Name of the Project
Horden Lake copper/nickel project.

Location
Eeyou Istchee Baie-James territory, Nord-du-Québec, Canada.

Project Owner/s
Australian critical-minerals explorer and developer Pivotal Metals, through its wholly owned subsidiary 9426 9198 Québec Inc (100%).

Project Description
Pivotal’s maiden scoping study evaluates a conventional, single-openpit, truck-and-shovel mine, as well as a 3.5-million-tonne-a-year crushing, grinding and flotation plant producing separate copper and nickel concentrates. 

The production target includes about 34-million tonnes of mill feed over about ten years, with mining extending over about 11 years. 

Estimated payable life-of-mine (LoM) output is 247 000 t of copper equivalent, including 160 000 t of copper; the average for years 1 to 8 is about 29 100 t/y copper equivalent. 

The July 2026 mineral resource is 52.4-million tonnes at 1.05% copper equivalent. 

The study is preliminary and does not support an ore reserve; inferred resources account for about 30% of the production target’s LoM net smelter return.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At base-case prices, the scoping study estimates an after-tax net present value (NPV), at a 7% discount rate, of A$920-million, an internal rate of return (IRR) of 49% and payback of 1.3 years from first production. 

At the study’s spot-price assumptions, the corresponding estimates include an NPV of A$1.34-billion, an IRR of 63% and payback of one year. These are subject to further technical work and funding.

Capital Expenditure
Estimated preproduction capital is A$411-million net of an assumed tax credit (A$428-million gross). Net sustaining capital is A$329-million, bringing total net LoM capital to A$740-million; the latter also includes an assumed salvage value. The estimates are at AACE Class 5 accuracy (−30% to +50%). The company states that more than A$400-million in additional funding is required for development.

Planned Start/End Date
Construction and first production dates have not been stated. Pivotal Metals plans baseline studies and a feasibility study before submitting the project for environmental and social assessment; it envisages construction within 18 months after a final investment decision, following approvals. The study models about ten years of production.

Latest Developments
On September 29, 2026, Pivotal released the maiden scoping study and said the results justified further evaluation. Planned work includes infill and extension drilling, prefeasibility engineering, environmental baseline studies, engagement with regulators and Cree stakeholders, and an assessment of funding alternatives through an appointed strategic adviser. No environmental or statutory approvals have yet been sought and no binding offtake or financing agreement is in place.

Key Contracts, Suppliers and Consultants
Moose Mountain Technical Services prepared scoping-level mine planning and mining estimates; Zenito designed the process plant and estimated plant and infrastructure costs; Knight Piésold prepared the conceptual tailings design, which Sovad Consulting peer-reviewed. GCM Enviro-Synergie conducted environmental work. Caracle Creek International Consulting and Atticus Geoscience Consulting prepared the mineral resource estimate. The strategic funding adviser is not named.

Contact Details for Project Information
Pivotal Metals, email info@pivotalmetals.com.