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(Sharecast News) - Horizonte Minerals reported an operating profit of $1.03m in its final results for 2022 on Wednesday, swinging from a $5.63m operating loss in the prior year.
The AIM-traded nickel developer, which remains pre-revenue, recorded a loss before tax of $5.32m for the year, narrowing from $13.37m in 2021.
It noted its successful equity fundraise of $80m, and the first drawdown of its senior debt facility, having met the required conditions, during the period.
Horizonte secured all of the major material contracts at Araguaia, with first production expected to start in the first quarter of 2024.
The company also accomplished a critical milestone by securing a 10-year renewable power contract at "globally competitive" prices.
It said the Brazilian government approved Araguaia as a strategic minerals project, adding that it initiated a feasibility study at Vermelho, with results expected in the first half of next year.
In addition, the firm submitted an environmental and social impact assessment at Vermelho during the year.
Horizonte reported zero fatalities and no lost-time injuries in 2022, adding that it had built an "experienced team" to oversee the delivery of Araguaia, and implemented "critical" risk controls.
Strategic partnerships with SENAI and FIEPA for local skills development were launched as well.
On the governance front, William Fisher was appointed as interim chair, which the board said would bring a "wealth" of industry experience.
"It is a pleasure to reflect on the achievements of 2022 which was a groundbreaking year for Horizonte and has laid the foundations for the years ahead, positioning the company to be a significant global producer, committed to the ethical, safe and responsible production of a low carbon nickel product," said chief executive officer Jeremy Martin.
"Our focus for 2022 at Araguaia was to secure the funding, build our team, award key equipment and construction contracts required for construction and the move to operations, commencing our 24-month journey to becoming a nickel producing company."
Looking ahead to the coming 12 months, Martin said the company was "cognisant" of the work that lay ahead, with a primary focus on delivering Araguaia on-time, on-budget and safely.
"We are targeting cold commissioning towards the end of 2023 with hot commissioning and subsequent first nickel in the first quarter of 2024.
"Alongside this work, we are planning to conduct a feasibility study on the second line at Araguaia, a relatively low capex project that will double production from 14,500 tonnes per annum to 29,000 tonnes per annum."
Vermelho work flows would be centred around the feasibility study and environmental impact assessment permitting process, Jeremy Martin explained, which were both expected to be finalised in 2024.
"Although these objectives are, in practice, considerable undertakings, we are reassured by the progress already made across the group, and are confident in the ability of our teams on the ground to deliver."
Horizonte said it would provide a full construction update for Araguaia, covering first quarter activity, in late April.
At 1131 BST, shares in Horizonte Minerals were down 1.73% at 137.08p.
Reporting by Josh White for Sharecast.com.
