LONDON, UK / ACCESSWIRE / October 2, 2023 / Horizonte Minerals Plc (AIM:HZM) (TSX:HZM) ("Horizonte" or the "Company"), the nickel company developing two Tier 1 assets in Brazil, announces today that it has made good progress in completing the final detailed engineering and construction design for Line 1 of its 100%-owned Araguaia Nickel Project ("Araguaia" or "the Project"). This work, along with a comprehensive cost review, has resulted in changes to the design and execution scope, which are expected to increase the overall capital expenditure requirement by at least 35% (of current capex budget) and delay first production to Q3-2024.

Given the progress made to date with construction, the value of the Araguaia Line 1 Project and the upcoming delivery of the Feasibility Study on Araguaia Line 2, the Company continues to have strong support from its major partners. The Company is working on a plan with its various financial institutions together with the cornerstone shareholders for a financing solution to complete construction.

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