Investor Presentaiton

HORIZONTE MINERALS The Nickel Market Forecast demand for nickel is robust - annual growth requires 92,000 tonnes of new nickel capacity to be added every year ☐ Unprecedented growth in Chinese demand increase (2009 - 2014) forecast 12% annual demand ☐ Sulphides contribute an estimated 2/3 of nickel production and only 1/3 of global resources ☐ Sulphide discoveries in significant decline – laterite required to fill supply deficit World Ni Resource - 72% Laterite Sulphide 28% Source; Anglo American 11, 12,13; http://www.pdac.ca/pdac/publications/papers/2004/techprgm-dalvi-bacon.pdf Primary Ni Production 42% Laterite Sulphide 58% 10 10

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