Half Year Report For The Period Ended 31 December 2022

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to present its Half Year Report.

The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Pivotal Metals Limited (formerly Rafaella Resources Limited) (referred to hereafter as the 'Company' or 'parent entity' or ‘Pivotal Metals’) and the entities it controlled at the end of, or during, the half-year ended 31 December 2022 (‘H1 FY23’).

DIRECTORS

The following persons were Directors of Pivotal Metals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

COMPANY SECRETARY

PRINCIPAL ACTIVITIES

The principal activity of the Group is exploration for and development of copper, nickel, platinum group metals (PGM), tungsten and tin deposits. Pivotal Metals holds the Horden Lake copper, nickel and PGM deposit in northwest Quebec, Canada, the Belleterre-Angliers nickel, copper and PGM exploration project in southwest Quebec, Canada and two tin and tungsten development projects, San Finx and Santa Comba in Galicia, northwestern Spain.

Company Focus and Mission

Pivotal Metals was established to explore and develop high-quality assets worldwide. In H2 FY22, the Company decided to refocus the strategy on battery metals in Canada, being critical commodities required to enable the energy transition to sustainable economies. This strategy was successfully executed with the consolidation of the exploration claims in H2 FY22 under the combined Belleterre-Angliers Greenstone Belt (BAGB) projects and in H1 FY23 the acquisition of the material Horden Lake copper, nickel, PGM deposit in northwest Quebec. The Company now holds a significant battery metals portfolio in a tier 1 mining jurisdiction. Furthermore, the Company is seeking third party capital to advance the Spanish tin and tungsten projects, such that all new funds from Pivotal Metals investors will be dedicated to the Canadian battery metals strategy.

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