# PVT: Investor Presentation - Horden Lake Scoping Study Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pvt-investor-presentation-horden-lake-scoping-study--c85dd1f4-1f99-4bf7-b1e9-60b3da237a5c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145123 Publisher: asx Original announcement: 2026-09-28T22:57:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:30:42.088Z Atlas analysis updated: 2026-09-29T16:30:42.088Z - Company: Pivotal Metals - Ticker: PVT - Exchange: ASX - Region: Quebec - Primary commodity: Copper - Secondary commodities: Nickel, Gold, Palladium, Platinum, Silver, Cobalt - Document categories: Resource update, Metallurgy, Drill results - Extracted: 2026-09-29 16:30:42 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Pivotal Metals has released a highly positive Scoping Study for its Horden Lake copper project in Quebec, Canada, outlining robust economics with a post-tax NPV7 of ~A$920M and an IRR of ~49%. The study projects an average annual production of 29kt CuEq over the first 8 years from a simple open-pit operation and conventional flotation, yielding clean concentrates with high copper recoveries. While the study highlights significant upside and a low AISC of US$1.00/lb Cu, it is preliminary and relies on approximately 30% Inferred Mineral Resources in the production target, with funding for the A$411M capex yet to be secured. Reasoning: The Scoping Study presents robust economics for the Horden Lake copper project, supported by a significant resource and high metallurgical recoveries in a favorable jurisdiction, despite the preliminary nature of the study and reliance on some inferred resources. The resource is JORC compliant and signed off by a competent person, and metal equivalent assumptions are disclosed. - Positive factor: Strong economics \(NPV, IRR, payback\) - Positive factor: High copper equivalent production - Positive factor: Simple development \(open pit, flotation\) - Positive factor: Clean concentrates with no significant penalties - Positive factor: Tier-1 jurisdiction \(Quebec\) with good infrastructure and renewable energy - Positive factor: Significant resource growth \(MRE up 42% in 2026\) - Positive factor: High recoveries for copper - Positive factor: Low AISC - Positive factor: JORC Compliant resource estimate - Positive factor: QP/CP Signed for resource estimate - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Scoping Study is preliminary, not sufficient for Ore Reserves - Negative factor: Production target includes 30% Inferred Mineral Resources, which have lower geological confidence - Negative factor: Funding for A$411M capex is not yet secured Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-investor-presentation-horden-lake-scoping-study--c85dd1f4-1f99-4bf7-b1e9-60b3da237a5c#fact-resource-facts-0) Horden Lake · copper #### Identity - Project: Horden Lake - Commodity: copper - Region: canada\_qc - Reported Region: Quebec - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Nagerl - Resource group id: resource:bad2cb88006718e8404e - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.67 - Grade Unit: % - Contained Metal: 163 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Metal Eq. Grade: 1.17 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The Indicated resource for copper at Horden Lake is substantial in tonnage and grade, contributing significantly to the project's economic viability as outlined in the Scoping Study. The estimate is JORC compliant and transparent with disclosed metal equivalent assumptions. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Significant copper grade - Positive factor: Large tonnage - Positive factor: JORC compliant and QP signed - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 0.67 Context: 24.3 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-investor-presentation-horden-lake-scoping-study--c85dd1f4-1f99-4bf7-b1e9-60b3da237a5c#fact-resource-facts-1) Horden Lake · nickel #### Identity - Project: Horden Lake - Commodity: nickel - Region: canada\_qc - Reported Region: Quebec - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Nagerl - Resource group id: resource:bad2cb88006718e8404e - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.18 - Grade Unit: % - Contained Metal: 45 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Metal Eq. Grade: 1.17 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The Indicated resource for nickel provides a valuable byproduct credit to the Horden Lake project, enhancing overall economics. The estimate is JORC compliant and transparent. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Significant nickel grade and contained metal - Positive factor: JORC compliant and QP signed - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 0.18 Context: 24.3 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-investor-presentation-horden-lake-scoping-study--c85dd1f4-1f99-4bf7-b1e9-60b3da237a5c#fact-resource-facts-2) Horden Lake · gold #### Identity - Project: Horden Lake - Commodity: gold - Region: canada\_qc - Reported Region: Quebec - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Nagerl - Resource group id: resource:bad2cb88006718e8404e - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.15 - Grade Unit: g/t - Contained Metal: 117 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Metal Eq. Grade: 1.17 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Gold contributes as a byproduct to the Indicated resource, adding to the project's overall revenue streams. The estimate is JORC compliant and transparent. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Gold provides byproduct credit - Positive factor: JORC compliant and QP signed - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 0.15 Context: 24.3 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pvt-investor-presentation-horden-lake-scoping-study--c85dd1f4-1f99-4bf7-b1e9-60b3da237a5c#fact-resource-facts-3) Horden Lake · palladium #### Identity - Project: Horden Lake - Commodity: palladium - Region: canada\_qc - Reported Region: Quebec - Ticker: PVT #### Resource scope - Estimate type: resource - Effective date: 2026-07-07T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Nagerl - Resource group id: resource:bad2cb88006718e8404e - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 24300000 - Grade: 0.15 - Grade Unit: g/t - Contained Metal: 114 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: USD/t NSR #### Prior Estimate - Resource Date: 2026-07-07 #### Metal Equivalent - Metal Eq. Grade: 1.17 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Palladium contributes as a byproduct to the Indicated resource, adding to the project's overall revenue streams. The estimate is JORC compliant and transparent. - Positive factor: High confidence resource category \(Indicated\) - Positive factor: Palladium provides byproduct credit - Positive factor: JORC compliant and QP signed - Positive factor: Metal equivalent assumptions disclosed Evidence · table > 0.15 Context: 24.3 #### 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 **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 ## 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.