Interview with Ivan Fairhall, Managing Director of Pivotal Metals Ltd.

Recording date: 26th August 2025

Pivotal Metals Limited operates two complementary mining projects in Quebec that highlight the current disconnect between asset quality and market valuation in the junior mining sector. The company's flagship Horden Lake copper project contains 400,000 tons of copper equivalent resources, positioning it well above the scale threshold for strategic interest, yet trades at a $7 million market capitalization that management believes significantly undervalues the underlying assets.

Managing Director Ivan Fairhall has spent two years consolidating technical work at Horden Lake, completing metallurgical testing and resource definition to create what he describes as a cohesive development narrative. Despite this progress, the market has not reflected the enhanced technical profile in the company's share price, creating what appears to be a substantial value gap.

Rather than pursuing traditional drill-intensive expansion programs, Pivotal has adopted a disciplined capital allocation approach focused on high-return activities. The company is emphasizing metallurgical optimization and strategic partnership discussions for Horden Lake while shifting exploration capital toward its Belleterre projects in Quebec's infrastructure-rich Abitibi region.

The Belleterre portfolio encompasses 160 kilometers of greenstone belt geology with multiple untested geophysical anomalies and historical high-grade discoveries dating to the 1960s. Using modern fixed-loop electromagnetic surveys, the company has identified several drill-ready targets that could provide near-term discovery catalysts. The projects benefit from proximity to operating mines and available processing facilities, reducing development risk.

Pivotal operates alongside well-funded competitors, including Vior Inc., which raised $40 million for extensive drilling programs on contiguous properties. This regional activity validates the district's prospectivity while creating potential strategic opportunities as major operators like Agnico Eagle seek projects to fill underutilized mills. The combination of advanced development assets and high-grade exploration potential positions Pivotal as a potential beneficiary of improved market sentiment toward quality junior mining companies.

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