Takeaways:

  • Pivotal Metals (ASX: PVT) has reported a 2.1x copper equivalent grade uplift from ore sorting test work at Horden Lake.
  • An alternative ore sorting pathway delivered a 1.5x CuEq grade uplift with 86 per cent copper recovery.
  • The Horden Lake resource stands at 37Mt at 1.1 per cent CuEq, with 31Mt within a single pit-constrained shell.
  • A 5,000-metre-plus 2026 drill program is fully funded, supported by a CAD$5.4 million financing completed in November 2025.
  • Non-dilutive flow-through funds are accelerating exploration efforts across the Quebec portfolio.

Pivotal Metals (ASX:PVT) has continued to build momentum across its Quebec copper portfolio, leveraging metallurgical progress and a strengthened Balance Sheet to advance the Horden Lake project. The company holds 100 per cent of high-grade copper, nickel and platinum group metals (PGM) projects in Quebec, providing Leverage to global energy transition Demand growth.

The recent ore sorting test work has been a notable catalyst, with the technology demonstrating meaningful potential to upgrade run-of-mine ore and reduce processing costs. Investor focus on Capital intensity and operating cost positioning has lifted attention on technologies that simplify and reduce the scale of plant build-outs, making metallurgical optimisation a defining feature of small-cap copper development.

Ore sorting delivers 2.1x CuEq grade uplift

New test work on ore from Horden Lake achieved a 2.1x copper equivalent (CuEq) grade uplift with 68 per cent mass rejection, while maintaining a 69 per cent copper recovery. An alternative sorting pathway also delivered a 1.5x CuEq grade uplift with 44 per cent mass rejection and 86 per cent copper recovery, providing flexibility around the eventual processing flow sheet.

The implications are significant. By rejecting waste rock at the ore sorter, Pivotal could meaningfully reduce the Volume of material requiring Downstream concentration, lowering Capital and operating costs. The trade-off is a small reduction in copper recovery, but the net economic effect is generally positive for projects with this kind of mineralogy.

Horden Lake resource and pit shell

Horden Lake hosts a resource of 37 million tonnes at 1.1 per cent copper equivalent, with 31 million tonnes at 1.1 per cent CuEq sitting within a single pit-constrained shell. The grade is competitive with global copper-nickel-PGM developments, and the contained metal profile provides multiple Revenue streams that improve project robustness.

The pit-constrained envelope is significant for early-stage economic modelling. Mineralisation contained within a credible pit shell is more readily monetisable than disseminated mineralisation that requires extensive cut-off testing. For ASX investors, this provides a clearer line-of-sight to a potential scoping or pre-feasibility study.

Fully funded for 5,000m+ drilling

Pivotal is fully funded for a substantial 5,000-metre-plus drill program planned for 2026 across its Quebec Assets. The funding follows a CAD$5.4 million financing completed in November 2025, which included non-dilutive flow-through funds specifically designed to accelerate exploration efforts.

Flow-through funding is a Canadian financing structure that provides tax-deductible Capital for qualifying exploration expenditure, and has been a useful tool for ASX-listed explorers operating in Canadian jurisdictions. The non-dilutive component reduces the share count impact of Capital raising, supporting per-share value as exploration advances.

Why Quebec matters

Quebec has emerged as one of the more attractive jurisdictions for copper, nickel and PGM exploration. The province offers strong infrastructure, established Mining services, supportive policy frameworks and access to skilled labour. Federal and provincial critical minerals strategies have provided additional incentives for project development, particularly for commodities aligned with the energy transition.

For ASX-listed explorers, Quebec provides a credible alternative to Australian and South American jurisdictions, with the added benefit of proximity to North American Downstream battery and EV Supply chains.

Sector context: ASX copper-PGM exposure

Copper-PGM projects sit in a relatively narrow segment of the ASX small-cap board, with Pivotal joined by names such as Chalice Mining (CHN), Galileo Mining (GAL) and Sunrise Energy Metals (SRL). Each provides a different exposure profile, with Pivotal’s Quebec focus and ore sorting metallurgy providing a defined niche.

The broader copper market backdrop, with Goldman Sachs forecasting a 2026 average of around US$12,650 per tonne and a longer-term US$15,000 per tonne by 2035, supports development decisions for projects with strong economic profiles. Copper-PGM Credit ratios further enhance project value, particularly for Assets with material nickel and platinum-palladium content.