Mr. Patrick Chambers reports

HORIZONTE MINERALS PLC ANNOUNCES ARAGUAIA PROJECT UPDATE

Araguaia Niquel Metais Ltda. (ANML), Horizonte Minerals PLC's Brazilian subsidiary developing the Araguaia nickel project, has been granted an injunction (Brazilian Precautionary Measure) giving it a 60-day stay period in order to negotiate indebtedness and work on a restructuring plan to be approved by its creditors.

This precautionary measure allows ANML a longer period to negotiate either directly with creditors or through mediation, in a balanced and transparent manner, aiming to protect its cash in the short term during the relevant period in which protective measures are in force. Consequently, this will allow the continuity of current negotiations, while potentially avoiding a judicial reorganization proceeding by ANML in Brazil.

The company considers that the injunction granted to ANML does not directly impact Horizonte Minerals PLC's current financial condition.

The company will continue to work closely with its major shareholders and senior lenders on a full financing solution, targeted for the end of Q2 2024 though, at this time, there can be no guarantee that a refinancing and restructuring solution will lead to a positive outcome for existing shareholders, noteholders and creditors of the company.

As announced on March 1, 2024, existing senior lenders have agreed to waivers including the deferral of interest payments until the March 29, 2024. There is no guarantee that an agreement will be reached with senior lenders with respect to further extensions of such waivers. The company is a guarantor of ANML's debt under the senior loan facilities. If no agreement is reached and if claims are made in relation to the guarantee, the company may also need to consider applying for protective measures that may be available to it, or in the event that a refinancing and restructuring solution for the group is not achieved.

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.

We seek Safe Harbor.