# PVT: Horden Lake Economics Confirm Strong Copper Development Case Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145110 Publisher: asx Original announcement: 2026-09-28T22:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:41:26.478Z Atlas analysis updated: 2026-09-29T16:41:26.478Z - Company: Pivotal Metals Ltd - Ticker: PVT - Exchange: ASX - Region: Québec, Canada - Primary commodity: Copper - Secondary commodities: Nickel, Gold, Silver, Palladium, Platinum, Cobalt - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-29 16:41:27 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Pivotal Metals Ltd announced a maiden Scoping Study for its Horden Lake Copper-Nickel-Gold-Silver Project in Québec, Canada, confirming strong development potential. The study outlines robust economics with a post-tax NPV7 of A$920 million and an IRR of 49% at base case pricing, driven by low operating costs \(AISC US$1.00/lb Cu\) and significant by-product credits. The project benefits from a conventional open-pit mining and flotation flowsheet in a Tier-1 jurisdiction, but the study is preliminary and relies on a substantial portion of Inferred Mineral Resources, with significant funding still required. Reasoning: The maiden Scoping Study for Horden Lake demonstrates robust economics with high NPV and IRR, low operating costs, and a quick payback, supported by a conventional flowsheet in a Tier-1 jurisdiction. However, the study is preliminary, relies on a significant portion of Inferred Resources, and requires substantial, currently unsecured, funding. - Positive factor: strong\_economics - Positive factor: low\_operating\_costs - Positive factor: quick\_payback - Positive factor: tier\_1\_jurisdiction - Positive factor: conventional\_processing - Positive factor: significant\_byproduct\_credits - Positive factor: multi\_domain\_tested - Positive factor: clean\_concentrates - Negative factor: scoping\_study\_accuracy - Negative factor: inferred\_resource\_reliance - Negative factor: funding\_required - Negative factor: no\_ore\_reserves\_declared Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 31 ## Classification and evidence **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The document states 'Clean concentrates with high by-product credits' and 'Tests have demonstrated the flowsheet can ably produce two clean, conventionally saleable concentrates, and no intermediate or unconventional products.' Evidence · text > Clean concentrates with high by-product credits **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The metallurgical database includes 17 samples spanning varying grades and testwork was completed on 15 samples or composites selected from drill core to represent principal host lithologies and different zones. Evidence · text > extending the Horden Lake metallurgical database to 17 samples, spanning varying grades and testing recovery relationships. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The concentrator is designed as a conventional crush–grind–float plant. Evidence · text > The Horden Lake concentrator has been designed as a conventional crush–grind–float plant treating 3.5 Mtpa of run-of-mine ore. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Nickel, gold, silver, palladium, platinum, and cobalt are listed as byproduct credits alongside the primary copper production. Evidence · text > Very low cost: AISC of US$1.00/lb Cu with high by-product credit contribution \(US$2.58/lb CuEq\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with the JORC Code \(2012\). Evidence · text > The Scoping Study is based solely on the MRE released on 7 July 2026, reported in accordance with the JORC Code \(2012\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The MRE was prepared by Competent Persons Mr Simon Mortimer and Dr Scott Jobin-Bevans. Evidence · text > Competent Persons Mr Simon Mortimer and Dr Scott Jobin-Bevans **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for both open pit and underground resources are explicitly stated in the MRE table footnote. Evidence · text > \*pit constrained ‘open pit’ @ cog USD 25/t NSR. ^ Out-of-pit ‘underground’ cog @ USD 65/t NSR. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource \(28.1 Mt\) is classified as Inferred Mineral Resources. Evidence · table > 28.1 Context: Inferred **Scoping Study** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document is explicitly titled and described as a Scoping Study. Evidence · text > This announcement contains the results of a Scoping Study \(Study\) **Funding Required** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company states that significant additional funding \(>$400m\) is needed and there is no certainty it will be able to source this funding. Evidence · text > Pivotal believes that it has a reasonable basis to expect it will be able to fund the >$400m required for development of the Project. There is no certainty that the Company will be able to source this funding as and when required. **Inferred Resource Reliance** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Approximately 30% of the Net Smelter Return \(NSR\) over the life of mine is derived from Inferred Mineral Resources. Evidence · text > Over the life of the Production Target, approximately 30% of the NSR is derived from Inferred Mineral Resources. **Conventional Processing** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project utilizes conventional open pit mining and flotation technology, with no novel or unproven process steps. Evidence · text > Conventional project, utilising bulk open pit and flotation technology **Tier-1 Jurisdiction** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is located in Québec, which is described as a Tier-1 global mining jurisdiction. Evidence · text > Tier-1 Québec enhances strategic appeal for critical metals resilience and associated capital pools **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("dense media separation"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 31. Some facts used in scoring do not have a stored record. ## Resource Estimates (24) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-7) Horden Lake · copper\_equivalent Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper\_equivalent - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 1.07 - Grade Unit: % - Contained Metal: 485 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial open pit resource, forming the basis of the Scoping Study, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 1.07 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-8) Horden Lake · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 0.56 - Grade Unit: % - Contained Metal: 257 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial open pit copper resource, forming the basis of the Scoping Study, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.56 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-9) Horden Lake · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 79 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate open pit nickel resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.17 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-10) Horden Lake · 3e Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: 3e - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 0.34 - Grade Unit: g/t - Contained Metal: 494 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate open pit 3E \(Au+Pd+Pt\) resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.34 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-11) Horden Lake · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: silver - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 10.5 - Grade Unit: g/t - Contained Metal: 15336 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate open pit silver resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 10.5 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-12) Horden Lake · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: cobalt - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:4f883f43997e06aea4e9 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 45500000 - Grade: 134 - Grade Unit: ppm - Contained Metal: 6121 - Contained Unit: t - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate open pit cobalt resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 134 Context: Open Pit\* #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-13) Horden Lake · copper\_equivalent Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper\_equivalent - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 0.93 - Grade Unit: % - Contained Metal: 64 - Contained Unit: kt - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground resource, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.93 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-14) Horden Lake · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 0.51 - Grade Unit: % - Contained Metal: 35 - Contained Unit: kt - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground copper resource, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.51 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-15) Horden Lake · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 0.18 - Grade Unit: % - Contained Metal: 12 - Contained Unit: kt - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground nickel resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.18 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-16) Horden Lake · 3e Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: 3e - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 0.25 - Grade Unit: g/t - Contained Metal: 55 - Contained Unit: koz - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground 3E \(Au+Pd+Pt\) resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 0.25 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-17) Horden Lake · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: silver - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 8.5 - Grade Unit: g/t - Contained Metal: 1872 - Contained Unit: koz - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground silver resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 8.5 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-18) Horden Lake · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: cobalt - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:ed88d512ad2ed5cea5d0 - Deposit or zone: Underground #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 130 - Grade Unit: ppm - Contained Metal: 898 - Contained Unit: t - Cutoff Grade: 65 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate underground cobalt resource, contributing to byproduct credits, with disclosed cut-off and JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: cut\_off\_disclosed Evidence · table > 130 Context: Underground^ #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-19) Horden Lake · copper\_equivalent Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper\_equivalent - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 1.17 - Grade Unit: % - Contained Metal: 283 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial Measured and Indicated resource, providing high confidence for the Scoping Study, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 1.17 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-20) Horden Lake · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.67 - Grade Unit: % - Contained Metal: 163 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial Measured and Indicated copper resource, providing high confidence for the Scoping Study, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 0.67 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-21) Horden Lake · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.18 - Grade Unit: % - Contained Metal: 45 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Measured and Indicated nickel resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 0.18 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-22) Horden Lake · 3e Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: 3e - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.34 - Grade Unit: g/t - Contained Metal: 262 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Measured and Indicated 3E \(Au+Pd+Pt\) resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 0.34 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-23) Horden Lake · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: silver - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 9.2 - Grade Unit: g/t - Contained Metal: 7175 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Measured and Indicated silver resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 9.2 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-24) Horden Lake · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: cobalt - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:cdd11260cf8f6d0e3d03 #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 143 - Grade Unit: ppm - Contained Metal: 3478 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Measured and Indicated cobalt resource, contributing to byproduct credits, with JORC compliance, though it is a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Positive factor: measured\_resource - Positive factor: indicated\_resource Evidence · table > 143 Context: M&I #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-25) Horden Lake · copper\_equivalent Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper\_equivalent - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 0.95 - Grade Unit: % - Contained Metal: 266 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial Inferred resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 0.95 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-26) Horden Lake · copper Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 0.46 - Grade Unit: % - Contained Metal: 129 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a substantial Inferred copper resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 0.46 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-27) Horden Lake · nickel Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 46 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Inferred nickel resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 0.16 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-28) Horden Lake · 3e Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: 3e - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 0.32 - Grade Unit: g/t - Contained Metal: 288 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Inferred 3E \(Au+Pd+Pt\) resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 0.32 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-29) Horden Lake · silver Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: silver - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 11.1 - Grade Unit: g/t - Contained Metal: 10033 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Inferred silver resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 11.1 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-resource-facts-30) Horden Lake · cobalt Historical result Needs review: historical\_restatement #### Identity - Project: Horden Lake - Commodity: cobalt - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Simon Mortimer, Scott Jobin-Bevans - Resource group id: resource:b3c087d823ca389e643c #### Resource Data - Category: inferred - Tonnes: 28100000 - Grade: 126 - Grade Unit: ppm - Contained Metal: 3540 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-07-07T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a moderate Inferred cobalt resource, which has lower geological confidence and cannot support economic studies alone, though it is JORC compliant and a restatement of a prior MRE. - Positive factor: jorc\_compliant - Positive factor: qp\_cp\_signed - Negative factor: inferred\_resource Evidence · table > 126 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (7) ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-0) Horden Lake · copper #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test - Head Grade: 0.54 - Head Grade Unit: % - Conc. Grade: 24 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 92% copper recovery is strong for a conventional flotation circuit, supported by locked-cycle testwork across multiple composites, indicating clean concentrates and good process understanding. - Positive factor: high\_recovery - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 92% Context: Cu 0.54 % #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92% is at or above the exceptional band \(92%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-1) Horden Lake · nickel #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 49 % - Recovery Basis: actual\_test - Head Grade: 0.16 - Head Grade Unit: % - Conc. Grade: 10 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 49% nickel recovery is moderate for a flotation circuit, but contributes significantly to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 49% Context: Ni 0.16 % #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 49% is below the weak band \(75%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-2) Horden Lake · gold #### Identity - Project: Horden Lake - Commodity: gold - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 64 % - Recovery Basis: actual\_test - Head Grade: 0.16 - Head Grade Unit: g/t #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 64% gold recovery is moderate, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 64% Context: Au 0.16 g/t #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 64% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-3) Horden Lake · silver #### Identity - Project: Horden Lake - Commodity: silver - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 75 % - Recovery Basis: actual\_test - Head Grade: 9.34 - Head Grade Unit: g/t #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 75% silver recovery is moderate, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 75% Context: Ag 9.34 g/t #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-4) Horden Lake · palladium #### Identity - Project: Horden Lake - Commodity: palladium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 60 % - Recovery Basis: actual\_test - Head Grade: 0.13 - Head Grade Unit: g/t #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 60% palladium recovery is moderate, contributing to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 60% Context: Pd 0.13 g/t #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-5) Horden Lake · platinum #### Identity - Project: Horden Lake - Commodity: platinum - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 28 % - Recovery Basis: actual\_test - Head Grade: 0.04 - Head Grade Unit: g/t #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 28% platinum recovery is low, but contributes to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 28% Context: Pt 0.04 g/t #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### locked-cycle [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-horden-lake-economics-confirm-strong-copper-development-case--1f9cda84-80d3-4bc7-b593-3a167696f281#fact-metallurgical-facts-6) Horden Lake · cobalt #### Identity - Project: Horden Lake - Commodity: cobalt - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: PVT #### Test Work - Program Status: preliminary - Test Type: locked-cycle - Processing Route: conventional crush–grind–float plant - Sample: Life of Mine average - Grind P80: 85 µm #### Recovery - Recovery: 44 % - Recovery Basis: actual\_test - Head Grade: 118 - Head Grade Unit: ppm #### Lab - Laboratory: Blue Coast Research - Consultant: Scanus Metallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The 44% cobalt recovery is moderate, contributing to byproduct credits, supported by locked-cycle testwork across multiple composites. - Positive factor: multi\_domain\_tested - Positive factor: free\_milling - Positive factor: pilot\_scale\_complete Evidence · table > 44% Context: Co 118 ppm #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.