ASX: PVT · Copper development · Québec, Canada

Advancing a significant copper development opportunity in Québec.

Pivotal Metals’ 100%-owned Horden Lake project combines a growing copper resource with a maiden Scoping Study outlining strong preliminary economics, conventional open-pit mining and substantial exploration upside.

Explore the Scoping Study View Horden Lake in 3D

Horden Lake Scoping Study · September 2026

Maiden Scoping Study outcomes

Base-case forecasts for a single open pit feeding a conventional 3.5 Mtpa flotation plant, over approximately 10 years of processing.

A$920M

Post-tax NPV₇

Ungeared, 7% real discount rate

49%

Post-tax IRR

Ungeared, project level

1.3 yrs

Post-tax capital payback

From first production

29.1 kt

CuEq payable production a year

Years 1–8 average (19.1 kt Cu a year)

Base-case Scoping Study forecasts. Source: ASX announcement 29 September 2026, “Horden Lake Economics Confirm Strong Copper Development Case”.

Spot Commodity Price Case

	Base case	Study spot case
Copper (US$/lb)	5.50	6.78
Nickel (US$/lb)	7.25	7.40
Gold (US$/oz)	3,775	4,365
Silver (US$/oz)	58	67
Palladium (US$/oz)	1,255	1,300
Platinum (US$/oz)	1,600	1,782
Cobalt (US$/lb)	20	20
Post-tax NPV₇ / IRR	A$920M / 49%	A$1,343M / 63%
Pre-tax NPV₇ / IRR	A$1,333M / 56%	A$1,961M / 75%
Post-tax payback (from first production)	1.3 years	1.0 years

FX: USD/CAD 0.72, CAD/AUD 0.91. The “spot” case uses the commodity prices set out in the 29 September 2026 announcement, not live market prices. Full assumptions, cost estimates and sensitivities are in the announcement.

Key assumptions

Base case copper price US$5.50/lb
Pre-production capital A$411M net of ~A$17M estimated investment tax credits (A$428M gross)
AISC US$1.00/lb payable Cu, net of by-product credits (life of mine)
100% project basis, real terms, A$ unless stated; AACE Class 5 (−30% / +50%)

Scoping Study announcement September 2026 investor presentation Horden Lake project overview

Cautionary statement

Includes inferred resources. There is a lower level of geological confidence associated with Inferred Mineral Resources than with Indicated or Measured Mineral Resources. There is no certainty that further exploration work will result in the conversion of Inferred Mineral Resources to Indicated or Measured Mineral Resources, or that the Production Target itself, or the forecast financial information derived from it, will be realised.

Mineral Resource — Horden Lake

A large scale copper system, from surface, in a Tier-1 jurisdiction.

52.4 Mt

Horden Lake @ 1.05% CuEq
2026 MRE (M&I + Inferred)

100%

Wholly owned
No earn-in

2,800+ m

Strike length
Open along strike and at depth

Tier-1

Québec, Canada
jurisdiction

Pivotal Metals

A copper development project and a district-scale exploration pipeline, both in Québec.

Pivotal Metals (ASX: PVT) is the 100% owner of the Horden Lake copper-nickel-gold-silver-PGM-cobalt project in Québec, Canada, and holds the Belleterre exploration portfolio on the Belleterre-Angliers Greenstone Belt. Horden Lake’s maiden Scoping Study (September 2026) outlines a conventional open-pit and flotation development based on part of its JORC Mineral Resource. The Company’s focus is now on converting and growing that resource, advancing engineering, environmental baseline work and stakeholder engagement, and assessing funding opportunities — in parallel with systematic exploration at Belleterre.

Quarterly Activities/Appendix 5B Cash Flow Report

Pivotal Metals' September 2026 quarterly activities report and Appendix 5B cash flow statement detail a maiden Scoping Study at the 100%-owned Horden Lake copper project in Québec showing a post-tax NPV7 of A$920M and 49% IRR, alongside a 40% increase in in-pit contained copper-equivalent resources to 549 kt CuEq. The company also advanced exploration drilling at its Belleterre projects and ended the quarter with a cash balance of $2.444m.

The Numbers

Resource and capital, at a glance

Horden Lake — 2026 Mineral Resource

52.4 Mt

Total Mineral Resource

1.05%

CuEq grade

292 kt

Contained copper

Comprises 24.3 Mt Measured & Indicated and 28.1 Mt Inferred. Source: ASX announcement 07 July 2026, “Major Copper Resource Growth at Horden Lake”. JORC 2012, effective 15 June 2026. Cut-offs: 25 USD/t NSR (open pit), 65 USD/t NSR (underground). No Ore Reserves have been declared.

Capital structure

Interactive

The Horden Lake deposit in 3D

The model renders drill-hole traces, assay-coloured intervals, the resource block model and pit shells. Drag to orbit, scroll to zoom.

Horden Lake — interactive 3D model

Explore drill-hole traces, assay-coloured intervals, the resource block model and optimised pit shells. Drag to orbit, scroll to zoom.

3D model of the Horden Lake deposit, built from the drilling and resource-modelling data underlying the JORC 2012 Mineral Resource Estimate effective 15 June 2026.

The Projects

Two project areas in Québec

Flagship

Horden Lake

A 52.4 Mt @ 1.05% CuEq JORC (2012) Mineral Resource — copper-dominant, with nickel, gold, silver, PGM and cobalt — 100% owned, with a maiden Scoping Study (September 2026) outlining a conventional open-pit copper development in Québec.

View project detail

Exploration

Belleterre

An approximately 199 km² land package on the Belleterre-Angliers Greenstone Belt, 100% owned or under option. Exploration-stage — no Mineral Resource has been estimated — with 2026 drilling returning high-grade Cu-Ni-PGM intercepts at Alotta.

View project detail

From the Field

Latest announcements

Quarterly Activities ReportPrice sensitive30 October 2026

Quarterly Activities/Appendix 5B Cash Flow Report

Open PDF

Progress ReportPrice sensitive30 October 2026

Exploration Advances on Multiple Cu-Ni-Au Targets

Pivotal Metals provided an exploration update on its Belleterre Project in Québec, reporting a newly defined 1.4km untested IP trend at LaForce, first assays from three of five drill holes at Lorraine Mine East, and a 60 line-km IP survey about to commence at the recently optioned Bambino property. Assays from the remaining two Lorraine Mine East holes are expected by early December.

Open PDF

PresentationPrice sensitive29 September 2026

Investor Presentation - Horden Lake Scoping Study

Pivotal Metals released an investor presentation summarising the results of its Scoping Study for the 100%-owned Horden Lake copper project in Quebec, Canada, reporting a post-tax NPV7 of ~A$920M, ~49% post-tax IRR and a 1.3 year payback, alongside an update on exploration progress at its Belleterre projects. The Scoping Study is a preliminary, order-of-magnitude assessment (AACE Class 5, -30/+50% accuracy) that includes Inferred Mineral Resources and is not sufficient to support Ore Reserve estimation.

Open PDF

Progress ReportPrice sensitive29 September 2026

Horden Lake Economics Confirm Strong Copper Development Case

Pivotal Metals released a maiden Scoping Study (AACE Class 5, -30%/+50% accuracy) for its 100%-owned Horden Lake Cu-Ni-Au-Ag project in Québec, Canada, outlining a base-case post-tax NPV7 of A$920 million and 49% IRR (A$1,343 million/63% at spot pricing), with capital payback of 1.3 years from first ore and pre-production capital of A$411 million. The study is based on the July 2026 Mineral Resource Estimate of 52 Mt at 1.05% CuEq and envisages an 11-year open-pit, truck-and-shovel operation producing copper and nickel concentrates, with the company noting more than A$400 million in additional funding will be required to advance development and cautioning that the results are preliminary and not sufficient to support Ore Reserve estimation.

Open PDF

Progress ReportPrice sensitive25 September 2026

Downhole EM Refines Shanty Lake Conductor

Pivotal Metals completed drill hole 26-PIV-08 at the Shanty Lake Cu-Ni target within its 100%-owned Belleterre Project in Québec, which intersected sulphide mineralisation but returned no significant assay results. A subsequent downhole electromagnetic survey identified a 350x140m, 200-750 Siemens conductive plate interpreted to lie above the drill hole trajectory, leaving the refined target untested. Drilling of 988m in five holes at Lorraine Mine East is complete with assays pending.

Open PDF

Progress ReportPrice sensitive01 September 2026

Higher Copper Recoveries For Horden Lake

Pivotal Metals reported Phase 2 metallurgical testwork results for its Horden Lake Copper Project in Quebec, showing improved copper recoveries above 90% into a clean, high-grade concentrate along with nickel, gold, silver, palladium, platinum and cobalt by-product credits. The results will inform the company's in-progress scoping study, due in September 2026.

Open PDF

Progress ReportPrice sensitive20 August 2026

Bambino Deal Expands High-Grade Cu-Ni-PGM at Belleterre

Pivotal Metals has entered an option agreement to acquire 100% of the 57-claim, 3,320-hectare Bambino Project in Québec, which surrounds its existing Delphi Patry and Zullo occurrences and consolidates the Midrim-Zullo trend of high-grade Cu-Ni-PGM occurrences. Consideration is C$125,000 cash, 9,615,000 shares and $500,000 of exploration work over three years, with a 2.0% NSR retained by the vendors. Surface geophysics is planned from September ahead of possible drilling in the fourth quarter, while drilling continues at the Lorraine mine.

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Quarterly Activities ReportPrice sensitive30 July 2026

Quarterly Activities/Appendix 5B Cash Flow Report

Pivotal Metals reported a large increase in its Horden Lake copper resource (52 Mt at 1.05% CuEq) and continued drilling at its Belleterre exploration projects in Québec during the June 2026 quarter, including high-grade nickel-copper-PGM results at Alotta. The company held a cash balance of $3.482m at quarter end and is progressing a Scoping Study for Horden Lake expected by the end of Q3 2026.

Open PDF

Price sensitive07 July 2026

Major Copper Resource Growth at Horden Lake

Pivotal Metals reported a major increase in the Mineral Resource Estimate at its Horden Lake copper-nickel-gold-PGM-cobalt project in Quebec, Canada, growing the total resource by 42% to 52 Mt at 1.05% CuEq (549 kt CuEq) and the pit-constrained open pit resource by 46% to 45 Mt at 1.07% CuEq (485 kt CuEq). The growth was driven by drilling geophysical EM conductors, and the deposit remains open along strike and at depth with further undrilled conductive targets identified. The updated MRE is intended to underpin a Scoping Study planned for Q3 2026.

Open PDF

Price sensitive02 July 2026

Drill Program Expanded at Belleterre

Pivotal Metals has expanded its Belleterre diamond drilling program in Québec by an additional 1,500m, targeting eight never-drilled IP-defined copper-nickel and gold anomalies at Lorraine Mine East, adjacent to the past-producing Lorraine Copper Mine. The current 1,800m program is nearing completion, with hole 26-PIV-08 at 420m, approximately 150m from the Shanty Lake FLTEM conductor target. A Horden Lake Mineral Resource update and scoping study are expected before the end of Q3 2026.

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View all announcements

This website has been prepared by Pivotal Metals Limited (ASX: PVT). It contains forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Mineral resource estimates are reported in accordance with the JORC Code 2012. Past performance is not indicative of future results. Investors should seek independent financial advice. Where this website reports Mineral Resource estimates previously announced to ASX, the Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Where this website reports the Production Target and forecast financial information from the Horden Lake Scoping Study announced to ASX on 29 September 2026, the Company confirms that all material assumptions underpinning them continue to apply and have not materially changed. The Scoping Study is preliminary, includes Inferred Mineral Resources and does not support the estimation of Ore Reserves; no Ore Reserves have been declared.