Pivotal Metals Boosts Horden Lake Resource by 42% to 549 kt Copper Equivalent

Resource Expansion Confirms Horden Lake as High-Grade Open Pit Candidate

Pivotal Metals (ASX:PVT) has delivered a substantial upgrade to its Horden Lake copper project in Quebec, announcing a 42% increase in its Mineral Resource Estimate (MRE) to 52 million tonnes grading 1.05% copper equivalent (CuEq). This translates to 549,000 tonnes of contained CuEq, with 87% of the resource neatly constrained within an optimised open pit shell. The update not only boosts contained copper by 30% to 292,000 tonnes but also highlights significant by-product credits including gold, palladium, platinum, silver, and cobalt, enhancing the project's economic appeal.

Targeted Drilling Validates Exploration Model and Growth Pipeline

The resource growth is largely attributed to targeted drilling of electromagnetic (EM) conductors identified in 2025, which proved to be high-conviction targets due to the deposit's massive and semi-massive sulphide mineralisation. Pivotal's exploration team has efficiently converted these geophysical targets into resource ounces, validating their exploration strategy and leaving a large conductive horizon undrilled. The deposit remains open both along strike and at depth, suggesting further upside potential beyond the current 2.8-kilometre mineralised envelope.

Managing Director Ivan Fairhall emphasised the strategic importance of the updated resource, noting that the project’s scale, grade, and location position it strongly amid forecasts of a global copper supply deficit. The company is advancing a scoping study due in Q3 2026, which will be the first formal economic assessment articulating the project's depth, grade, and cost advantages.

Robust Metallurgy and Strategic Jurisdiction Support Development

Metallurgical testwork supports the economic potential of Horden Lake, with recoveries of approximately 90% for copper and 50% for nickel, alongside attractive concentrate grades for precious metals and cobalt. The deposit produces clean, high-grade concentrates via conventional flotation methods, providing flexibility for metals streaming financing options.

Located in Quebec’s Eeyou Istchee James Bay region, Horden Lake benefits from all-season highway access, low-carbon hydroelectric power, and a supportive permitting environment. These factors, combined with the deposit’s shallow depth (mostly within 320 metres) and high grade (1.07% CuEq in-pit), position Horden Lake as a rare, scalable open pit copper project on the ASX.

Comparative Positioning and Next Steps

When benchmarked against peer projects on the ASX:Horden Lake stands out for its combination of grade, scale, and pit-constrained resource status. Unlike many large copper deposits that are low-grade and require massive capital outlays, Horden Lake offers a more compact, higher-grade profile conducive to cost-effective open pit mining.

Pivotal plans to continue systematic resource growth through further drilling of untested EM targets and extensions along the mineralised strike. The upcoming scoping study will provide critical insights into the project’s economic viability, guiding next steps toward feasibility and potential development.

With global copper prices near all-time highs and a tightening supply outlook, Horden Lake’s expanded resource and strategic location underscore its potential to become a significant contributor to the copper supply chain. The market will be watching closely for the scoping study outcomes and any subsequent drilling results that could further enhance the deposit’s profile.