Pivotal Metals Limited · ASX:PVT
Pivotal Metals — Investor Presentation (January 2025)
28 slides from Pivotal Metals's investor presentation, Jan 14, 2025
Slide 1: Building a Copper Business in the World's Best Mining Jurisdiction
For personal use only PIVOTAL METALS LTD BUILDING A COPPER Investor Presentation BUSINESS IN THE WORLDS BEST MINING ASX:PVT JURISDICTION January 2025
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 Cu-Ni-PGM Copper Focus Horden Lake Universally Bullish Outlook for Copper Advanced Cu-Ni-PGM: +200kt Cu / +400kt CuEq Demand case is very robust. Big questions on supply. Substantial exploration upside. Majority in-pit Lack of credible advanced pro
Slide 4: Project Highlights
Project Highlights Quality base with exciting exploration leverage For personal use only Horden Lake 100% PVT Large metal endowment. Over 400kt CuEq / 200kt Cu1. James Bay Robust grade 28mt at 1.5% CuEq, incl. pit constrained 17mt @ 1.38% CuEq1 Low risk exploration upside. Tonnes and grade increases
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-PGM Project • Already 28Mt @ 1.5% CuEq • Substantial Exploration Upside The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions
Slide 8: Horden Lake
Horden Lake Asset of scale with upside being unlocked For personal use only 27.8 mt @ 1.49 % CuEq ✓ Cu 0.73%, Ni 0.22%, 0.19 g/t Pd, 0.08 g/t Au ✓ 414kt contained CuEq Immediate Exploration Focus Area ✓ 55% indicated category (Drilling + EM) ✓ 17.4mt @ 1.38% CuEq in open pit shell ✓ Starts at surfac
Slide 9: Step-outs and DHEM are delivering
Step-outs and DHEM are delivering Substantial exploration upside defined For personal use only Step-out drilling shows continuity and in places thickening of the deposit Clear extensions of economic grade and strong resource upside potential Refer ASX announcement, 2 October 2024 9
Slide 10: Step-outs and DHEM highlight potential
Step-outs and DHEM highlight potential Substantial exploration upside defined For personal use only DHEM lays out substantial upside Northern step-out drilling shows potential to join the open pits Large plates skewed to depth Large conductor outside the resource envelope 20m @ 0.88% CuEq from 145m
Slide 11: Regional Potential
Regional Potential To make additional discoveries For personal use only Magnetics demonstrate scale opportunity ✓ Clear extensions along strike ✓ Clear repeating of structure to the west ✓ No, or limited / misplaced, drilling of the key areas for regional growth Pivotal drilled first hole ever into
Slide 12: Along Strike
Along Strike Extension already confirmed For personal use only Drilling shows the deposit extends to the SW ✓ 23.7m @ 1.24% CuEq from 33.4m ✓ Last historic hole drilled on the property ✓ Clear repeating of structure to the west ✓ 400m outside of the main deposit area Majority of earlier drilling lik
Slide 13: Grade Upside
Grade Upside Confirmed in all holes as valuable potential byproducts For personal use only Infill delivering missing data for metal upside ✓ Grade understated in current resource ✓ Cu and Ni only in historical focus 37.5m @ 1.31% CuEq from 50m By-products: 0.3 g/t 3PGE, 180ppm Co, 7.2g/t Ag ✓ Proven
Slide 14: Metallurgical Testwork
Metallurgical Testwork Shows attractive NSR potential from conventional flowsheet For personal use only Conventional Floatation Flowsheet Excellent copper recoveries to high grade concentrate ✓ 85% to 90% Cu recovery ✓ 25% to 30% Cu concentrate grade produced ✓ Fast-floating chalcopyrite, with no de
Slide 15: Development Considerations
Development Considerations Conventional project with realistic development hurdles For personal use only 17mt @ 1.39% CuEq is pit constrained Paved highway within 10km ✓ Low-cost open pit front-end starter ✓ Reduces development capex Favourable deposit geometry Access to the Quebec hydro network ✓ A
Slide 16: Valuation Opportunity
Valuation Opportunity When compared to ASX peers on a $EV per contained CuEq basis For personal use only 800 200 175 Resource kt CuEq contained Trading Multiple: EV $/t CuEq 600 150 125 (columns) (dots) 400 100 75 200 50 25 0 0 736 888 907 417 728 117 1,211 Southern Hemisphere Hammer Metals Pivotal
Slide 17: Case Study: Foran Mining
Case Study: Foran Mining Outstanding equity returns possible without “game changing” discovery For personal use only 58x Peak-to-Trough C$/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 $- 2.00 02-Jul-1
Slide 18: BAGB
For personal use only BAGB • Belleterre-Angliers Greenstone Belt • Exploration stage • Advanced prospects with bonanza gradees LORRAINE • Targeting Anomalies of scale 18
Slide 19: BAGB: Ultra high-grade mineralisation defined
BAGB Ultra high-grade mineralisation defined For personal use only • 157km2 land package covering a prospective suite of gabbroic intrusives in southern Quebec • Multiple deposits with bonanza grade Cu Ni PGE and Au intersections • Historical mining of one deposit • BUT, previous operators kept targ
Slide 20: 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 21: Consistent News-Flow
Consistent News-Flow To continue through 2024 and beyond For personal use only Building Resources • Step-out results building tonnes 0-6 • Infill building grade and increasing confidence months • Resource update in Q1 25 Expanding Footprint • Downhole EM delineating wider step out potential • Proper
Slide 22: 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 Met testwork, forecast, driven by endowment in improve and grow infrastructure rich,
Slide 23: Appendix
For personal use only Appendix
Slide 24: Corporate Overview
Corporate Overview Committed board, management and shareholders For personal use only Vol (m) $0.03 10 Position Name Expertise Corporate and Commercial Lawyer, Corporate Governance, 8 Non-Exec Chair Simon Gray Capital Markets $0.02 Managing Director Ivan Fairhall Mechanical Engineer, Private Equity,
Slide 25: 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 26: 2022 JORC Compliant Mineral Resource Estimate
Appendix 2022 JORC Compliant Minerals Resource Estimate For personal use only Grade Contained Metal Category Tonnes CuEq (%) Cu (%) Ni (%) Au (g/t) Pd (g/t) CuEq (kt) Cu (kt) Ni (kt) Au (koz) Pd (koz) Indicated 15.2 1.50 0.77 0.20 0.13 0.19 228.6 117.6 30.5 59.4 91.3 Inferred 12.5 1.47 0.67 0.25 0.0
Slide 27: Comparable supporting information
Appendix Comparable supporting information For personal use only Name Project M&I (mt) Inferred (mt) CuEq Calc Announcement SOUTHERN 149 @ 0.29% Cu, 0.12g/t Au, 20 @ 0.2% Cu, 0.19g/t Au, 0.005% HEMISPHERE MINING Llahuin Cu% + Au(g/t)*0.77 + Mo%*3.91 https://announcements.asx.com.au/asxpdf/20130704/p
Slide 28: 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 28
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