Q2 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 30 June 2024, along with the following operational summary.

Quarter Highlights

• Drill results from the 34 hole diamond drilling program totalling 7,092m at Horden Lake. As at the date of this report, 16 holes have now been released. Highlights include:
  • 37.5m at 1.31% CuEq from 51.2m, incl 15m @ 2.15% CuEq (HN-24-93).
  • 32.1m @ 1.2% CuEq from 264.3m, incl 14.2m @ 1.79% CuEq (HN-24-98)
  • 28.6m @ 1.05% CuEq from 74m, incl 10.2m @ 2.3% CuEq (HN-24-103).
  • 39.1m @ 0.97% CuEq from 154m, incl 19.7m @ 1.41% CuEq (HN-24-94)
  • 21.5m @ 0.98% CuEq from 266.1m, incl 7.2m @ 1.56% CuEq (HN-24-97).
  • 33.8m @ 0.81% CuEq from 38m (HN-24-100). o 11.9m @ 1.39% CuEq from 229.7m & 17.1m @ 0.58% CuEq from 203m (HN-24-96).
• Significant depth extension via drilling and DHEM in the southern zone clearly defined at Horden Lake
  • The lesser drilled southern zone demonstrates potential to match or possibly exceed the central zone where economic resources extend to 550m (still open), 50-60% deeper than currently defined in the south.
• Assays confirm Pd, Pt, Au, Co and Ag metals are present. These were never before assayed for in large parts of the Horden Lake project, and represent upside to contained metal in future resource updates.
• Magnetotelluric “MT” geophysical survey shows large magnetic anomalies outlined on a newly mapped prospective contact, which hosts the historical high-grade discoveries ‘Alotta’ and ‘Midrim’ on the 100% owned BAGB project.
• $1.27m cash balance, with further news-flow expected as the Company releases remaining drilling and DHEM results, and advances work across its properties. o A$0.216m has been received since quarter end from delayed March 24 quarter sales tax refunds. A further ~A$0.157m is expected before the September 2024 quarter end.

Managing Director Ivan Fairhall said:

“The June quarter was an important one for Pivotal, where we delivered the first drilling results in over a decade on the Horden Lake project. Results fully validate our beliefs in the substantial upside potential at Horden Lake. Stepout drilling is complemented by DHEM to show that the shallower zones continue strongly at depth. Deeper drilling in the central zone gets us very excited by what we are seeing as we step-out in the south. Infill drilling is adding byproduct metal assays in previously untested areas, and enhancing the value of the 28mt resource which we have already defined. We look forward to bring this all together in a resource update in Q4 24.

The MT survey is an exciting enhancement to our BAGB geological model, showing Midrim and Alotta are indicators of an extensive magmatic intrusion which acted as the plumbing system for these high-grade surficial deposits, with the survey pointing to potential sulphide accumulations of scale.”

We look forward to sharing continued exploration results from Horden Lake through the September quarter.”

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