Pivotal Metals Advances Quebec Copper-Gold Projects with Drilling and Metallurgical Gains

Belleterre Drilling Begins Amid Multiple High-Priority Targets

Pivotal Metals (ASX:PVT) has launched its maiden drilling campaign at the Belleterre projects in Quebec, marking the first drill activity since acquiring the assets. Permits are in place for the Midrim and Lorraine areas, with 906 metres completed so far at Midrim East and Alotta targets. The program is temporarily paused for seasonal conditions but is expected to resume shortly at La Croche before moving to Lorraine. First assay results are anticipated by late May 2026.

The company’s exploration team has identified several compelling targets, including high-chargeability anomalies from an Induced Polarisation (IP) survey immediately east of the historic Lorraine Mine. This area hosts a significant gold-bearing structural system, supported by historic underground channel sampling of 28 metres at 45 grams per tonne gold. The IP survey also flagged potential copper-nickel sulphide mineralisation analogous to the Lorraine Cu-Ni deposit, with surface samples grading up to 0.63% copper and 0.93% nickel.

Further afield, recent fieldwork at Kelly Lake East has delineated a new copper-gold target area exhibiting a widespread anomalous footprint. Trenching and grab samples have returned grades up to 1.9 g/t gold and 2.0% copper, with neighbouring ground held by Vior Inc (TSXV: VIOR) reporting even higher assays. This underexplored corridor remains a priority for follow-up geophysics and drilling in the coming quarters.

Horden Lake Metallurgical Advances Boost Project Optionality

At the advanced Horden Lake project, Pivotal is progressing metallurgical testwork that could materially enhance project economics. Phase 2 ore sorting trials using TOMRA X-Ray Transmission technology demonstrated a copper-equivalent grade uplift of up to 2.1 times, achieved by rejecting 68% of mass while retaining 69% of contained copper. An alternative approach prioritising higher recovery yielded a 1.5x uplift with 86% copper retention, offering flexibility to optimise processing flowsheets.

Building on these results, a new flotation testwork program has commenced targeting improved recovery of nickel, gold, silver, and platinum group metals to increase concentrate value. This work is partly funded by a Québec government Critical Minerals grant, covering approximately 50% of costs. Results are expected in early Q3 2026 and will feed into ongoing economic assessments.

Resource Update and Scoping Study Underway at Horden Lake

Pivotal’s 2025 Mineral Resource Estimate for Horden Lake stands at 37 million tonnes at 1.1% copper equivalent, predominantly open-pit constrained. Recent drilling extended sulphide mineralisation by 600 metres along strike, and a resource update is in progress to incorporate these results. The update aims to enlarge the shallow, high-grade resource base and support a low-cost open-pit development scenario.

Parallel engineering studies are advancing a scoping study due in Q3 2026, expected to highlight the project’s shallow geometry, conventional processing methods, and jurisdictional advantages in Québec. The study will also underpin strategic and financing discussions, positioning Horden Lake as an attractive copper development opportunity.

Strong Cash Position Supports Active Exploration and Development

Pivotal closed the quarter with $4.44 million in cash, having spent $487,000 on exploration and evaluation and $381,000 on corporate costs. The company maintains a well-funded program with drilling, metallurgical work, and economic assessments scheduled through 2026 and into 2027. Director payments of $120,000 reflect ongoing management costs.

Managing Director Ivan Fairhall emphasised the company’s multi-front approach to unlocking value, noting the excitement around upcoming assay results from Belleterre and the advancing work at Horden Lake. The company’s strategy balances near-term resource growth with technical de-risking to enhance project valuation.

The current drilling campaign and metallurgical progress build on recent developments including the large-scale resource expansion and scoping study underway at Horden Lake, positioning Pivotal to articulate the value of its copper assets amid a structurally tight global concentrate market. Investors will watch closely for assay results and the forthcoming scoping study to gauge the potential for further resource growth and project advancement.

With a busy spring-summer field season planned at Belleterre, including maiden programs at LaForce and other targets, Pivotal is setting the stage for sustained news flow and exploration momentum. The company’s ability to convert geophysical anomalies into drill-ready targets will be critical in defining its next growth phase.

These developments come on the heels of Pivotal’s recent mineral resource update and scoping study progress and metallurgical testwork advances at Horden Lake, reinforcing the narrative of a maturing copper-gold exploration and development company in Québec.