#1HORIZONTE MINERALS A new low-cost nickel producer PICTORIAL UPDATE JUNE 2023 | AIM/TSX: HZM#2HORIZONTE Horizonte Minerals is a leading nickel company that is developing two, tier one projects in Pará State, Brazil. The Araguaia Nickel Project is under construction and the Vermelho Nickel-Cobalt Project is at Feasibility stage. MINERALS#3Developing a New Nickel District in an Established Mining Region of Brazil Vila Do Conde Port (Primary Port) Vermelho Salobo 100% HZM Owned SL1 N4 VALE N1. Parauapebas $11D Puma Sossego • Onça Canaã dos Carajás Xinguara Araguaia South 100% HZM Owned HORIZONTE FS Stage 1 and Stage 2 to produce 29,000t/pa ferronickel grading 28% Ni with an LOM of 30 years Sources: 1. Companhia Vale do Rio Doce filings (May 2005) 2. Xstrata Nickel (Glencore Scoping Study (2008)) Floresta do Araguaia Vale approved a construction decision' to build a High Pressure Acid Leach (HPAL) plant to produce 46,000t/pa Ni and 2,800t/pa Co with a LOM of 40 years Conceição do Araguaia Araguaia North 100% HZM Owned GLENCORE Glencore PFS² to produce 32,000t/pa ferronickel grading 35% Ni with an LOM of 26 years Belo Monte Dam (hydropower) Tucuruí Dam (hydropower) VNCP ANP North Carajás Mining District ANP South Itaqui Port (contingency port) Power Line 500 kV Power Line 500 kV, in construction Paved Road Nickel Mines Copper Mines Iron Mines Infrastructure Pará Brazil#4OMEGA AEGA ΩΛΕΝΑ ENFERMEIRO OMEG GEM C HORIZONTE MINERALS AQUI SE TRANSFORMA is Zero LTI's after over 3 million hours worked. The medical team at Araguaia - Edson Silva, Bruno Carvalho, Giovana Luz, Pedro Pires and José Bonfim. Health and safety is a top priority, which is why we are committed to protecting and promoting our employees' health and well-being as individuals and as a collective. Our total recordable Injury Frequency Rate (TRIFR) of 0.90 was three times better than the 2021 ICMM member companies' performance (2.90).#5A 3D rendered image of the Araguaia Line 1 plant site, a Rotary Kiln Electric Furnace (RKEF) processing flow sheet, designed to produce 14,500 tonne-per-annum of ferronickel (FeNi). HORIZONTE MINERALS Homogenisation building Secondary crusher Dryer Primary crusher ROM pad Electric arc furnace Rotary kiln Emergency stockpile LO 5#6As of 31 May 2023, the Araguaia project was 58% complete. Multiple construction work fronts are now open including the primary and secondary crushers, homogenisation building, dryers, rotary kiln, electric arc furnace, 230kV powerline, and power substation. HORIZONTE MINERALS 差 6#7The electric arc furnace is manufactured by Hatch Ltd. At 18m diameter, the side walls and base plate of the furnace have been welded and the surrounding steel support structure that will house auxiliary equipment including the transformer, continues to be erected. The 4th of five floors is currently being installed. HORIZONTE MINERALS 7#8Civil works for the four 6m high columns to support the 110m Rotary Kiln, supplied by FLSmidth, have been completed. The kiln, once welded together will be lifted onto the main bearings located on the columns for final alignment. O HORIZONTE MINERALS 00#9HORIZONTE MINERALS The rotary kiln continues towards site. Here, convoys two and three (of four) make their way overland under a police escort. Each section weighs between 37 to 81 tonnes. 6#10Steel structure erection for the homogenisation building has made good progress. This 193m long building forms a key stage of our mine to mill strategy, blending the mineralised ore to provide a consistent feed of material for the kiln and furnace. HORIZONTE MINERALS NANUTE ZWA 3 10#11A view from above the ROM pad looking down towards the homogenisation building, with the primary and secondary crushers in the foreground. Homogenisation building Secondary crusher Primary crusher HORIZONTE Dryer ROM pad MINERALS 11#12HORIZONTE MINERALS Works on the electrical sub-station at site are progressing, seen here in the foreground. Led by Vision, the sub- station will transform the electricity from the 126km long, 230kV powerline at site, enabling the power up of the full processing site. Pylon erection continues to make strong progress. 12 VISION#13Pre-stripping activities undertaken by our mining services contractor Fagundes, has begun at site ahead of initial mineralised ore stockpiling. At bench 280, ore is outcropping, in line with our block model. HORIZONTE MINERALS 13#14HORIZONTE MINERALS Feed bins for the Hatch furnace have been fabricated and are due to arrive in Brazil by the end of June. These parts, along with all long lead delivery items, go through QA/QC to ensure they meet our specifications before arriving on site. 14#15We routinely monitor environmental parameters relating to air quality, surface water, ground water, noise, flora and fauna and also carry out noise and vibration monitoring, as seen here. In the background, a new continuous air quality monitoring station can be seen. HORIZ HORIZONTE MINERALS 15#16Edilson Lobo, Andressa Morais and Kerlley Oliveira with the Ferreira family who will be resettled to the collective resettlement at São José das Arraias. HORIZONTE MINERALS ПАНЬ HARDER CRAZ H 16#17Horizonte has partnered with FIEPA (Federation of Industries from Pará State) to deliver industry relevant skillsets to our local suppliers and entrepreneurs in the region of Conceição do Araguaia. With new skills, local community members and existing local supply chains will have enhanced opportunities to participate in direct and indirect mine workforces, to supply goods and services to the company, and to help create vibrant regional communities. SPECIFICA MENNRAVEL HORIZONTE ZONTE MINERALS FAULL 163#18Unique Investment Opportunity HORIZONTE MINERALS World class portfolio of 100% 60,000tpa+ of low cost, long- Leveraging existing 1 owned projects in established 4 mining jurisdiction life and scalable Ni production - 'Tier 1' quality and scale 7 infrastructure to develop a new nickel district Funding Package for Araguaia 2 Stage 1 with clear path to cash 5 flow and strategic shareholders onboard Funds secured to progress Vermelho to a construction decision 8 Potential re-rating as Araguaia transitions to a producer Exposure to robust Low carbon footprint with 3 stainless steel and high- 6 growth battery markets further reduction initiatives embedded in operating model 9 Significant scarcity of near-term, 'Tier 1' nickel production projects increase in M&A evident 18#19Horizonte Minerals Plc Rex House, 4-12 Regents Street, London, SW1Y 4RG, United Kingdom T. +44 (0)203 356 2901 E. [email protected] www.horizonteminerals.com in Horizonte Minerals @horizonte PLC HORIZONTE MINERALS