- Pivotal raises $4.25m with an additional $1.1m in non-dilutive funding via the Canadian flow-through share scheme
- Raising backed by institutions and strategics including new substantial holder Matt Latimore
- Funds will be used to fast track drilling at Belleterre set to begin in December
Special report: Pivotal Metals has locked in $5.4m in a raise that drew in high-conviction institutional support and saw significant scale-backs applied.
The funds boost will enable the company to accelerate exploration, including drilling, at the Belleterre project in Quebec, Canada.
A placement raised $4.25m and was anchored by well-known Australian resources investor Matthew Latimore who will join the register as a substantial holder.
This was supplemented by a further $1.1m through Canada’s flow-through share scheme, adding non-dilutive capital to the stack.
Drilling by Pivotal Metals (ASX:PVT) at Belleterre is scheduled to start in December and at the top of the work schedule is the newly defined Alotta conductor.
This sits directly beneath shallow high-grade hits such as 24.2m at 2.3% copper, 1.2% nickel and 1.9 g/t 3PGE from 53.1m, as well as 15.7m at 3.1% Cu, 1.6% Ni and 2.9 g/t 3PGE from 55.3m.
Those results were returned alongside bonanza samples of 23.8% Cu, 3.7% Ni and 20.5 g/t 3PGE.
In parallel, an IP survey will kick off this quarter over the Lorraine mine gold target where historical underground development exposed spectacular grades including 28m at 45 g/t Au.
Capital injection validates Quebec strategy
PVT managing director Ivan Fairhall said the raising was a transformational milestone and significant validation of the company’s Quebéc project portfolio.
“Our Belleterre projects host exciting drill ready targets, which are associated with a regional scale high-grade mineralising system that remains vastly under-explored,” he said.
“The newly identified targets at Belleterre are of top priority for Pivotal, with drilling scheduled this quarter.
“The strong demand and support from strategic, institutional and sophisticated investors, including leading Australian resources investor Matt Latimore, underscores confidence in the scale and quality of our Quebec projects,” Fairhall added.
“With a fully funded exploration program ahead, we are now very well positioned to unlock the exciting exploration opportunities at Belleterre, and value of Horden Lake where we hold a recently enlarged shallow mineral resource estimate totalling 37mt at 1.1% copper equivalent.”
Powerhouse Ventures (ASX: PVL) acted as sole lead and cornerstone investor to the raising through its advisory and funds management arms.
Upcoming activities
Pivotal’s 57km2 Belleterre land package sits within Quebec’s Abitibi region, which possesses world-class infrastructure, including access to clean, low-cost hydropower and significant milling capacity within 100km.
The land package also grants the company a dominant position on the Belleterre-Angliers Greenstone Belt, which forms part of the Archean Superior Province of the Canadian Shield – one of the world’s most productive mineral systems.
Belleterre hosts several magmatic copper-nickel-PGE and gold deposits such as Midrim, Alotta, LacCroche, Delphi-Patry, Zulu Blondeau and LaForce as well as the past producing Lorraine mine.
The bulk of the raise will go into drilling the Alotta conductor, the new down-dip target sitting below prior high-grade hits.
First rigs are expected on site late in Q4 2025.
This article was developed in collaboration with Pivotal Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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