Horizonte Minerals PLC – Quarterly Report

Horizonte Minerals PLC – Quarterly Report

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (‘Horizonte’ or ‘the Company’), the nickel development company focused in Brazil, is pleased to announce its unaudited financial results for the three month period to 30 September 2019. These results, as well as a Management Discussion & Analysis, have been posted on the Company’s website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

Highlights for Q3 2019

 

·    Entered into a royalty agreement with Orion Mine Finance (‘Orion’) to provide $25 million upfront cash payment to advance Araguaia in exchange for a 2.25% royalty

·    The Royalty only applies to the first 426,429 tonnes of contained nickel within the final product (ferronickel) produced and sold. This is equivalent to the nickel production estimated over the life of mine for Araguaia in the Stage 1 Feasibility Study

·    Publication of an initial NI 43-101 Mineral Resource Estimate for the Serra do Tapa nickel deposit (‘Serra do Tapa’)

·    The Serra do Tapa Mineral Resources, in the Measured and Indicated category, are 70.3 million tonnes grading 1.22% nickel (at 0.9% nickel cut off)

·    The Company’s 100% owned aggregate Mineral Resource inventory shows a 30% increase in tonnage with the addition of the Serra do Tapa deposit

·    A significant portion of high grade saprolite within the deposit is amenable to the Rotary Kiln Electric Furnace (‘RKEF’) process route to produce ferro-nickel, potentially providing a further high-grade feed source for the Araguaia project

 

Events after the Reporting Date

·   Appointment of project director to lead the construction of the Araguaia ferronickel Project

·    Publication of the results of the Pre-Feasibility Study for the Vermelho Nickel-Cobalt Project, confirming it as a low cost, long life nickel sulphate project

·    Completion of the US$25 million royalty transaction with Orion announced on 29th August 2019, and the subsequent drawdown of the funds

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