Investor Presentaiton

HORIZONTE MINERALS Pyrometallurgical Testwork Summary • • The Batch smelting tests conducted at 1520° C were successful in producing a FeNi alloy at around 30 wt % nickel for the transition, saprolite and two blends Tests to produce matte from the two blends were also successful The SiO2/MgO ratio of the blended ore is similar to that from BHP Billiton's Cerro Matoso deposit in Colombia (world's second largest producer of FeNi) The PEA study should consider: • a RKEF operation similar BHP Billiton's Cerro Matoso operation • the technologies adopted for the Xstrata Koniambo plant in New Caledonia such as flash drying, fluidised bed calcination, hot calcine charging and DC smelting these will help in the fineness issues and could lead to reductions in fuel and reductant consumptions - the economics of a matte producing plant similar to PT Inco's (subsidiary of Vale) - one of the world's premier producers of nickel Developing the next major nickel project in Brazil AIM: HZM TSX: HZM 16

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