How Pivotal Metals’ $5.4M Raise Fuels Québec Copper-Gold-Nickel Hunt

Strong Capital Raise Fuels Exploration Momentum

Pivotal Metals Limited (ASX – PVT) has kicked off 2026 with a robust $5.4 million capital raise, bolstered by institutional and strategic investors. Notably, $1.1 million of this was secured through Québec’s Critical Metals Flow Through Share scheme, a non-dilutive funding mechanism that enhances the company’s financial flexibility. This capital injection underpins an accelerated exploration program across Pivotal’s portfolio of copper, gold, platinum group metals (PGM), and nickel projects in Québec, Canada.

Expanding Drill Targets Across Belleterre

The company has delineated multiple substantial conductors through detailed ground-based electromagnetic (FLTEM) and induced polarisation (IP) surveys across its Belleterre projects, which include the Midrim, Alotta, Lorraine, and Laforce areas. Highlights include the Alotta deposit, where new conductors extend mineralisation 150 metres down-plunge beyond previous drilling, and the discovery of a large undrilled conductor at Shanty Lake. At Lorraine, IP surveys have defined extensive copper and gold targets east of the historic mine, which previously yielded high-grade gold veins including a remarkable 28 metres at 45 grams per tonne gold.

Kelly Lake East Emerges as a New Priority

Kelly Lake East has been identified as a promising new copper-gold target area, with broad anomalous zones confirmed by recent fieldwork. The area remains significantly underexplored, with large-scale geophysical anomalies and soil sampling indicating a mineralised corridor analogous to the nearby high-grade Lorraine system. Follow-up geophysical programs and mapping are planned for the first half of 2026 to refine drill targets.

Advancing Horden Lake Resource and Development

Meanwhile, Pivotal continues to optimise its advanced Horden Lake project, which hosts an updated JORC-compliant mineral resource estimate of 37 million tonnes at 1.1% copper equivalent. Exploration upside remains significant, with electromagnetic surveys outlining potential extensions beyond the current resource. Metallurgical testwork confirms the feasibility of producing high-grade copper and nickel concentrates, supporting the project’s development prospects.

Well-Funded for an Active 2026

With a cash balance of $5.478 million at the end of December 2025 and a disciplined expenditure approach; $0.5 million spent on exploration during the quarter; Pivotal is well-positioned to deliver a steady stream of news flow. The company plans an initial 1,500 to 2,000-metre drill campaign across multiple Belleterre targets in Q1 2026, alongside ongoing geophysical surveys and resource optimisation activities.

Managing Director Ivan Fairhall emphasised the company’s strong momentum and the scale potential emerging across its portfolio, highlighting the strategic importance of the recent financing and the exciting exploration pipeline ahead.