Pivotal Metals Limited · ASX:PVT
Pivotal Metals — Investor Presentation (September 2026)
37 slides from Pivotal Metals's investor presentation, Sep 29, 2026
Slide 1: Pivotal Metals Investor Presentation: Horden Lake Scoping Study
Pivotal Metals Investor Presentation Horden Lake Scoping Study September 2026 ASX:PVT Copper in a Tier-1 Jurisdiction
Slide 2: Disclaimers
Disclaimers 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 such restrictions. DIS
Slide 3: Disclaimers: Horden Lake Scoping Study
Disclaimers HORDEN LAKE SCOPING STUDY This presentation contains the results of a Scoping Study (Study) undertaken to assess the potential viability of the Horden Lake Project (Project). The Study is a preliminary, order-of-magnitude technical and economic assessment prepared to an AACE Internationa
Slide 4: Investment highlights
Investment highlights Horden Lake (100%) Advanced pre-development copper project Corvette PMET ~A$920M ~49% 1.3 yrs 29kt Li-FT Power Andina post-tax NPV₇ post-tax IRR payback CuEq a year, yrs 1–8 • Large copper endowment. 52Mt @ 1.05% CuEq1 Rio Tinto • Simple development. Open pit, flotation, two cl
Slide 5: Horden Lake Scoping Study Highlights
Horden Lake Scoping Study Highlights 5
Slide 6: Scoping Study key outcomes
Scoping Study key outcomes POST-TAX NPV₇ PRE-TAX IRR POST-TAX IRR PAYBACK AISC ~A$920M ~56% ~49% 1.3 years US$1.00/lb ungeared, real. US$5.50/lb Cu ungeared ungeared post-tax, from first production Cu, net of by-product credits Spot A$1,343M Spot 75% Spot 63% Spot 1.0 years Spot US$0.71/lb PRE-PRODU
Slide 7: 29kt CuEq a year, and room to grow
29kt CuEq a year, and room to grow Annual payable production, kt CuEq Cu (Cu kt) By-products in kt CuEq (Ni, Co, Au, Ag, PGM) SCALEABLE PRODUCTION Years 1–8: 29kt CuEq/a average 247kt CuEq 160kt Cu 29kt CuEq/a average, years 1–8 Inferred conversion Ni 20kt · Co 1.0kt · Au 83koz · Ag 5.9Moz · Pd 29ko
Slide 8: Mid-scale pre-developer space is small, but alive
Mid-scale pre-developer space is small, but alive ASX copper pre-development projects, annual CuEq production (kt) > $1b capex 60 Other pre-study copper M&A 50 - Hammer Metals (Austral) - Mutaroo (Hillgrove JV) - Cygnus (CAML) 40 - Mattera/Mt Cuthbert (AIC) CuEq, kt/a 30 ~A$1.1B market cap 20 Fully
Slide 9: Robust economics, leveraged to copper
Robust economics, leveraged to copper Pre-tax NPV₇ sensitivity Base case Spot Cu US$5.50/lb Cu US$6.78/lb Base A$1,333M Post-tax NPV₇ A$920M A$1,343M Cu Price 1,009 1,656 1,961 -15% / +15% Post-tax IRR 49% 63% US$4.68/lb US$5.50/lb US$6.33/lb Spot: US$6.78/lb Pre-tax NPV₇ / IRR A$1,333M 56% A$1,961M
Slide 10: Horden Lake trades at 2% of its NPV
Horden Lake trades at 2% of its NPV P/NPV, post-tax 0.63x 0.55x 0.26x P/NPVx 0.16x 0.02x 0.03x 0.04x LoM production scale CuEq per annum 34kt 35kt 26kt LoM kt CuE/a 16kt 15kt 13kt 9kt Horden Lake (PVT) Thursday's G (SVY) Elizabeth Ck (COD) Storm (AW1) Orlando (CUF) Green Bay (FFM) Greater D (CNB) 10
Slide 11: Strong cash flow drives robust returns & low costs
Strong cash flow drives robust returns & low costs Annual & Cumulative Cashflow NSR by concentrate NSR by metal 600 1,500 Payback 1.3 years Silver Nickel A$1,369M 17% 11% Gold… 438 Nickel Copper Cumulative FCF, A$M 391 Copper Annual cash flow, A$M 10% 65% 352 83% 300 750 306 307 306 284 252 89 Unit
Slide 12: Simple by design
Simple by design Open pit mine Flotation plant Concentrates Tier 1 Jurisdiction 34Mt 0.90% 3.5Mtpa 92% 29kt 160kt 10km 99% production target1 LoM CuEq2 plant, ~10-yr life Cu recovery CuEq y1-8 LoM Cu prod. to highway renewable grid • Shallow deposit with minimal • Conventional flotation • Saleable g
Slide 13: Single open pit feeds 3.5Mtpa plant
Single open pit feeds 3.5Mtpa plant Production Target Summary Mine plan vs 2026 MRE Scoping pit shell 60Mt 1.3% 1.1% 1.1% 1.0% 1.0% 1.0% 2026 MRE block model 0.9% 0.9% 40Mt 34Mt 7.9:1 ~10 yrs 3 mill feed LoM strip ratio at 3.5Mtpa mining phases 20Mt • Conventional truck-and-shovel, owner-operated fl
Slide 14: Conventional flowsheet makes two clean concentrates
Conventional flowsheet makes two clean concentrates LoM recovery by payable metal1 Rougher & regrind Copper 92% Silver 75% Gold 64% Palladium 60% Nickel 49% Crush & stockpile SAG + ball mill Cobalt 44% Platinum 28% Processing at a glance • Standard crush–grind–float flowsheet Copper cleaners Nickel
Slide 15: Horden Lake 51,814m of drilling: Rapidly Growing Resource
Horden Lake 51,814m of drilling Rapidly Growing Resource Tonnes CuEq (%) Mt CuEq kt CuEq % Cu % Ni % Au g/t Pd g/t Pt g/t Ag g/t Co ppm (mt) 60 1.2 In-pit 45.5 485 1.07 0.56 0.17 0.15 0.14 0.04 10.5 140 Out-of-pit 6.9 64 0.93 0.51 0.18 0.08 0.14 0.03 8.5 151 Total 52.4 549 1.05 0.56 0.17 0.14 0.14 0
Slide 16: Open at depth and along strike, conductors undrilled
Open at depth and along strike, conductors undrilled 2,800m Growth pathways • Limited by drilling: every hole into the Contact Zone is mineralised 250m North and south flanks • Mine plan uses a subset of the 52Mt undrilled below 200-250m MRE Only 8 holes below 300m • Remainder of MRE sits adjacent o
Slide 17: Lorraine Scale Potential
Lorraine Scale Potential - Copper – regional Past producing with exciting gold and copper targets Significant potential to make additional discoveries Magnetics demonstrate scale opportunity • Classic magmatic Cu-Ni-PGM sulphide mineralization at the contact, base of a large regional mafic intrusion
Slide 18: Permitting & ESG
Permitting & ESG Clear permitting process in Eeyou Istchee Cree Territory (Eeyou Istchee) Deposit lies within the traditional territory of the Cree Nation of Nemaska, on N18 trapline. Adjacent to Cree Nation of Waskaganish & N06 trapline Community Commitment Prioritising strong relationships based o
Slide 19: Next steps
Next steps Exploration: Resource Conversion and Deposit Growth Scoping Study Pre-Feasibility Feasibility Detail Engineering Construction Environmental Baseline + Stakeholder Engagement ESIA approval A$920m NPV7, 49% IRR 2026 MRE Update Summer 2026 complete Grow and de-risk the resource Advance the e
Slide 20: Belleterre Projects
Belleterre Projects 20
Slide 21: Belleterre Projects 200 km2
Belleterre Projects 200 km2 Well established mineralising system Strategic greenstone belt landholding that is wildly underexplored 100% controlled, consolidated by Pivotal • Intensely mineralised system active at a regional scale • Drilling hyper-biased to 1960s outcropping discoveries. Prior minin
Slide 22: Lorraine Mine – new targets in underexplored trend
Lorraine Mine – new targets in underexplored trend Bonanza grade gold target Bonanza gold grades: Au-Cu quartz vein system encountered during 1960’s Cu-Ni mining • 28m @ 45.2 g/t Au & 3.2% Cu (6th level u/g crosscut) • 9.5m @ 14.1 g/t Au & 3.2% Cu (6th level u/g crosscut) • 1m @ 56.2 g/t Au (DDH U-6
Slide 23: Midrim Project
Midrim Project Strongest concentration of occurrences Globally significant mineralisation • 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim) • 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim) • 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta) • 15.7m @ 3.1% Cu, 1.6% Ni
Slide 24: Bambino Acquisition
Bambino Acquisition Strategic Consolidation New option agreement, PVT to earn 100% Consolidates a 6km trend of high-grade Cu- Ni-PGM occurrences Lack of modern exploration • Zullo last drilled 1987, Delphi-Patry 2002 • Fragmented ownership Vast gabbro host, with interpreted fold limb and noses • Ide
Slide 25: Corporate overview
Corporate overview Experience, Commitment, Alignment $0.035 Volume 30 Close Ivan Fairhall Simon Gray $0.030 25 Managing Director & CEO Independent Non-Exec Chair ▪ Chartered engineer, 20 years across mining, ▪ Lawyer with a strong capital markets $0.025 Volumne (M shares) finance and capital markets
Slide 26: Investment Highlights
Investment Highlights EXPLORATION VALUE IS FULLY FUNDED PREMIER COPPER ENGINE UNDERPINNED CATALYSTS JURISDICTION LEVERAGE • Horden Lake • Horden Lake • Surfacing of • Quebec is skills and • Clear structural production target trading at 0.02x strategic value infrastructure rich, supply constraints, i
Slide 27: Appendix
Appendix
Slide 28: Scoping Study Supplementary Information
Scoping Study Supplementary Information Mine Production Profile LoM Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 ROM (kt) 34,032 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 2,532 Cu (%) 0.54% 0.81% 0.64% 0.66% 0.51% 0.50% 0.65% 0.59% 0.64% 0.19% 0.14% Ni (%) 0.16%
Slide 29: Scoping Study Supplementary Information
Scoping Study Supplementary Information Capital costs, A$M Economics Pre- Cash Flow, Valuation & Returns Base Spot Area Sustaining Total LoM production Mining Equip & Facilities 47 206 253 Pre-tax free cash flow (inc. capex) A$M 1,973 2,818 Mining Pre-strip 14 - 14 Post-tax free cash flow (inc. cape
Slide 30: Québec – premier mining jurisdiction
Québec – premier mining jurisdiction ‘Flow-through scheme’ tax incentives With tangible • Quebec has the highest tax credit in investment incentives Canada for critical metals exploration • Up to 2x leverage on money raised, without structural overhang Access to low-cost Excellent infrastructure ren
Slide 31: Geological Setting – Horden Lake deposit
Geological Setting – Horden Lake deposit Strong structural control for mineralisation • 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 complex and met
Slide 32: Midrim-Alotta deeps
Midrim-Alotta deeps Section 1 2 3 MT survey showing major conductive anomalies that link the string of pearls • Major regional system potential that links multiple high-grade surface bodies • 2023 MT survey has confirmed mafic contact deposit model hypothesis • Extensive contact ‘host horizon mapped
Slide 33: Appendix: 2026 JORC Mineral Resource Estimate
Appendix Refer ASX announcement dated 7 July 2026 for full MRE technical disclosure. The Mineral Resource Statement considers the portions of the resource within the optimised pit shell at a cut-off of US$25/t NSR, 2026 JORC Compliant and the portions of the mineral resources outside (below) the opt
Slide 34: References
References Economic Parameters, Grade Based CuEq Equation (HL) Full Assay Breakdown of Referenced Drillholes Width Element Unit Price Recovery Sales Cost Factor Hole ID (m) CuEq Cu% Ni% Au g/t Pd g/t Ag g/t Pt g/t Co ppm From (m) Copper USD/t 11,000 90% 1,100 1.00 HN-24-98 32.1 0.96 0.57 0.19 0.08 0
Slide 35: Supporting information – referenced project details
Supporting information – referenced project details ASX Pre-Development Copper Projects LoM Production Average Annual Production LoM Project Company Study / Stage Study Date Reference Au Non-Cu (t (years) Cu (kt) Ag (oz) Zn (t) Ni Pt Pd Co Pb (t) CuEq total Cu (t/a) CuEq (t/a) (oz) CuEq) American We
Slide 36: Supporting information – referenced project details
Supporting information – referenced project details P/NAV pre-development peer group Company Latest Post-tax Mkt Cap Discount Cu Price Project Study / Stage (A$m) Cash EV P/NAV NPV Rate (US$/lb) Study Date ASX Announcement (A$m) (A$m) Ticker Name https://cdn-api.markitdigital.com/apiman-gateway/ASX/
Slide 37: Pivotal Metals Limited
Pivotal Metals Limited ABN 49 623 130 987 Level 10, 360 Queen Street Brisbane QLD 4000 GPO Box 2517 WA 6831 T: +61 8 9481 0389 E: info@pivotalmetals.com W: www.pivotalmetals.com
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