Pivotal Metals Achieves Over 90% Copper Recovery at Horden Lake with Strong By-Products

Copper Recovery Surpasses 90% Threshold

Pivotal Metals Limited (ASX:PVT) has announced a significant step forward in its Horden Lake Copper Project with Phase 2 metallurgical testwork confirming copper recoveries above 90%. The latest locked cycle test achieved a 90.5% copper recovery into a concentrate grading 25.7% Cu, improving on the already strong Phase 1 results. This high recovery is achieved through a straightforward flotation flowsheet, which remains unchanged despite the expanded testwork.

Robust By-Product Recoveries Add Value

Beyond copper, the project shows promising recoveries for several critical metals that bolster its economic profile. Nickel recovery stands at 46% to a high-grade 11% Ni concentrate, with cobalt also recovered at 42%. Precious metals including gold (61%), silver (73%), and palladium (60%) demonstrate strong recoveries, while platinum recovery is lower at 29%. These by-product credits are not only payable but have been validated by trader feedback as exceeding payability thresholds, enhancing the project’s strategic value and financing options.

Expanded Metallurgical Database Supports Resource Modelling

The testwork program expanded the metallurgical database to 17 samples encompassing a wide range of feed grades and mineralisation types, including low and medium sulphur samples, precious metal-rich composites, and copper-rich material. This breadth of data enables more accurate recovery modelling based on head grades, which is critical for mine planning and financial modelling. The updated recovery algorithms are directly integrated with the 52 million tonne Mineral Resource Estimate (MRE) announced in July 2026, which contains 549,000 tonnes of copper equivalent, supporting a scalable open pit development scenario.

Strategic Financing Potential Through Metal Streaming

Ivan Fairhall, Managing Director, highlighted the significance of the by-product recoveries in underpinning alternative financing pathways such as metals streaming. He cited a recent US$300 million gold and silver streaming deal on a Northern Territory copper project as an example of the scale of non-dilutive capital that could be accessible if similar arrangements are pursued. While Horden Lake is at an earlier stage, the confirmed recoveries of precious metals into saleable concentrates are a necessary foundation for such financing structures, which could improve capital efficiency and reduce equity dilution.

Low-Risk Jurisdiction and Infrastructure Support

The project’s location in Quebec, a jurisdiction noted for its mining-friendly regulatory environment and strong infrastructure, further de-risks the development pathway. Access to the Billy Diamond James Bay Highway and government support enhance the project's appeal. The ongoing scoping study, due for completion in September 2026, will incorporate these metallurgical insights to refine the project’s economic and engineering parameters.

Metallurgical Optimisation and Next Steps

Nickel recovery remains a focus for optimisation given its variability linked to sulphur content in the ore. The flowsheet’s simplicity and the reliable rejection of nickel from the copper concentrate are positives, but further work aims to improve nickel and cobalt recoveries. Pivotal also continues exploration across its Quebec portfolio, including recent acquisitions expanding its footprint in the Belleterre district, which complements Horden Lake’s development prospects.