Investor Presentaiton

Araguaia Nickel Project - Market Comparables Deal structure Price paid US$/1b Sherritt acquisition of 40% of Ambatovy from Dynatec for C$1.6bn Vale acquisition of Canico Resources Onca Puma Project HudBay acquisition of Skye Resources for C$460m Solway Group acquires 98% of Fenix ferro- nickel project in Guatemala from Hudbay for US$170m Anfield Nickel completed PFS on Mayaniquel Project, Guatemala - value prior to acquisition Jan 2014(¹) Resources at time of transaction/ market value 50Mt Proven & Probable at 1.04% Ni (2007) 98.6Mt (M&I) at 1.70% Ni (2005) 108.8Mt (M&I) at 1.379% Ni (2008) $1.39 $0.25 $0.13 45.9Mt (M&I + Inferred) at 1.85% Ni (2011) $0.09 M&I 76.83Mt at 1.4% Ni Inferred 41.77Mt at 1.3% Ni $0.017 *Horizonte Minerals Araguaia Nickel Project, Brazil completed PFS (Oct 2014) Indicated 71.98Mt at 1.33% Ni Inferred 25.35Mt at 1.21% Ni $0.010 (1) Assumes US$20,000 Ni in 5 years. *Current Horizonte in-situ valuation approximately 0.010 US$/lb Comparable nickel exploration, development and production companies, based on similar scope and nature of operations. In-situ valuation is included to provide reasonable comparisons to the value of the Company's nickel assets subject to (among other things) the assumptions and risks discussed in the preliminary prospectus, and should not be relied upon for any other purpose. The information contained herein regarding other issuers was obtained from public sources and has not been verified by the Company or the Agent. If comparables contain a misrepresentation, investors do not have a remedy under Canadian Securities legislation. HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 20

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