The pre-revenue exploration and mine development group reported a £453,740 loss for the quarter.
Operationally, the company is presently focussed on the ongoing development and exploration of its nickel assets.
The most advanced is the 100%-owned Araguaia project in Brazil, for which the company now has a construction permit and is making preparations for the build.
First production should be in 2022 with the mine scheduled to run for 28 years.
Phase 1 will see the production of 14.5kt/year of nickel in ferronickel form, with the potential to increase that to 29kt/year through additional capex spending of US$199mln. Capital expenditure for phase I was estimated at US$443mln in last year’s feasibility study with cash costs of US$3.77/lb.
That feasibility study showed Araguaia to have a post-tax net present value of US$401mln and an internal rate of return of 20.1%. Cash costs are expected to be US$3.77 per pound of nickel, or US$8,193 per tonne, making Araguaia a low-cost producer.
Construction can start once funding of around US$443mln is arranged.
A second project Vermelho, a nickel-cobalt project in the eastern part of the Carajás mining district, was acquired by Horizonte in December. And recent testwork provided a positive outcome, with results confirming the metal quality is high enough for stainless steel production and potentially for electric vehicle batteries.