Investor Presentaiton

Nickel 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

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