Two Projects, One Vision
Critical and Precious Metals Across Quebec
Horden Lake and Belleterre — a 100%-owned copper development project with a maiden Scoping Study, and a district-scale exploration portfolio, in Québec, Canada.
Two project areas in Québec, Canada. Horden Lake, in the Eeyou Istchee James Bay region, is a 100%-owned copper project with a JORC Mineral Resource and a maiden Scoping Study completed in September 2026. The Belleterre Projects add district-scale exploration upside on the Belleterre-Angliers Greenstone Belt, 85 km south of Rouyn-Noranda. Both have access to established regional road and power networks.
Location & Tenure
Ideal location for a developer
Regional infrastructure is already established: an all-season highway within 10 km of Horden Lake, road to smelters, rail to port and a low-cost hydro grid.
Interactive project map
Tenement boundaries, roads, power and rail infrastructure, smelters, deep-water ports and nearby operations across both projects. Pan and zoom to explore.
Tenements, roads, power, rail and nearby operations around Horden Lake and Belleterre.
Quebec is a mining jurisdiction, rich in skills and infrastructure to support a modern mining operation. The Project benefits from highway access, nearby rail head, and would operate as a drive-in-drive-out site, being 4hrs from the regional cities of Val d’Or – Rouyn Noranda, which have a combined population of 80,000 people. Quebec has a very low cost (5c/kWh) renewable grid, and is home to Canada’s only copper smelter (Horne, Glencore).
These favourable settings contribute to the Project’s competitive capital and operating cost position.
Horden Lake is 100% owned and lies within the traditional territory of the Cree Nation of Nemaska, on trapline N18, on Category III land under the James Bay & Northern Québec Agreement. Development would be subject to the Agreement’s environmental and social impact assessment process.
Flagship · 100% Owned
Horden Lake
A copper-dominant Cu-Ni-Au-PGM-Co deposit in the Eeyou Istchee James Bay Region of Québec — shallow, pit-constrained, and still growing.
Horden Lake’s maiden Scoping Study, released in September 2026, outlines a conventional open-pit copper development: a single pit feeding a 3.5 Mtpa flotation plant over about 10 years of processing. Pivotal is now working to convert and grow the resource while de-risking the project on engineering, environmental and economic fronts. The deposit is open along strike and at depth, and resource growth is expected to continue given the deposit is open at depth and strong geophysical conductors indicate clear targets for deposit extension.
Maiden Scoping Study
A$920M post-tax NPV₇ 49% post-tax IRR 1.3 years post-tax capital payback
Scale And Grade
52.4 Mt at 1.05% CuEq for 549 kt contained CuEq, shallow and largely pit-constrained
Growth Continues
Open along its entire strike length and at depth, with conductors still untested
Simple Metallurgy
~92% modelled life-of-mine copper recovery from conventional flotation
Regional Infrastructure
Highway within 10 km and a hydro grid in the region; site access and power connection still to be built
Tier 1 Jurisdiction
Québec — consistently ranked among the world's most attractive mining jurisdictions
Scoping Study · September 2026
A conventional open-pit copper development
Base-case outcomes from the maiden Scoping Study: preliminary forecasts on a 100% project basis, in real terms.
A$920M
Post-tax NPV₇
Ungeared, 7% real discount rate
49%
Post-tax IRR
Ungeared, project level
1.3 yrs
Post-tax capital payback
From first production
29.1 kt
CuEq payable production a year
Years 1–8 average (19.1 kt Cu a year)
Base-case Scoping Study forecasts. Source: ASX announcement 29 September 2026, “Horden Lake Economics Confirm Strong Copper Development Case”.
Spot Commodity Price Case
| Base case | Study spot case | |
|---|---|---|
| Copper (US$/lb) | 5.50 | 6.78 |
| Nickel (US$/lb) | 7.25 | 7.40 |
| Gold (US$/oz) | 3,775 | 4,365 |
| Silver (US$/oz) | 58 | 67 |
| Palladium (US$/oz) | 1,255 | 1,300 |
| Platinum (US$/oz) | 1,600 | 1,782 |
| Cobalt (US$/lb) | 20 | 20 |
| Post-tax NPV₇ / IRR | A$920M / 49% | A$1,343M / 63% |
| Pre-tax NPV₇ / IRR | A$1,333M / 56% | A$1,961M / 75% |
| Post-tax payback (from first production) | 1.3 years | 1.0 years |
FX: USD/CAD 0.72, CAD/AUD 0.91. The “spot” case uses the commodity prices set out in the 29 September 2026 announcement, not live market prices. Full assumptions, cost estimates and sensitivities are in the announcement.
Key assumptions
- Base case copper price US$5.50/lb
- Pre-production capital A$411M net of ~A$17M estimated investment tax credits (A$428M gross)
- AISC US$1.00/lb payable Cu, net of by-product credits (life of mine)
- 100% project basis, real terms, A$ unless stated; AACE Class 5 (−30% / +50%)
Cautionary statement
Includes inferred resources. There is a lower level of geological confidence associated with Inferred Mineral Resources than with Indicated or Measured Mineral Resources. There is no certainty that further exploration work will result in the conversion of Inferred Mineral Resources to Indicated or Measured Mineral Resources, or that the Production Target itself, or the forecast financial information derived from it, will be realised.
Mineral Resource, Production Target and Upside
Mineral Resource
52.4 Mt @ 1.05% CuEq
JORC (2012), Measured, Indicated and Inferred, announced 7 July 2026. The geological inventory, including out-of-pit material.
Production Target
34 Mt @ 0.90% CuEq
The Scoping Study mine plan: a subset of the open-pit resource only. About 30% of life-of-mine NSR is from Inferred material.
Upside
Significant
Conversion of inferred to expand capture of defined MRE. Step-out drilling to expand MRE.
The study at a glance
Mining
- A single open pit mined by conventional truck-and-shovel methods with an owner-operated fleet, developed in three phases.
- 34 Mt of mill feed at 0.90% CuEq (0.54% Cu), strip ratio 7.9:1.
- An 11-year mining schedule including pre-strip. Higher-grade Measured and Indicated material is scheduled first; lower-grade stockpiles are reclaimed at the end.
- The mine schedule was constrained to limit the influence of inferred resources.
Processing and production
- A 3.5 Mtpa crush–grind–float plant producing a copper concentrate and a nickel concentrate.
- 10 years of processing, with higher production in the early years and stockpiled material processed later.
- Years 1–8 average payable production: 29.1 kt CuEq a year, of which 19.1 kt is copper.
- Life-of-mine payable production: 247 kt CuEq, including 160 kt copper.
Capital and costs
- Pre-production capital A$428M gross, including A$75M contingency.
- A$411M net of approximately A$17M of estimated investment tax credits, which are preliminary and subject to confirmation.
- Life-of-mine AISC of US$1.00/lb payable copper, net of by-product credits.
- Post-tax free cash flow A$1,369M over the life of mine, after capital (base case). Post-tax NPV₇ to net pre-production capital 2.2×.
Infrastructure
- James Bay Highway runs 10 km from the deposit.
- Connection to established hydroelectric transmission network.
- On-site accommodation camp, operated on a drive-in drive-out basis from Rouyn-Noranda and Val d’Or.
- Regional workforce. Estimated 200,000 population within 400 km of the project.
Interactive
The deposit in 3D
The model shows drill-hole traces with assay-coloured intervals, the resource block model and optimised pit shells. Drag to orbit, scroll to zoom.
Horden Lake — interactive 3D model
Explore drill-hole traces, assay-coloured intervals, the resource block model and optimised pit shells. Drag to orbit, scroll to zoom.
3D model showing drill-hole traces with assay-coloured intervals, the resource block model and optimised pit shells. Drag to orbit, scroll to zoom.
Mineral Resource
2026 JORC Mineral Resource Estimate
52.4 Mt
Total Mineral Resource
1.05%
CuEq grade
292 kt
Contained copper
45.5 of 52.4 Mt
Pit-constrained share
Mineral Resource Estimate statement
| Category | Tonnes Mt | CuEq % | Cu % | Ni % | 3E g/t | Ag g/t | Co ppm | CuEq kt | Cu kt |
|---|---|---|---|---|---|---|---|---|---|
| Open Pit (25 USD/t NSR) | 45.5 | 1.07 | 0.56 | 0.17 | 0.34 | 10.5 | 134 | 485 | 257 |
| Underground (65 USD/t NSR) | 6.9 | 0.93 | 0.51 | 0.18 | 0.25 | 8.5 | 130 | 64 | 35 |
| Total | 52.4 | 1.05 | 0.56 | 0.17 | 0.33 | 10.2 | 134 | 549 | 292 |
| Measured & Indicated | 24.3 | 1.17 | 0.67 | 0.18 | 0.34 | 9.2 | 143 | 283 | 163 |
| Inferred | 28.1 | 0.95 | 0.46 | 0.16 | 0.32 | 11.1 | 126 | 266 | 129 |
Pit-constrained Mineral Resource by classification
| Classification | 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 |
JORC 2012. Effective date 15 June 2026, announced 07 July 2026. Cut-offs: 25 USD/t NSR (open pit — pit-constrained; calculated break-even 15.4, selected 25 (conservative)); 65 USD/t NSR (underground — out-of-pit; calculated break-even 65.4, selected 65). CuEq 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. Competent Persons: Simon Mortimer (Director, Atticus Geoscience Consulting S.A.C. (sub-consultant to Caracle Creek)); Scott Jobin-Bevans (Director, Caracle Creek International Consulting Inc.). Totals may not add due to rounding. No Ore Reserves have been declared.
Geology
Regional scale system
Horden Lake is the largest known accumulation along an established +15km regional trend
Mineralisation sits within a Contact Zone up to 40 m wide along a corridor extending at least 15 km. The deposit itself already runs more than 2,800 m along strike — and remains open along strike and at depth, with the rest of that corridor barely tested.
Behind the resource sit 244 diamond drill holes totalling 51,814 m, 223 of which feed the current estimate — a dense, drill-tested foundation rather than a thinly sampled one.
32.1 m @ 0.96% CuEq
from 264.3 m, hole HN-24-98
incl. 14.2 m @ 1.43% CuEq
from 275.9 m
Source: Investor Presentation — July 2026. True width not known.
Metallurgy
Conventional flotation, two saleable concentrates
A standard crush–grind–float flowsheet producing a copper concentrate and a nickel concentrate, with no novel or unproven process steps.
Scoping Study assumptions (modelled, life of mine)
- ~92% total copper recovery (88% to copper concentrate + 4% to nickel concentrate)
- ~24% Cu copper concentrate (design grade) and ~10% Ni nickel concentrate
- By-product recoveries: Ni 49%, Au 64%, Ag 75%, Pd 60%, Pt 28%, Co 44%
- Ore sorting: not included in the base case on preliminary trade-off analysis; to be evaluated in future studies
Life-of-mine averages from grade-based recovery algorithms, derived from 17 samples across two metallurgical programs, including two locked-cycle tests (ASX announcement 1 September 2026, 'Higher Copper Recoveries for Horden Lake'). Source: ASX announcement 29 September 2026, “Horden Lake Economics Confirm Strong Copper Development Case”.
Individual testwork results
- Most recent locked-cycle test: copper concentrate grading 25.7% Cu (2026 program)
- 87–94% copper recovery in open and locked-cycle testwork (2025 program)
- Ore sorting demonstrated up to 2.1× grade uplift (2025 program)
Individual test results vary with sample grade and are not the same as the study’s modelled life-of-mine averages. Sources: ASX announcements 1 September 2026, “Higher Copper Recoveries for Horden Lake” (as reported in the Scoping Study), and 12 March 2025, “Testwork Confirms Excellent Metallurgy at Horden Lake”.
Development
Growth opportunities and next steps
The Scoping Study uses only part of the Mineral Resource. The Company's next phase targets resource conversion and growth alongside engineering, environmental and stakeholder work.
Growth opportunities
- Inferred Mineral Resource conversion: approximately 30% of life-of-mine NSR is from Inferred material; infill drilling is planned
- Out-of-plan resource: a significant portion of the 52.4 Mt MRE sits outside the mine plan, including the out-of-pit resource
- Strike and depth extensions: the deposit extends more than 2,800 m along strike, open along strike and at depth; only eight holes below 300 m vertical
- Undrilled conductors: EM surveys define an extensive matrix of conductors that mimic the Horden Lake signature and remain undrilled
Next steps
- Infill drilling to convert Inferred Mineral Resources
- Continued resource growth drilling on extensions and EM conductors
- Engineering optimisation, including staged development and integrated scheduling
- Pre-feasibility engineering programs
- Environmental baseline and associated permitting activities
- Continued stakeholder engagement, including with the Cree Nation
- Assessment of funding and strategic opportunities
Forward-looking. These are Company plans described in the Scoping Study announcement, not commitments or completed work. Development of the Project would require significant additional funding and regulatory approvals, neither of which is certain.
Exploration · Québec
Belleterre
A district-scale battery-metals exploration portfolio on the Belleterre-Angliers Greenstone Belt, 85 km south of Rouyn-Noranda, Québec.
The Belleterre Projects comprise an approximately 199 km², 359-claim land package across the Midrim, Lorraine and LaForce project areas. Pivotal owns 302 claims outright and holds the other 57 — the Bambino Project — under an option to earn 100%. Each area hosts known high-grade copper-nickel-PGE mineralisation associated with gabbroic intrusions and magmatic sulphide systems.
The Bambino option agreement (August 2026) brings together a 6 km trend of high-grade Cu-Ni-PGM occurrences between Midrim and Zullo that had been held in separate ownership. Pivotal can earn 100% over three years through cash, shares and exploration spending; the vendors would keep a 2.0% NSR royalty.
2026 work completed
- Alotta and Midrim East drilling, with assays reported in June 2026
- Shanty Lake: hole 26-PIV-08 completed with no significant assays; downhole EM refined the conductor above the hole
- Lorraine Mine East: 988 m drilled in five holes testing five IP targets; assays pending at 25 September 2026
Planned (forward-looking)
- Bambino: surface geophysics, with any drilling subject to results
- Lorraine Mine East: report assays when received
- Shanty Lake: the refined conductor is untested and is being weighed against other Belleterre targets
Interactive Belleterre map
Claim boundaries across the Midrim, Lorraine and LaForce project areas, with regional infrastructure and nearby operations. Pan and zoom to explore.
Claim boundaries across the Midrim, Lorraine and LaForce project areas, with regional infrastructure and nearby operations.
Drilling Results
Significant intercepts
Drill and channel results23 intercepts and 11 channel samples across Midrim, Lorraine and LaForce
Pivotal 2026 drilling
| Hole | Type | From m | Width m | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag ppm |
|---|---|---|---|---|---|---|---|---|---|
| 26-PIV-02 | significant | 73.0 | 21.8 | 1.03 | 1.27 | 0.07 | 1.01 | 0.21 | 5.8 |
| including | 77.2 | 15.6 | 1.34 | 1.73 | 0.09 | 1.34 | 0.27 | 7.8 | |
| including | 85.3 | 4.7 | 1.67 | 2.63 | 0.08 | 2.00 | 0.26 | 6.5 | |
| and | 104.0 | 5.2 | 0.93 | 0.57 | 0.05 | 0.67 | 0.28 | 3.1 | |
| 26-PIV-04 | significant | 60.4 | 2.4 | 0.18 | 0.22 | 0.00 | 0.00 | 0.01 | 79.9 |
| 26-PIV-05 | significant | 53.3 | 3.7 | 0.46 | 0.22 | 0.03 | 0.03 | 0.11 | 0.3 |
| and | 61.1 | 3.4 | 0.17 | 0.10 | 0.04 | 0.03 | 0.10 | 0.1 | |
| 26-PIV-06 | significant | 55.9 | 3.1 | 0.20 | 0.11 | 0.01 | 0.02 | 0.07 | 0.1 |
Previous explorers (restated)
| Hole | Type | Target | From m | Width m | Cu % | Ni % | Au g/t | Pd g/t | Pt g/t | Ag g/t |
|---|---|---|---|---|---|---|---|---|---|---|
| 01-BT-32 | significant | Alotta area | 54.3 | 13.1 | 1.01 | 1.59 | 0.07 | 1.84 | 0.37 | 7.6 |
| including | Alotta area | 72.2 | 13.9 | 2.38 | 2.13 | 0.15 | 1.80 | 0.72 | 10.1 | |
| and | Alotta area | 92.3 | 10.0 | 3.15 | 2.65 | 0.10 | 1.96 | 0.60 | 12.1 | |
| 18-ZA-02 | significant | Alotta | 28.5 | 14.5 | 1.25 | 0.92 | 0.06 | 1.07 | 0.31 | 2.8 |
| 18-ZA-04 | significant | Alotta | 53.1 | 24.2 | 2.31 | 1.23 | 0.10 | 1.43 | 0.32 | 7.2 |
| 19-ZA-04 | significant | Alotta | 49.0 | 14.0 | 1.61 | 1.09 | 0.10 | 1.12 | 0.27 | 0.0 |
| 19-ZA-05Chase Mining, 2019 | significant | Alotta | 49.5 | 3.2 | 0.79 | 0.31 | 0.07 | 0.54 | 0.15 | 0.0 |
| including | Alotta | 55.3 | 15.7 | 3.11 | 1.64 | 0.25 | 2.02 | 0.59 | 0.0 | |
| 20-ZA-01 | significant | Alotta | 62.6 | 4.4 | 2.46 | 1.61 | 0.17 | 1.58 | 0.83 | 5.9 |
| including | Alotta | 75.8 | 3.4 | 5.05 | 1.61 | 0.04 | 2.10 | 1.12 | 15.2 | |
| 01-BT-19 | significant | Alotta | 36.8 | 21.0 | 2.14 | 1.98 | 0.07 | 1.54 | 0.46 | 23.0 |
| 17-MR-01 | significant | Midrim | 29.0 | 21.1 | 2.48 | 1.71 | 0.11 | 2.10 | 0.56 | 9.9 |
| including | Midrim | 56.6 | 14.4 | 2.84 | 2.39 | 0.30 | 2.76 | 0.99 | 6.2 | |
| 63-PS-051963 | significant | Shanty Lake | 23.0 | 0.9 | 0.10 | 0.74 | — | — | — | — |
| U-6-76 | significant | Lorraine Mine | — | 1.0 | — | — | 56.20 | — | — | — |
“Previous explorers” results are historic, pre-Pivotal drilling, restated by the Company. True widths are not known for any interval in either table.
Historical estimate — not reported under JORC 2012
The Lorraine Mine produced approximately 600 kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au between 1964 and 1968. This is a historic production estimate, not a Mineral Resource, and is presented only as historical mining context.
Channel, surface and historic occurrence highlights
- Lorraine Mine — underground channel sample (1960s, 6th level crosscut), 28.00 m, 45.0 g/t Au, 3.2% Cu
- Lorraine Mine — underground channel sample (1960s, 6th level crosscut), 9.50 m, 14.1 g/t Au, 3.2% Cu
- Alotta — sample, 0.40 m, 23.8% Cu
- Alotta — sample, 0.40 m, 20.5 g/t 3PGE
- Alotta — core sample (photo caption), 0.50 m, 22.0% Cu, 0.78% Ni, 14.8 g/t 3PGE
- Lorraine Mine East — surface outcrop sample, 600 m east of mine, 5.5 g/t Au
- Lorraine Mine East — soil sample, 1.5 km east along inferred structural trend, 1.1 g/t Au
- Lorraine Mine — mine dump grab samples (up to), 13.8 g/t Au, 11.6% Cu
- Lorraine Mine East — historic surface samples (up to), 0.6% Cu, 0.93% Ni
- Lorraine Mine East — historic drill-intersected samples (up to), 0.6% Cu, 0.72% Ni
- LaForce — occurrence intercept (historic)(historic drill occurrence), 103.00 m, 0.4% Cu, 0.76% Ni
Pipeline
Exploration target inventory
Lorraine Mine East
11 undrilled IP anomalies east of the past-producing Lorraine Mine. Five tested with 988 m of drilling in 2026; assays pending.
Shanty Lake
Hole 26-PIV-08 completed with no significant assays. Downhole EM refined a 350 m × 140 m conductor above the hole, which remains untested.
Bambino (option)
Option to earn 100% of 57 claims consolidating the Midrim–Zullo trend of high-grade Cu-Ni-PGM occurrences. Geophysics planned; drilling subject to results.
LaForce
Anomalous Ni-Cu-Cr soils across a 3 × 4 km interpreted magmatic event; all undrilled.
Kelly Lake East
Anomalous Cu-Au in trenches, soils and VTEM across a 1 km × 1.5 km footprint.
This website has been prepared by Pivotal Metals Limited (ASX: PVT). It contains forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Mineral resource estimates are reported in accordance with the JORC Code 2012. Past performance is not indicative of future results. Investors should seek independent financial advice. Where this website reports Mineral Resource estimates previously announced to ASX, the Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Where this website reports the Production Target and forecast financial information from the Horden Lake Scoping Study announced to ASX on 29 September 2026, the Company confirms that all material assumptions underpinning them continue to apply and have not materially changed. The Scoping Study is preliminary, includes Inferred Mineral Resources and does not support the estimation of Ore Reserves; no Ore Reserves have been declared.