Pivotal Metals Limited (ASX:PVT), an explorer and developer of world-class critical mineral projects, has announced it has secured $5.4 million in funding to accelerate exploration activities at its Belleterre Project. The funding comes from a combination of an institutional and sophisticated placement and a Canadian Flow-Through Share (FTS) placement. The raising was strongly supported, with prominent resources investors joining the register, including well-known Australian resources investor Matthew Latimore, who will become a substantial shareholder in the Company. An additional $1.1 million in non-dilutive funding was secured via the Canadian flow-through share scheme.
The funds will be primarily directed towards rapidly accelerating exploration at the Belleterre Project in Quebec, Canada, with drilling scheduled to commence in December 2025. Priority drill targets include the recently discovered Alotta conductor, situated directly below prior high-grade shallow drilling. Historical highlights at Alotta include intercepts such as 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE from 53.1m. An IP survey will also commence in Q4 on the Lorraine Mine gold target, where exceptional grades were sampled in underground development, including 28m @ 45 g/t Au.
According to Pivotal Metals Managing Director, Ivan Fairhall, this funding marks a transformational milestone for Pivotal and validates their Quebec project portfolio. He emphasized that the Belleterre projects host exciting, drill-ready targets associated with a regional-scale, high-grade mineralising system that remains vastly under-explored. The company is now well positioned to unlock the exciting exploration opportunities at Belleterre, and the value of Horden Lake where they hold a recently enlarged shallow mineral resource estimate totalling 37mt @ 1.1% CuEq.
Powerhouse Advisory Australia Pty Ltd acted as Sole Lead Manager to the Placement. Pivotal has received firm commitments from institutional and sophisticated investors for A$2.5m in funding at A$0.011 per share. The FTS Placement will raise A$2.9m at a premium. This combined placement will raise a total of A$5.39m for the company to continue exploration and project development activities.
