Horden Lake Now Hosts 407kt CuEq with 341kt in Pit Shell at 1.1% Grade

Resource Growth and Project Significance

Pivotal Metals Limited has unveiled a major update to its Horden Lake Cu-Ni-Au-PGM-Co Project in Quebec, Canada, reporting a 43% increase in the in-pit copper equivalent (CuEq) resource. The 2025 Mineral Resource Estimate (MRE) now stands at 37 million tonnes grading 1.1% CuEq, containing 407,000 tonnes of CuEq metal, with 31 million tonnes constrained within an optimised pit shell. This positions Horden Lake as one of the highest-grade, shallow copper deposits listed on the ASX.

The in-pit resource alone accounts for 341,000 tonnes of CuEq at 1.1% grade, representing a significant step towards a viable large-scale, long-life open-pit mining operation. Copper remains the dominant metal with 234,000 tonnes contained, complemented by substantial by-product credits from nickel, gold, palladium, platinum, silver, and cobalt. These by-products add considerable economic value, supported by recent metallurgical testwork demonstrating strong recoveries and the production of high-grade, clean concentrates.

Geological and Metallurgical Insights

The Horden Lake Deposit extends over 2.3 kilometres along strike and remains open for expansion both along strike and at depth. The deposit is hosted within a polymetallic sulphide accumulation along a contact zone between mafic intrusive and metasedimentary rocks. Recent electromagnetic (EM) surveys have identified multiple conductive targets that mimic the deposit’s signature, indicating significant potential for resource growth.

Metallurgical testwork completed in 2024 confirms that the mineralisation is amenable to conventional crushing, grinding, and flotation techniques. Recoveries of approximately 90% for copper and 50% for nickel, along with attractive recoveries for precious metals and cobalt, underpin the robustness of the resource. The testwork also suggests opportunities for optimisation, including enhanced nickel recovery and concentrate grade-recovery trade-offs.

Strategic Implications and Next Steps

With 84% of the resource tonnage contained within a pit shell at a maximum depth of 250 metres, Horden Lake offers a lower capital expenditure and operational risk profile compared to underground projects. This shallow, high-grade nature aligns well with Pivotal’s strategy to develop a scalable open-pit mine that can leverage the strong resource growth potential.

Looking ahead, Pivotal plans to commence engineering studies to evaluate development scenarios and advance metallurgical optimisation. The company is also progressing exploration activities, including drilling of EM targets outside the current resource envelope, with assay results expected in the coming months. These efforts aim to further expand the resource base and refine the project’s economic profile.

Situated in a top-tier mining jurisdiction with established infrastructure and supportive local communities, Horden Lake is emerging as a credible mine development opportunity amid tightening global copper supply dynamics.