Mr. Jeremy Martin reports

HORIZONTE MINERALS PLC ANNOUNCES ARAGUAIA PROJECT UPDATE

Horizonte Minerals PLC is continuing to work closely with its senior lenders and its cornerstone shareholders on a financing solution for its Araguaia nickel project, as announced on Oct. 2, 2023, in parallel to progressing the capital cost and schedule analysis.

To manage resources and funds whilst undertaking discussions with the Company's cornerstone shareholders and lenders, the Company intends to reduce construction activities at Araguaia, advancing only critical work streams while maintaining a strong focus on safety.

As of 10 November 2023, the Araguaia Project had total liquidity sources of US$169 million comprised of US$131 million undrawn on the Senior Debt Facility (subject to satisfying drawdown conditions) and a cash position of US$38 million which should provide sufficient working capital to around mid-December 2023 unless there are positive outcomes from conversations with suppliers, other cash preserving measures, or other financing solutions, which if successful should provide sufficient working capital until late Q1 24.

The Company has hosted a series of site visits during the last 7 days with key shareholders and lenders representatives. These groups are undertaking their respective due diligence as part of a funding plan and expect to finalise their respective internal diligence processes in early Q1 2024 with funding completion targeted for late Q1 2024. It remains the Company's objective to put in place a financing solution which will satisfy the cost to complete requirements and thereby allow the Company to continue to access its Senior Debt Facility.

CEO Jeremy Martin said, "Discussions with the Company's major shareholders and lenders on funding the Project to completion are progressing. While work on the funding solution continues, we have elected to focus capital and human resources on the critical work packages. This work is planned is to ensure that we are well-positioned to resume full construction activities post receipt of the funding to benefit stakeholders and our community alike. Notwithstanding the expected increase in capital, the Araguaia project remains a Tier 1 nickel project that will produce a high grade, low cost, low impurity FeNi product over a 28-year mine life."

First production at Araguaia will be contingent on the result of the various funding discussions and the Company will continue to provide updates on its financing progress as required.

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 plcJeremy Martin (CEO)Simon Retter (CFO)Patrick Chambers (Head of IR) info@horizonteminerals.com+44 (0) 203 356 2901 Peel Hunt LLP (Nominated Adviser & Joint Broker)Ross AllisterDavid McKeownBhavesh Patel +44 (0)20 7418 8900 BMO (Joint Broker)Thomas RiderPascal Lussier DuquetteAndrew Cameron +44 (0) 20 7236 1010 Barclays (Joint Broker)Philip LindopRichard Bassingthwaighte +44 (0)20 7623 2323 Tavistock (Financial PR) Jos SimsonCath Drummond +44 (0) 20 7920 3150

ABOUT HORIZONTE MINERALS Horizonte Minerals Plc (AIM/TSX: HZM) is developing two 100%-owned, Tier 1 projects in Para state, Brazil - the Araguaia Nickel Project and the Vermelho Nickel-Cobalt Project. Both projects are high-grade, low-cost, with low carbon emission intensities and are scalable. Araguaia is under construction and when fully ramped up with both Line 1 and Line 2, is forecast to produce 29,000 tonnes of nickel per year. Vermelho is at feasibility study stage and is expected to supply nickel to the critical metals market. Horizonte's combined 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 S.a r.l., Glencore Plc and Orion Resource Partners LLP.

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