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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 supply chains. A domestic supply chain would create sustained growth for the energy transition, but getting there 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 build out the domestic supply chain.
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 a manner that is environmentally and socially responsible.
Pivotal Metals’ exploration assets in Canada target the North American critical metals supply chain. The Horden Lake copper-nickel-PGM development project in Quebec, Canada, is the company’s most recent acquisition. With 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, Horden Lake is considered a “transformative acquisition” for Pivotal Metals. The project will be developed as a carbon-neutral operation connected to La Grange hydropower.
The company’s Quebec Belleterre-Anglier exploration project has known high-grade nickel-copper-PGE deposits at Midrim, Lorraine and Alotta. The project allows the company to build out a North American supply chain for the clean energy transition in a tier 1 mining jurisdiction that has committed $3.8 billion to advance its critical metals industry. PGMs in particular are gaining attention as a critical mineral required in the development of green hydrogen.
An experienced management team and board of directors lead the company. Steven Turner, managing director, brings 25 years of experience in the resource sector. Eddy Canova, executive operations, Canada, is a professional senior geologist with extensive experience of advancing exploration projects both in Quebec and internationally. The company’s board of directors also brings diverse experience to guide the company toward its ambitions.
Company Highlights
Pivotal Metals is an exploration and development mining company with assets in Canada, enabling it to become a significant contributor to domestic supply chains of critical minerals.The company’s Horden Lake copper-nickel-PGM project in Quebec has 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 Project, also in Quebec, is an early-stage exploration asset with known high-grade nickel-copper-PGE deposits.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 recently raised AU$4 million through a flow-through share structure to advance its Quebec projects.
Key Projects
Horden Lake Copper-Nickel-PGM
Pivotal Metals acquired the Horden Lake polymetallic deposit in northwestern Quebec from Gestion Ora-Mirage Ltée in September 2022. Horden Lake is an advanced project
located approximately 140 kilometers north of the mining town of Matagami, and 300 kilometers 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, with its connection to the La Grange hydroelectric power complex.
Project Highlights:
JORC Mineral Resource Estimate: 27.8 Mt at 1.49 percent CuEq containing 414 kt of contained CuEqPotential for Fast-tracking: Significant body of historical technical study work and more than 50,000 meters of drilling database makes for 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.
Pivotal Metals raised AU$4 million to advance its Quebec battery metals projects, Horden Lake and Belleterre-Angliers Greenstone Belt (BAGB). The capital raise will be used for a drill program at the flagship Horden Lake copper-nickel-PGM project, for which all necessary drilling permits have been received. An extensive metallurgical test program has been planned for Horden Lake, while additional exploration work at BAGB is also scheduled to progress this high-grade nickel-copper-PGM exploration project.
Belleterre-Anglier Exploration Project
Pivotal Metals strengthened its PGM-nickel-copper sulphide portfolio in Canada by acquiring the Alotta and Lorraine PGM-nickel-copper projects from Chase Mining Corporation. The acquisition, which combined with the Midrim and Laforce claims, now comprises the Belleterre-Anglier PGM-nickel-copper exploration project.
The Alotta and Lorraine tenement packages are adjacent to the Midrim and Laforce PGM-nickel-copper projects consolidating 157.4 square kilometers of the eastern portion of the Belleterre-Angliers Greenstone Belt located in the Abitibi-Pontiac Greenstone. 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.
Project Highlights:
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 kilometers 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. Prior to 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 Laws, a Master 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.
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.
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.
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 (prior to 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.