London South East | The UK's favourite investor portal.

2/2

It really concerns me how this has been handled, clumsily written RNS’s with no follow up explanation, no emails from the company with detailed updated or Proactive Investor interviews keeping us informed, just RNS after RNS each time halving the value of the company.

The first questions I have is where is why haven’t we been able to connect the power lines and energise the site?

All 126km of power lines are in place, Twitter has pictures of Jeremy Martin viewing the construction of the substation in Sept 2023 and the last pictorial update show what appears to be a completed substation with transformers in place with a power supply building completed.

We were told that the delay was due to connecting to the Hydro dam, that energising the site was on the critical path and money was been diverted to it and that it we could see a connection by early 2024.

It’s now April and not a single word, we could really do with this win and it seems easily obtainable.

The ability to show that we have successfully completed a major part of construction and that no more cost expected is hugely significant and potentially transformative but nothings mentioned.

It’s also a chance to showcase the low cost power supply deal we managed to obtain as well as Horizonte’s green status. It also evidences how far construction has come, why haven’t we got this done?

Secondly why hasn’t the PFS for line 2 been produced? Much of the infrastructure is shared so included in line 1 costs, line 2 PFS should be easier to produce and come in at significantly lower cost with a shorter and less risky build for the same profitability as line 1.

We’ve already completed a good part of production, the furnace is on site, piers for the rotary kiln poured and the rotary kiln in place, these are now known and demonstrable costs that strengthen the credibility of that PFS

In addition in we’ve already purchased $60 million of the equipment for line rotary kiln for $7m, only $600K of which is up front. We have known what that equipment is and its cost since December 21 so this should have made line 2 PFS significantly easier

Given the profitability of Line 2 is the same for line 1 and 2 and you’re looking to raise finance I don’t know why this has been delayed, it should have been issued very shortly after the updated line 1 but again no news

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1208-tsx/hzm/112103-horizonte-minerals-plc-announces-acquisition-of-ferronickel-processing-equipment.html

I don’t see either our former CEO or our current one hustling to make this work. I’ve emailed them several times over the years with various questions but never got an answer perhaps if we all ask them the same question then maybe we’ll all get a reply.

I’m currently off after an operation to have my tonsils out so have more time on my hands that I normally would and this is a long one so feel free to bug out when you get bored.

I’ve been heavily invested in Horizonte for some time and been thinking about the situation we find ourselves in and wished to air my thoughts and ask you to do one very simple thing before we finally go down the toilet, can you please send an email to Horizonte investor relations asking three simple questions

https://horizonteminerals.com/uk/en/contact/

1) Why haven’t you completed the feasibility study for A2?

2) Why haven’t you done a Proactive Investor presentation to update Private Investors?

3) Why haven’t the power lines been completed so the site is energised?

The reason for this is simple, I’m calling bull$hit.

I started investing in Horizonte about 6 or 7 years ago, for all the bear picture currently painted around Nickel it had been trading at around $10,000 a ton for some time with a suggestion from reliable sources that it could raise to $16,000 by the time the mine was built. LME warehouse levels were over 300 hundred thousand tons but steadily declining.

Horizonte, even with a mountain to climb and 100’s of millions to raise was trading between 1.8 and 3p the equivalent of 36p to 60p with a market value of around 80 to 100 million. During this time Orion mine finance made significant investments with both Glencore and La Mancha joining them afterwards

From then we’ve jumped through countless hoops, completed permitting, secured a shipping dock and a power supply agreement at 30% less than that used in the feasibility study, gone through multiple due diligence processes with both banks and investors and had a number of oversubscribed placing going on to over raise finance by 100 million.

We’ve broke ground, become a nickel miner, started stockpiling, started a major programme of works and took delivery of major components. We are now 60 to 70 percent complete and 1 to 2 years away from ramp up depending if we slow time it or not.

As I’m writing this email Nickel is currently at $19,041 a ton (although I’ll give you its jumped 4% today on the news of Russian sanctions) and the LME Warehouse levels sit at 73,758 a quarter of what they were 6 years ago.

Yet we are told that we are unable to raise any money due to uncertainty over profitability due to insecurity around nickel prices?

https://horizonteminerals.com/uk/en/npv_calculator/

For those who haven’t seen it Horizonte have a NPV calculator, it’s well out of date with the capital costs at the original $443m, even adding an extra $500 at today’s Nickle price horizon profits are huge, around 3 billion in profit over the 28 year life of the mine, a >30% rate of return.

Jeremy Martin called it robust economics and he wasn’t joking. I’ve struggled over the last six months with the declining share price and rereading these bulletin boards, nobody seems

Latest Share Chat

Member Info for Harkin100

Posts (Last 30 Days)

Posts (All Time)

Last Post

Member Since

Share Chat Post Distribution over the last 30 days