Investor Presentaiton

Araguaia Nickel Project - Resource/Reserves Total resource of 71.98Mt (dry) @ 1.33% Ni (Indicated) and 25.35Mt (dry) @1.21% Ni (Inferred) and total Base Case reserves of 21.2Mt (dry) @ 1.66% Ni (Proven and Probable) - not all targets included - NI 43 101 Mineral Resources Araguaia Category Material type Tonnage (KT) Density (t/m3) Contained Ni Ni (%) Co (%) Fe (%) metal (t) Sub-total Indicated Limonite 11,560 1.35 137,790 1.19 0.127 36.50 Sub-total Indicated Transition 24,110 1.19 346,920 1.44 0.060 19.87 Sub-total Indicated Saprolite 36,310 1.32 473,960 1.31 0.034 11.82 Sub-total Inferred Limonite 8,830 1.34 100,310 1.14 0.097 35.85 Sub-total Inferred Transition 9,340 1.28 122,040 1.31 0.053 20.34 Sub-total Inferred Saprolite 7,190 1.41 84,370 1.18 0.033 12.07 TOTAL Indicated TOTAL Inferred All All 71,980 1.28 25,350 1.34 958,660 306,730 1.33 0.058 18.48 1.21 0.063 23.40 NI - 43 101 Mineral Reserves; Note Mineral Resources are inclusive of Mineral Reserves, totals may not add due to rounding Class Probable Probable Deposit Baião Pequizeiro Ore Dry Mass (kt) Ni (%) Fe (%) Al2O3 (%) SiO2/MgO 3,500 1.67 17.41 4.58 2.56 9,300 1.70 15.58 5.39 2.56 Probable Pequizeiro West 380 1.57 20.38 4.63 4.29 Probable Jacutinga 960 1.81 15.13 2.96 2.11 Probable Vila Oito East 2,450 1.55 15.97 3.73 2.22 Probable Vila Oito 3,580 1.63 14.61 3.63 2.05 Probable Vila Oito West 1,020 1.59 19.35 4.25 3.32 Total Probable 21,200 1.66 16.01 4.59 2.44 Total Proven and Probable 21,200 1.66 16.01 4.59 2.44 HORIZONTE MINERALS Developing the next major nickel project in Brazil: AIM/TSX HZM 16

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