Investor Presentaiton

Nickel – Indonesia 2014 1 Indonesia implemented a ban on all exports of nickel ore in January 2014 Indonesia estimated to account for ~70% of all nickel ore imports to China - this growth (14% in 2007) has been driven by demand from China to feed increasing consumption of nickel pig iron and latterly RKEF production Conesus that ban will be maintained Any new production from Indonesia will be slow coming on line and high cost Fundamental lack of new major projects. Current major producers in decline - 3% decrease in global production from 2006 to 2013 30% 25% 20% 15% 10% 5% Nickel is the best performing metal this year to date Indonesian Mine Supply as a % of Global Nickel Supply 2005 Sume: Wood Made in 2006 2007 2008 2009 2010 2011 2012 2013F "Rising costs stemming from an Indonesian ore-export ban, along with lower Philippine ore deliveries to China, will help boost prices to $22,000 a metric ton in 12 months" Goldman Sachs 14/10/14 HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 6

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