Study outcomes provide an early, non-binding economic case for developing Horden Lake, but given the inclusion of Inferred Resources and the preliminary nature of a Scoping Study, there is no certainty the Production Target or forecast financial outcomes will be realised. Further evaluation work, funding, permitting and drilling are required before more advanced studies or a development decision could proceed.
Pivotal Metals Investor Presentation - Horden Lake Scoping Studyp.1
Investor Presentation, Horden Lake Scoping Study, September 2026. ASX:PVT. Copper in a Tier-1 Jurisdiction.p.1
Photograph of a helicopter landed in a forest clearing at sunset/sunrise with two field workers standing nearby, representing Pivotal Metals' exploration operations.
Disclaimersp.2
Horden Lake Scoping Study Disclaimersp.3
This presentation contains the results of a Scoping Study undertaken to assess the potential viability of the Horden Lake Project. The Study is a preliminary, order-of-magnitude technical and economic assessment prepared to an AACE International Class 5 estimate (-30 +50% accuracy). It is based on low-level technical and economic assessments not sufficient to support estimation of Ore Reserves or to provide assurance of an economic development case. The Company confirms that all material assumptions underpinning the Production Target and forecast financial information derived from it, in the ASX announcement dated 29 September 2026, continue to apply and have not materially changed.p.3
The Study is underpinned by a Production Target based on the Project's Mineral Resource estimate (announced 7 July 2026). Over the life of the Production Target, approximately 30% of the NSR is derived from Inferred Mineral Resources. The material scheduled during the capital-payback period is comprised approximately 86% of Indicated and Inferred Mineral Resources.p.3
Notwithstanding the inclusion of Inferred Mineral Resources in the Production Target, the Company considers it has reasonable grounds for disclosing the Production Target. Analysis has demonstrated that significant early cashflows are generated from Measured and Indicated Resources, well in excess of capital costs. The Inferred Mineral Resources included in the Production Target sit within the optimised pit shell, on a common contact and in close proximity to Indicated and Measured Mineral Resources. The Competent Person considers there are reasonable grounds to expect that a material proportion of the Inferred Mineral Resources could be upgraded with additional infill drilling.p.3
JORC Table 4 is provided in the Scoping Study ASX Announcement dated 29 September 2026 to summarise modifying factors used within the study.p.3
Pivotal has concluded that it has a reasonable basis for providing the forward-looking statements relating to the Production Target. While there is no certainty as to funding, Pivotal believes that it has a reasonable basis to expect it will be able to fund the approximate A$411m required for development of the Project. There is no certainty that the Company will be able to source this funding as and when required. Typical project financing would include equity, debt or a project level transaction, which may be dilutive to or otherwise affect the value of Pivotal's existing shares.p.3
Investment highlightsp.4
Horden Lake (100%): Advanced pre-development copper project. ~A$920M post-tax NPV₇. ~49% post-tax IRR. 1.3 yrs payback. 29kt CuEq a year, yrs 1–8.p.4
- Large copper endowment. 52Mt @ 1.05% CuEq
- Simple development. Open pit, flotation, two clean concentrates
- Robust economics. A$411M capex; AISC US$1.00/lb Cu net of by-products
- Infrastructure. Highway within 10km, hydro grid, smelter 4 hours away. Rail to ports
- Growth upside. Open at depth, undrilled EM targets, MRE up 42% in 2026
- Catalysts. Resource growth and pre-development engineering. P/NAV = 0.02x
- Strong market thematic. Copper trading all-time highs. Critical metals tailwinds
Belleterre (100%): 200km² high grade greenstone belt exploration.p.4
- High-grade Cu–Ni–PGM. 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t Au+PGM
- Bonanza gold at Lorraine. 28m @ 45 g/t Au in underground channel sampling
- Drilling 2026. 3–4,000m testing EM targets close to known high grades
Regional map showing Horden Lake and Belleterre project locations in Quebec, Canada relative to Eastmain, Waskaganish, Nemiscau, Matagami, Rouyn Noranda, Val d'Or, Chibougamau, other companies' projects (Q2 Metals, Rio Tinto, Li-FT Power, Andina, Glencore smelters, NALM, Elevra), and infrastructure such as smelters and hydroelectric plants.
Resource summary footnotes
p.4| Category | Tonnes | Cu | Ni | Au | Pd | Pt | Ag | Co | CuEq |
|---|---|---|---|---|---|---|---|---|---|
| M&I | 24mt | 0.67% | 0.18% | 0.15 g/t | 0.15 g/t | 0.04 g/t | 9.2 g/t | 143ppm | 1.17% CuEq |
| Inf | 28mt | 0.46% | 0.16% | 0.13 g/t | 0.15 g/t | 0.05 g/t | 11.1 g/t | 126ppm | 0.95% CuEq |
Section 1: Horden Lake Scoping Study Highlightsp.5
Aerial photograph of the Horden Lake project area showing forested terrain with scattered small ponds/lakes and cleared trail lines.
Scoping Study key outcomesp.6
Scoping Study key outcomes
p.6| Metric | Base Case | Spot |
|---|---|---|
| POST-TAX NPV₇ | ~A$920M | A$1,343M |
| PRE-TAX IRR | ~56% | Spot 75% |
| POST-TAX IRR | ~49% | Spot 63% |
| PAYBACK | 1.3 years | Spot 1.0 years |
| AISC | US$1.00/lb | Spot US$0.71/lb |
| PRE-PRODUCTION CAPEX | A$411M | - |
| NPV TO CAPEX | 2.2x | Spot 3.3x |
| AVERAGE PRODUCTION | 29kt CuEq | - |
| FREE CASH FLOW | A$1.4B | Spot A$1.9B |
Base case: Cu US$5.50/lb, Ni US$7.25/lb, Co US$20/lb, Au US$3,775/oz, Ag US$58/oz, Pt US$1,600/oz, Pd US$1,255/oz. Spot case: Cu US$6.78/lb, Ni US$7.40/lb, Co US$20/lb, Au US$4,365/oz, Ag US$67/oz, Pt US$1,782/oz, Pd US$1,300/oz. 7% discount rate, real terms, 100% basis, A$ unless stated. Net of A$17m of estimated CSM Investment Tax Credits.p.6
Horden Lake is a simple high return copper project with significant upside.p.6
29kt CuEq a year, and room to growp.7
Annual payable production, kt CuEq
p.7| Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9 | Yr 10 |
|---|---|---|---|---|---|---|---|---|---|
| 37kt | 38kt | 35kt | 31kt | 32kt | 32kt | 30kt | 32kt | 11kt | 6kt |
Scaleable production: 247kt CuEq, 160kt Cu. 29kt CuEq/a average, years 1–8. Ni 20kt · Co 1.0kt · Au 83koz · Ag 5.9Moz · Pd 29koz · Pt 3.1koz. Strategically relevant scale in the copper pre-developer space, with significant upside.p.7
High precious & PGM revenues: A$1,059M LoM gold, silver and PGM revenue, 23% of total (A$1.2b at spot). Strong cashflows drive low unit costs and financing optionality.p.7
Mid-scale pre-developer space is small, but alivep.8
Chart of ASX copper pre-development projects showing annual CuEq production (kt). Horden Lake (PVT) is highlighted alongside peers including Storm (AW1), Mt Chalmers (QMN), Greater D (CNB), Orlando (CUF), Thursday's G (SVY), Woodlawn (DVP), Alaska R (PXX), Antler (NWC), Jervois (KGL), Elizabeth Ck (COD), MCB (CLA), Green Bay (FFM), Nifty (CYM), Marimaca (MC2), Kalkaroo (HAV), Caravel (CVV), Costa Fuego (HCH), and Kharmagtai (XAM).p.8
Bar chart comparing ASX-listed copper pre-development projects by annual CuEq production, with Horden Lake (PVT) shown as a highlighted green bar among grey peer bars, some labelled 'Fully Financed', 'In ramp-up', '~A$1.1B market cap', 'Sandfire, JV', '> $1b capex', and 'Zijun'.
Robust economics, leveraged to copperp.9
Base case vs Spot case economics
p.9| Metric | Base case (Cu US$5.50/lb) | Spot (Cu US$6.78/lb) |
|---|---|---|
| Post-tax NPV₇ | A$920M | A$1,343M |
| Post-tax IRR | 49% | 63% |
| Pre-tax NPV₇ / IRR | A$1,333M 56% | A$1,961M 75% |
| Pre-production capex | A$411M | A$411M |
| NPV / capex (post-tax) | 2.2x | 3.3x |
| Payback (post-tax) | 1.3 years | 1.0 years |
| LoM FCF (post-tax) | A$1,369M | A$1,939M |
| AISC (net of credits) | US$1.00/lb | US$0.71/lb |
| Avg CuEq, years 1–8 | 29kt CuEq/a | 29kt CuEq/a |
Pre-tax NPV₇ sensitivity analysis shown for Cu Price (-15%/+15%), Other metals (-15%/+15%), Discount rate (9%/5%), Opex (+10%/-10%), and Pre-prod capex (+20%/-20%), with base case pre-tax NPV of A$1,333M. Sensitivity values include 1,009, 1,158, 1,197, 1,209, 1,247, 1,656, 1,508, 1,487, 1,456, 1,418, and 1,961.p.9
Horden Lake trades at 2% of its NPVp.10
P/NPV, post-tax comparison
p.10| Horden Lake (PVT) | Thursday's G (SVY) | Elizabeth Ck (COD) | Storm (AW1) | Orlando (CUF) | Green Bay (FFM) | Greater D (CNB) |
|---|---|---|---|---|---|---|
| 0.02x | 0.03x | 0.04x | 0.16x | 0.26x | 0.55x | 0.63x |
LoM production scale, CuEq per annum
p.10| Horden Lake (PVT) | Thursday's G (SVY) | Elizabeth Ck (COD) | Storm (AW1) | Orlando (CUF) | Green Bay (FFM) | Greater D (CNB) |
|---|---|---|---|---|---|---|
| 26kt | 16kt | 34kt | 9kt | 15kt | 35kt | 13kt |
Strong cash flow drives robust returns & low costsp.11
Annual & cumulative cashflow chart shows annual EBITDA values of 438, 352, 306, 252, 284, 307, 306, 391, 89 (A$M) across the production years, with cumulative FCF reaching A$1,369M, and payback occurring at 1.3 years.p.11
NSR by concentrate: Copper 83%, Nickel 17%. NSR by metal: Copper 65%, Nickel 10%, Gold, Silver 11%.p.11
Unit Costs
p.11| Cost item | Basis | Unit | Value |
|---|---|---|---|
| Mining | A$2.82/t moved | US$/lb CuEq | $1.09 |
| Processing | A$13.6/t ROM | US$/lb CuEq | $0.56 |
| Royalties | - | US$/lb CuEq | $0.11 |
| G&A | A$6.7/t ROM | US$/lb CuEq | $0.27 |
| Transport, TC/RC | - | US$/lb CuEq | $0.15 |
| C1 cash | - | US$/lb CuEq | $2.18 |
| Sustaining capital | - | US$/lb CuEq | $0.40 |
| AISC (co-product) | - | US$/lb CuEq | $2.58 |
| AISC Cu (NoBPC) | - | US$ / lb Cu | $1.00 |
Simple by designp.12
Open pit mine: 34Mt production target, 0.90% LoM CuEq. Flotation plant: 3.5Mtpa plant, ~10-yr life, 92% Cu recovery. Concentrates: 29kt CuEq y1-8, 160kt LoM Cu prod., saleable grades 24% Cu, 10% Ni. Tier 1 Jurisdiction: 10km to highway, 99% renewable grid, low-cost renewable hydropower (A$0.05/kWh).p.12
3D geological model image showing the Horden Lake open pit shell in cyan overlaying the coloured resource block model.
Aerial rendering of the proposed flotation processing plant layout at Horden Lake.
Photograph of a front-end loader loading copper concentrate into a shipping container/truck.
Photograph of a snow-covered highway near the Horden Lake project site with a vehicle driving on it.
Single open pit feeds 3.5Mtpa plantp.13
Production Target Summary: Conventional truck-and-shovel, owner-operated fleet. High-grade, low-strip phases first; M&I material scheduled early. Low-grade stockpile reclaimed in years 9–10 keeps the mill at nameplate. No oxide or transition layer; fresh sulphide below thin till cover. Conservative design: estimated costs A$2.78/t moved well below the optimisation assumption of C$4.00/t moved.p.13
Mine plan vs 2026 MRE: 34Mt mill feed, 7.9:1 LoM strip ratio, ~10 yrs at 3.5Mtpa, 3 mining phases.p.13
3D image comparing the scoping pit shell (cyan) against the 2026 Mineral Resource Estimate block model (multi-coloured) at Horden Lake.
Conventional flowsheet makes two clean concentratesp.14
Processing at a glance: 3.5Mtpa throughput, A$218M plant capex, A$13.6/t processing cost.p.14
LoM recovery by payable metal
p.14| Metal | Recovery |
|---|---|
| Copper | 92% |
| Silver | 75% |
| Gold | 64% |
| Palladium | 60% |
| Nickel | 49% |
| Cobalt | 44% |
| Platinum | 28% |
Process flow diagram of the conventional crush-grind-float flowsheet showing crush and stockpile, SAG and ball mill, rougher and regrind, copper cleaners, nickel cleaners, and filter and load-out stages producing two separate concentrates.
- Standard crush–grind–float flowsheet
- BWi 15.4-16.6 kWh/t
- Primary grind 85µm
- Good Cu–Ni selectivity
- Locked Cycle testwork supported results
- Nickel circuit optimisation potential
- Clean concentrates + Au, Ag, PGM, Co
- No novel or unproven steps
Horden Lake: Rapidly Growing Resourcep.15
51,814m of drilling.p.15
Mineral Resource by pit position
p.15| Mt | CuEq kt | CuEq % | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t | Co ppm | |
|---|---|---|---|---|---|---|---|---|---|---|
| In-pit | 45.5 | 485 | 1.07 | 0.56 | 0.17 | 0.15 | 0.14 | 0.04 | 10.5 | 140 |
| Out-of-pit | 6.9 | 64 | 0.93 | 0.51 | 0.18 | 0.08 | 0.14 | 0.03 | 8.5 | 151 |
| Total | 52.4 | 549 | 1.05 | 0.56 | 0.17 | 0.14 | 0.14 | 0.04 | 10.2 | 141 |
Pit Constrained MRE 46mt @ 1.07% CuEq. Out of Pit MRE 7mt @ 0.93% CuEq. Chart shows tonnes and CuEq grade growth across 2022, 2025 and 2026, with an annotation of 88% CuEq growth and +257 kt CuEq.p.15
3D wireframe model of the Horden Lake deposit showing pit-constrained and out-of-pit Mineral Resource Estimate zones with red annotation arrows pointing to each zone.
Open at depth and along strike, conductors undrilledp.16
Long section looking SE showing scoping pit shell, 2026 MRE block model, and EM conductor plates. 2,800m strike, open throughout. ~540m deepest intersection. 8 holes below 300m vertical. +40% in-pit CuEq, 2026 MRE.p.16
- Limited by drilling: every hole into the Contact Zone is mineralised
- Mine plan uses a subset of the 52Mt MRE
- Remainder of MRE sits adjacent or below pit shell
- Inferred conversion outside the mine plan drives low-risk growth production target growth
- EM conductors mimic the Horden Lake signature, with no graphite or barren sulphide on the contact
- Proven targeting: Strong MRE growth from drilling a small part of the conductive horizon
- Demonstrated ability to grow: MRE up 42% to 52mt (549kt CuEq) in the July 2026 update
Long section image looking southeast showing the scoping pit shell (teal), 2026 MRE block model (olive), and EM conductor plates (red/grey shadow polygons), with an inset drill section showing 32.1m @ 0.96% CuEq intersection from hole HN-24-98.
Scale Potential – regional (Lorraine - Copper)p.17
Lorraine - Copper: Past producing with exciting gold and copper targets. Significant potential to make additional discoveries. Magnetics demonstrate scale opportunity: classic magmatic Cu-Ni-PGM sulphide mineralization at the contact, base of a large regional mafic intrusion, part of a broader 20km mineralised structure.p.17
- Mineralised western trend: First drilling, 4 mineralised zones in HN-24-113, but did not reach the contact zone; magmatic sulphide mineralisation shares similar characteristics of the main Horden Lake zone; priority target for follow up
- Southern Trend: Numerous EM conductors, greatly underexplored
Regional total magnetics intensity map of the Horden Lake project area showing drill hole collar locations, the 2026 MRE projection, and Pivotal Metals tenement boundaries, with an inset location map showing Quebec towns including Matagami, Kirkland Lake, Rouyn-Noranda, Val d'Or, Sudbury, Montreal, Toronto and Ottawa.
Permitting & ESGp.18
Crown Land, Category 3 Status: Situated on Crown Land, designated Category 3 status under the James Bay & Northern Québec Agreement - the least-restrictive tenure class for resource development.p.18
Cree Territory (Eeyou Istchee): Deposit lies within the traditional territory of the Cree Nation of Nemaska, on N18 trapline. Adjacent to Cree Nation of Waskaganish & N06 trapline.p.18
Community Commitment: Prioritising strong relationships based on full transparency, with consistent and constructive open dialogue.p.18
Environmental Sensitivity: Designing the project for permitting. No protected areas within the project footprint.p.18
Baseline studies have commenced: Consultations ongoing, and environmental field program supporting long-term permitting strategic plan.p.18
Map of the Eeyou Istchee region showing Category 1, Category 2 and Category 3 land tenure zones around the Horden Lake project location (red pin), near Waskaganish, Nemiscau, Matagami and Waswanipi, with Ontario shown to the west.
Next stepsp.19
Project timeline shown spanning Scoping Study, Pre-Feasibility, Feasibility, Detail Engineering and Construction, alongside parallel tracks for Exploration (Resource Conversion and Deposit Growth) and Environmental Baseline + Stakeholder Engagement. Key milestones noted: 2026 MRE Update, A$920m NPV7 49% IRR, and Summer 2026 complete (Pre-Feasibility).p.19
- Grow and de-risk the resource: Inferred conversion via infill drilling; resource growth by drilling EM conductors down-plunge and along strike; Belleterre 2026 drilling of high-grade Cu–Ni–PGM and Lorraine gold targets
- Advance the engineering: Alternatives assessment including staged development, underground cut-over; engineering studies to lock down scope and refine input assumptions; lock-step with permitting requirements
- Earn the licence to operate: Environmental baseline supporting robust ESIA; stakeholder engagement with the Cree Nation and regional partners; leverage government initiatives to reduce permit friction
- Unlock the strategic value: Strategic relevance as a scarce mid-scale copper project in a Tier 1 jurisdiction; funding options supported by the Scoping Study; pursue government support and incentives tied to critical metals development
Section 2: Belleterre Projectsp.20
Photograph of mineralised rock outcrop with a rock hammer and blue geological compass placed on it, with forest in the background at the Belleterre project.
Belleterre Projectsp.21
Belleterre Projects 200 km2 strategic greenstone belt landholding, 100% controlled, consolidated by Pivotal.p.21
- Intensely mineralised system active at a regional scale
- Drilling hyper-biased to 1960s outcropping discoveries. Prior mining at Lorraine.
- Actively Drilling - Program Status: 1,800m drilled, incl 21.8m @ 1.3% Ni, 1.0% Cu & 1.3 g/t 3PGE (73m)
- Lorraine Mine: 1,000m assays pending, 6 targets
- Bambino: Geophysics Q4. Drilling subject to results
- 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim)
- 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim)
- 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta)
- 15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t Au+PGM (from 55.3m, Alotta)
- Samples to 0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta)
- 28m @ 45 g/t Au in u/g channel sample (Lorraine)
Regional geology map of the Belleterre Greenstone Belt showing claim tenure held by Pivotal Metals and Vior, mafic and intermediate volcanics, mafic and ultramafic intrusions, diorite, iron formation, mineral occurrences and mined deposits, with labelled prospects Laforce, Midrim, Lorraine, and distances to Rouyn-Noranda (70km), Val d'Or (90km) and Sudbury (160km).
Photograph of a drill core sample showing 0.5m of massive chalcopyrite-pyrrhotite mineralisation grading 22% Cu, 0.78% Ni and 14.8 g/t 3PGE from the Alotta deposit.
Lorraine Mine – new targets in underexplored trendp.22
Bonanza grade gold target: Bonanza gold grades from an Au-Cu quartz vein system encountered during 1960's Cu-Ni mining, including 28m @ 45.2 g/t Au & 3.2% Cu (6th level u/g crosscut), 9.5m @ 14.1 g/t Au & 3.2% Cu (6th level u/g crosscut), and 1m @ 56.2 g/t Au (DDH U-6-76). Visible gold encountered in drilling; largely un-explored following the conclusion of Cu-Ni focused mining.p.22
System Scale Potential – 2km target trend: Up to 5.5 g/t Au in outcrop, 600m east of the mine; 1.1 g/t soil sample 1.5km east; up to 13.8 g/t Au in mine dump grab samples; all with Au in signature Cu-quartz veining; coincident IP anomalies. 1,000m assays pending from 6 targets.p.22
IP anomaly map (picks shown on total magnetics intensity base map) of the Lorraine Mine East drill target area, showing labelled IP anomalies LIP1-LIP11, planned and pre-PVT drill hole collars, surface sampling locations, past production grades (600kt @ 1.4% Cu, 0.6% Ni, 0.6 g/t Au), and various outcrop and drilling assay results.
Midrim Projectp.23
Strongest concentration of occurrences - globally significant mineralisation including 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim), 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim), 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta), 15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t Au+PGM (from 55.3m, Alotta), and samples to 0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta).p.23
Regional scale: 5km cluster of high-grade deposits are remobilised, considered related. Geophysics and drilling to extend the discovery footprint. Source of mineralisation is undefined - searching for the plumbing of these 'pods'. PVT 2026 drilling includes 21.8m @ 1.3% Ni, 1.0% Cu & 1.3 g/t 3PGE (73m). Substantially underexplored with limited drilling outside of immediate outcrop discoveries.p.23
Aeromagnetic map of the Midrim project area showing PVT's Midrim (100%) and Bambino Addition tenement boundaries, VTEM conductor orders, drill hole collars, and labelled prospects Lac Long, Lac Kirwan, Lac Croche, Midrim, Alotta, Zullo and Delphi Patry with associated assay highlights, plus a 'Belt-scale 5km string of pearls high-grade cluster' annotation.
Bambino Acquisitionp.24
Strategic Consolidation: New option agreement, PVT to earn 100%. Consolidates a 6km trend of high-grade Cu-Ni-PGM occurrences.p.24
- Lack of modern exploration: Zullo last drilled 1987, Delphi-Patry 2002; fragmented ownership
- Vast gabbro host, with interpreted fold limb and noses ideal for sulphide emplacement
- Soil geochemistry anomalies strengthen prospectivity
- Geophysics planned for late-Q3. Possible drilling in Q4 2026
Aeromagnetic map of the Bambino property showing soil copper geochemistry results (ppm ranges), high-grade occurrence markers for Lac Croche, Alotta, Midrim, Delphi, Patry and Zullo, and interpreted fold limbs/hinges with coincident soils.
Corporate overviewp.25
Corporate overview
p.25| Metric | Value |
|---|---|
| Share price – 28 September 2026 | A$0.017 |
| Shares on issue | 1,310 M |
| Market Cap | $22.3 M |
| Debt | - |
| Cash | $3.5 M |
| Enterprise Value | $18.8 M |
| Directors Own | 5% |
| Top 20 Own | 38% |
| Number of shareholders | ~1,300 |
| Liquidity (last 6 months) | ~A$14.6M |
Cash figure stated as at 30 June 2026.p.25
Board and management team profiles: Ivan Fairhall (Managing Director & CEO), Simon Gray (Independent Non-Exec Chair), Robert Wrixon (Independent Non-Exec Director), Daniel Rose (Independent Non-Exec Director), Paul Nagerl (VP Exploration), Charles D'Amours (Geologist), Chris Martin (Metallurgist), Simon Gaivin (ESG Advisor).p.25
Share price and trading volume chart for ASX:PVT from September 2025 to September 2026, showing close price ranging roughly between $0.005 and $0.035 and monthly volume up to around 25-30 million shares.
Investment Highlights (summary table)p.26
Investment Highlights categories
p.26| Exploration Engine | Value is Underpinned | Fully Funded Catalysts | Premier Jurisdiction | Copper Leverage |
|---|---|---|---|---|
| Horden Lake production target increase through inferred conversion; Horden Lake MRE is wide open, with upside clearly delineated in EM; drill ready targets at Belleterre associated with known high-grade mineralisation | Horden Lake trading at 0.02x PNAV; large copper endowment in Tier-1 location; advanced assets benefit most in bull markets | Surfacing of strategic value; high-grade drilling at Belleterre; systematic exploration on regional scale position | Quebec is skills and infrastructure rich, with access to the lowest cost greenest power on the planet; Flow Through Financing greatly reduces shareholder dilution | Clear structural supply constraints, coupled with robust traditional and transitional demand drivers; obvious lack of advanced project pipeline |
Section 3: Appendixp.27
Close-up photograph of a native copper mineral specimen with a nugget-like botryoidal texture against a black background.
Scoping Study Supplementary Information - Mine Production Profilep.28
Mine Production Profile
p.28| Metric | LoM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROM (kt) | 34,032 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 2,532 |
| Cu (%) | 0.54% | 0.81% | 0.64% | 0.66% | 0.51% | 0.50% | 0.65% | 0.59% | 0.64% | 0.19% | 0.14% |
| Ni (%) | 0.16% | 0.17% | 0.18% | 0.19% | 0.14% | 0.17% | 0.18% | 0.18% | 0.18% | 0.07% | 0.07% |
| Au (g/t) | 0.16 | 0.28 | 0.23 | 0.15 | 0.20 | 0.17 | 0.12 | 0.13 | 0.13 | 0.06 | 0.06 |
| Ag (g/t) | 9.34 | 10.71 | 11.58 | 11.16 | 10.47 | 12.28 | 9.79 | 8.65 | 9.25 | 4.29 | 3.59 |
| Pd (g/t) | 0.13 | 0.15 | 0.16 | 0.16 | 0.12 | 0.14 | 0.14 | 0.13 | 0.15 | 0.07 | 0.08 |
| Pt (g/t) | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.03 | 0.03 |
| Co (%) | 0.012% | 0.011% | 0.012% | 0.014% | 0.011% | 0.012% | 0.016% | 0.015% | 0.013% | 0.007% | 0.006% |
| CuEq (%) | 0.90% | 1.28% | 1.09% | 1.06% | 0.88% | 0.88% | 1.02% | 0.96% | 1.00% | 0.35% | 0.31% |
Recoveries
p.28| Metal | Recovery to Cu conc | Recovery to Ni conc | Total Recovery |
|---|---|---|---|
| Cu | 88% | 4% | 92% |
| Ni | 0% | 49% | 49% |
| Au | 60% | 4% | 64% |
| Ag | 60% | 15% | 75% |
| Pd | 43% | 18% | 60% |
| Pt | 17% | 12% | 28% |
| Co | 0% | 44% | 44% |
Payable Production
p.28| Product | LoM | Year 1-8 ave |
|---|---|---|
| Cu (kt) | 160 | 19.1 |
| Ni (kt) | 20 | 2.2 |
| Au (koz) | 83 | 9.6 |
| Ag (koz) | 5,875 | 688 |
| Pd (koz) | 29 | 3.2 |
| Pt (koz) | 3.1 | 0.4 |
| Co (kt) | 1.0 | 0.1 |
| CuEq (kt) | 247 | 29.1 |
Scoping Study Supplementary Information - Capital & Operating Costsp.29
Capital costs, A$M
p.29| Area | Pre-production | Sustaining | Total LoM |
|---|---|---|---|
| Mining Equip & Facilities | 47 | 206 | 253 |
| Mining Pre-strip | 14 | - | 14 |
| Process Plant | 174 | - | 174 |
| Infrastructure | 12 | - | 12 |
| Tailings & Waste Rock | 19 | 89 | 108 |
| Closure | - | 38 | 38 |
| Total Direct Costs | 266 | 334 | 599 |
| Project Delivery | 59 | - | 59 |
| Owners Costs | 28 | - | 28 |
| Total Indirect Costs | 88 | - | 88 |
| Contingency | 75 | 38 | 113 |
| Total Capital Cost | 428 | 372 | 800 |
| CSM ITC Tax Credit | (17) | (26) | (44) |
| Salvage Value | - | (16) | (16) |
| Total Net Capital Costs | 411 | 329 | 740 |
Operating costs
p.29| Cost | LoM AUDm | AUD/t ROM LoM |
|---|---|---|
| Mining | 906 | 26.6 |
| Processing | 463 | 13.6 |
| G&A | 227 | 6.7 |
| Concentrate transport | 81 | 2.4 |
| Total operating costs | 1,677 | 49.3 |
Cash Flow, Valuation & Returns
p.29| Metric | Base | Spot |
|---|---|---|
| Pre-tax free cash flow (inc. capex) A$M | 1,973 | 2,818 |
| Post-tax free cash flow (inc. capex) A$M | 1,369 | 1,939 |
| Pre-tax NPV₇ (ungeared) A$M | 1,333 | 1,961 |
| Pre-tax IRR % | 56% | 75.1% |
| Post-tax NPV₇ (ungeared) A$M | 920 | 1,343 |
| Post-tax IRR % | 49% | 63% |
| Post-tax NPV / pre-production capital x | 2.2x | 3.3x |
| Pre-tax payback - years | 1.2 | 0.9 |
| Post-tax payback - years | 1.3 | 1.0 |
Key Assumptions
p.29| Assumption | Base | Spot |
|---|---|---|
| Copper USD/lb | 5.50 | 6.78 |
| Nickel USD/lb | 7.25 | 7.40 |
| Gold USD/oz | 3,775 | 4,365 |
| Silver USD/oz | 58 | 67 |
| Platinum USD/oz | 1,600 | 1,782 |
| Palladium USD/oz | 1,255 | 1,300 |
| Cobalt US$/lb | 20 | 20 |
| Discount rate % | 7.0% | 7.0% |
| Corporate tax rate % | 26.5% | 26.5% |
| FX rate (CAD/AUD) x | 0.91x | 0.91x |
| FX rate (USD/CAD) x | 0.72x | 0.72x |
Québec – premier mining jurisdictionp.30
- Access to low-cost renewable energy: Quebec grid is 99% renewable and has among the lowest power costs globally; 100% renewable power for low ESG footprint
- Excellent infrastructure network: Biggest power grid in north America; highway within 10km of the project; rail to local smelters or export ports
- 'Flow-through scheme' tax incentives: Quebec has the highest tax credit in Canada for critical metals exploration; up to 2x leverage on money raised, without structural overhang
- Direct and tangible government assistance: PVT received A$120k metallurgy grant; $1B Natural Resource and Energy Fund for direct equity investment
- Mature and stable operating jurisdiction: Fraser Institute Global #5 Investment Attractiveness Index; prolific cluster of projects, mines and smelters, directly employs 19,000 people in Quebec
Photograph of a large hydroelectric dam spillway in Quebec, with accompanying news clippings referencing a $1.5 billion Natural Resources and Energy Capital Fund, federal critical minerals funding, and Pivotal Metals securing a Canadian grant for Horden Lake.
Geological Setting – Horden Lake depositp.31
Strong structural control for mineralisation. Magmatic sulphide deposit associated with mafic and ultramafic rocks. Mineralisation occurs along the contact of the gabbroic complex and metasedimentary rocks. Mineralisation extends to north-east and is open at depth, with two main mineral styles: large sulphide blebs to massive sulphide (pyrrhotite, pentlandite, pyrite, chalcopyrite in shear zones along the contact) and disseminated to blebby sulphides (locally up to 25% sulphides) in medium- to coarse-grained gabbro.p.31
Section view of the Horden Lake deposit with a CuEq percentage colour scale, showing higher grades near the sediment contact and more disseminated mineralisation into the gabbro hanging wall, with drill hole traces labelled including HN-24-98 and HN-08-02.
Photographs of drill core samples showing large sulphide blebs to massive sulphide mineralisation and disseminated to blebby pyrrhotite-pentlandite-pyrite-chalcopyrite mineralisation in gabbro.
Midrim-Alotta deepsp.32
MT survey showing major conductive anomalies that link the string of pearls: major regional system potential linking multiple high-grade surface bodies; 2023 MT survey confirmed mafic contact deposit model hypothesis; extensive contact 'host horizon mapped'; shallow Midrim and Alotta discoveries fall on this contact zone; large conductive anomalies on the prospective contact zone are high ranking targets.p.32
Alotta: 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m); 19m @ 2.2% Cu, 1.7% Ni & 2.3 g/t 3PGE (from 49m). Midrim: 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m); 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m).p.32
MT (magnetotelluric) survey resistivity sections (Sections 1, 2 and 3) showing potential target zones near the Alotta and Midrim deposits, alongside a 3D perspective view of the conductivity model with Lac Croche, Alotta and Midrim labelled.
Appendix - 2026 JORC Compliant Mineral Resource Estimatep.33
The Mineral Resource Statement considers the portions of the resource within the optimised pit shell at a cut-off of US$25/t NSR, and the portions outside (below) the optimised pit shell at a higher cut-off of US$65/t NSR to approximate underground mining conditions. The Company confirms it is not aware of any new information that materially affects the estimates and that all material assumptions continue to apply.p.33
MRE by cut-off category
p.33| Category | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
p.33| Category | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
p.33| Category | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 232 | 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 |
2026 MRE cut-off: In-pit = USD 25/t NSR, Out-of-pit = USD 65/t NSR.p.33
Referencesp.34
Economic Parameters, Grade Based CuEq Equation (HL)
p.34| Element | Unit | Price | Recovery | Sales | Cost 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 |
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.34
Full Assay Breakdown of Referenced Drillholes
p.34| Hole ID | Width (m) | CuEq | Cu% | Ni% | Au g/t | Pd g/t | Ag g/t | Pt g/t | Co ppm | From (m) |
|---|---|---|---|---|---|---|---|---|---|---|
| HN-24-98 | 32.1 | 0.96 | 0.57 | 0.19 | 0.08 | 0.13 | 8.2 | 0.04 | 192 | 264.3 |
| Including | 14.2 | 1.43 | 0.86 | 0.28 | 0.11 | 0.20 | 11.8 | 0.06 | 315 | 275.9 |
| 01-BT-32 | 13.1 | 1.01 | 1.59 | 0.07 | 1.84 | 7.6 | 0.37 | 54.3 | ||
| Including | 13.9 | 2.38 | 2.13 | 0.15 | 1.80 | 10.1 | 0.72 | 72.2 | ||
| And | 10.0 | 3.15 | 2.65 | 0.10 | 1.96 | 12.1 | 0.60 | 92.3 | ||
| 18-ZA-02 | 14.5 | 1.25 | 0.92 | 0.06 | 1.07 | 2.8 | 0.31 | 28.5 | ||
| 18-ZA-04 | 24.2 | 2.31 | 1.23 | 0.10 | 1.43 | 7.2 | 0.32 | 53.1 | ||
| 19-ZA-04 | 14.0 | 1.61 | 1.09 | 0.10 | 1.12 | 0.0 | 0.27 | 49.0 | ||
| 19-ZA-05 | 3.2 | 0.79 | 0.31 | 0.07 | 0.54 | 0.0 | 0.15 | 49.5 | ||
| Including | 15.7 | 3.11 | 1.64 | 0.25 | 2.02 | 0.0 | 0.59 | 55.3 | ||
| 20-ZA-01 | 4.4 | 2.46 | 1.61 | 0.17 | 1.58 | 5.9 | 0.83 | 62.6 | ||
| Including | 3.4 | 5.05 | 1.61 | 0.04 | 2.10 | 15.2 | 1.12 | 75.8 | ||
| 01-BT-19 | 21.0 | 2.14 | 1.98 | 0.07 | 1.54 | 23.0 | 0.46 | 36.8 | ||
| 17-MR-01 | 21.1 | 2.48 | 1.71 | 0.11 | 2.10 | 9.9 | 0.56 | 29.0 | ||
| Including | 14.4 | 2.84 | 2.39 | 0.30 | 2.76 | 6.2 | 0.99 | 56.6 |
Supporting information – referenced project details (ASX Pre-Development Copper Projects)p.35
ASX Pre-Development Copper Projects
p.35| Project | Ticker | Company | Study/Stage | Cu (kt) | LoM (years) | Cu (t/a) | CuEq (t/a) | Study Date |
|---|---|---|---|---|---|---|---|---|
| Storm | AW1 | American West Metals | Scoping Study | 83 | 10 | 8 | 9 | 3/03/2025 |
| Mt Chalmers | QMN | QMines | PFS | 65 | 11 | 6 | 11 | 30/04/2024 |
| Greater D | CNB | Carnaby Resources | PFS | 141 | 12 | 12 | 13 | 16/03/2026 |
| Orlando | CUF | CuFe | Scoping Study | 39 | 6 | 7 | 15 | 29/07/2025 |
| Thursday's G | SVY | Stavely Minerals | Scoping Study | 170 | 13 | 13 | 16 | 10/08/2026 |
| Woodlawn | DVP | Develop Global | PFS | 80 | 10 | 8 | 17 | 3/04/2024 |
| Alaska R | PXX | PolarX | Scoping Study | 158 | 10 | 16 | 20 | 18/01/2024 |
| Horden Lake | PVT | Pivotal | Scoping Study | 160 | 10 | 16 | 26 | 30/09/2026 |
| Antler | NWC | New World Resources | PFS | 197 | 12 | 16 | 30 | 17/07/2024 |
| Jervois | KGL | KGL Resources | Feasibility | 256 | 10 | 26 | 32 | 10/02/2025 |
| Elizabeth Ck | COD | Coda Minerals | Scoping Study | 454 | 16 | 28 | 34 | 28/08/2025 |
| MCB | CLA | Celsius Resources | FS | 246 | 10 | 25 | 35 | 26/01/2026 |
| Green Bay | FFM | FireFly Metals | PEA | 872 | 32 | 35 | 25/08/2026 | |
| Nifty | CYM | Cyprium Metals | PFS | 669 | 19 | 35 | 35 | 27/11/2024 |
| Marimaca | MC2 | Marimaca | FS | 538 | 13 | 43 | 43 | 26/08/2025 |
| Kalkaroo | HAV | Havilah Resources | PFS | 392 | 14 | 28 | 49 | 18/06/2019 |
| Caravel | CVV | Caravel Minerals | PFS | 62 | 62 | 12/07/2022 | ||
| Costa Fuego | HCH | Hot Chili | PFS | 1,500 | 20 | 75 | 87 | 27/03/2025 |
| Kharmagtai | XAM | Xanadu | PFS | 2,200 | 29 | 76 | 128 | 14/10/2024 |
Supporting information – referenced project details (P/NAV pre-development peer group)p.36
P/NAV pre-development peer group
p.36| Project | Ticker | Company Name | Study/Stage | Mkt Cap (A$m) | Latest Cash (A$m) | EV | P/NAV | Post-tax NPV (A$m) | Discount Rate | Cu Price (US$/lb) | Study Date |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Storm | AW1 | American West Metals | Scoping Study | 42 | 9 | 33 | 0.16x | 149 | 8% | 4.60 | 3/03/2025 |
| Greater D | CNB | Carnaby Resources | PFS | 213 | 11 | 202 | 0.63x | 322 | 7% | 5.20 | 16/03/2026 |
| Orlando | CUF | CuFe | Scoping Study | 110 | 19 | 91 | 0.26x | 355 | 7% | 4.20 | 29/07/2025 |
| Stavely Minerals | SVY | Thursday's G | Scoping Study | 18 | 3 | 14 | 0.03x | 543 | 7% | 6.01 | 10/08/2026 |
| Horden Lake | PVT | Pivotal | Scoping Study | 22 | 3 | 19 | 0.02x | 920 | 7% | 5.50 | 30/09/2026 |
| Elizabeth Ck | COD | Coda Minerals | Scoping Study | 47 | 11 | 36 | 0.04x | 855 | 7% | 4.20 | 28/08/2025 |
| Green Bay | FFM | FireFly Metals | PEA | 1,400 | 184 | 1,216 | 0.55x | 2,200 | 7% | 5.00 | 25/08/2026 |
Pivotal Metals Limited - Contact Detailsp.37
Pivotal Metals Limited, ABN 49 623 130 987, Level 10, 360 Queen Street, Brisbane QLD 4000, GPO Box 2517 WA 6831. T: +61 8 9481 0389, E: info@pivotalmetals.com, W: www.pivotalmetals.com.p.37
Forward-Looking Statements
Infill drilling planned to lift confidence in Inferred Resources outside the current mine plan envelope.
Plans to drill EM conductors down-plunge and along strike to grow the resource.
2026 drilling planned at Belleterre testing high-grade Cu-Ni-PGM and Lorraine gold targets (3-4,000m).
Alternatives assessment including staged development and underground cut-over as part of advancing engineering.
Engineering studies to lock down scope and refine input assumptions, in lock-step with permitting requirements.
Environmental baseline studies and stakeholder engagement with the Cree Nation continuing to support a robust ESIA.
Geophysics planned for late-Q3 2026 at Bambino, with possible drilling in Q4 2026.