Investor Presentaiton

HORIZONTE 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

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