About Pivotal Metals
Critical metals from top-tier Québec
An ASX-listed explorer and developer advancing 100%-owned copper, nickel, gold and PGM projects in Québec, Canada.
Pivotal Metals Limited (ASX: PVT, ABN 49 623 130 987) is an Australian explorer and developer of critical mineral projects, headquartered in Brisbane, Australia.
The Company is the 100% owner of the Horden Lake copper-nickel-gold-PGM-cobalt project, where a maiden Scoping Study was completed in September 2026. It also holds the Belleterre exploration portfolio — the Midrim, Lorraine and LaForce project areas on the Belleterre-Angliers Greenstone Belt, including ground held under option — both in Québec, Canada.
Pivotal’s strategy is to advance Horden Lake through the next stages of evaluation following its maiden Scoping Study — converting and growing the Mineral Resource, progressing engineering, environmental baseline work and stakeholder engagement, and assessing funding opportunities — in parallel with systematic exploration of Belleterre’s high-grade copper-nickel-PGM occurrences.
Strategy
The Company's investment case
Company positioning, as presented to investors.
Preliminary study economics
Horden Lake's maiden Scoping Study (September 2026) outlines preliminary economics for an open-pit copper development. It is a preliminary assessment that includes Inferred material.
Conventional development in Québec
A single open pit feeding a conventional flotation plant that produces copper and nickel concentrates, in a stable Tier-1 jurisdiction.
Resource conversion & growth
Inferred material to convert, a deposit open along strike and at depth, undrilled conductors, and the Belleterre exploration portfolio.
Advancing the project
Infill drilling, engineering, environmental baseline work and stakeholder engagement, alongside assessment of funding opportunities.
Horden Lake Scoping Study · base case
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”.
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.
Jurisdiction
Why Québec
Company-presented jurisdiction advantages, applying to both project areas.
Québec is recognised as a Tier-1 mining jurisdiction with established infrastructure, low-cost renewable hydroelectric power and a stable permitting framework. The province offers the highest tax credit in Canada for critical-metals exploration through its flow-through share regime — up to 2× leverage on money raised, without structural overhang — and is a mature operating environment with 20+ operating mines.
- Highway within 10 km of Horden Lake; road access to Glencore’s Horne copper and Sudbury nickel smelters, and a rail head at Matagami connecting to export ports.
- Grid is 99% renewable, among the lowest power costs globally; hydropower estimated at 5.5c/kWh.
- Ranked 5th globally for investment attractiveness (2023 Fraser Institute survey).
- Agnico Eagle’s Canadian Malartic Mine has 14 Mt/annum of forecast spare milling capacity from 2028 (per Agnico Eagle, June 2023).
Our Team
Experienced across exploration, projects, capital markets, and governance.
Board
Ivan Fairhall
Managing Director & CEO
- Chartered engineer, 20 years across mining, finance and capital markets
- Former CEO of TSX-listed Mawson Gold, precursor to Southern Cross Gold (ASX: SX2)
- Ex-Senior Investment Manager at PE fund Greenstone Resources (AUM $500m)
Simon Gray
Independent Non-Executive Chair
- Lawyer with a strong capital markets background
- Former board member of Morgans Financial and Shaw & Partners
- Chair of ASX Appeals Tribunal; former Chair of ASIC's Markets Disciplinary Panel
Robert Wrixon
Independent Non-Executive Director
- Founder/Director of mining VC group Starboard Global; ED of ASX: NNL
- 20+ years in corporate strategy, commodities marketing, mining M&A and exploration
- Five years in corporate strategy at Xstrata plc; PhD in Mineral Engineering, UC Berkeley
Daniel Rose
Independent Non-Executive Director
- CEO of MCM Partners, a HK-based asset manager and boutique merchant bank
- Founder/lead PM of the MCM Commodity Credit Fund, a leading APAC resources fund
- Former CEO of VTB Capital HK; long career at Societe Generale in commodities
Management & Technical
Paul Nagerl
VP Exploration
- Québec-based senior exploration geologist (OGQ)
- 17 years at Falconbridge across its global Cu-Ni-PGM business unit
- Led exploration teams globally, from early-stage to operating mines
Charles D'Amours
Geologist
- Québec-based exploration geologist (OGQ)
- Val d'Or local; previously Eldorado Gold and O3 Mining
Chris Martin
Metallurgist Advisor
- Metallurgist with 40 years experience
- Particular expertise in Canadian Shield magmatic deposits
Simon Gaivin
ESG Advisor
- Québec-based government and community relations expert
- Currently VP ESG for Q2 Metals
Governance
Capital structure & governance
| Item | Value | As at |
|---|---|---|
| Shares on issue (ASX-listed) | 1,315,095,494 | 20 August 2026 |
| Unlisted options & performance rights | 120,600,851(expiries 05 May 2026 – 02 December 2030) | 31 March 2026 |
| Total securities on issue | 1,424,973,382 | 20 August 2026 |
| Cash | $3.482M | 30 June 2026 |
| Market capitalisation | $19.7M | 13 October 2026 |
| Enterprise value | $16.2M | 13 October 2026 |
| Top 20 shareholders | 38% | Per the Investor Presentation — July 2026 |
| Directors’ ownership | 5% | Per the Investor Presentation — July 2026 |
Sources: Quarterly Activities Report & Appendix 5B (March 2026 quarter) (30 April 2026); Investor Presentation — July 2026 (07 July 2026).
Share registry
Xcend Pty Ltd
Registered office
Level 10, 360 Queen Street, Brisbane QLD 4000, Australia
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.