Pivotal Metals Forges Dual Path to Growth in Quebec’s Infrastructure-Rich Abitibi

• Pivotal Metals operates two distinct projects in Quebec - the advanced  Horden Lake copper project with 400,000 tons copper equivalent and the high-grade exploration Belleterre projects with exceptional copper-nickel-PGM mineralization
• Despite significant technical work and resource definition at  Horden Lake, the company's market capitalization of $7 million does not reflect the asset's fundamental value, creating a potential opportunity for value realization
• Management is shifting focus toward high-grade Belleterre exploration projects that offer near-term discovery potential and market excitement, while continuing to advance  Horden Lake through metallurgical studies and strategic partnerships
• Both projects are located in Quebec's mining-friendly jurisdiction, with Belleterre positioned in the infrastructure-rich Abitibi region near operating mines and available mills, reducing development hurdles
• Belleterre projects feature multiple untested geophysical anomalies and historical high-grade discoveries, with new fixed-loop electromagnetic surveys generating drill-ready targets that could deliver discovery newsflow

The junior mining sector's current malaise has created opportunities for discerning investors to identify quality assets trading below intrinsic value. Pivotal Metals Limited, led by Managing Director Ivan Fairhall, exemplifies this dynamic with its dual-project approach in Quebec's established mining jurisdiction. After two years of intensive technical work, the company now faces the strategic challenge of surfacing value in a capital-constrained environment while positioning for potential discovery success.

Project Portfolio Overview

Pivotal Metals operates two distinct asset classes within Quebec's mining-friendly regulatory framework. The flagship  Horden Lake copper project represents an advanced, large-scale open-pit opportunity, while the Belleterre projects offer high-grade exploration potential across multiple commodities including copper, nickel, and platinum group elements.

"We've got an advanced large-scale open pitable project called  Horden Lake. And we've also got a really exciting exploration package in the south of Quebec called the Belleterre projects with very high-grade copper nickel mineralization and PGAs."

 Horden Lake: Advanced Development Asset

The Horden Lake project has undergone substantial technical advancement during Fairhall's tenure, culminating in a mineral resource estimate released in April. The project now contains 400,000 tons of copper equivalent, with copper comprising approximately 65% of the total metal Fairhall content. engineering background has driven a methodical approach to project development: This scale positions Horton Lake well above the 20,000-25,000 ton threshold that Fairhall indicates represents the 'first scale hurdle' for meaningful projects

 "When I joined it was actually a  really nice project, but at the time there were a lot of loose ends that were never tied together. And it's important when you sit down with investors and serious money managers get all the loose ends tied together."

The technical work program has encompassed metallurgical testing, resource updates, and geophysical surveys designed to create a cohesive development narrative. Despite this progress, the market has not reflected the asset's enhanced technical profile in the company's valuation, creating what management views as a significant value disconnect.

Strategic Capital Allocation Philosophy

Facing capital constraints typical of junior miners, Pivotal has adopted a nuanced approach to resource deployment. Rather than pursuing aggressive drill programs, the company is focusing on high-return activities that can materially impact project economics with modest capital requirements.

Metallurgical testing represents a prime example of this strategy. Fairhall explains: 

"Take metallurlgical test work. For a relatively small amount of money, you can actually make substantial changes, make a breakthrough in metallurlgical recovery, or ore sorting, which changes the whole economic profile of the project."

This approach contrasts with the traditional Canadian junior mining model of continuous drilling to expand resources. Instead, Pivotal is emphasizing economic credibility and development pathways that appeal to strategic acquirers and development partners.

Interview with Ivan Fairhall, MD of Pivotal Metals

Belleterre Projects: Exploration Upside

The Belleterre exploration portfolio encompasses 160 kilometers of greenstone belt geology in Quebec's Abitibi region, consolidating project areas that have not been systematically explored using modern techniques. The projects benefit from proximity to established infrastructure, including operating mines and processing facilities.

Historical work on the Belleterre properties has identified numerous high-grade occurrences dating to 1960s discoveries, predominantly found in outcrops. Previous exploration efforts have focused intensively on known mineralization zones while leaving extensive areas untested despite favorable geology.

Fairhall's exploration manager, a former Falconbridge executive with extensive nickel-copper-PGM experience, has validated the exceptional grade characteristics: 

"These grades, you just don't often see grades of mineralisation like these... a very intense mineralizing event. It spread over a wide area and no one's previously looked properly."

Technical Advancement at Belleterre 

The exploration strategy employs modern geophysical techniques to identify new targets beyond historical discoveries. Aerial VTEM surveys have identified multiple anomalies across the project area, which are being systematically ground-truthed using fixed-loop electromagnetic surveys to generate drill-ready targets.

This methodical approach has already produced three to four clearly defined drill targets, with additional geophysical programs in progress. The technical rigor contrasts with typical junior exploration approaches that often drill marginal targets without adequate preparation.

Competitive Landscape

Pivotal operates alongside well-funded competitors in the Abitibi region, including Vior Inc., which raised $40 million to conduct 100,000 meters of drilling on properties contiguous to Pivotal's Lorraine project. Vior's management team previously sold Windfall Lake for $1.8 billion, bringing significant credibility and resources to regional exploration.

The presence of major operators like Agnico Eagle, which maintains a "fill the mill" strategy for underutilized processing facilities, creates potential strategic opportunities for new discoveries in the region. This infrastructure advantage reduces the threshold for economic viability compared to greenfield locations.

Near-Term Catalysts and Outlook

Pivotal's immediate focus centers on advancing Belleterre exploration through systematic target testing while continuing metallurgical optimization at  Horden Lake. The company expects to release geophysical results from surveys currently in progress, including work over the gap between the historic Midland and Lotto deposits.

The exploration program is designed to generate newsflow through systematic target testing, with the potential for discovery success that could substantially re-rate the company's valuation. Historical precedent suggests that quality discoveries in established mining districts can attract significant market attention and strategic interest.

"If you find a new discovery that looks anything like that. I don't think we're going to be sitting here with a $7 million market cap, there's nothing the market loves more than a new discovery."

The Investment Thesis for Pivotal Metals

Value Opportunity:

• Horden Lake's 400,000 tons copper equivalent resource at current $7M market cap represents significant asset value disconnect
• Recent comparable transactions validate mid-scale copper projects in favorable jurisdictions command premium valuations
• Technical work completion positions asset for strategic partnership or acquisition discussions

Exploration Upside:

• Belleterre projects offer multiple high-grade discovery opportunities across 160km of consolidated greenstone belt
• Modern geophysical techniques identifying drill-ready targets in historically under-explored areas
• Exceptional historical grades (10-20 meters at 2%+ copper, 2%+ nickel, 3-5 g/t gold+PGE) validate discovery potential

Strategic Positioning:

• Quebec jurisdiction provides mining-friendly regulatory environment and established infrastructure
• Abitibi location near operating mines and available mills reduces development risk and capital requirements
• Well-funded neighbors including Vior ($40M raise, 100,000m drill program) validate regional prospectivity

Management Execution:

• Engineering-focused leadership with project development and private equity background
• Disciplined capital allocation prioritizing high-return activities over traditional drill-intensive approaches
• Strategic shift toward market-rewarded exploration activities while preserving  Horden Lake value

Catalyst Timeline:

• Near-term geophysical results from Belleterre surveys currently in progress
• Systematic drill testing of identified targets over coming quarters
• Ongoing metallurgical testing at  Horden Lake to enhance project economics
• Potential strategic partnership discussions for  Horden Lake development

The global energy transition has intensified demand for critical metals, particularly copper, nickel, and platinum group elements essential for renewable energy infrastructure and electric vehicle production. This macro trend has created premium valuations for quality assets in established mining jurisdictions, as strategic acquirers seek to secure long-term supply chains outside geopolitically sensitive regions.

Quebec's mining sector benefits from stable regulatory frameworks, established infrastructure, and skilled workforce availability, making it increasingly attractive for international investment. The province's commitment to critical metals development through supportive policies and streamlined permitting processes positions local explorers favorably within global supply chain strategies.

Recent transaction activity in the Canadian junior sector demonstrates that quality projects in favorable locations can command significant premiums despite broader market weakness. Strategic acquirers are increasingly focused on acquiring development-ready assets rather than pursuing greenfield exploration, creating opportunities for companies that have completed technical de-risking work.

The infrastructure advantage in regions like the Abitibi, where existing mills and mining operations provide potential processing solutions, reduces development capital requirements and timeline risks. This dynamic has attracted well-funded exploration programs from experienced management teams, validating the district's prospectivity and creating a supportive environment for new discoveries.