PIVOTAL METALS LIMITED (PVT)

The suspension of trading in the securities of Pivotal Metals Limited will be lifted immediately, following the release by PVT of an announcement in relation to a capital raising.

The company releases a notice of proposed issue of securities.

This capital raise is a milestone achievement for the Company, comprising a combination of Canadian flow-through-shares and options and private placement, that will allow Pivotal to greatly advance its Canadian portfolio. A$3.9m in commitments has been received to date, utilising the flow-through shares provision under Canadian tax law. The FT Unit will be placed at A$0.0634/unit, representing a 58.5% premium to Pivotal's last closing price of A$0.04 on 10 May 2023 and an 84.3% premium to the 15-day VWAP of A$0.0344. The FTU will be immediately sold through a block trade agreement to select sophisticated and professional investors in Australia and abroad. As of the date of this announcement, A$0.2m has also been committed through a private placement at A$0.0325/share to sophisticated and professional investors, representing an 18.8% discount to the last closing price on 10 May 2023 and a 5.5% discount to the 15-day VWAP. For every two shares issued as part of this capital raise, the Company will also issue one free attaching two-year option, subject to shareholder approval. Each option will be unlisted and have an exercise price of A$0.065. The capital raise will be used for a drill program at the flagship Horden Lake coppernickel-PGM project, for which all necessary drilling permits have been received. Furthermore, an extensive metallurgical test programme has been planned. Post drill program and metallurgical testing, the Company also intends to: update the current pit constrained JORC (2012) Inferred Resource of 27.8Mt @ 1.49% CuEq and allow for inclusion of further by-product metals in to the CuEq grade1; accurately estimate metal recoveries and concentrate payabilities; and complete a maiden pre-feasibility study (PFS) for Horden Lake. Additional exploration work at BAGB is also scheduled, in order to progress this exciting high-grade Ni-Cu-PGM exploration project.

The securities of Pivotal Metals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PVT, pending the release of an announcement in relation to a capital raising

name changed from Rafaella Resources Ltd