Pivotal Metals

Drilling at Horden Lake to Drive Substantial Re-rating for Pivotal Metals, Analyst Report Says

Description:

Pivotal Metals’ (ASX:PVT) two-rig, 8,000-metre drill program at Horden Lake could capture investors’ attention on the “extreme value and potential upside” of Pivotal shares, according to a report by Hong Kong-based equity research firm Orior Capital.


First assay results from Horden Lake, expected in the first quarter of 2024, has the potential to substantially enlarge and improve the quality of the project’s current resource of 27.8 million tons at 1.49 percent copper equivalent (CuEq), wrote Orior Capital analyst Simon Francis.

Francis noted that the current resource only modelled gold in the central part of the deposit. “Cobalt, platinum, and silver, although assayed in some historical drilling, are not included at all. Based on historical intercepts and current metals prices, including these elements could lift the CuEq resource by as much as 20 percent.”

Valuing Horden Lake in line with peers and Belleterre-Angliers at just AU$10 million suggests a valuation of AU$0.12 cents per share, approximately seven times the current share price, the analyst report added.

Pivotal is expected to deliver consistent newsflow through 2024 beginning with the first assays from the Horden Lake drill program. Results of the Horden Lake mineralogy studies are also expected in the first quarter of 2024. The company is gearing up for an updated mineral resource for Horden Lake and metallurgical test work results are expected in the first half of this year.

Highlights from the Orior Capital report:

  • Drilling underway at Horden Lake: First assays are expected in the first quarter of 2024.
  • Pivotal is one of the cheapest copper explorers globally.
  • Belleterre-Angliers MT survey results expected in the first quarter of 2024.



For the full analyst report, click here.

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