Pivotal Metals

Q4 2022 Quarterly Report

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 31 December 2022, along with the following operational summary.


Investment Highlights

HORDEN LAKE COPPER-NICKEL-PGM

  • The acquisition of the transformational Cu-Ni-PGM Horden Lake deposit was completed on 20 December 2022.
  • On 14th November, a JORC compliant, pit constrained, Mineral Resource Estimate for Horden Lake was released, yielding 27.8Mt at 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*.
  • The Company intends to drill at Horden Lake later in 2023 in order to upgrade the resource, gather samples for detailed metallurgical test work and progress Horden Lake through to completed Pre Feasibility Study as swiftly as possible.

SAN FINX TIN-TUNGSTEN

  • A maiden JORC Mineral Resource Estimate was released on 6 October showing 1.2Mt of Inferred* Resources at 0.80% W+Sn grade.

CORPORATE

  • The Company changed its name to Pivotal Metals to reflect the focus on those metals critical to the global shift in economies to renewable technologies.
  • Daniel Rose joined the Board as a non-executive director.
  • $4.3M was raised to complete the Horden Lake acquisition, being a combination of a non-brokered equity raise for $3.3M and the drawdown of the $1.0M Riverfort convertible facility.
  • Red Cloud Securities was mandated to assist the Company in building its presence in the Canadian investor community.
  • Pivotal’s cash position at 31 December 2022 was $2.451m

Managing Director Steven Turner said: “This last quarter has seen the Company successfully shift its strategic focus to a high-quality battery metals portfolio in the tier 1 jurisdiction of Quebec. This strategic shift has been captured in the change of name to Pivotal Metals and represents a fresh and exciting future for the Company. The Horden Lake acquisition has provided the Company with a new flagship project, with substantial copper, nickel, and other critical and precious metals and has been added to a portfolio that already contains the highly prospective Belleterre-Angliers exploration project in the southwest of Quebec, containing numerous shallow high grade nickel, copper and PGM intercepts from extensive historical drilling, indicative of a possible deeper feeder system, never previously studied.”

CANADA

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.


Click here for the full ASX Release

This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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