Pivotal Metals Limited · ASX:PVT
Pivotal Metals — Noosa Mining Conference 2024
25 slides from Pivotal Metals's conference presentation, Jul 17, 2024
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 July 2024
Slide 2: Disclaimer
Disclaimer 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 s
Slide 3: Investment Highlights
Investment Highlights For personal use only High Quality Assets Copper Focus Horden Lake Universally bullish outlook for Copper Advanced Cu-Ni-PGM deposit Demand case is very robust. Big questions on supply. Open, with substantial exploration upside Lack of credible advanced projects on ASX BAGB Cri
Slide 4: Project Highlights
Project Highlights Quality base with exciting exploration leverage For personal use only Horden Lake 100% PVT James Large metal endowment. Over 400kt CuEq / 200kt Cu1. Bay Robust grade 28mt at 1.5% CuEq, incl. pit constrained 17mt @ 1.38% CuEq1 Low risk exploration upside. Tonnes and grade being cur
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. Almost 2x leverage on money raised, without structural overhang. Access to low-cost renewable energy Qu
Slide 6: 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 7: Horden Lake: Asset of scale with upside being unlocked
Horden Lake Asset of scale with upside being unlocked For personal use only 27.8 mt @ 1.49 % CuEq ✓ 414kt contained CuEq ✓ Cu 0.73%, Ni 0.22%, 0.19 g/t Pd, 0.08 g/t Au ✓ 55% indicated category ✓ 62% in open pit shell ✓ Starts at surface. Open at depth. Upside is Being Delivered Value Catalysts Pendi
Slide 8: Horden Lake is OPEN
Horden Lake is OPEN Drilling and downhole EM to test extensions 55m @ 0.56% CuEq (5m) 20m @ 0.47% CuEq (40m) For personal use only H26820, 0.26% Cu, 0.12% Ni H26866, 0.1% Cu, 0.14% Ni Inc 9m @ 0.96% CuEq (39m) Inc 2m @ 1.8% CuEq (35m) 400m along strike 180m along strike Immediate Exploration Focus A
Slide 9: First Step-outs and DHEM are delivering
First Step-outs and DHEM are delivering Substantial exploration upside opening up For personal use only Drilling shows thickening of deposit DHEM lays out substantial upside More step-out assays to be delivered Clear extensions of economic grade Large plates skewed to depth More step-out DHEM to be
Slide 10: Grade Upside
Grade Upside Confirmed in all holes as valuable potential byproducts For personal use only Infill delivering missing data for metal upside ✓ Cu and Ni only in historical focus ✓ Proven Au, Pt, Pd, Co, Ag in central zone HN-24-93 37.5m @ 1.31% CuEq from 50m ✓ Only 4 of 7 metals currently domained By-
Slide 11: Development Considerations
Development Considerations Conventional project with realistic development hurdles For personal use only 62% of resource 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 ✓ Ame
Slide 12: Valuation Opportunity
Valuation Opportunity When compared to ASX peers on a $EV per contained CuEq basis For personal use only 800 Resource kt CuEq contained Trading Multiple: EV $/t CuEq 200 600 (columns) (dots) 400 100 200 0 0 Company SUH HMX PVT MAG1 CNB QML NTM Ave Project Llahuin Kalman + Elaine Horden Lake Myall Gr
Slide 13: Case Study: Foran Mining
Case Study: Foran Mining Extreme Leverage to the Cycle For personal use only 57x Peak-to-Trough C$/share Equity Return US$/lb Cu C$0.08/sh C$4.57/sh $5.00 C$10.5m C$1.4B 5.00 Foran (TSX:FOM) Cu Price 4.50 $4.00 4.00 $3.00 3.50 $2.00 3.00 $1.00 2.50 $- 2.00 31/12/2018 31/12/2019 31/12/2020 31/12/2021
Slide 14: BAGB
For personal use only BAGB • Belleterre-Angliers Greenstone Belt • Exploration stage • Advanced prospects • Targeting Anomalies of scale LORRAINE 14
Slide 15: 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 • Ultra-high grades drilled by previous operators. Historical mining of some deposits • BUT, previous operators kept targeting the same high
Slide 16: Midrim and Alotta – smoke from a very big fire?
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 17: Consistent News-flow
Consistent News-flow To continue through 2024 and beyond For personal use only Building Resources • Final 60% of holes to be released through July-Aug 24 • Step-out building tonnes 0-6 • Infill building grade and update confidence months • Resource update in early-Q4 24 Expanding Footprint • Downhol
Slide 18: Investment Highlights
Investment Highlights For personal use only Copper and Value is Exploration Premier Near term battery metals underpinned leverage jurisdiction re-rate catalysts Clear deficits Large Cu and Ni Clear path to Quebec is skills and Drill program assays forecast, driven by endowment in improve and grow in
Slide 19: Appendix
For personal use only Appendix
Slide 20: Appendix - Corporate Overview
Appendix - Corporate Overview Committed board, management and shareholders For personal use only Position Name Expertise Non-Exec Chair Simon Gray Corporate and Commercial Lawyer, Corporate Governance, Capital Markets Managing Director Ivan Fairhall Mechanical Engineer, Private Equity, Mining Execut
Slide 21: 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 22: Appendix - Geological Setting
Appendix - Geological Setting 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 gabbroic comp
Slide 23: 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 24: Comparable supporting information
Appendix Comparable supporting information For personal use only Name (ASX ticker) Resource M&I (mt) Inferred (mt) CuEq Calc Announcement (date) SOUTHERN 149 @ 0.29% Cu, 0.12g/t Au, HEMISPHERE MINING Llahuin 20 @ 0.2% Cu, 0.19g/t Au, 0.005% Mo Cu% + Au(g/t)*0.77 + Mo%*3.91 https://announcements.asx.
Slide 25: 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 25