Investor Presentaiton

Cost Profile - Araguaia lowest Quartile Analysis of published cost data suggests that at a market price of US$6.00/lb (US$13,227/t) nickel, approximately half of the current nickel operations are cash flow negative on a Cl basis New Indonesian production estimated C1 cost $5.50 to $6.50/Ib Araguaia Nickel Project Global average HORIZONTE MINERALS C1 Cash Cost (US$/lb) $12 $10 $8 $2 -$2 Nickel Cash Cost (C1) ($/lb) 9 17 25 33 41 49 57 65 73 Based on Q4 2013 cost data and estimates. Rank of Operations Source Sherritt Developing the next major nickel project in Brazil: AIM/TSX HZM ∞

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