Pivotal Metals Expands Horden Lake Resource by 40% to 549kt Copper Equivalent

Major Resource Upgrade at Horden Lake

Pivotal Metals (ASX:PVT) has significantly expanded its flagship Horden Lake copper project in Québec, with its updated Mineral Resource Estimate (MRE) now standing at 52 million tonnes grading 1.05% copper equivalent (CuEq), containing 549,000 tonnes of CuEq metal. This represents a 40% increase in contained copper equivalent compared to the previous estimate, driven largely by a 30% rise in contained copper within the pit-constrained resource.

The bulk of the resource; 87% of contained copper; is within an open pit shell, totalling 45.5 million tonnes at 1.07% CuEq, which supports the potential for a substantial, scalable mining operation. By-product credits are material, including 237,000 ounces of gold, 17 million ounces of silver, and 312,000 ounces of palladium and platinum group metals combined, enhancing the project's economics.

Advancing Technical Studies and Development Plans

Pivotal is progressing a maiden scoping study for Horden Lake, expected by the end of September 2026, which will be the first formal development assessment for the project. Supporting technical workstreams such as mining, processing, and tailings management are underway, alongside metallurgical testwork aimed at optimising net smelter return (NSR) values. Results from this metallurgical program, due in August, will refine economic assumptions for the scoping study.

The company highlights that Horden Lake’s higher grades, straightforward open pit geometry, and favourable Québec infrastructure and regulatory environment position it well amid a copper market facing supply constraints and rising prices. The deposit remains open along strike and at depth, with extensive conductive zones identified through electromagnetic surveys, indicating significant exploration upside.

Belleterre Exploration Delivers High-Grade Hits

Meanwhile, drilling at Pivotal’s Belleterre projects continues to reveal promising results. At the Alotta target, part of the Midrim project area, a standout intersection of 21.8 metres grading 1.27% nickel, 1.03% copper, and 1.29 grams per tonne of combined platinum group elements (3PGE) from 73 metres depth confirms the presence of high-grade magmatic sulphide mineralisation.

Additional drilling at Belleterre includes a recently expanded 1,500-metre program at Lorraine Mine East, targeting both magmatic Cu-Ni sulphide bodies and vein-hosted gold-copper mineralisation adjacent to a historic mine site. Assay results from ongoing drilling, including the Shanty Lake target, are expected in coming months, supporting a steady news flow.

Financial Position and Outlook

As at 30 June 2026, Pivotal held $3.48 million in cash, underpinning its active exploration and development programs. Quarterly expenditure included $593,000 on exploration and evaluation, and $372,000 on corporate costs. The company maintains full ownership of its Québec projects, with no changes to tenement holdings during the quarter.

Managing Director Ivan Fairhall emphasised the significance of the resource growth at Horden Lake, noting the deposit’s scale, grade, and strategic location. He also highlighted the ongoing exploration momentum at Belleterre and the company’s strong cash position as foundations for delivering value to shareholders over the next six months.