Pivotal Metals Advances Horden Lake with Resource Expansion and Scoping Study

Resource Expansion Set to Boost Horden Lake's Profile

Pivotal Metals Limited (ASX:PVT) is pushing forward with a mineral resource update for its flagship Horden Lake project in Québec, Canada, following successful 2025 drilling that extended sulphide mineralisation by 600 metres along strike. This update is expected to enlarge the already impressive 37 million tonnes at 1.1% copper equivalent (CuEq) resource, placing Horden Lake among the highest-grade, pit-constrained copper deposits on the ASX. The deposit's shallow geometry and high grades underpin its appeal as a potential low-cost, long-life open-pit operation.

The mineral resource update builds on the 2025 estimate which detailed 31.2Mt at 1.10% CuEq within the pit shell and an additional 5.8Mt outside it. Contained copper totals 234,000 tonnes, with significant nickel, precious metals, and cobalt credits. The company’s Managing Director Ivan Fairhall emphasised the project's scale and quality amid a backdrop of record copper prices and a constrained global development pipeline.

Scoping Study Targets Robust Economic Case

Alongside resource growth, Pivotal is advancing a scoping study scheduled for release in Q3 2026. The study aims to validate a large-scale, conventional open-pit mining operation with straightforward processing to produce clean, high-grade copper and byproduct concentrates. The project’s location in Québec offers strategic advantages including low-cost power, highway access, and proximity to smelters, all factors expected to support competitive capital intensity and accelerate development timelines.

This scoping study will underpin strategic discussions and financing pathways, reinforcing Horden Lake’s positioning as an attractive project for mid-tier producers. The study will also highlight the value of ongoing exploration efforts targeting resource expansion.

Metallurgical Advances Confirm Concentrate Quality

Metallurgical testwork continues to build on earlier success, confirming approximately 90% copper recovery into a concentrate grading about 24% copper. Nickel recoveries are around 50% into a 12% nickel concentrate, while precious metals like PGMs and gold show recoveries between 50% and 70%, affirming their commercial significance. The company is also assessing ore sorting technology, which demonstrated the ability to reject up to 68% of run-of-mine mass prior to grinding, potentially reducing processing costs and footprint.

These metallurgical advances follow Phase 2 testwork announced earlier this year, which aimed to optimise recoveries and concentrate value, complementing the ongoing drilling and exploration at Belleterre projects nearby. The integration of metallurgical optimisation with resource growth efforts strengthens the overall development case for Horden Lake.

Exploration Upside Supported by Geophysical Targets

Horden Lake remains open in multiple directions, with electromagnetic (EM) surveys revealing large conductors along the 3.2-kilometre Contact Zone that extend beyond current resource boundaries. These conductors are interpreted as extensions of the mineralised system, providing a substantial pipeline of drill targets. The success of 2025 drilling in targeting a shallow conductor validates EM as a key exploration tool.

Regional exploration is equally promising, with underexplored western parallel trends and sulphide iron formations near the southern claim block offering new discovery potential. Meanwhile, Pivotal’s Belleterre projects continue to advance, with a maiden drill program completed at Midrim East and Alotta targets, and assays expected in May. Drilling is temporarily paused for seasonal transition but will resume shortly at La Croche and then Lorraine, adding to the company’s exploration momentum in the prolific Québec mining district.

These exploration efforts build on a strong base of recent capital raises and geophysical surveys that have delineated multiple high-priority targets, reinforcing Pivotal’s strategy to grow its critical minerals portfolio in a Tier 1 jurisdiction.

Forward Program Focuses on Development and Discovery

Looking ahead, Pivotal plans to complete the mineral resource update and environmental assessments during spring and summer 2026, alongside continued metallurgical testwork and the scoping study. Resource infill and expansion drilling are scheduled for winter 2026-27 to further define and grow the deposit. Concurrently, Belleterre exploration will intensify with drilling, geophysics, and prospecting through the spring and summer seasons.

This coordinated approach aims to advance Horden Lake towards pre-development while expanding the company’s footprint in Québec’s battery metals sector, positioning Pivotal to capitalise on strong commodity price trends and supportive jurisdictional factors.

These developments follow the company’s recent Phase 2 metallurgical testwork underway and build on the momentum from the maiden drill program at Belleterre, highlighting a comprehensive strategy linking resource growth, economic studies, and exploration.