Pivotal Metals Limited · ASX:PVT
Pivotal Metals — Investor Presentation (April 2025)
27 slides from Pivotal Metals's investor presentation, Apr 29, 2025
Slide 1: Pivotal Metals Investor Presentation - Horden Lake MRE Update
For personal use only PIVOTAL METALS LTD BUILDING A COPPER Investor Presentation BUSINESS IN THE HORDEN LAKE MRE UPDATE WORLDS BEST MINING JURISDICTION ASX:PVT
Slide 2: Disclaimers
Disclaimers For personal use only The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe
Slide 3: Investment Highlights
Investment Highlights For personal use only Quality Copper The Right Commodity Horden Lake Universally Bullish Outlook for Copper A leading ASX high grade pit-constrained resource Demand case is very robust. Big questions on supply. Substantial exploration upside Lack of credible advanced projects o
Slide 4: Project Highlights
Project Highlights Quality base with exciting exploration leverage For personal use only Horden Lake 100% PVT Large metal endowment. Over 230kt Cu / 400kt CuEq1 James Bay Major in-pit resource. 341 kt CuEq @ 1.1% CuEq. Low risk pathway to scale. Low risk exploration upside. Drilling has expanded min
Slide 5: Quebec – Premier Mining Jurisdiction
Quebec – Premier Mining Jurisdiction With tangible investment incentives For personal use only ‘Flow-through scheme’ tax incentives Quebec has the highest tax credit in Canada for critical metals exploration Up to 2x leverage on money raised, without structural overhang Access to low-cost renewable
Slide 6: Copper
Copper Strong supply / demand fundamentals set For personal use only Copper demand growth remains strong Project discovery at all-time lows Shifts to electrification builds on huge industrial demand case Geological return on exploration spend is at all-time lows from developing world Unknown supply
Slide 7: Horden Lake
For personal use only Horden Lake • Advanced Cu-Ni-Au-PGM-Co Project • 407 kt CuEq and Growing • 341 kt CuEq @ 1.1% CuEq ‘Starter-Pit’ • Substantial Exploration Upside 7
Slide 8: Major In-Pit Resource
Major In-Pit Resource 2025 MRE update shows substantial deposit growth For personal use only Mt CuEq % Cu % Ni % 3E g/t Ag g/t Co ppm 2025 MRE Update In-pit 31.2 1.10 0.63 0.18 0.37 10.6 140 Out-of-pit 5.8 1.13 0.65 0.24 0.32 9.0 151 • 407 kt CuEq @ 1.1 % CuEq Total 37.0 1.10 0.63 0.19 0.37 10.3 141
Slide 9: Standout pit-constrained resource on the ASX
Standout pit-constrained resource on the ASX Grade and scale in-pit is key advantage of Horden Lake For personal use only • Horden Lake is one of the leading high- ASX Pit-Constrained Resources Peers grade pit-constrained deposits on the 750 2.5% ASX Large low grade Smaller, but typically higher gra
Slide 10: Major Scale Potential
Major Scale Potential Undrilled targets, up to 1,200m down-plunge extent For personal use only 2025 drilling, A assays pending HN-24-98 HN-24-94 32m @ 0.96% CuEq (264m) incl. 14.2m @ 1.43% CuEq Limit of 2025 MRE (350m down-plunge) Limit of 2024 DHEM plates (540m down-plunge) 2025 FLTEM 2024 DHEM 202
Slide 11: 2025 Drilling
2025 Drilling Priority near-term open pit extension potential For personal use only HN-24-108 H33235 HOR-13-02 Step-out Drilling Complete - ASSAYS PENDING 3.2m @ 1.06% CuEq from 180m 47.5m @ 0.59% CuEq from 145.2m (Cu+Ni only) 23.7m @ 1.24% CuEq from 33.4m ✓ 1,557m drilled in Q1 2025 ✓ Focus on shal
Slide 12: Regional Potential
Regional Potential To make additional discoveries For personal use only Magnetics demonstrate scale opportunity ✓ Clear extensions along strike ✓ Repeating of structure to the west ✓ No, or limited / misplaced, drilling of the key areas for regional growth Pivotal drilled first hole ever into Wester
Slide 13: Metallurgical Testwork
Metallurgical Testwork Attractive NSR potential from conventional flowsheet For personal use only Conventional Floatation Flowsheet Copper is the dominant economic driver ✓ 87-94% Cu total recovery shown in open and closed tests ✓ Low cost and complexity ✓ High grade concentrate, with substantial by
Slide 14: Development Considerations
Development Considerations Conventional project with realistic development hurdles For personal use only 31mt @ 1.1%1 CuEq is pit-constrained Paved highway within 10km ✓ Low-cost and complexity development pathway ✓ Simplifies exploration ✓ Significant resource growth potential ✓ Reduces development
Slide 15: Case Study: Foran Mining
Case Study: Foran Mining Traded at ‘option value’ at market nadir. Outsized returns without a “new discovery”. For personal use only 58x Peak-to-Trough C$/share C$0.08/sh Equity Return C$4.61/sh US$/lb Cu $5.00 C$10.5m C$1.8B 5.00 $4.00 4.40 $3.00 3.80 $2.00 3.20 $1.00 2.60 Foran (TSX:FOM) Cu Price
Slide 16: BAGB
For personal use only BAGB • Belleterre-Angliers Greenstone Belt • Exploration stage • Advanced prospects with bonanza grades evident LORRAINE • Targeting anomalies of scale 16
Slide 17: BAGB: Ultra high-grade mineralisation defined
BAGB Ultra high-grade mineralisation defined For personal use only • 157km2 greenstone belt package with prospective suite of gabbroic intrusives in southern Quebec • Multiple discoveries with bonanza grade Cu-Ni-PGE and Au intersections • Historical mining of one deposit • BUT, previous operators k
Slide 18: BAGB: Midrim and Alotta
BAGB Midrim and Alotta – smoke from a very a big fire? For personal use only Alotta 9.2m @ 2.6% Ni, 2.8% Cu, 3.6 g/t 3E from 85.2m in ZA-18-08 Midrim 4.3m @ 6.5% Ni, 5.2% Cu, 7.2g/t 3E from 57.2m in MR-00-05 9.4m @ 3.5% Ni, 4.3% Cu, 4.6 g/t 3E from 56.6m in MR-17-01 • Mafic contact deposit model • E
Slide 19: Consistent News-Flow
Consistent News-Flow To continue through 2025 For personal use only Building Resources • Step-out results building tonnes. Assays pending. 0-6 months • Additional shallow targets being developed Expanding Footprint • Large scale EM targets showing growth potential ` 3-9 months • BAGB target assessme
Slide 20: Investment Highlights
Investment Highlights For personal use only Copper Value is Exploration Premier Near term leverage underpinned engine jurisdiction re-rate catalysts Clear deficits Large Cu and Ni Clear path to Quebec is skills and HL drilling, resource forecast, driven by endowment in improve and grow infrastructur
Slide 21: Corporate Overview
Corporate Overview Experience, Commitment and Alignment For personal use only Ivan Fairhall, Managing Director $0.030 10 Volume Millions ▪ Chartered engineer, finance and capital markets professional with 20 years of mining experience. Close ▪ Previously CEO of a TSX listed Mawson Gold, which spun o
Slide 22: Appendix
For personal use only Appendix
Slide 23: Geological Setting – Horden Lake Deposit
Geological Setting – Horden Lake Deposit Strong structural control for mineralisation For personal use only ✓ Mineralisation style supports good potential for resource extension ✓ Magmatic sulphide deposit associated with mafic and ultramafic rocks ✓ Mineralisation occurs along the contact of the ga
Slide 24: Mineral Resource Estimate
Appendix 2022 JORC Compliant Mineral Resource Estimate For personal use only Tonnes Grade Contained Mt CuEq % Cu % Ni % Au g/t Pd g/t Pt g/t Ag g/t Co ppm CuEq kt Cu kt Ni kt Au koz Pd koz Pt koz Ag koz Co kt MRE by classification Indicated 19.5 1.17 0.72 0.19 0.15 0.15 0.04 9.6 144 229 141 37 96 96
Slide 25: References
Appendix References For personal use only Economic Parameters, CuEq Equation Full Assay Breakdown of Referenced Drillholes Element Unit Price Recovery Sales Cost Factor Hole ID Width (m) CuEq Cu% Ni% Au g/t Pd g/t Ag g/t Pt g/t Co ppm From (m) Copper USD/t 9,921 90% 992 1.00 HN-24-94 39.1 0.73 0.40
Slide 26: Supporting information – ASX Comps
Appendix Supporting information – ASX Comps Owner For personal use only Project Location Stage mt Grade Cu Grade CuEq % Inferred Cog Comment Zn % Au g/t Ag g/t Mo % Re g/t CuEq Formula Date Ticker 0.28% Cu% + Au g/t*0.772 + 18- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx- SUH Llahuin Ch
Slide 27: Pivotal Metals Limited
For personal use only Pivotal Metals Limited ABN 49 623 130 987 Level 8, 1 Eagle Street Brisbane QLD 4000 GPO Box 2517 WA 6831 T: +61 8 9481 0389 E: info@pivotalmetals.com W: www.pivotalmetals.com 27