Overview of Pivotal Metals' Q2 2024 performance

Pivotal Metals Limited (ASX: $PVT) has released its Appendix 5B cash flow statement for the quarter ended 30 June 2024, reporting a cash balance of $1.27m. The company highlighted drill results from the 34 hole diamond drilling program at Horden Lake, showcasing significant depth extension and the presence of Pd, Pt, Au, Co, and Ag metals. Managing Director Ivan Fairhall expressed excitement about the results, emphasizing the substantial upside potential at Horden Lake and the extensive magmatic intrusion indicated by the Magnetotelluric 'MT' geophysical survey. Pivotal looks forward to continued exploration results from Horden Lake through the September quarter.

Executive commentary on Q2 2024 performance

Managing Director Ivan Fairhall stated, 'The June quarter was an important one for Pivotal, where we delivered the first drilling results in over a decade on the Horden Lake project. Results fully validate our beliefs in the substantial upside potential at Horden Lake. Step-out drilling is complemented by DHEM to show that the shallower zones continue strongly at depth. Deeper drilling in the central zone gets us very excited by what we are seeing as we step-out in the south. Infill drilling is adding byproduct metal assays in previously untested areas, and enhancing the value of the 28mt resource which we have already defined. We look forward to bring this all together in a resource update in Q4 24. The MT survey is an exciting enhancement to our BAGB geological model, showing Midrim and Alotta are indicators of an extensive magmatic intrusion which acted as the plumbing system for these high-grade surficial deposits, with the survey pointing to potential sulphide accumulations of scale.'

Summary of Q2 2024 report and outlook

Pivotal Metals' Q2 2024 report showcases positive drill results and a healthy cash balance. The company's focus on the Horden Lake project has yielded promising outcomes, with significant depth extension, the presence of additional metals, and the potential for a resource update in Q4 2024. The MT survey has enhanced the BAGB geological model, indicating extensive magmatic intrusion and potential sulphide accumulations. Pivotal remains active across its portfolio for the remainder of 2024, with plans to release further exploration results, complete the metallurgical testwork program for Horden Lake, and declare an updated mineral resource estimate. The company's cash position and operational activities indicate a positive outlook for meeting its business objectives.