Investor Presentaiton

Nickel – Fundamentals 1 1 DEMAND • Stainless market robust • Big % increase in Chinese SS exports – particularly to Europe - but volumes still relatively modest; a growth area to watch Mid to long term growth to be driven by SE Asian stainless expansion, principally in China, supported by India, as well as the potential entry of Indonesia (integrated with new NPI) and other countries • • Europe, Japan consolidating; US growth through Calvert only temporary - consolidation to follow Aerospace remains robust consumer of nickel alloys but aircraft orders are falling 2 SUPPLY-RESTRICTIONS • Confirmed Indonesian ore export ban means NPI production is likely to decline in 2015 NPI production from Filipino ores will be higher than pre-Indonesian ban levels - can't fill supply requirement entirely and ultimate production rates unclear 3 • Ore stocks in China still protecting net NPI production - visible impact expected in early/mid 2015 • Limed next generation projects MARKET • Market short of nickel from 2015 - by 2018 778kt of nickel required for a reasonably balanced market to 2030 An estimated 360kt of this will be needed by China, probably from Indonesian NPI, or a new innovation • Balance will have to come from the "west" 12.00/lb - which requires a long-term incentive price of US$11.50 to HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 6

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