Two Projects, One Vision
Critical and Precious Metals Across Quebec
Horden Lake and Belleterre — a 100%-owned advanced copper resource and a district-scale exploration portfolio in a Tier-1 Canadian jurisdiction.
Two 100%-owned project areas, both in Québec’s Abitibi — one of the most productive copper belts on earth. Horden Lake is an advanced copper deposit with a JORC Mineral Resource and a maiden economic study underway; the Belleterre Projects add district-scale exploration upside across the same belt. Roads, rail, hydro power and operating mills are already in place around both.
Location & Tenure
Ideal location for a developer
All-season highway access within 10 km, road to smelters or rail to port, cheap hydro power — the costs most greenfield copper projects still have to carry.
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.
Glencore’s Horne copper smelter sits roughly 400 km away and the Sudbury nickel smelter roughly 650 km — established routes to market rather than infrastructure still to be built. Horden Lake is 100% owned and lies within the traditional territory of the Cree Nation of Nemaska, on trapline N18, on Crown Land Category 3 status under the James Bay & Northern Québec Agreement.
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.
Pivotal is driving Horden Lake toward a large-scale, long-life open-pit copper operation — growing the resource and de-risking the project on every front at once: engineering, environmental and economic. The deposit is open along its entire strike length and at depth, and every step of that growth so far has come from drilling geophysical conductors the Company had already mapped.
Tier 1 Jurisdiction
Québec's Abitibi belt — consistently ranked among the world's best places to build a mine
Infrastructure Ready
All-season highway within 10 km, rail, hydro power and operating smelters already in place
Scale And Grade
52.4 Mt at 1.05% CuEq for 549 kt contained CuEq, shallow and pit-constrained
Growth Continues
Open along its entire strike length and at depth, with conductors still untested
Simple Metallurgy
87–94% copper recovery on conventional flotation — no exotic processing required
Study Underway
Maiden economic study funded and scheduled for Q3 2026
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
A 15 km corridor, one deposit found so far
Horden Lake is the largest known accumulation along the trend — not the only one it can host.
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 flowsheet, high recoveries
Testwork points to a straightforward flotation circuit — no hydrometallurgy, no novel processing risk to carry into a study.
- 87–94% copper recovery in open and locked-cycle testwork
- High-grade copper concentrate at 24% Cu
- High-grade nickel concentrate at 12% Ni, ~50% recovery
- 50–70% Au, Ag and PGM recoveries, predominantly to the copper concentrate
- Conventional flotation flowsheet — no hydrometallurgical process required
- Ore sorting demonstrated up to 2.1× grade uplift — development optionality
Restated from ASX announcement 12 March 2025, “Testwork Confirms Excellent Metallurgy at Horden Lake”.
Development
The path to a decision
A funded maiden economic study, environmental baseline work underway, and expansion drilling to follow.
Horden Lake is of a scale that can support a standalone mining operation, and the Company is advancing a large-scale, long-life open-pit scenario built on pit-constrained resources, a simple flotation flowsheet and Tier-1 infrastructure that already exists.
Pathway
Horden Lake catalysts
- 2022
Horden Lake acquired by Pivotal Metals
Completed - 12 March 2025
Metallurgical testwork results announced ('Testwork Confirms Excellent Metallurgy at Horden Lake')
Completed - 29 April 2025
2025 MRE announced: 37.0 Mt @ 1.10% CuEq (superseded)
Completed - 15 June 2026
2026 MRE effective date
Completed - 7 July 2026
2026 MRE announced: 52.4 Mt @ 1.05% CuEq, 549 kt CuEq, 292 kt Cu
Completed - Q3 2026
Metallurgical testwork (optimisation)
Forward-looking - Q3 2026
Maiden Scoping Study — first economic assessment / maiden production target
Forward-looking - 2026
Environmental baseline studies commence (spring-summer 2026)
Forward-looking - Q1 2027
Infill and extension drilling
Forward-looking
Exploration · 100% Owned
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 a 160 km², 302-claim land package across the Midrim, Lorraine and LaForce project areas, 100% owned by Pivotal. Each area hosts known high-grade copper-nickel-PGE mineralisation associated with gabbroic intrusions and magmatic sulphide systems.
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
8 IP-defined priority targets immediately east of the past-producing Lorraine Mine.
Shanty Lake
Untested 400 m × 150 m FLTEM bedrock conductor; hole 26-PIV-08 in progress.
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.
Pathway
Belleterre catalysts
- 25 August 2025
FLTEM survey results — Shanty Lake conductor and Lorraine EM conductors announced
Completed - October 2025
Flow-through placement at 65% premium — $5.4M secured for Belleterre drilling
Completed - December 2025
Lorraine IP survey conducted (targets announced 13 Jan 2026)
Completed - 10 June 2026
Maiden drill program results — Alotta and Midrim East (five holes, 905 m; incl. 26-PIV-02: 21.8m @ 1.03% Cu, 1.27% Ni, 1.29 g/t 3PGE from 73m)
Completed - 2 July 2026
Drill program expanded: +1,500 m at Lorraine Mine East; Shanty Lake hole 26-PIV-08 in progress at 420 m
Completed - July 2026
Lorraine Mine East 1,500 m drill program commencing
Forward-looking - August 2026
Shanty Lake assays expected
Forward-looking - H2 2026
LaForce geophysics, then possible drilling (subject to results)
Forward-looking - 2026
8-12 geophysical anomalies to be drill-tested; 3-4,000 m of drilling across multiple targets
Forward-looking - 2026
New DHEM at LacCroche (platform hole recently completed); LacCroche assays pending
In progress
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.