Q4 2022 Quarterly Report

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 31 December 2022, along with the following operational summary.

Investment Highlights

HORDEN LAKE COPPER-NICKEL-PGM

• The acquisition of the transformational Cu-Ni-PGM Horden Lake deposit was completed on 20 December 2022.
  
• On 14^th November, a JORC compliant, pit constrained, Mineral Resource Estimate for Horden Lake was released, yielding 27.8Mt at 1.49% CuEq (0.3% CuEq Open Pit cut-off and 1.12% CuEq Underground cut-off applied), with 55% currently classified in the Indicated Resource category and 45% in the Inferred category*.
  
• The Company intends to drill at Horden Lake later in 2023 in order to upgrade the resource, gather samples for detailed metallurgical test work and progress Horden Lake through to completed Pre Feasibility Study as swiftly as possible.

SAN FINX TIN-TUNGSTEN

• A maiden JORC Mineral Resource Estimate was released on 6 October showing 1.2Mt of Inferred* Resources at 0.80% W+Sn grade.

CORPORATE

• The Company changed its name to Pivotal Metals to reflect the focus on those metals critical to the global shift in economies to renewable technologies.
• Daniel Rose joined the Board as a non-executive director.
• $4.3M was raised to complete the Horden Lake acquisition, being a combination of a non-brokered equity raise for $3.3M and the drawdown of the $1.0M Riverfort convertible facility.
• Red Cloud Securities was mandated to assist the Company in building its presence in the Canadian investor community.
• Pivotal’s cash position at 31 December 2022 was $2.451m

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