Pivotal Metals (ASX: PVT) has announced significant positive results from ore sorting at its Horden Lake project, demonstrating potential for substantial cost reductions.
New test work on ore from Horden Lake achieved a remarkable 2.1x copper equivalent (CuEq) grade uplift with 68% mass rejection, while maintaining a 69% copper recovery.
An alternative sorting pathway also yielded a 1.5x CuEq grade uplift with 44% mass rejection and 86% copper recovery.
These positive results suggest potential for significant reductions in both capital expenditure and operating expenditure by allowing for a smaller processing plant and reduced tailings.
The Quebec government has also shown support, awarding the company a CAD105k metallurgical grant to assist with ongoing development.
Horden Lake Resource Foundation
The Horden Lake project underpins Pivotal's strategy with a substantial Mineral Resource Estimate (MRE) of 37 Mt at 1.10% CuEq.
Specifically, the in-pit MRE comprises 31.2 Mt at 1.10% CuEq, with an additional out-of-pit resource of 5.8 Mt at 1.13% CuEq.
Previous metallurgical work on Horden Lake ore indicated strong copper recoveries, ranging from 87-94%, producing clean concentrates with valuable by-product credits.
Belleterre Exploration Advances
Beyond Horden Lake, Pivotal Metals continues to advance its broader Quebec portfolio. Recent IP surveys at the Lorraine project within the Belleterre district defined multiple high-chargeability gold and copper-nickel-gold targets.
Geophysical programmes are ongoing across the Belleterre district, actively identifying potential extensions and new targets for future exploration.
The company is well-funded for a substantial 5,000m+ drill program planned for 2026 across its Quebec assets.
This aggressive field activity follows a successful CAD5.4 million financing, completed in November 2025, which included non-dilutive flow-through funds specifically designed to accelerate exploration efforts.
Strategic Advantages in Quebec
Operating in Quebec provides significant strategic advantages for Pivotal Metals.
The region offers a highly supportive mining jurisdiction, benefiting from 99% renewable, low-cost hydropower and robust existing infrastructure.
Government incentives, such as the recently received metallurgy grant and various tax credits for critical metals, help reduce execution risk and potential dilution for shareholders.
Furthermore, the proximity to existing milling capacity and smelters in the region enhances operational flexibility and cost-efficiency for future developments.
Outlook and Risks
Pivotal Metals' ore sorting results significantly enhance the economic potential of its Horden Lake project, promising lower costs and improved grades.
Simultaneously, ongoing exploration at Belleterre, supported by recent financing and government incentives, offers considerable discovery upside.
However, the company remains exposed to typical junior mining risks, including future funding requirements, the successful execution of exploration and development plans, and volatility in commodity prices.
