Pivotal Metals Delivers 90.5% Copper Recovery at Horden Lake
Key Takeaways
- Phase 2 locked cycle testing at Horden Lake delivered 90.5% copper recovery into a concentrate grading 25.67% Cu, with silver at 293 g/t, gold at 2 g/t, and palladium at 2.5 g/t reporting to the same concentrate.
- The flotation flowsheet required no redesign from Phase 1 — the same simple two-product process now covers 17 samples across a wide range of feed grades, giving the scoping study a robust metallurgical foundation.
- Model recoveries at in-pit MRE average head grades show 92% copper recovery, with gold at 61%, silver at 73%, and palladium at 60% — all reporting predominantly to the copper concentrate.
- Trader feedback confirms both the copper and nickel concentrates sit above payable thresholds with no penalty elements identified, validating commercial saleability of the product suite.
- A scoping study incorporating updated recovery algorithms is expected in September 2026, with the underlying JORC 2012 MRE standing at 52.4 Mt @ 1.05% CuEq containing 292 kt copper, 237 koz gold, and 17,208 koz silver.
Phase 2 testwork delivers >90% copper recovery at Horden Lake
Pivotal Metals Limited (ASX: PVT) has announced Phase 2 metallurgical testwork results on its 100%-owned Horden Lake Copper Project in Quebec, Canada, improving copper recoveries to above 90% and building on the strong Phase 1 results reported in 2025. The expanded programme now covers 17 samples across a wide range of feed grades, providing the most comprehensive metallurgical database the project has seen, with results feeding directly into a scoping study expected in September 2026.
Ivan Fairhall, Managing Director
“LCT copper recovery of over 90% into a high-grade, clean concentrate remains the standout result. Importantly, the nickel, gold, silver PGM and cobalt by-product credits continue to add meaningful value and support our strategy of demonstrating we have an important viable critical metals project, with compelling financing optionality.”
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What the locked cycle test results show
The second locked cycle test (LCT) recovered 90.5% copper into a concentrate grading 25.67% Cu, with meaningful precious metal credits including 293 g/t silver, 2 g/t gold, and 2.5 g/t palladium. Nickel reporting to the copper concentrate continues to be reliably rejected, protecting concentrate quality without meaningfully impacting copper recovery.
Trader feedback confirms payability of the full metals suite is generally above payable thresholds, and both concentrates are considered highly attractive due to the absence of penalty elements.
The table below shows updated model recoveries at in-pit Mineral Resource Estimate (MRE) average head grades, sourced from Table 1 of the announcement:
| Metal | MRE Head Grade | Model Recovery | Concentrate Destination | Comment |
|---|---|---|---|---|
| Copper (Cu) | 0.56% | 92% | Cu concentrate + Ni concentrate | ~88% to Cu concentrate (96.5% payable); ~4% to Ni concentrate (60% payable). 24% Cu concentrate grade |
| Nickel (Ni) | 0.17% | 46% | Ni concentrate only | A function of S%. 10.7% Ni concentrate grade. Ni in Cu con excluded |
| Gold (Au) | 0.15 g/t | 61% | Cu concentrate (predominant) | 93% to Cu concentrate |
| Silver (Ag) | 10.5 g/t | 73% | Cu concentrate (predominant) | 80% to Cu concentrate |
| Palladium (Pd) | 0.14 g/t | 60% | Cu concentrate (predominant) | 70% to Cu concentrate |
| Platinum (Pt) | 0.04 g/t | 29% | Cu concentrate (predominant) | 60% to Cu concentrate |
| Cobalt (Co) | 134 ppm | 42% | Ni concentrate only | Ni concentrate only |
A simple flowsheet that works
Critically, the flotation flowsheet remains unchanged from Phase 1. No redesign was required.
The process produces two saleable products:
- High-grade copper concentrate: approximately 24% Cu, with payable silver, gold, and palladium credits
- High-grade nickel concentrate: approximately 10.7% Ni, with cobalt reporting here
Trader feedback confirms both concentrates sit above payable thresholds with no penalty elements identified.
What is metallurgical testwork and why does it matter for investors?
When a project can demonstrate reliable, quantified recovery of precious metals into a saleable concentrate, it becomes eligible for metals streaming arrangements. For a copper developer, this can be transformative: it raises significant capital without issuing new shares, leaving copper revenues fully intact.
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Financing optionality and the path to a scoping study
These results matter strategically, not just technically. The recovery of gold, silver, palladium, and platinum into saleable concentrates is a necessary precondition for any metals streaming arrangement. Pivotal has now demonstrated that recovery in a closed-circuit test environment.
The announcement references, as an illustrative example, the US$300 million gold and silver stream agreed on 1 April 2026 between KGL Resources (ASX: KGL) and Wheaton Precious Metals (TSX: WMP) over the Jervois copper project in the Northern Territory. That deal comprised US$275 million payable upfront across construction plus a US$25 million cost-overrun facility, applying only to precious metal by-products so that copper production remains unencumbered. Pivotal notes this example to illustrate the scale of non-dilutive capital that such structures can attract to a copper/polymetallic project. Horden Lake is at an earlier stage, and there can be no assurance any similar financing would be achieved by Pivotal.
Quebec’s jurisdiction adds a further competitive advantage: low sovereign risk, established infrastructure access, and government support for critical minerals development.
The key strategic pillars now in place ahead of the scoping study are:
- High copper recovery confirmed: above 90% in locked cycle testing
- By-product credits quantified: gold, silver, palladium, platinum, nickel, and cobalt all recoverable at meaningful levels
- Simple flowsheet unchanged: no redesign required, two clean products
- Financing pathways being assessed: precious metal recovery is a necessary precondition for streaming structures
- Scoping study imminent: expected September 2026, incorporating the updated recovery algorithms developed through this programme
Horden Lake at a glance
The underlying resource underpinning this work, reported 7 July 2026, is a JORC 2012-compliant Mineral Resource Estimate (MRE) of 52.4 Mt @ 1.05% CuEq in total. The in-pit MRE stands at 45.5 Mt @ 1.07% CuEq.
Contained metals across the total MRE include:
- 292 kt copper
- 91 kt nickel
- 237 koz gold
- 240 koz palladium
- 17,208 koz silver
- 7,019 t cobalt
That is a polymetallic resource of genuine scale, and the Phase 2 testwork has now established that a material portion of each of those metals can be recovered into saleable concentrates using a straightforward, proven flowsheet. The scoping study expected this month will put economic parameters around what that means for project value.
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