CONSTRUCTION OF ARAGUAIA NICKEL PROJECT NOW 65% COMPLETE
HIGHLIGHTS:
• Araguaia Nickel Project Line 1 construction activities continued to make good progress with first metal
production on-schedule for Q1 2024
– Strong safety performance, no lost time injuries with close to 3.8 million hours worked
– Approximately 65% of the overall construction of Araguaia was completed as of 30 June 2023, with
physical site construction 53% complete
– Several major milestones were achieved during the quarter including the delivery of the Rotary Kiln and
commencement of ore mining
– US$329 million has been spent on the Araguaia construction out of the budgeted capital requirement of
US$537 million
• Araguaia Nickel Project Line 2 Feasibility Study (“FS”), which aims to double nickel production from 14,500
tonnes per annum to 29,000 tonnes per annum, to be published later this year
• Liquidity and funding sources of US$344 million as of 30 June 2023
• Published fourth consecutive standalone Sustainability Report for 2022
• A recent video of the project progress is available: https://horizonteminerals.com/uk/en/videos_and_audio/
Horizonte Minerals Plc (AIM/TSX: HZM) (“Horizonte” or the “Company”) the nickel company developing two Tier
1 assets in Brazil, reports that it is continuing to make good progress on the construction of its 100%-owned
Araguaia Nickel Project Line 1 (“Araguaia” or “the Project”). The Company is targeting first metal in Q1 2024.
Management will be hosting a webinar today, 3 August 2023, at 14:00 BST to discuss Araguaia’s construction
progress.
As of 30 June 2023, approximately 65% of the overall Araguaia Line 1 construction programme has been completed,
physical site construction was 53% advanced with ore stockpiling having now commenced following the issuance
of the mining permit during the quarter. Additionally, a major milestone in the quarter was the safe delivery to site
of the rotary kiln, a key long lead item. The 11 steel sections will now be aligned and welded together before being
lifted into place for final installation on the kiln piers. Off-site, construction of the 126km, 230kV transmission line
is well advanced with over 90% of the pylons erected and 42 km of conductor cable installed. Construction of the
water storage reservoir has commenced. As of 30 June 2023, a total of US$329 million has been spent on the
Araguaia construction out of the budgeted capital requirement of US$537 million. As at quarter-end, the Company
had total liquidity and funding sources of US$344 million.
Jeremy Martin, CEO of Horizonte, commented: “We are pleased with progress to date at Araguaia Phase 1, with
around 65% of the overall project completed as at quarter-end. We are targeting first metal in Q1 2024.
“We are proud to have maintained a strong safety record to date and the safe delivery of the rotary kiln to site was
a significant milestone during the quarter and a testament to the commitment and dedication of our team.

“Whilst the key focus isthe construction activities at Araguaia, we are making good progress on the Line 2 Feasibility
Study which is scheduled to be published later this year. The proposed expansion has the potential to double the
annual nickel production to 29,000 tonnes per year.
“With the progress made to date, we remain confident in our ability to deliver our world-class project in a safe and
responsible manner, continuing to move closer to unlocking the full value of Araguaia, and more broadly across
Horizonte’s portfolio of Tier 1 assets, realising our objective of becoming a low-cost nickel producer.“
The FS for Horizonte’s 100% owned Vermelho project in Brazil, is currently on-going and is expected to be published
in 2024. Vermelho has a high-grade scalable resource with a long mine life. Given Vermelho’s geological
characteristics, the ore has the ability to be processed either through High-Pressure Acid Leach (“HPAL”) or Rotary
Kiln Electric furnace (“RKEF”) technologies. As part of the study and driven by the evolving market dynamics,
Horizonte is evaluating the optimal final nickel product that will supply the critical metals market.
Management will be hosting a webinar today, 3 August 2023, at 14:00 BST to discuss Araguaia’s construction
progress. Investors and analysts are invited to access the webinar by registering in advance via the following link:
https://www.investormeetcompany.com/horizonte-minerals/register-investor. Questions may be submitted at
any time during the live presentation. A recording of the webinar will be available on the Company’s website shortly
after its conclusion.
ARAGUAIA LINE 1 CONSTRUCTION: FIRST METAL ON-SCHEDULE FOR Q1 2024
1. Health, Safety & Wellbeing
The lost-time injury frequency rate (“LTIFR”) for Araguaia as at June 30 2023 was 0.00 and the total recordable
injury frequency rate (“TRIFR”) was 1.03 based on a 12-month rolling average1
. This compares favourably with a
TRIFR of 3.7 for the same period last year but is a decrease in performance compared to the previous quarter and
reflects three restricted work cases in the quarter where an employee is unable to perform the full range of
normally assigned duties over the course of a day. As the construction workforce has increased by 18% to over
3,300 people across the project during this period, Horizonte has continued to focus its efforts on embedding the
critical risk controls within the growing workforce whilst reinforcing risk management. The Company continues to
implement tools to increase engagement and participation by our contracting partners in our safety systems and
processes. For the project to date, over 5,800 internal safety audits have been conducted and over 7,500 safety
plan observations have been completed. In the quarter, extensive campaigns on hand safety were conducted.

see & read more on
https://horizonteminerals.com/news/en_20230803-construction-update-for-the-araguaia-nickel-project.pdf