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 Chinese demand annual forecast increase targeted at 12% (2009 - 2014) Sulphides contribute an estimated 2 of nickel production and only ½ of global resources Sulphide discoveries in significant decline laterite required to fill supply deficit - Laterite production currently accounts for 42% of supply due to increase to 50% in the next 18 months Delayed start up production combined with ETF securities' nickel ETF and planned release of JP Morgan and Black Rock Asset ETFs has led Societe Generale to forecast nickel prices averaging above $12/lb Developing the next major nickel project in Brazil Share of Global Usage Chinoso Usage Reet of World Usage Chinese Shard Rest of World Shore 100% 1.200 90% 80% 70% 60% 50% 10% 30% 20% 10% 11% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1,000 800 600 400 200 Nickel Usage (000 m) China's Nickel Usage Relative to the Rest of World, 2001-10 AIM: HZM TSX: HZM 8

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