Q1 2024 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 March 2024, along with the following operational summary.

Quarter Highlights

• 33 holes for 7,014 metres of diamond drilling completed at Horden Lake.
  • Program targeted grade and tonnage opportunities within the 412 kt CuEq (27.8mt at 1.5% CuEq) Indicated and Inferred Resource¹.
• Logging and assay in progress. First assay results will be progressively released during Q2 2024.
• Downhole geophysics program to highlight resource growth potential around the defined Resource, which is open down-plunge.
• BAGB Magnetotelluric “MT” geophysical survey interpretation, with results released post reporting period.
  • Large magnetic anomalies outlined on a newly mapped prospective contact, which hosts the historical high-grade discoveries ‘Alotta’ and ‘Midrim’.
• $2.85m cash balance and consistent news-flow is expected as the Company executes its work programs across its properties.

Managing Director Ivan Fairhall said: “Having joined Pivotal Metals in September, I’m very pleased to present my first full Quarterly Report which outlines significant progress on all aspects of our exploration endeavours.

The importance of drilling at Horden Lake cannot be understated. We have a clear strategy to add value to the asset de-risk and show the growth potential of this already significant 412kt CuEq indicated and inferred Cu-Ni-PGM resource. Investors will now benefit from considerable newsflow off the back of work completed to date. We are also highly enthused by the BAGB results which fully support our geological model and provide exciting targets of scale for future drilling.

With a cash boost late last year, clean balance sheet, and two very exciting exploration and development projects, the Board and I are looking forward to delivering a full operational and news schedule to all shareholders over the coming months.”

OPERATIONAL UPDATE

HORDEN LAKE PROJECT

In March 20241, Pivotal Metals announced the completion of the drilling program at Horden Lake in Quebec, the first drilling by Pivotal at Horden Lake since its acquisition. The completed program includes 33 holes for a total of 7,014 meters of diamond drilling. This effort targeted both grade and tonnage opportunities within the existing 412 kt CuEq (27.8mt at 1.5% CuEq) Indicated and Inferred Resource, aiming to further delineate and expand the mineral resource base.

The program was designed to target improvements to both the quality and scale of the Horden Lake project and provide the foundation for advancing the asset from both a geological and an engineering perspective.

• Exploit the potential for 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.
• Exploit the potential for increase in tonnage by drilling areas of limited density in or around the 27.8 mt Resource envelope. Downhole geophysics has been used to refine targets for further step-out drilling (see below).
• Collect significant sample for metallurgical testwork for flowsheet optimisation to support more detailed engineering studies.

Drill core is being progressively logged by the geological team in Val d’Or and sent for multielement assay with ALS Global. Results are expected during the 2nd quarter.

It is noted the winter program included establishment of a new seasonal access road linking directly to Billy Diamond national highway, 10km to the east of the project. This road is now in place for future programs, and importantly greatly lengthens the winter drilling window by enabling property access from early December, vs late January achieved this year.

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