Pivotal Metals (ASX:PVT) has locked in $5.4 million in fresh funding to accelerate exploration across its 100%-owned Quebec copper portfolio, in what Managing Director Ivan Fairhall calls a “transformational milestone” for the company.

“This is a transformational milestone for Pivotal, and a significant validation for our Quebec project portfolio,” Fairhall said. “Our Belleterre project hosts exciting drill-ready targets, which are associated with a regional-scale high-grade mineralising system that remains vastly under-explored.”

Strong Backing from Institutional Investors

The raise, comprising a $4.25 million institutional placement and $1.1 million through Canada’s flow-through share (FTS) scheme, drew heavy interest from prominent investors.

Among the new backers is well-known Australian resources investor Matthew Latimore, founder of M Resources, who will emerge as a substantial shareholder. The placement was also supported by strategic and institutional investors, resulting in significant scale-backs.

“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 said.

Funds Target Belleterre Drill Acceleration

Proceeds will be used to accelerate drilling at the Belleterre Project, with the first drill program scheduled for December 2025.

Belleterre covers 160km² in the prolific Belleterre-Angliers Greenstone Belt and hosts several high-grade copper, nickel, and platinum group element (PGE) targets.

Top among them is the Alotta conductor, a newly discovered target that lies beneath previously intersected high-grade mineralisation. Historical intercepts include:

• 24.2m @ 2.3% Cu, 1.2% Ni & 1.9g/t 3PGE (from 53.1m)
• 15.7m @ 3.1% Cu, 1.6% Ni & 2.9g/t 3PGE (from 55.3m)
• Bonanza samples up to 23.8% Cu, 3.7% Ni & 20.5g/t 3PGE

An induced polarisation (IP) survey will also commence this quarter over the Lorraine Mine gold target, where historical underground sampling returned standout grades of 28m @ 45g/t Au.

“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,” Fairhall said.

Strategic Funding Structure Minimises Dilution

The $4.25 million Institutional Placement was priced at $0.011 per share, representing a 16.9% discount to the 15-day VWAP. Shares will be issued in two tranches, with Tranche 2 subject to shareholder approval in mid-December 2025.

The Flow-Through Share Placement raised an additional $2.9 million at a 65% premium to the institutional offer, taking advantage of Canadian tax incentives designed to channel investment into critical mineral exploration.

The FTS funding adds non-dilutive capital to Pivotal’s balance sheet, enhancing exploration capacity without significantly impacting existing shareholders.

Powerhouse Ventures Leads the Raise

The placement was solely managed by Powerhouse Advisory Australia, a subsidiary of ASX-listed Powerhouse Ventures (ASX:PVL). Powerhouse’s funds management arm also took a cornerstone position in the raise, reflecting high conviction in Pivotal’s potential.

PVL Advisory elected to receive part of its fees in equity, further aligning itself with Pivotal’s long-term outlook.

Advancing Quebec’s Critical Minerals Frontier

Beyond Belleterre, Pivotal continues to advance its Horden Lake Project, which hosts a JORC-compliant resource of 37Mt @ 1.1% CuEq, including copper, nickel, palladium, and gold.

Fairhall said the company’s dual-track approach – expanding Belleterre exploration while de-risking Horden Lake – positions Pivotal for meaningful value creation as the demand for critical minerals accelerates.