Mr. John MacKenzie reports

HORIZONTE MINERALS PLC ANNOUNCES BOARD AND MANAGEMENT CHANGES

Horizonte Minerals PLC has made the following changes to its board of directors and senior leadership team. These changes have been made as the company advances discussions for a financing solution for its flagship Araguaia nickel project and the completion of construction of the project.

Jeremy Martin, co-founder and chief executive officer of the company, will step down as CEO and as a member of the company's board, alongside Simon Retter, chief financial officer of the company, who will step down as CFO and as a member of the company's board. In addition, in accordance with best-practice corporate governance, William Fisher, non-executive interim chair, and Owen Bavinton, non-executive director, will step down from the company's board, having served as directors since 2011 and 2012, respectively. These director and officer changes are effective today, with all departing directors and officers agreeing to assist the board with an orderly handover.

Mr. Martin is a founding director of Horizonte and has led the business as chief executive officer since 2010. Under his leadership, Horizonte discovered, acquired and consolidated its interests in the company's two Tier 1 nickel assets in Brazil. Mr. Martin oversaw the development of these assets and took Araguaia from a greenfield project through the feasibility stage and onto construction. The board is appreciative of his significant contribution to the company.

New management and board appointments

The company has proposed the following appointments (subject to receipt of the usual director certifications where applicable in accordance with the AIM (Alternative Investment Market) rules), with further proposed board directors expected to be announced in the coming weeks.

Appointment of interim chief executive officer

The board has appointed Karim Nasr as interim CEO and proposed his appointment as a board director. Mr. Nasr will lead the financing and restructuring process and will work with the board to appoint a new senior leadership team.

Mr. Nasr is managing partner and co-chief investment officer of La Mancha Resource Capital LLP, which advises La Mancha Resource Fund SCSp, one of the company's major shareholders. Mr. Nasr has over 25 years of experience in corporate finance and investments, including experience of restructurings in Brazil. Mr. Nasr will step down from his day-to-day executive role within La Mancha to devote himself to Horizonte and put in place a financing plan to restart construction.

Proposed appointment of Paul Smith as non-executive director and chair

Mr. Smith is a corporate finance professional and senior board member with extensive experience in driving industry-leading performance at natural-resource-focused companies. Upon his appointment taking effect, Mr. Smith will act as the chair of the board. Pending such appointment taking effect, non-executive director Vincent Benoit has agreed to act as interim chair.

Appointment of interim chief operating officer

The company has appointed Maryse Belanger as interim COO in a non-board capacity. Ms. Belanger was recently chair of Iamgold Corp. Ms. Belanger has been a consultant to the company in recent months. Ms. Belanger has more than 30 years of experience in the global mining sector, with proven strengths in operational excellence and turnaround, technical services and organizational efficiency, including in Brazil.

The proposed new board appointments of Mr. Nasr and Mr. Smith are subject to the standard AIM director due diligence procedure. Once completed, these appointments will become effective, with a further announcement to be released in due course. Mr. Nasr will act as interim chief executive officer in a non-board capacity with immediate effect.

Non-executive director John MacKenzie commented: "Firstly, we would like to thank Jeremy for his leadership and contributions to the company. Jeremy was a founding director of Horizonte and has led the company since 2010. We are grateful for his dedication to the business and wish him well for the future.

"I would also like to thank Simon Retter, William Fisher and Owen Bavinton, who are also stepping down today as part of a restructuring of the senior leadership team, for their contribution to the evolution and growth of the business.

"I am pleased to welcome Karim Nasr as interim chief executive officer. Karim is a highly respected senior leader and it is a credit to Horizonte as a group that we are able to call on someone of his calibre. The board is grateful that Karim has agreed to lead the company through this financing and restructuring process.

"I am also very pleased to welcome Paul Smith to our board, which he will chair after the usual onboarding procedures are completed."

This announcement contains inside information for the purposes of Article 7 of European Union Regulation 596/2014, as retained in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018.

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 high grade and 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. 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 SARL, Glencore PLC and Orion Mine Finance.

Proposed new board directors

Karim Nasr

Karim is Managing Partner and Co-Chief Investment Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Karim has over 25 years of experience in corporate finance and investments. He joined La Mancha in 2018 as CFO and became Managing Partner & co-CIO in 2019. From 2011 to 2017, he was CEO of Digital World Capital LLP, an alternative asset manager managing the Cross Comms fund, a long/short equity & credit fund investing in Telecom & Media securities, and advised clients on special situation investments. From 2001 to 2011, Mr. Nasr was a member of the Executive and Investment Committee, Audit & Risk Committee, and Remuneration & Nomination Committee of Wind Telecom and Orascom Telecom, in charge of Corporate Finance, raising US$68bn in capital and closing US$67bn in M&A transactions. In particular, he led the 2011 US$25bn merger with VEON, the 2005 US$17bn Wind Telecom Leveraged Buy-Out and managed the 2009 EUR3.8bn debt restructuring of Wind Hellas in Greece.

Mr. Nasr also serves on the board of Elemental Altus Royalties Corp (TSX-V:ELE) (AIM:ALS) and G Mining Ventures Corp. (TSX-V:GMIN). He holds a Master's in Management from the University of Paris IX. He is fluent in English, Arabic and French

Paul Smith

Paul Smith is a corporate finance professional and senior board member with extensive experience of driving industry-leading performance at natural resource focused companies. Mr. Smith is a co-founder of Voltaire Minerals Partners, which provides innovative solutions to the critical minerals supply chain, and is also a Non-Executive Director at Seadrill (NYSE:SDRL), a global offshore drilling business for the oil and gas industry, Echion Technologies, the world's leading supplier of niobium-based anode materials and Bunker Hill Mining Corp TSXV:BNKR. He was until recently Executive Chairman at Trident Royalties (LON:TRR), a mining royalty business.

Mr. Smith worked for Glencore plc ("Glencore") from 2011 to 2020 where, as Head of Strategy, his principal areas of focus were capital markets, M&A and capital allocation. During this period, Glencore successfully completed numerous large scale corporate and capital markets transactions, most notably a US$90 billion merger with Xstrata Plc.

He was also the CFO of Katanga Mining Limited, Glencore's TSX-listed and DRC-based subsidiary from 2019 until its de-listing in 2020. He represented Glencore as a non-executive director of Lonmin plc and Glencore Agriculture Ltd, and chaired Glencore Technology from 2013-2015.

Prior to Glencore, Mr. Smith was an analyst and fund manager at Marshall Wace Asset Management, where he focused on cyclical sectors, including mining. He qualified as a Chartered Accountant and has an MA in Modern History from Oxford University.

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