Horizonte Minerals Plc, Initiation of Coverage

6 February 2017

Horizonte is about to commence a full feasibility study on its 100%-owned Araguaia nickel laterite project in Brazil. Araguaia is a long-life, high grade deposit with industry-leading capital intensity. The PFS last year confirmed Araguaia as having one of the lowest C1 cash costs in the sector. The company has an experienced board and strong institutional backing. Horizonte provides strong leverage to strengthening nickel fundamentals. Despite this, the current market cap is more reflective of the cyclical low-point in the nickel industry, and represents a compelling entry point to a world-class nickel play, in our view.

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