Horizonte Minerals PLC Announces Corporate Update - Seite 2

Existing shareholders should note that whilst the Company continues to work closely with its major shareholders and senior creditors on a full funding solution, there can be no guarantee that a refinancing and restructuring solution will complete (including any interim funding). Even if it does, the conclusion of any such solution is unlikely to lead to a positive outcome for existing shareholders, noteholders and creditors of the Company. Further, if it becomes apparent that an interim and/or a fully funded solution is unlikely to be found, the Company will have to look at all potential options which could include putting the group's projects in care and maintenance, liquidation of assets, and or starting formal administration procedures in the UK in relation to the Company.

By way of background and further information, the Company informs that in November 2023, Araguaia Níquel Metais Ltda (" ANML "), the Company's Brazilian subsidiary, engaged Moelis & Company Assessoria Ltda in Brazil to act as financial advisors to ANML in connection with the restructuring of its debt and the Company has also recently engaged FRP Advisory Trading Limited in the UK to act as advisors to the Company and its board of directors in connection with restructuring options and contingency planning.

DEFERRAL OF INTEREST PAYMENTS

As announced on 1 March 2024, the existing senior lenders agreed to extend waivers including the deferral of interest originally due 31 December 2023 to the 29 March 2024 (subject to certain conditions). The Company is in discussions with senior lenders and has requested that they extend such waivers until the end of April 2024. Whilst the Company expects that it will reach an agreement with senior lenders on the request for extension, there can be no guarantee that senior lenders will consent to further extend the current waivers.

If no extension is agreed, deferred interest originally payable at the end of December 2023 will become immediately due and payable on 30 March 2024 and interest payable at the end of Q1 2024 will become due and payable on 1 April 2024. If these amounts remain unpaid after becoming due and payable, the senior lenders will be entitled to: (a) immediately cancel the undrawn portion of the senior debt facility; (b) declare all outstanding senior debt amounts (including interest) immediately due and payable; and/or (c) seek to enforce the senior lenders' security, which encompasses all or essentially all of the group's assets.