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Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 31 March 2023, along with the following operational summary.
Investment Highlights
HORDEN LAKE COPPER-NICKEL-PGM
- Drilling permits received for the Horden Lake drilling and metallurgical test work programme planned for 2023.
SAN FINX TIN-TUNGSTEN
- Water permit approved, critical to unlocking development of project.
SANTA COMBA TIN-TUNGSTEN
- At the end of quarter, the Department of Mines in Galicia announced a decision to cancel the mining concessions at Santa Comba. These mining concessions were otherwise due to expire in 2068. The Company is currently reviewing its options on this matter.
CORPORATE
- Extensive investor roadshow undertaken to introduce the new Canadian focus for Company.
- Discussions advancing regarding securing of third-party investment for advancement of the Spanish asset portfolio.
- Pivotal’s cash position at 31 March 2023 was $2.394m
Managing Director Steven Turner said: “The previous quarter saw the completion of an extensive refocus for the Company, having in a very short period of time built an impressive portfolio of high quality copper-nickel and PGM assets in Quebec, Canada, including a name change to reflect this strategic shift. This last quarter has seen the Company marketing this change, meeting existing and new investors ahead of an exciting and busy programme for 2023.”
CANADA
Horden Lake
Horden Lake has become the Company’s flagship investment. The project is located 140km north of Matagami in northwest Quebec, close to the recently upgraded James Bay Highway, linking Matagami to the La Grande Hydroelectric Dam, benefiting from HV power lines and fibre optic cable. The road runs within 10km of the property.
The deposit was discovered in the 1960s by INCO, when infrastructure in the region was non-existent, and benefits from 52,000m of drilling, with the most recent being in 2012. On November 14th the Company released the pit constrained JORC compliant mineral resource estimate of 27.8 Mt of 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. *
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