LONDON, UNITED KINGDOM / ACCESSWIRE / April 15, 2024 / Horizonte Minerals Plc (AIM:HZM)(TSX:HZM) ("Horizonte" or the "Company") announces that, after a period of discussions to restructure the group's debt in conjunction with seeking a fully funded solution for its 100%-owned Araguaia Nickel Project ("Araguaia" or the "Project") and actively engaging existing and new potential investors, the Company has been unable to secure interest in the full financing needed to complete the Project or in a group acquiring the Project. In the absence of a financing solution, Horizonte must now consider alternative options for the Company's subsidiaries in the interest of its secured creditors, which may include raising financing at the subsidiary level, a sale of the Project whilst in care and maintenance, the liquidation of the assets of the Project, or other options available under Brazilian laws. The Company does not believe that any of these options are likely to recover any value for the Company's shareholders.

Since the end of November 2023, the new management team has stabilized the business and undertook a comprehensive audit of the cost to complete and business plan to critically assess the current viability of the Project. The results of this audit demonstrated Araguaia's project fundamentals as a robust 1st quartile operating cost asset, but also highlighted a significant increase of the cost to complete compared to previous estimates. Following an extensive..
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