Exploration Update on Quebec Battery Metals Projects

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide an update on its extensive work program being conducted on its 100% owned Horden Lake and BAGB battery metals projects in Quebec, Canada.

Highlights

• Exploration activities advance across the portfolio.
• 8,000 metre Horden Lake drill program on track for January 2024 mobilisation:
  • Contract signed for 2 drill rigs.
  • Drill pad and road access permits in place.
  • Core logging and logistics for Val d’Or processing hub in place.
• Horden Lake historical core re-logging in progress:
  • Over 18,000 metres of diamond core, including 2,237 of mineralised sections from the 2008 and 2012 campaigns, relocated to Val d’Or core facility.
  • Samples being collected for mineralogical assessment.
•  Magnetotelluric “MT” survey completed at the BAGB project:
  • 44 test sites over 7.5km2 completed on schedule.
  • Results expected early in 2024.
• The Company has $5.3m cash1, and consistent news-flow is expected as the Company executes its work programs across its properties.

Managing Director, Mr Fairhall said:

“I am very pleased to report on our preparations and progress as we advance the exploration program. Most importantly, drilling is on track for Horden Lake. This drilling, the first on the property in over a decade, will not only showcase the quality of the project already defined, but also begin to demonstrate the grade and tonnage potential improvements we see in the project.

Completion of the MT survey is another significant milestone. This is the first program of its kind completed on the property, specifically targeting a potential feeder system as the source for exceptional grades of Ni-Cu-PGM already discovered in shallow gabbroic intrusions that have been defined in the top 200-300 metres.

Investors have significant news-flow to look forward to as these work programs gather momentum in the weeks and months to come.

Horden Lake drill program

The Horden Lake project already hosts a 27.8Mt @ 1.49% CuEq Cu-Ni-PGM JORC compliant inferred (12.5Mt) and indicated (15.2Mt) mineral resource2 with considerable prospectivity remaining to expand and improve the deposit and de-risk its development potential.

Up to 8,000m of drilling is slated to commence in January 2024. Following a competitive tender process, the Company has contracted Orbit Garant Drilling Services “Orbit” for two diamond rigs, with the option for a third rig if required. Headquartered in Val-d’Or, Québec, Orbit is one of Canada’s largest drilling companies, with more than 217 drill rigs providing both underground and surface drilling services in Canada and internationally.

Ancillary preparations for the program are well advanced. Permits for drill pads and the access road are in place, and Pivotal has secured core storage, logging and preparation facilities in Val d’Or.

The winter program has three principal aims.

• Target increase in grade by collecting Au, Ag, Pt and Co by-product assay data for parts of the deposit that were not assayed for these metals in the past. Only the central part of the deposit has full multielement assay. The resource estimate currently constrains the gold wireframe to this area (consequently diluting grade across the entire resource). Ag, Pt and Co were assayed in the central part, but have not been domained in the model. Further assay for these metals will be collected and modelled in a future resource update.
• Target increase in tonnage by drilling open areas of limited density or open areas mineralisation that fall outside the 27.8 mt resource envelope. Downhole geophysics will be used to refine targets for further step�out drilling.
• Collect significant sample for metallurgical testwork, with the primary aim to support representative samples of the mineralised lithologies, and target collection of samples for future variability test work to support more detailed engineering studies.

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