Mr. Patrick Chambers reports

HORIZONTE MINERALS PLC ANNOUNCES CORPORATE UPDATE

Horizonte Minerals PLC, as part of the interim financing package announced on Dec. 27, 2023, pursuant to which the existing senior lenders had agreed to waivers including the deferral of interest originally due at Dec. 31, 2023, to the end of February, 2024, and subsequently extended to March 29, 2024, as announced on March 1, 2024, such senior lenders have now agreed to further extend the waivers until April 30, 2024.

Going forward and as announced on March 28, 2024, there can be no guarantee that senior lenders will consent to further extend the current waivers. If no extension is agreed, deferred interest originally payable at the end of December, 2023, and at the end of Q1 2024 will become immediately due and payable on May 1, 2024. If these amounts remain unpaid after becoming due and payable, the senior lenders will be entitled to: (a) immediately cancel the undrawn portion of the senior debt facility; (b) declare all outstanding senior debt amounts (including interest) immediately due and payable; and/or (c) seek to enforce the senior lenders' security, which encompasses all or essentially all of the group's assets.

As announced on March 14, 2024, Araguaia Niquel Metais Ltda. (ANML), the company's Brazilian subsidiary, has been granted an injunction (Brazilian precautionary measure) giving it a 60-day stay period against the enforcement of debt and certain security held by senior lenders and creditors, in order to negotiate and work on a restructuring plan to be approved by its creditors.

As a guarantor of ANML's debt under the senior loan facilities, if claims are made in relation to the guarantee given by the company, the company may also need to consider applying for protective measures that may be available to it, or alternatively appoint administrators for the company in the United Kingdom.

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, 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 Sarl, Glencore PLC and Orion Resource Partners LLP.

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