Pivotal Metals

Pivotal Metals (ASX:PVT) is a copper developer focused on Québec, Canada. Its 100%-owned flagship, Horden Lake, hosts a 550kt CuEq 52.4Mt @ 1.05% CuEq) Cu-Ni-Au-Ag MRE. Our recent Scoping Study outlines a 29kt CuEq production, for post-tax NPV₇ of ~A$920M, a 49% IRR, A$411M pre-production capex and a 1.3-year payback. Simple open pit feeding a conventional 3.5Mtpa flotation plant producing clean high grade concentrates. The project is 10km from a highway, connects to near-by rail and low-cost hydro. Pivotal also holds the 200km² Belleterre greenstone belt, where it is drilling high-grade Cu-Ni-PGM and bonanza gold targets.

Management Profile:
Ivan Fairhall, Managing Director & CEO. Chartered Engineer with over 20 years' experience across mining, finance and capital markets. Before Pivotal he was CEO of TSX-listed Mawson Gold, which led to Southern Cross Gold (ASX:SX2). Earlier he was a Senior Investment Manager at Greenstone Resources, a $500M mining private equity fund. He brings technical, investment and corporate experience together to move projects from discovery towards development. Ivan is supported by a talented Quebec based management team focused on discovery and delivery.

What are your key goals for the next 3 months?:
Engage investors and strategic parties on the Horden Lake Scoping Study results Advance the funding process for Horden Lake through feasibility, focusing on surfacing strategic value in the project Commence 8-16,000m infill and step-out drill program testing the undrilled EM conductors down-plunge and along strike Commencing PFS and continuing environmental baseline and First Nation engagement Pending assays and ongoing exploration from drilling at Belleterre

What are your key goals for the next 6 months?:
Complete Horden Lake infill and step-out program Advance Pre-Feasibility Study, including an alternatives assessment Pursue government critical-minerals support and incentives 1-2,000m drilling at Belleterre

What are your key goals for the next 12 months?:
Deliver an updated Mineral Resource Complete the Pre-Feasibility Study at Horden Lake Complete a full baseline field season to support the ESIA, and progress the permitting strategy alongside it Regional consolidation of the extended Horden Lake contact Follow up Belleterre results with targeted drilling

What do you think makes your company such a compelling investment?:
Horden Lake has a ~A$920M post-tax NPV, but Pivotal's enterprise value is about A$19M, so the market prices it at around 0.02x P/NPV. That's the lowest of any recent ASX copper study peer. The project is technically simple: one open pit, a conventional flowsheet and two clean concentrates. It has strong economics, with all-in sustaining costs (AISC) of US$1.00/lb Cu after by-product credits and NPV equal to 2.2x capex at the base case (3.3x at spot). It's also in a Tier-1 jurisdiction with hydro power and existing infrastructure. Mid-scale copper development projects are scarce, the resource is open at depth with undrilled conductors, and Belleterre adds high-grade discovery upside. Together these give strong leverage to copper prices that are at record highs. The re-rate potential, on any metric, is overwhelmingly supported.