Key Highlights

  • Pivotal Metals shares traded up 8.33% at $0.013 during the 11 November 2026 trading session.
  • The Horden Lake scoping study reported a post-tax NPV of A$920 million and an IRR of 49%.
  • The Horden Lake mineral resource grew to 52 million tonnes at 1.05% copper equivalent.

During the Trading session on 11 November 2026, Pivotal Metals Ltd (ASX:PVT) shares were trading at $0.013 by late morning, up 8.33%. The S&P/ASX 200 (ASX:XJO) was down about 0.06% at 9,123.90 at 12:19 pm over the same period. Pivotal is a copper exploration and development company focused on projects in Quebec. On 30 October 2026, the company announced its September quarter activities report and Appendix 5B.

 

Horden Lake Scoping Study

The company said the Horden Lake scoping study confirms copper development potential, with a post-tax NPV of A$920 million and an IRR of 49%. Capital payback is estimated at 1.3 years from first ore, on pre-production capital of A$411 million net. Pivotal reported average all-in sustaining costs of US$1.00 per pound of copper, net of by-product credits.

 

Updated Resource

The Horden Lake mineral resource estimate grew to 52 million tonnes at 1.05% copper equivalent, containing 549,000 tonnes of contained copper equivalent. In-pit copper equivalent rose 40% to 485,000 tonnes. The company said the mine plan uses only a subset of the resource, leaving room for growth through conversion and extensions.

 

Metallurgy

A second locked cycle test recovered 90.5% of copper into a clean concentrate grading 25.7% copper, the company said. Substantial by-product credits are also included, with 237,000 ounces of gold, 17 million ounces of silver and 312,000 ounces of palladium and platinum identified.

 

Belleterre Drilling

At Belleterre, Pivotal drilled five holes totalling 988 metres at the Lorraine Mine East targets, with assays from the first three holes extending the trend. The company also expanded its Belleterre ground position by 25% through the Bambino 100% earn-in and reinterpreted an induced polarisation trend at LaForce.

 

Sector Context

Copper developers in Quebec are assessed on study economics, resource growth and metallurgical performance, and copper prices influence how these projects are valued. Small-cap explorers and developers often trade on study and drilling news, with moves that can be sharp on relatively modest trading volumes.

 

Key Risks

The Horden Lake study is a scoping study, and the mine plan uses only part of the resource. Further studies, permitting and funding will be needed before any development decision. Cash at 30 September 2026 was $2.444 million, so the company will need additional capital to advance its programs. Copper prices can move materially and affect project economics.

 

What to Watch Ahead

Investors will be watching the next stages of Horden Lake studies, further metallurgical work and resource conversion. Assays from the remaining Belleterre holes and the outcomes of the planned drilling program will also be relevant to the company’s progress.

 

Final Word

Pivotal Metals’ trading session on 11 November 2026 came as the company continues to advance its Horden Lake copper project in Quebec. The next studies and drilling results will show how the project develops from here.