Overview
Countries across the globe are setting energy transition goals to meet emissions targets, leading to increasing global competition for critical minerals. Canada and the US have developed their own clean energy strategies, yet both countries are also heavily reliant on imports. A common denominator among the critical mineral strategies is the need to develop domestic and/or IRA supply chains that will require significant government investment. All of these factors add up to a steadily growing global demand for minerals and fierce competition to win the attention of mining companies necessary to shore up supply of critical metals.
Pivotal Metals (ASX:PVT) is a global developer and explorer of world-class mineral deposits critical to an ever-increasing, technology-driven world economy. With copper and nickel assets in Canada, Pivotal Metals is committed to developing its projects in an environmentally and socially responsible manner.
The Horden Lake copper-nickel-PGM development project in Quebec, Canada has a JORC mineral resource estimate of 27.8 million tons (Mt) at 1.49 percent copper equivalent (CuEq) containing 414 kilotons (kt) of contained CuEq. The deposit starts at surface and is well located just 10 km from a national highway. In addition to defined resources, the deposit is open at depth and is considered highly prospective for discovery of additional resources. The project benefits from being in Quebec, a mature and supportive mining jurisdiction, and has access to low-cost, carbon-neutral La Grange hydropower.
The company’s Belleterre-Angliers Greenstone Belt (BAGB) exploration project has known high-grade nickel-copper-PGM deposits at Midrim, Lorraine and Alotta across a 157 square kilometre consolidated land holding. The company is targeting the mineralised feeder system that acted as the source for the numerous discoveries to date.
As of January 2024, exploration activities are on track across the company’s projects. Pivotal Metals is commencing an 8,000-metre drill program at the Horden Lake project, with the objective of potential size and grade increases of the deposit, and collection of metallurgical sample for optimisation test work. Downhole geophysics will be completed to target extensions of the mineralisation. At the BAGB property, results are pending on a magnetotelluric survey to aimed to highlight controlling structures and target future drilling to test substantial massive and semi-massive sulphide accumulations
Pivotal Metals has $5.3 million in cash and completed a $2.5 million placement. Consistent news flow is expected as work programs across its properties are being implemented.
An experienced management team and board of directors lead the company. Ivan Fairhall, managing director and mechanical engineer, brings 20 years of experience in the resource sector focused on development stage companies. Eddy Canova, executive operations, Canada, is a professional senior geologist with extensive experience in advancing exploration projects in Quebec and internationally.
Company Highlights
Pivotal Metals is an exploration and development mining company with assets in Canada, enabling it to become a significant contributor to IRA-compliant supply chains of critical minerals.The company’s Horden Lake copper-nickel-PGM project in Quebec is an advanced project with a JORC mineral resource estimate of 27.8 million tons (Mt) at 1.49 percent copper equivalent (CuEq) containing 414 kt of contained CuEq.The Belleterre-Anglier Greenstone Belt (BAGB) Project, also in Quebec, is an exploration stage asset with known, very high-grade nickel-copper-PGM discoveries.Pivotal Metals is led by an experienced management team and board of directors that create confidence in its ability to reach its goals.Pivotal Metals is well financed to execute an exploration and project development work program across its properties in 2024.
Key Projects
Horden Lake Copper-Nickel-PGM
Pivotal Metals acquired the Horden Lake polymetallic deposit in northwestern Quebec in September 2022. Horden Lake is an advanced project located approximately 140 kilometres north of the mining town of Matagami, and 300 kilometres north of the company’s wholly owned Belleterre-Angliers Copper-Nickel-PGM project, also in Quebec. The company has said that the project will be developed as a carbon-neutral operation, by accessing the low-cost La Grange hydroelectric power complex.
Project Highlights:
JORC Mineral Resource Estimate: 27.8 Mt at 1.49 percent CuEq containing 414 kt of contained CuEqExcellent Exploration Upside: the deposit is open at depth across almost its entire strike, and as a structurally controlled system is considered to have good prospectivity for resource extension.Potential for Fast-tracking: Significant body of historical technical study work and more than 50,000 metres of drilling database makes for a well-defined resource and a huge potential to accelerate the project to pre-feasibility studyStable Infrastructure: Close to existing mines, transportation links and large hydropower facilitiesBy-product Potential: Intercepts showed good grades of gold and cobalt, as well as silver and PGMs, not all of which are currently included in the resource.
Belleterre-Anglier Exploration Project
Pivotal Metals strengthened its PGM-nickel-copper sulphide portfolio in Canada by consolidating the Alotta, Lorraine, Midrim and Laforce discoveries, to create the Belleterre-Anglier PGM-nickel-copper exploration project. The package dominates the eastern portion of the Belleterre-Angliers Greenstone Belt located in the Abitibi-Pontiac Greenstone. Exploration to date has discovered Ultra-High grades drilled into gabbroic intrusions by previous operators, and included historical mining of some deposits. The exploration strategy is to target a broader intrusive complex that could host substantial massive and semi-massive sulphide accumulations, and search for anomalies and targets of real scale.
The company now has a total of 137 new and reclassified targets identified across the combined exploration package, 20 of which were identified as ‘priority 1’ for further investigation. A MT geophysical survey has been completed to further highlight deeper controlling structures to improve targeting for future drilling.
Project Highlights:
Best drill intercept of 9.4 metres of 3.5 percent nickel, 4.3 percent copper and 4.6 grams per ton (g/t) PGM at the Midrim discovery. Previous open-pit mining at Lorraine during the 1960s produced recovered grades of 0.38 percent nickel, 0.90 percent copper, 0.62 g/t goldDrill results at Alotta are comparable to the historic high-grade polymetallic intersections at Pivotal Metals’ existing Midrim project, located just 1.5 kilometres NE of Alotta.Completed assays at Midrim and LaForce serve as proof of concept that the geological formations contain significant deposits. Testing has revealed 5 percent nickel in 10 percent sulfide at the Midrim nickel tenor and 10 percent sulfide at the Laforce nickel tenor
Management Team
Simon Gray – Non-executive Chairman
Simon Gray was previously a director on the boards of Morgans Financial Limited and before that Shaw and Partners Limited, each being among the largest investment and wealth management firms in Australia. Before this, he was at various times Shaw’s deputy CEO and general counsel. Gray has a strong background in law and financial markets, having obtained a bachelor of law and Aster of law in corporate and commercial law, and as a graduate of the Australian Institute of Company Directors.
Ivan Fairhall – Chief Executive Officer and Managing Director
Ivan Fairhall is a chartered engineer and mine finance professional with nearly 20 years of mining industry experience. He was most recently the CEO of TSX-listed Mawson Gold, prior to which he spent seven years as a senior investment manager with the UK private equity group Greenstone Resources, where he successfully identified, acquired and managed investments in development stage companies through to standalone production. Through his career, Fairhall has obtained an extensive technical grounding in various design, construction and commissioning roles, including considerable experience managing pre-development studies across the commodity and geographic spectrum.
Dr. Robert Wrixon – Non-executive Director
Dr. Robert Wrixon is currently a director of the mining venture capital group Starboard Global Limited and has 20 years of experience in corporate strategy, commodities marketing, mining M&A and mineral exploration management. He has previously run two listed junior resources companies in Australia, and prior to that spent five years in corporate strategy for Xstrata plc based in Sydney and London. Wrixon is an Irish national and holds a Ph.D. in mineral engineering from the University of California, Berkeley. Wrixon is not considered to be an independent director.
Steven Turner – Non-executive Director
Steven Turner brings over 25 years of experience in the resource sector, having held senior roles in both industry and investment banking. During his career, Turner has been based in London, Aberdeen, Singapore, Brisbane and Madrid. Turner has raised significant capital for the development of resource projects, including equity, public bonds and project finance. Most recently he was head of business development at a private mining group, having been instrumental in the successful growth of the company from a junior to mid-tier Australian base metal operator. Turner holds Australian, Canadian and UK citizenship and is a fellow of The Chartered Accountants of England and Wales and a member of the Australian Institute of Company Directors.
Daniel Rose- Non-executive Director
Daniel has extensive experience in the investment banking industry, commodity financing, origination and trading. He most recently served as CEO and director of VTB Capital Hong Kong (VTBC), overseeing an SFC-regulated investment banking platform focused on natural resources activities across global markets, structured and corporate finance, M&A and asset management. Rose has spent 18 years in the commodity markets working for Societe Generale (before VTBC) in Sydney, London, Hong Kong and Singapore. Rose holds a Bachelor of Law (Hons) and Bachelor of Commerce degrees from Bond University.
Eddy Canova – Executive Operations, Canada
Eddy Canova is a professional senior geologist (OGQ (403)-PGeo) with extensive experience of advancing exploration projects both in Quebec and internationally. Canova has successfully advanced exploration projects from inception to mine development, managed mining operations, and has followed through various study stages: preliminary economic evaluation, pre-feasibility, feasibility and environmental impact studies.
Amanda Wilton-Heald – Company Secretary
Amanda is a chartered accountant with over 20 years of accounting, auditing (of both listed and non-listed companies) and company secretarial experience within Australia and the UK. Amanda has been involved in the listing of junior explorer companies on the ASX and has experience in corporate advisory and company secretarial services.