Investor Presentaiton

Cost Profile Analysis of published cost data suggests that at a market price of US$6.00/lb (US$13,227/t) nickel, approximately half of the current nickel operations are cash flow negative on a Cl basis Araguaia Nickel Project HORIZONTE MINERALS C1 Cash Cost (US$/lb) $12 $10 ☑ $2 € Nickel Cash Cost (C1) ($/lb) ch 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 21

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