#1HORIZONTE MINERALS Developing the next major nickel project in Brazil Araguaia Project Investor Presentation Q1 2015#2Horizonte Minerals - Disclaimer Readers should rely only on information contained or incorporated by reference in the short form prospectus. Horizonte Minerals plc (the "Company") has not authorized anyone to provide the reader with different information. The Company is not making an offer of these securities in any jurisdiction where the offer is not permitted. Readers should not assume that the information contained or incorporated by reference in the short form prospectus is accurate as of any date other than the date on the front of the short form prospectus or the respective dates of the documents incorporated by reference therein. The Company does not undertake to update the information contained or incorporated by reference in the short form prospectus, except as required by applicable securities laws. Forward-Looking Information The short form prospectus and the documents incorporated by reference therein contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in the short form prospectus and the documents incorporated by reference therein include, among other things, disclosure regarding: the Company's future outlook; the offering; the closing of the offering; the issuance of the securities pursuant to the offering; the information under the heading "Use of Proceeds" in the short form prospectus; the potential of the Company's current or future property interests; the future price of nickel and other minerals; the success of exploration and mining activities; the cost and timing of future exploration, production and development; the estimation of mineral resources and mineral reserves; the realization of mineral resource and mineral reserve estimates; the requirements for additional capital and other statements relating to the financial and business prospects of the Company. In addition, statements relating to mineral reserves or mineral resources are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the mineral resources and mineral reserves described can be profitably mined in the future. Forward-looking information is based on reasonable assumptions, estimates, analysis and opinions that have been made by management of the Company in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: exploration and mining risks, the ownership by Teck Resources Limited of 42.5% of the Company's share capital; competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the Ordinary Shares; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company; the legal and regulatory framework within which the Company operates, and those factors discussed in the sections entitled "Risk Factors" in the Company's annual information form and "Risks and Uncertainties" in the Company's interim management's discussion and analysis and in the Company's annual management's discussion and analysis which are incorporated by reference in the short form prospectus. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information contained in the short form prospectus or the documents incorporated by reference therein, except in accordance with applicable securities laws. Third Party Information The short form prospectus and this presentation include geographic and economic information, industry data and market share information obtained from independent industry publications, market research and analyst reports, surveys and other publicly available sources. Although the Company and Paradigm Capital Inc. (the "Agent"), believe these sources to be generally reliable, geographic and economic information, industry data and market share information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy and completeness of this data is not guaranteed. The Company and the Agent have not independently verified any of the data from third party sources referred to in the short form prospectus nor ascertained the underlying assumptions relied upon by such sources. Mineral Reserve and Resource Disclosure Due to the uncertainty that may be attached to inferred mineral resource estimates, it cannot be assumed that all or any part of an inferred mineral resource estimate will be upgraded to an indicated or measured mineral resource estimate as a result of continued exploration. Confidence in an inferred mineral resource estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability sufficient for public disclosure, except in certain limited circumstances set out in National Instrument 43-101-Standards of Disclosure for Mineral Projects. The economic analysis contained in the Company's technical report is based on probable mineral reserve estimates. Unless otherwise indicated, the scientific and technical information contained in this investor presentation has been prepared by or under the supervision of Anthony Finch, P.Eng., MAusIMM (CP Mining), B.Eng., B.Econ., Harald Muller, B. Eng., (Chem), MBL, FAusIMM, FIChemE, FSAIChE, C.Eng., Pr.Eng. and Andrew Ross, B.Sc. (Hons), M.Sc., MAIG, FAusIMM, P.Geo., each of Snowden Mining Industry Consultants Pty Ltd. ("Snowden") and Peter Theron, Pr.Eng., SAIMM, B.Eng. (Civil Eng), G.D.E., of Prime Resources (Pty) Ltd Environmental Consultants. For further details on the Araguaia project, please refer to the technical report entitled "NI 43- 101 Technical Report, Prefeasibility Study (PFS) for the Araguaia Nickel Project, Pará State, Brazil", dated March 25, 2014, which is available on the Company's website. www.horizonteminerals.com and on SEDAR at www.sedar.com. The short form prospectus constitutes a public offering of securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. The short form prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered thereby within the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in the short form prospectus). Subject to applicable laws, the Agent may, in connection with the offering, over-allot or effect transactions intended to stabilize or maintain the market price of the securities offered pursuant to the short form prospectus at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. An investment in the securities is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such securities. The risks outlined in the short form prospectus and in the documents incorporated by reference therein should be carefully reviewed and considered by prospective investors in connection with an investment in such securities. Please see the section entitled "Risk Factors" in the short form prospectus for further information. It may not be possible for investors to enforce judgments obtained in Canada against the Company or certain directors and officers of the Company that reside outside of Canada. Please see the cover page of the short form prospectus for further information. The distribution of the short form prospectus in certain jurisdictions may be restricted by law. Persons in whose possession short form prospectus becomes available are required to inform themselves about, and to observe, such restrictions. The short form prospectus contains no offer of transferable securities to the public in the United Kingdom within the meaning of sections 85(1) and 102B of the United Kingdom Financial Services and Markets Act 2000, as amended (the "FSMA"). The short form prospectus is not a prospectus for the purposes of Section 85(1) FSMA. Accordingly, the short form prospectus has not been examined or approved as a prospectus by the United Kingdom Financial Conduct Authority (the "FCA") under Section 87A FSMA or by the London Stock Exchange and has not been filed with the FCA pursuant to the rules published by the FCA implementing the Prospectus Directive (2003/71/EC) nor has it been approved by a person authorized under FSMA, for the purposes of Section 21 FSMA. In the United Kingdom, this presentation is only being made to and directed at persons who are either both (a) a "Qualified Investor" within the meaning of Section 86(7) of the FSMA and (b) within the categories of persons referred to in Article 19(5) (Investment professionals) or Article 49(2)(a) to (d) (High net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, or persons in the United Kingdom to whom this presentation may otherwise be made or directed in the United Kingdom without an approved prospectus having been made available to the public in the United Kingdom and without making an unlawful financial promotion, all such persons together being referred to as "Relevant Persons". The securities offered i United Kingdom are only available to, and any invitation, offering or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents. HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 2#3FORE AORTLEL Araguaia is a world leading nickel project in terms of size and grade which offers strong economics, a proven process route, combined with good infrastructure.#4160 140 120 100 80 60 40 20 20 Share Price & Company - At a Glance 0 ■ Teck Resources (38.3%) ■ Henderson Global (14.10%) ■ Anglo Pacific Group (7.0%) ■ Quantom Holdings (6.1%) ■Richard Griffiths (4.4%) ■ Others (30.10%) 0 Mar Apr May Jun Jul 2014 2014 2014 2014 2014 Aug Sep 2014 2014 Oct Nov Dec Jan Feb 2014 2014 2014 2015 2015 2015 Mar HZM -LME Ni AIM Mining • AIM & TSX quoted resource company developing the Araguaia Nickel Project in northern Brazil Well funded with supportive cornerstone investors - Teck Resources, Henderson Global Investors Led by a proven team with extensive experience in South America developing nickel projects and mines (As at 4 March 2015) Ticker Share price AIM: HZM TSX: HZM 3p $0.05 Market Cap £13.78m C$24.62m Cash + Equivalents £5.9m (C$10.7m) 52 week trading Nomad & Broker Analyst coverage AIM: 7.75p - 2.63p (C$0.17 - C$0.05) finnCap Martin Potts (finnCap) / Paradigm Capital HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 4#5Nickel Global nickel consumption by first use Leading nickel consumers (2011 refined nickel consumption) 2011 World total: 1,629 kt kt contained Ni China Stainless Steel (typically 8-12% Ni) Europe Japan 167 N. America 133 South Korea 77 Taiwan 60 Rest of World 54 India 40 415 661 Brazil 21 Stainless steel 66.8 Alloy steel 4.5 N-F alloys 12.1 Plating 6.8 Foundry 3.1 Other 6.7 0 150 300 450 600 750 Source: Brook Hunt-a Wood Mackenzie company Source: Brook Hunt - a Wood Mackenzie company HORIZONTE MINERALS Electronics Transport • High efficiency heating Construction: strong, corrosion- resistant structural and architectural components; systems, food and beverage storage and production; . Surgical Instruments Critical component of • rechargeable batteries, including hybrid cars; Layering of hard drives; Electromagnetic shielding: aircraft/hospitals Nickel alloys in jet engines and airframes; Passenger rail cars; High strength nickel cobalt steels in gears and drives Energy Coal scrubbing systems Gearing in wind turbines (~500 kg Ni per turbine) Power station turbine blades and pipework Developing the next major nickel project in Brazil: AIM/TSX HZM 5#6Nickel – Fundamentals 1 1 DEMAND • Stainless market robust • Big % increase in Chinese SS exports – particularly to Europe - but volumes still relatively modest; a growth area to watch Mid to long term growth to be driven by SE Asian stainless expansion, principally in China, supported by India, as well as the potential entry of Indonesia (integrated with new NPI) and other countries • • Europe, Japan consolidating; US growth through Calvert only temporary - consolidation to follow Aerospace remains robust consumer of nickel alloys but aircraft orders are falling 2 SUPPLY-RESTRICTIONS • Confirmed Indonesian ore export ban means NPI production is likely to decline in 2015 NPI production from Filipino ores will be higher than pre-Indonesian ban levels - can't fill supply requirement entirely and ultimate production rates unclear 3 • Ore stocks in China still protecting net NPI production - visible impact expected in early/mid 2015 • Limed next generation projects MARKET • Market short of nickel from 2015 - by 2018 778kt of nickel required for a reasonably balanced market to 2030 An estimated 360kt of this will be needed by China, probably from Indonesian NPI, or a new innovation • Balance will have to come from the "west" 12.00/lb - which requires a long-term incentive price of US$11.50 to HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 6#7Araguaia Nickel Project - PFS Results NPV8 IRR Initial mine life Capital Costs (Pre-Production) Cash costs Cl Net cash flow over LOM Base Case 900ktpa Single line* US$519m 20% 25 years US$582m Larger Scale Option 2.7Mtpa Twin line US$ 1,204m 21% 22 years(¹) US$1,436m US$4.16/lb (US$9,166/t) Payback period (after taxation) US$1,766m 4.4 years US$4.25/lb(¹) (US$9,380/t)(1) US$3,470m 3.9 years Targeted production per annum Average Ni grade – years 1 to 10 Product grade quality 15,000tpa Ni in Fe-Ni 40,000tpa Ni in Fe-Ni 1.57% Ni(¹) 20% Fe-Ni(¹) *Nickel price used for PFS calculations - US$19,000/t *Base Case is Horizonte's preferred development route to maximise financial returns whilst minimising technical and capital risks 1.76% Ni(¹) 20% Fe-Ni(¹) HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 7#8Cost Profile - Araguaia lowest Quartile Analysis of published cost data suggests that at a market price of US$6.00/lb (US$13,227/t) nickel, approximately half of the current nickel operations are cash flow negative on a Cl basis New Indonesian production estimated C1 cost $5.50 to $6.50/Ib Araguaia Nickel Project Global average HORIZONTE MINERALS C1 Cash Cost (US$/lb) $12 $10 $8 $2 -$2 Nickel Cash Cost (C1) ($/lb) 9 17 25 33 41 49 57 65 73 Based on Q4 2013 cost data and estimates. Rank of Operations Source Sherritt Developing the next major nickel project in Brazil: AIM/TSX HZM ∞#9Araguaia Nickel Project - PFS Snapshot • Robust Economics Post tax NPV, US$519m, IRR 20% (900ktpa single line plant, 15,000tpa Ni in 20% Fe-Ni - Base Case) Post tax NPV, US$1,204m, IRR 21% (2.7Mtpa 2 line plant, 40,000 tpa Ni in 20% Fe-Ni - Large Scale Option) . Low Cost Cl cash costs of US$4.16/lb (US$9,166/t) over 25 year LOM (Base Case) • Proven Processing Produce ferronickel via the proven and low risk pyrometallurgical process of RKEF - Rotary Kiln Electric Furnace technology (60 year old technology utilised by approximately 20 plants worldwide) Large High Grade Resource NI 43-101 Resource base of 71.98Mt @1.33% Ni (Indicated) and 25.35Mt @ 1.21% Ni (Inferred) Base Case designed for addition of second process line to increase overall nickel production Infrastructure Established mining district - good road and rail networks offering accessible transportation routes to port, access to low cost hydroelectric power and existing port city of São Luís HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 6#10Araguaia Nickel Project - Why Brazil? Why Brazil... > World's sixth largest economy with strong degree of economic and political stability > US$321 million spent annually on exploration: just 3% of world spend - Brazil is underexplored > Brazilian mineral production totals US$51 billion in 2012, up from US$8 billion in 2001 175,000 employed in the mining sector > World's second largest exporter of seaborne iron ore > Significant producer of bauxite, nickel, copper, gold, niobium and phosphate > Investment in Brazilian mining sector expected to reach US$75 billion 2012-2016 Company project location 1. Araguaia Source: Instituto Brasileiro de Mineração Nickel ORDER HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 10#11Araguaia Nickel Project - Key Location • • Araguaia is located in the Pará state south of the Carajas mining district in NE Brazil NE region has seen rapid infrastructure development over the past 10 years including the building of ports, railways, refineries and mines Principal new mining projects include Vale's S11D iron project, Votorantim Metals' Rondon do Pará project, and the Hydro Alunorte project Vale's S11D iron project cost approximately US$20 billion and designed to produce approximately 90Mtpa with production in Pára up to 230Mtpa total Vale Regional Nickel Operations Onca Puma - Vale Anglo American - Barro Alto Nickel (RKEF) • • In the Goiás state Reserves + resources of 118Mt at 1.43% Ni Production commenced March 2011 ~ production of 36,000tpa Ni targeted over 26 year LOM • 150 km NE from Araguaia Vale - Onça Puma Nickel (RKEF) • Reserve of 95Mt at 1.61% Ni Production commenced May 2011 - planned annual production capacity of ~53,000 tonnes Ni HORIZONTE Developing the next major nickel project in Brazil : AIM/TSX HZM 11 MINERALS#12Araguaia Nickel Project - Infrastructure 5000W 477230 W WOO Tu Cam Açailândia Maraba PARA Carajas Mining DASTICE Imperatriz Paquapebas Puma MARANHÃO Karmathi Onca Picarra Sera do Тара Vale das Xinguar Sonhos Araguaina Rio Maria Legend Argus Nickel Project Well-established infrastructure with good regional roads, access to rail, low-tariff hydroelectric power, and water • Access to regional port of São Luís - primary supply chain facility for in- bound and out-bound logistics for bulk material handling of coal and potentially Fe-Ni product 17 309 W Jacaré Mundial Tucari hydroelectric dam 25 units 8,370MW capacity HORIZONTE MINERALS SAYM Occurroncos Ni Towns Redençag Colinas do Tocantins Apost Quatipur Conceição do Araguaia <-Hoods Raway -Power Ged U MATO GROSSO TOCANTINS Miranorte Miracema do Tocantins Palmas APANGW K ARAGUAIA NICKEL PROJECT INFRASTRUCTURE MAP New Norte Sul rail line located east of the project Colinas electrical substation Developing the next major nickel project in Brazil: AIM/TSX HZM 12#13Araguaia Nickel Project - Proven Process Anglo American's Barro Alto nickel mine utilises RKEF Rotary Kiln Electric Furnace (RKEF) Proven Process Fe-Ni product grading 20% produced at the Xstrata Process Support facility in Canada. A second stage pilot campaign for Horizonte will run in 2014 DRYER • • • Araguaia's ore confirmed as suitable for the Rotary Kiln Electric Furnace (RKEF) process RKEF is a proven nickel laterite processing technology which has existed for 60 years 20 operational RKEF plants worldwide in 2014 Test work completed includes; smelting, calcination, agglomeration - Hatch, FLS, Feeco, Xstrata BLAD GRANULATION HORIZONTE MINERALS RECEPTIONPHER ELECTROSTATIC PRECIPITATOR ROTARY KILN CRUSHER WATER TRAY CENIH AK ELECTRIC FURNACE PENSHOTS STORAGE COOLING WATER DAM LABLE NAME CRUSHER CHILUMIN FAN GRANULATION XINH ROTARY SCREEN FN DRYER DUSTBIN Developing the next major nickel project in Brazil : AIM/TSX HZM 13#14Dryer Trials - January 2015 Dryer trials took place at the newly installed rotary dryer at the IGEO facility. The test team measuring dryer outer shell temperature. Front end loader feeding the belt feeder with homogenised ore into the dryer. HORIZONTE Developing the next major nickel project in Brazil: AIM/TSX HZM 14 MINERALS#15Project Area - Low Risk Socially & Environmentally Project located in a Mining Region - Araguaia Economically deprived area viewed as regional economic driver No Indigenous communities located in or nearby project area Strong state Government support Limited population density across project area Area termed "Serrado" - non rainforest, primary land use for cattle ranching HORIZONTE Developing the next major nickel project in Brazil: AIM/TSX HZM 15 MINERALS#16Araguaia Nickel Project - Environment & Social Environment and Social baseline programmes undertaken Environmental baseline data collection includes information on: climate, particulate matter, ground and surface water composition and depth, soils, fauna and flora Social baseline data collection includes information on: regional demographics, stakeholders, community infrastructure and land rights • SEIA report has been filed with the Pará State Environmental Agency to comply with the Brazilian Environmental laws, demonstrating that the project is environmentally viable Public Hearing successfully undertaken in January 2015 with over 1,000 attendees - a key milestone for achieving the Preliminary Licence Targeting to receive full SEIA approval in Q2 2015 Over 2,000 community members consulted in 2014 and 2015 HORIZONTE MINERALS Developing the next major nickel project in Brazil : AIM/TSX HZM 16#17Araguaia Nickel Project - Resource/Reserves Total resource of 71.98Mt (dry) @ 1.33% Ni (Indicated) and 25.35Mt (dry) @1.21% Ni (Inferred) and total Base Case reserves of 21.2Mt (dry) @ 1.66% Ni (Proven and Probable) not all targets included NI 43 101 Mineral Resources - - Araguaia Category Material type Tonnage (KT) Density (t/m3) Contained Ni Ni (%) Co (%) Fe (%) metal (t) Sub-total Indicated Limonite 11,560 1.35 137,790 1.19 0.127 36.50 Sub-total Indicated Transition 24,110 1.19 346,920 1.44 0.060 19.87 Sub-total Indicated Saprolite 36,310 1.32 473,960 1.31 0.034 11.82 Sub-total Inferred Limonite 8,830 1.34 100,310 1.14 0.097 35.85 Sub-total Inferred Transition 9,340 1.28 122,040 1.31 0.053 20.34 Sub-total Inferred Saprolite 7,190 1.41 84,370 1.18 0.033 12.07 TOTAL Indicated TOTAL Inferred All All 71,980 1.28 25,350 1.34 958,660 306,730 1.33 0.058 18.48 1.21 0.063 23.40 NI - 43 101 Mineral Reserves; Note Mineral Resources are inclusive of Mineral Reserves, totals may not add due to rounding Class Probable Probable Deposit Baião Pequizeiro Ore Dry Mass (kt) Ni (%) Fe (%) Al2O3 (%) SiO2/MgO 3,500 1.67 17.41 4.58 2.56 9,300 1.70 15.58 5.39 2.56 Probable Pequizeiro West 380 1.57 20.38 4.63 4.29 Probable Jacutinga 960 1.81 15.13 2.96 2.11 Probable Vila Oito East 2,450 1.55 15.97 3.73 2.22 Probable Vila Oito 3,580 1.63 14.61 3.63 2.05 Probable Vila Oito West 1,020 1.59 19.35 4.25 3.32 Total Probable 21,200 1.66 16.01 4.59 2.44 Total Proven and Probable 21,200 1.66 16.01 4.59 2.44 HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 17#18Phase 4 - Diamond drilling on the Pequizeiro Target, January 2015 19#19Araguaia Nickel Project - Plant Location 02 03 04 05 136 127 C 120 10 11 12 30000 03 60 0000 ORE RECEPTION SHED HOMOGENISATION SHED ELEVATED RESERVOIR COAL RECEPTION ELECTRIC FURNACE SUBSTATION Fe STORAGE LABORATORY REFINERY DEDUSTING DRYER EMERGENCY STOCKLE ROTARY KILN Proposed Mine Roads Plant Layout 13 SLAG PICK POINT 14 RESTAURANT 15 MAIN GATE 16 ADMINISTRATIVE OFFICE 17 HEALTH CARE 18 CONSUMABLES STORAGE 19 WASHROOM 20 STEEL PLATE STORAGE 21 SLAG FINES SETTLING TANK 22 WATER SPRAY COOLING TANK 23 COOLING WATER DAM 24 PEQUIZERO ORE BODY Proposed Dumps Opencast Pits Farm Boundaries HORIZONTE MINERALS 8 00000000 Road to Conceicao 0000516 140000 DODOCL 9110000 9120000 660000 Legend Gravid Feats State Foc Ang Projec IGEO SNOWDEN DOH 670000 680000 690000 Lostra North Raimunde Morro Lontra South One West Vila Oho Weet Vin Drip East Vila O Ama Pequizeiro NorthW Paquiere West eiro Jacutinga Peqinzeiro East Baldo North Baib Baise South 0000946 9140000 9130000 9120000 OOOOLLE 000000 670000 600000 690000 December 21 2913 ARAGUAIA NICKEL PROJECT CMMOND HILL HOLAN PHASE 1 AND 2 Developing the next major nickel project in Brazil: AIM/TSX HZM 19#20Araguaia Nickel Project - Market Comparables Deal structure Price paid US$/1b Sherritt acquisition of 40% of Ambatovy from Dynatec for C$1.6bn Vale acquisition of Canico Resources Onca Puma Project HudBay acquisition of Skye Resources for C$460m Solway Group acquires 98% of Fenix ferro- nickel project in Guatemala from Hudbay for US$170m Anfield Nickel completed PFS on Mayaniquel Project, Guatemala - value prior to acquisition Jan 2014(¹) Resources at time of transaction/ market value 50Mt Proven & Probable at 1.04% Ni (2007) 98.6Mt (M&I) at 1.70% Ni (2005) 108.8Mt (M&I) at 1.379% Ni (2008) $1.39 $0.25 $0.13 45.9Mt (M&I + Inferred) at 1.85% Ni (2011) $0.09 M&I 76.83Mt at 1.4% Ni Inferred 41.77Mt at 1.3% Ni $0.017 *Horizonte Minerals Araguaia Nickel Project, Brazil completed PFS (Oct 2014) Indicated 71.98Mt at 1.33% Ni Inferred 25.35Mt at 1.21% Ni $0.010 (1) Assumes US$20,000 Ni in 5 years. *Current Horizonte in-situ valuation approximately 0.010 US$/lb Comparable nickel exploration, development and production companies, based on similar scope and nature of operations. In-situ valuation is included to provide reasonable comparisons to the value of the Company's nickel assets subject to (among other things) the assumptions and risks discussed in the preliminary prospectus, and should not be relied upon for any other purpose. The information contained herein regarding other issuers was obtained from public sources and has not been verified by the Company or the Agent. If comparables contain a misrepresentation, investors do not have a remedy under Canadian Securities legislation. HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 20#21Araguaia Nickel Project – Development Plan - Pilot Campaign Trial Mining Prefeasibility Study Infill Drilling (Completed) Feasibility Study Permitting Complete Permitting Detailed Engineering Award Construction contracts Construction/ Ramp-up 2014 HORIZONTE Ramp-up 2018 Developing the next major nickel project in Brazil: AIM/TSX HZM 21 MINERALS#22Horizonte Minerals - Management The Board David J. Hall, Msc, EuroGeol Chairman Jeremy J. Martin, Msc, ASCM Chief Executive Officer and Director Owen Bavinton Non Executive Director Alexander N. Christopher Non Executive Director William Fisher P.Geo Non Executive Director Allan M. Walker, MA Non Executive Director 30 years in exploration & development on projects and mines in over 50 countries. Extensive South America and Brazil experience. All aspects of project development with majors including Minorco, Anglo American & AngloGold. Founded Horizonte with Jeremy Martin. Extensive exploration experience in South America, the Caribbean. Involved in the formation of a number of AIM and TSX listed companies and has completed several high value mineral project transactions. Previously Group Head of Exploration and Geology at Anglo American, overseeing and advising on acquisitions and exploration programmes of Anglo's key projects, including Barro Alto and Morro sem Bone nickel projects, both in Brazil. Over 25 years' experience in mineral exploration and mining. He is currently Vice President of Exploration for Teck, having previously been General Manager New Ventures and for the last 10 years has been focussed on the junior mining sector. Extensive industry experience in both exploration and mining positions worldwide, including Karmin Exploration, Boliden AB, GlobeStar Mining and Aurelian Resources and is currently on the Boards of PC Gold, Goldquest and Treasury Metals. Over 25 years of energy & natural resource banking experience, focussed in Latin America. Currently running a private Clean Energy fund and previously ran the energy and project finance groups for Standard Bank and CSFB Garantia. The Management Owen Mihalop CEng MCSM Study Manager F. Roger Billington P. Geo Technical Director Nickel Jeffrey Karoly BSc ACA Chief Financial Officer Dr Philip Mackey Senior Metallurgical Advisor HORIZONTE MINERALS Chartered Mining Engineer with 20 years experience in the mining industry. He has worked in operations in the UK, North America and Europe and also as a mining consultant, where he gained extensive experience in delivering feasibility studies for AIM and TSX listed companies. Ex head of Falconbridge nickel laterite exploration worldwide. Also senior roles in the discovery and evaluation of the Koniambo nickel laterite deposit (New Caledonia) and the GlobeStar nickel laterite deposit (Dominican Republic). Mr Karoly has degree in geology and is a Chartered Accountant with over 15 years experience in the mining industry. He was with Anglo American for 11 years and previously CFO of South American Ferro Metals which in 2010 listed on the ASX. Consulting Metallurgical Engineer with 40+ years experience in non-ferrous metals processing including a focus on nickel laterite processing. Previously at Falconbridge and Xstrata. Developing the next major nickel project in Brazil: AIM/TSX HZM 22#23Horizonte Minerals - Investment Snapshot High Grade Nickel Asset PFS Results: Robust Economics Araguaia is a high grade nickel project with good infrastructure and proven RKEF processing route allowing fast track development - Base Case NPV US$519m, IRR 20% and net cash flow of US$1,766m (after capital payback) Brazil has a well-developed mining code with good support in the Pará state for the development of the project Clear Path to • Strong institutional and industry support - 38.3% shareholder Teck is a leading major Production diversified mining company Large Resource Long-term Nickel Demand • • Solid track record of delivering milestones on time and on budget - team led by an experienced Board with the ability to take the Araguaia through to production Well funded following C$10 million 2014 fundraise Significant value upside in Company Favourable nickel market fundamentals 2015 through to 2018 - predicted short-term supply deficit forecast which is expected to be further increased by Indonesian DSO export ban HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 23#24Horizonte Minerals – Contacts HORIZONTE Horizonte Minerals Plc 26 Dover Street, London, UK www.horizonteminerals.com Jeremy Martin, Chief Executive Officer Tel: 020 77637157 [email protected] Developing the next major nickel project in Brazil: AIM/TSX HZM 24 MINERALS