Mr. Jeremy Martin reports

HORIZONTE MINERALS PLC ANNOUNCES DELIVERY OF ROTARY KILN

Horizonte Minerals PLC has achieved a construction milestone at its 100-per-cent-owned Araguaia nickel project in Brazil, following the successful delivery to site of the rotary kiln, a key long-lead item.

Jeremy Martin, chief executive officer of Horizonte Minerals, commented:

"The rotary kiln is a key part of the process flow sheet at Araguaia. Its safe delivery to site is therefore an important milestone in the construction schedule, given it is one of the key long-lead packages. The FLSmidth-supplied rotary kiln was designed and built according to the highest industry-leading standards which will allow Araguaia to meet its low-cost and low-environmental-impact targets. The 11 individual sections of the kiln will now be welded together over the course of the next month, before the sections are lifted into place on top of the kiln piers for final welding and alignment.

"We wish to extend our thanks to everyone involved in the massive logistics process required to deliver the kiln to site. It involved multiple stakeholders at federal and state level, along with the teams who have managed the road, river and power line logistics along the route."

FLSmidth, the world's leading supplier of rotary kilns for mining applications, supplied the 110-metre-long kiln after a 10-month design and build process, and a four-month journey from factory to Araguaia's project site. Following delivery to the Port of Outeiro in northern Brazil, the 802-tonne kiln was transhipped onto barges and transported down the Araguaia River and, subsequently, back onto the highway for the final section into the project. As part of the logistics along the route, over 500 power lines had to be lifted to allow the oversize kiln sections to pass through.

About the rotary kiln

The rotary kiln design incorporates several features that improve the efficiency of the reduction process, lowering fuel consumption and supporting the company's target of becoming a low-cost producer of sustainable nickel.

These features include:

1. Optimized to deliver low operating costs and reduced maintenance requirements;
2. The kiln has the lowest specific heat loss in its class, with a specific energy consumption of 489 Mcal/tonne (megacalorie per tonne) product;
3. With an integrated electrostatic precipitator, the operation is not only efficient, but it also has one of the lowest particulate emission levels in its class.

About Horizonte Minerals PLC

Horizonte Minerals is developing two 100-per-cent-owned, Tier 1 projects in Para state, Brazil: the Araguaia nickel project and the Vermelho nickel-cobalt project. Both projects are large-scale, high-grade, low-cost, low-carbon and scalable. Araguaia is under construction with first metal scheduled for Q1 2024. When fully ramped up, with Line 1 and Line 2, it is forecast to produce 29,000 tonnes of nickel per year. Vermelho is at feasibility study stage and is expected to produce 24,000 tonnes of nickel and 1,250 tonnes of cobalt to supply the EV (electric vehicle) battery market. Horizonte's combined near-term production profile of over 60,000 tonnes of nickel per year positions the company as a globally significant nickel producer. Horizonte's top three shareholders are La Mancha Investments SARL, Glencore PLC and Orion Resource Partners LLP.

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