#1HORIZONTE MINERALS 6609 Exploration and development of precious and base metals in South America 'Growth Opportunity in Brazil' Q1 2011 Presentation 037#2HORIZONTE MINERALS Disclaimer This document, and the information contained in this document, is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. In particular, the existence of a heads of terms or any other agreement between Horizonte Minerals plc (the "Company"), Teck Resources Limited ("Teck") and Direct Nickel Pty Ltd must be kept confidential and may not be disclosed, or referred to, by you to any person or body without exception. 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By receiving this document you will be an insider and, as a consequence, may not trade in any of the Company's securities or on the basis of any information contained in this document until such time as you are informed otherwise by the Company or its agents. 2#3HORIZONTE MINERALS Overview □ UK AIM quoted company focussed on the discovery and development of mineral projects in Brazil Gold portfolio funded by AngloGold Ashanti (US$9.8M – Strategic JV and Falcao) Araguaia Nickel Project in partnership with Teck Ltd fast track to feasibility Established management team recognised by major mining companies with proven track record extensive in-country experience ☐ Fully funded - plus royalty option to fund feasibility "Consolidation opportunity to create a world class nickel development asset valued at a significant discount to peer group, backed by a major mining partner" 3#4HORIZONTE MINERALS Gold Assets Tangara Gold Project JV Troy Resources - Dec 2007 (US$2.8m expenditure) Santana Exploration alliance JV Anglo Gold 2009 (US$5.3m expenditure) Falcao JV Anglo Gold 2010 (US$4.5m expenditure) BRAZIL Tangara. Falcao. .Araguaia Nickel Portfolio Nickel Consolidation Assets Araguaia Nickel Project Consolidation with Teck 2010 4#5HORIZONTE MINERALS Why Brazil? ☐ Brazilian mineral production has the potential to reach a value of US$35 billion in 2010 ☐ Brazil is the leader in the seaborne iron ore trade ☐ Third largest bauxite producer ☐ Significant producer of manganese, nickel, copper, gold and phosphate ☐ Excellent record of recent nickel, iron ore and copper discoveries Large areas of the country are largely under explored – upside potential ORDEM E PROGRESSO 5#6HORIZONTE MINERALS Management Team David J. Hall, Msc Non Executive Chairman Jeremy J. Martin, Msc, ASCM Chief Executive Officer Nicholas R. Winer, BSc Chief Operations Officer Allan M. Walker, MA Non Executive Director F. Roger Billington P. Geo Technical Director Nickel Alexander N. Christopher Proposed Non Executive Director and Teck representative 28 years in exploration & development on projects and mines in over 50 countries. Previous positions include Chief Geologist for Minorco SA; consultant geologist for Minorco South America; and Exploration Manager for AngloGold South America. Involved in discoveries in South America & Europe. Corporate role in number of public and private companies. Extensive South American exploration experience for Inca Pacific Resources followed by Central America and Europe. He has been involved in the formation of various AIM listed companies and has completed a number of high value mineral project transactions. 20 years' experience in gold, base metals and diamond exploration in South America, Africa and Australia. Previous positions include exploration manager for AngloGold do Brazil Ltda., exploration manager in Brazil with the exploration division of BHP Limited. 26 years of energy and natural resource banking experience, focussed in Latin America. Currently running a private equity Clean Energy fund for the Cargill group and previously ran the energy and project finance groups for Standard Bank in London and CSFB Garantia in Sao Paulo. Ex head of Falconbridge nickel laterite exploration worldwide. Project development including senior roles in the discovery and evaluation of the Touba-Biankouma nickel laterite deposits (Côte d'Ivoire), the Koniambo nickel laterite deposit (New Caledonia), the Sechol nickel laterite deposit (Guatemala) and the GlobeStar nickel laterite deposit (Dominican Republic). 27 years' experience in mineral exploration and mining. His current position is General Manager New Ventures within Teck's corporate development group. For the last 10 years he has focussed on the junior mining sector, partnerships, property transactions and Teck's junior mining equity investments. 00 6#7HORIZONTE MINERALS Nickel Transaction Summary ☐ Agreement to acquire 100% of the advanced Araguaia nickel project from Teck - ☐ All share deal, no cash consideration Teck now holds 50% of the enlarged. company post re-admission ☐ Combination of HZM's Lontra Project and Teck's Araguaia project with >100 Mt resource potential creating an advanced nickel project in the world class mining district in Brazil ☐ Acquisition cost of the project at a significant discount to market peer group □ Exploration potential for resource expansion and to fast track to feasibility with support from Teck Project milestones over the next 12-18 months 7#8HORIZONTE MINERALS Peer Group Valuation Company Country NAV $/lb Tonnes Grade % ('000) Ni Anfield Nickel Corp. (TSXV:ANF) Guatemala 0.07 49,670 1.31 European Nickel plc (AIM: ENK) Turkey 0.01 33,200 1.13 African Eagle Resources plc (AIM:AFE) Tanzania 0.05 92,100 0.92 Mindoro Resources (TSXV:MOI) Philippines 0.06 30,710 1.09 Average $ /lb 0.048 Horizonte Minerals plc - target resource Brazil 0.03 100,000 Mt 1.35 Source; Bloomburg & Company websites date 18 Jan 2011 8#9HORIZONTE MINERALS Acquisition Comparables Deal structure Resources at time of Price paid transaction $/lb Sherrit acquisition of 40% of Ambatovy from Dynatec for $1.6B 125Mt @ 1.04% Ni (2007) $1.67 Vale acquisition of Canico Resources Onca Puma Project 82.7Mt @ 1.73% Ni (2005) $0.23 HudBay acquisition of Skye Resources for $476M Skye Resources acquires Fenix Nickel for 70% issue 25% equity, raise $20M and complete Feasibility Study and $5M cash 108.8Mt @ 1.379% Ni (2008) $0.14 31 Mt @ 1.8% Ni (2004) $0.06 9#10HORIZONTE MINERALS The Nickel Market Forecast demand for nickel is robust - annual growth requires 92,000 tonnes of new nickel capacity to be added every year ☐ Unprecedented growth in Chinese demand increase (2009 - 2014) forecast 12% annual demand ☐ Sulphides contribute an estimated 2/3 of nickel production and only 1/3 of global resources ☐ Sulphide discoveries in significant decline – laterite required to fill supply deficit World Ni Resource - 72% Laterite Sulphide 28% Source; Anglo American 11, 12,13; http://www.pdac.ca/pdac/publications/papers/2004/techprgm-dalvi-bacon.pdf Primary Ni Production 42% Laterite Sulphide 58% 10 10#11HORIZONTE MINERALS Nickel in Brazil Project Company Tonnes Grade Stage Type ATLANTIC OCEA Jacare Anglo Am. 290Mt 1.30% Feas. FeNi Santa Fe/Ipora Teck 140Mt 1.10% Scop. HPAL Vermelho Vale 124Mt 1.20% Feas. HPAL TUCURUI POWER DAM CARAJAS SAO LUIZ RAILWAY S. Do Tapa Xstrata 60Mt 1.63% Pfeas. FeNi Para State Barro Alto Anglo Am. 123Mt 1.50% Prod. FeNi POWER TRANSMISSION MARABA LINES (500-1000 KV) Onca Puma Vale 83Mt 1.70% Dev. FeNi Rio Novo Maranhão State Niquelandia Votorantim 60Mt 1.40% Dev. FeNi Serra do Tapa - Ni Sossego CuOO Onca Puma N Vermelho Ni Vale dos Sonhos - Ni ARAGUAINA ARAGUAIA PROJECT Quatipuru Tocantins State Araguaia/Lontra Horizonte 100Mt 1.30% Target Resource 0100 200 kilometres Source MEG, company AR's 1 - P&P, 2 - MI&I, 3 - Saprolite only 11#12HORIZONTE The Combined Araguaia Project MINERALS 660000 680000 ☐ 10 exploration licences covering over 650 km² of prospective terrain 12 target areas on project defined to date with only 6 drilled ☐ Significant exploration potential: Multiple soil anomalies and auger drill holes with no follow up diamond drilling ☐ The four principal mineralised ultramafic bodies on the Teck ground are open along strike Additional ultramafic bodies have been delineated by stream anomalies sediment 9140000 9120000 Mineralised DDH's Av grade (0.8% cut) 0.8-1.0% Ni 9100000 1.0-1.7% Ni 10 5 10 1.7-2.5% Ni UM units Kilometers Lontra Claims Teck Claims 9100000 9120000 12 9140000#13HORIZONTE MINERALS Mineral Inventory Parameters ☐ 555 diamond drill holes completed totalling 11,630m - average depth of 20m - 200m x 200m centres down to 100m x 100m centres over key mineralised zones Drilling is recent - conducted between 2005-2009 Aiming to upgrade resource work to JORC/NI 43-101 compliant status ☐ Block model developed (25m x 25m x 2m blocks) on the Teck Property Wardell Armstrong International is of the opinion that: "The exploration results to date strongly suggest that the combined license areas contain potential for the delineation of a significant nickel laterite resource. Using a 1.0% Ni cut-off grade, the potential tonnage range between 70Mt and 80Mt and the grade increases to between 1.2% Ni and 1.4% Ni." 13#14HORIZONTE MINERALS Timeframe & Action H2 - 2010 RTO and funding complete H1- 2011 Milestone 6,000m to 8,000m drill 1 programme H1 - 2011 Continuation of drilling Metallurgical test work Gold Projects and Corp (2000m drilling) H1 - 2011 Resource calculation Araguaia TSX Listing 2 3 Development Plan GEOSONDA BARGANE EQUIPAMENTOS NECESSARIOS NESSA AREA FORTLEY Drilling on the Araguaia project November 2010 14#15HORIZONTE MINERALS Current Gold Portfolio AngloGold Strategic JV: □ US$5.3 million three year Strategic Alliance signed with AngloGold who are utilising Horizonte's technical and operational experience in Brazil ☐ All new projects defined will be owned 49% by Horizonte and 51% by AngloGold - with option to take projects to pre-feasibility for additional equity position Any gold projects below the minimum size threshold (>2 Moz) will revert back to Horizonte 100% ☐ AngloGold Falcao JV: US$4.5 million to earn to 51% Anglo have option to earn to 70% by completion of pre-feasibility Falcao is a significant gold anomaly - drilling by BHP ☐ Troy Resources ☐ 300 sq km exploration block covering part of Greenstone Belt with historic gold production in world-class Carajas Mineral Province US$2.8 million exploration investment □ US$2 million cash on exercise plus US$30/oz upon production 15#16HORIZONTE MINERALS Why Horizonte? ☐ Partner with AngloGold and Teck significant shareholder ☐ Exposure to gold and nickel Potential resource of >100Mt with a grade of between 1.2% and 1.4% Ni. With a high grade core >1.7% Ni - puts the project at the upper end of the global grade curve ☐ Exploration potential for resource increase in short time frame (6 to 8 months) ☐ Full support of major mining partner - potential downstream funding with technical support Expected fast track to feasibility for potential value uplift - milestones and news flow over next 18 months ☐ Full exposure to rising gold price & exploration upside through AngloGold Ashanti JV & Troy JV-funded exploration programmes 16#17HORIZONTE MINERALS ☐ Market ☐ Ticker ☐ Share price ☐ Market Cap ☐ Shares in issue AIM HZM 25.00p £61.25 million 246.56 million LSE:HZM 15- 14- 13- 12- 11- 10- 9 8- Key Data Major Shareholders as of 15.11.10 Teck Resources 50% Anglo Pacific Group 12.84% Quantom Holdings 12.17% Directors 2.3% Others 22.69% 15 -14 -13 -12 11 -10 -9 8 May Jun Jul Aug Sep Oct Nov 15 15 Created 15/11/2010 www.advfn.com 17#18HORIZONTE MINERALS R Jeremy Martin CEO Horizonte Minerals Plc 26 Dover Street London Tel: 020 77637157 [email protected] www.horizonteminerals.com Contacts