Investor Presentaiton

HORIZONTE MINERALS Peer Group Valuation Company Country NAV $/lb Tonnes Grade % ('000) Ni Anfield Nickel Corp. (TSXV:ANF) Guatemala 0.07 49,670 1.31 European Nickel plc (AIM: ENK) Turkey 0.01 33,200 1.13 African Eagle Resources plc (AIM:AFE) Tanzania 0.05 92,100 0.92 Mindoro Resources (TSXV:MOI) Philippines 0.06 30,710 1.09 Average $ /lb 0.048 Horizonte Minerals plc - target resource Brazil 0.03 100,000 Mt 1.35 Source; Bloomburg & Company websites date 18 Jan 2011 8

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