Horizonte Minerals PLC Announces Update on Araguaia Nickel Project Construction - Seite 2

Accordingly, the Company engaged Reta Engenharia to undertake an independent review of the remaining capital expenditure and schedule, incorporating the change in scope, material and quantity variations, increased project duration to first metal and associated costs, and additional working capital requirements. The Company has also undertaken a detailed review of the ramp up and operational costs. The Company expects to publish an update by mid Q4-2023 once this review is complete.

The results from the Feasibility Study on Araguaia Line 2 remain on track to be published in Q4-2023. The combined production of Araguaia Line 1 and 2 is expected to be 29,000 tonnes per annum.

Jeremy Martin, CEO of Horizonte, commented:

"We continue to make solid progress with construction at Araguaia Line 1 and are confident that the Project is now significantly de-risked given the near-finalization of detailed engineering and procurement, together with the detailed review of the costs to project completion, ensuring successful delivery. Despite the anticipated higher capital requirement, Araguaia remains a Tier 1 asset that will deliver strong margins over its 28-year mine life once production commences next year. Moreover, the imminent completion of the Feasibility Study on Line 2 will demonstrate Araguaia's capacity to support an annual production of 29,000 tonnes per annum.

We appreciate the strong support provided by both local stakeholders and cornerstone shareholders, as we work towards a financing solution to complete construction."

Further updates will be provided in due course. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to the European Union (Withdrawal) Act 2018.

For further information, visit www.horizonteminerals.com or contact:

Horizonte Minerals plc Jeremy Martin (CEO) Simon Retter (CFO) Patrick Chambers (Head of IR)	[e-mail] [phone]
Peel Hunt LLP (Nominated Adviser & Joint Broker) Ross Allister Bhavesh Patel	[phone]
BMO (Joint Broker) Thomas Rider Pascal Lussier Duquette Andrew Cameron	[phone]
Barclays (Joint Broker)