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Horden Lake

Pivotal Metals completed the acquisition of the polymetallic deposit on 20 December. Horden Lake is located 140km north of Matagami in northwest Quebec, close to the recently upgraded James Bay Highway, linking Matagami to the La Grande Hydroelectric Dam to the north, benefiting from HV power lines and fibre optic cable. The road runs within 18km of the property.

The Horden Lake acquisition complements the Company’s Belleterre-Angliers Ni-Cu-PGM exploration project in the southwest of Quebec.

The deposit was discovered in the 1960s by INCO and benefits from 52,000m of drilling, with the most recent being in 2012. Pivotal Metals engaged Caracle Creek Consulting to remodel the resource using the extensive data base and on November 14th the Company released the pit constrained JORC compliant mineral resource estimate of 27.8 Mt of 1.49% CuEq (0.3% CuEq Open Pit cut-off and 1.12% CuEq Underground cut-off applied), with 55% currently classified in the Indicated Resource category and 45% in the Inferred Category.*


Cautionary Statements

*There is a lower level of geological confidence associated with Inferred mineral resources and there is no certainty that further exploration work will result in the determination of Indicated mineral resources.

The graphic here shows the grade-tonnage curve and metal contribution, across a range of CuEq (%) cut-off grades, for the whole modelled deposit, i.e., the geological resource.

The resource estimate does not include all of the Au, nor any of the significant Co and Ag known to exist within the deposit. The planned drilling programme for 2023 will look to better define these various additional metals for inclusion in an updated MRE later in the year.

On 25 November the Company released the findings of initial metallurgical testwork conducted in 2012 following the last drilling campaign. The report concluded that the findings demonstrate the potential for excellent recoveries across the payable metals in the Horden Lake deposit further supporting the projections from a 1993 WGM report where historical test work produced copper concentrates grading 22-30% copper at recoveries ranging from 85-96%. It is the intention of the Company to conduct detailed metallurgical testwork during 2023.