This company is no longer activeThe company may no longer be operating, as it may be out of business. Find out why through their latest events.See Latest EventsHorizonte Minerals (HZM) 주식 개요Engages in the exploration and development of mineral projects in Brazil. 자세히 보기HZM 펀더멘털 분석스노우플레이크 점수가치 평가2/6미래 성장0/6과거 실적0/6재무 건전성1/6배당0/6위험 분석지난 3개월 동안 주가 변동성이 UK 시장과 비교했을 때 매우 높았습니다.수익이 USD$1m 미만입니다($0)의미 있는 시가총액이 없습니다(£877K)지난 5년간 매년 수익이 31.2% 감소했습니다.+ 위험 1건 추가모든 위험 점검 보기HZM Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueUK£Current PriceUK£0.0032해당 없음내재 할인율Est. Revenue$PastFuture-11m12016201920222025202620282031Revenue US$1.0Earnings US$0.1AdvancedSet Fair ValueView all narrativesHorizonte Minerals Plc 경쟁사Ormonde MiningSymbol: OFEX:ORMMarket cap: UK£1.2mCRISM TherapeuticsSymbol: AIM:CRTXMarket cap: UK£5.9mKendrick ResourcesSymbol: LSE:KENMarket cap: UK£26.1mEuropa MetalsSymbol: AIM:EUZMarket cap: UK£1.0m가격 이력 및 성과Horizonte Minerals 주가의 최고가, 최저가 및 변동 요약과거 주가현재 주가UK£0.003252주 최고가UK£1.7252주 최저가UK£0.0025베타1.511개월 변동0%3개월 변동-90.00%1년 변동-99.77%3년 변동-99.76%5년 변동-99.08%IPO 이후 변동-99.83%최근 뉴스 및 업데이트Breakeven Date Change • Apr 15Forecast to breakeven in 2025The 2 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.45m in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule.New Risk • Apr 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.06m market cap, or US$6.36m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end).New Risk • Mar 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: UK£4.05m (US$5.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (30% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.05m market cap, or US$5.11m).공시 • Feb 20Horizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced that Maryse Bélanger, interim Chief Operating Officer of the Company will step down as COO effective 21 February 2024, following a period of handover to Graham Crew, who is appointed as new interim COO. Mr. Crew was Chief Technical Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Crew has been on a period of secondment to the Company in recent months having stepped down from his day-to-day executive role within La Mancha. He was previously a Non-executive Director at Golden Star Resources Limited before becoming Chief Operating Officer. He has extensive operational experience in Australia, Africa and Asia and was previously Operations Manager for La Mancha Resources Australia, including the development and construction and ramp up of the Mungari processing facility, prior to the divestment of those assets to Evolution Mining. He began his career with Western Mining Corporation at Olympic Dam and Leinster Nickel Operations. He holds a B.Eng (Mining Engineering) from the West Australian School of Mines, is a Member of the Australian institute of Corporate Directors and a Fellow of the Australasian Institute of Mining & Metallurgy.공시 • Dec 28Horizonte Minerals Plc announced that it expects to receive £20 million in fundingHorizonte Minerals Plc announced a private placement of non-convertible senior secured loan for gross proceeds of $20 million on December 27, 2023. The transaction include the participation from returning lenders La Mancha Investments S.A R.L., Orion Mine Finance, OMF FundIII (Cr) Ltd. and Glencore International AG. The interest payment date is December 31, 2023.공시 • Dec 19Horizonte Minerals plc Announces Board AppointmentsHorizonte Minerals Plc announced the appointments of Paul Smith as Non-Executive Director and Chair of the Board of the Company and of Karim Nasr as an Executive Director of the Company. As previously announced on 27 November 2023, the Board proposed the appointment of Paul Smith as Non-Executive Director and Chair, succeeding Vincent Benoit who had agreed to act as interim Chair and who will now continue his role as a Non-Executive Director, in addition to theappointed Mr. Nasras an Executive Director. Mr. Smith and Mr. Nasr's appointments weresubject to receipt of the usual director certifications in accordance with the AIM Rules. The Company's Nominated Advisor, Peel Hunt, have now completed the due diligence processes, and Mr. Smith's and Mr. Nasr's appointmentshave been confirmed by the Board, effective immediately. Following this announcement, Horizonte's Board will be comprised of five members, of which the following three members are considered independent under the QCA Corporate Governance Code: Paul Smith, Gillian Davidson and John MacKenzie. Mr. Nasr has also been appointed as interim CEO to lead the financing and restructuring process for the Company and to work with the Board to appoint a new senior leadership team. In the process, Mr. Nasr temporarily stepped down from his day-to-day executive role within La Mancha Resource Capital LLP to devote himself to Horizonte, agreeing to a Conflict of Interest Protocol, a summary of which is set out below.더 많은 업데이트 보기Recent updatesBreakeven Date Change • Apr 15Forecast to breakeven in 2025The 2 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.45m in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule.New Risk • Apr 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.06m market cap, or US$6.36m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end).New Risk • Mar 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: UK£4.05m (US$5.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (30% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.05m market cap, or US$5.11m).공시 • Feb 20Horizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced that Maryse Bélanger, interim Chief Operating Officer of the Company will step down as COO effective 21 February 2024, following a period of handover to Graham Crew, who is appointed as new interim COO. Mr. Crew was Chief Technical Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Crew has been on a period of secondment to the Company in recent months having stepped down from his day-to-day executive role within La Mancha. He was previously a Non-executive Director at Golden Star Resources Limited before becoming Chief Operating Officer. He has extensive operational experience in Australia, Africa and Asia and was previously Operations Manager for La Mancha Resources Australia, including the development and construction and ramp up of the Mungari processing facility, prior to the divestment of those assets to Evolution Mining. He began his career with Western Mining Corporation at Olympic Dam and Leinster Nickel Operations. He holds a B.Eng (Mining Engineering) from the West Australian School of Mines, is a Member of the Australian institute of Corporate Directors and a Fellow of the Australasian Institute of Mining & Metallurgy.공시 • Dec 28Horizonte Minerals Plc announced that it expects to receive £20 million in fundingHorizonte Minerals Plc announced a private placement of non-convertible senior secured loan for gross proceeds of $20 million on December 27, 2023. The transaction include the participation from returning lenders La Mancha Investments S.A R.L., Orion Mine Finance, OMF FundIII (Cr) Ltd. and Glencore International AG. The interest payment date is December 31, 2023.공시 • Dec 19Horizonte Minerals plc Announces Board AppointmentsHorizonte Minerals Plc announced the appointments of Paul Smith as Non-Executive Director and Chair of the Board of the Company and of Karim Nasr as an Executive Director of the Company. As previously announced on 27 November 2023, the Board proposed the appointment of Paul Smith as Non-Executive Director and Chair, succeeding Vincent Benoit who had agreed to act as interim Chair and who will now continue his role as a Non-Executive Director, in addition to theappointed Mr. Nasras an Executive Director. Mr. Smith and Mr. Nasr's appointments weresubject to receipt of the usual director certifications in accordance with the AIM Rules. The Company's Nominated Advisor, Peel Hunt, have now completed the due diligence processes, and Mr. Smith's and Mr. Nasr's appointmentshave been confirmed by the Board, effective immediately. Following this announcement, Horizonte's Board will be comprised of five members, of which the following three members are considered independent under the QCA Corporate Governance Code: Paul Smith, Gillian Davidson and John MacKenzie. Mr. Nasr has also been appointed as interim CEO to lead the financing and restructuring process for the Company and to work with the Board to appoint a new senior leadership team. In the process, Mr. Nasr temporarily stepped down from his day-to-day executive role within La Mancha Resource Capital LLP to devote himself to Horizonte, agreeing to a Conflict of Interest Protocol, a summary of which is set out below.Board Change • Dec 05High number of new and inexperienced directorsThere are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Gillian Davidson is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.공시 • Nov 29+ 1 more updateHorizonte Minerals plc Announces Simon Retter, to Step Down as Chief Financial OfficerHorizonte Minerals Plc announces the following changes to its board of directors (the "Board") and senior leadership team. These changes have been made as the Company advances discussions for a financing solution for its Araguaia Nickel Project ("Araguaia" or "the Project") and the completion of construction of the Project. Jeremy Martin, Co-Founder and Chief Executive Officer of the Company ("CEO") will step down as CEO and as a member of the Company's Board alongside Simon Retter, Chief Financial Officer of the Company who will step down as CFO and as a member of the Company's Board. In addition, in accordance with best practice corporate governance William Fisher, Non-Executive Interim Chair and Owen Bavinton, Non-Executive Director, will step down from the Company's Board having served as directors since 2011 and 2012 respectively. These director and officer changes are effective with all departing directors and officers agreeing to assist the Board with an orderly handover. Jeremy is a founding director of Horizonte and has led the business as CEO since 2010. Under his leadership, Horizonte discovered, acquired and consolidated its interests in the Company's two tier-one nickel assets in Brazil. Jeremy oversaw the development of these assets and took Araguaia from a greenfield project through the feasibility stage and onto construction. The Board is appreciative of his significant contribution to the Company. The Company announced the following proposed appointments (subject to receipt of the usual director certifications where applicable in accordance with the AIM Rules) with further proposed Board directors expected to be announced in the coming weeks. The Board announced the appointment of Karim Nasr as interim CEO and his proposed appointment as a Board director. Mr. Nasr will lead the financing and restructuring process and will work with the Board to appoint a new senior leadership team. Mr. Nasr is Managing Partner and Co-Chief Investment Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Nasr has over 25 years of experience in corporate finance and investments, including experience of restructurings in Brazil. Mr. Nasr will step down from his day-to-day executive role within La Mancha to devote himself to Horizonte and put in place a financing plan to restart construction. Mr. Smith is a corporate finance professional and senior board member with extensive experience in driving industry-leading performance at natural resource focused companies. Upon his appointment taking effect, Mr. Smith will act as the Chair of the Board. Pending such appointment taking effect, Non-Executive Director, Vincent Benoit has agreed to act as interim Chair.Breakeven Date Change • Nov 27Forecast to breakeven in 2025The 4 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$60.5m in 2025. Average annual earnings growth of 71% is required to achieve expected profit on schedule.공시 • Oct 24Horizonte Minerals plc Provides Updates on ConstructionHORIZONTE MINERALS provided Q3-2023 CON Construction progress continues to be made at Araguaia. Strong safety performance, no lost time injuries with close to 5.1 million hours worked. Rotary Kiln sections have been installed on the support piers. The furnace shell is complete with roof installation underway. All critical equipment packages have been contracted and are either on site or en route to site. As of 30 September, 138,000 tonnes of ore averaging 1.92% Ni has been stockpiled. Commissioning of the 126 km (230kV) power transmission line underway. USD429 million has been spent at Araguaia as of 30 September 2023. Reta Engenharia's detailed capital cost and schedule analysis is on-going, with the updated estimate being assessed to meet the requirements of AACEI Class 1, improved from the estimate utilised in September 2022. Principal capital changes are linked to the following: Civil works: the development of engineering maturity and identification of new scopes to the project resulted in increases in civil quantities (concrete, rebar and formwork) and the corresponding rise in the installation costs. These changes relate to the water storage reservoir, the water abstraction pipeline, selected major equipment packages and equipment interfaces. More detailed information will be given once the final engineering study is complete by mid Fourth Quarter-2023. Project FINANCING ACTIVITIES. Araguaia line 2: FEASIBILITY Study EXPECTED in Fourth Quarter 2023. The results from the Feasibility Study on Araguaia Line 2 remain on track to be published in mid fourth quarter-2023. Forward-looking information includes, but is not limited to, the ability of the Company to complete a positive feasibility study regarding the second RKEF line at Araguaia on time, or at all, the success of exploration and mining activities; cost and timing for delivery of the equipment to be purchased, the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates and achieving production in accordance with the Company's potential production profile or at all.공시 • Oct 05Horizonte Minerals Plc Provides Update on Araguaia Nickel Project ConstructionHorizonte Minerals Plc announces that it has made good progress in completing the final detailed engineering and construction design for Line 1 of its 100%-owned Araguaia Nickel Project ("Araguaia" or "the Project"). This work, along with a comprehensive cost review, has resulted in changes to the design and execution scope, which are expected to increase the overall capital expenditure requirement by at least 35% (of current capex budget) and delay first production to Q3-2024. Given the progress made to date with construction, the value of the Araguaia Line 1 Project and the upcoming delivery of the Feasibility Study on Araguaia Line 2, the Company continues to have strong support from its major partners. The Company is working on a plan with its various financial institutions together with the cornerstone shareholdersfor a financing solution to complete construction. Construction work on site continues to progress well with all key engineering drawings issued for construction. Ore stockpiling activities commenced last quarter, and ROM build-up is progressing to schedule. The rotary dryer is now in place, with all shells aligned for final welding. Construction of the 126km, 230kV transmission line is well advanced, with all pylons erected and 118km of conductor cable installed. Construction of the water storage reservoir is also well advanced, with the initial sections of the water abstraction pipeline positioned and foundations poured for the river abstraction pump station. To de-risk the operation, the final detailed engineering work has added additional scope items linked to the major equipment packages, made several enhanced design changes from the original engineering study (including changes to the water abstraction pipeline design and water storage reservoir), and has identified the requirement for additional civil works and quantities. Additionally, changes have been required with selected suppliers who have not been able to deliver to the project timeframe, which has added further cost pressures. Accordingly, the Company engaged Reta Engenharia to undertake an independent review of the remaining capital expenditure and schedule, incorporating the change in scope, material and quantity variations, increased project duration to first metal and associated costs, and additional working capital requirements. The Company has also undertaken a detailed review of the ramp up and operational costs. The Company expects to publish an update by mid Q4-2023 once this review is complete. The results from the Feasibility Study on Araguaia Line 2 remain on track to be published in Q4-2023. The combined production of Araguaia Line 1 and 2 is expected to be 29,000 tonnes per annum.New Risk • Oct 05New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$289m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$289m free cash flow). Share price has been highly volatile over the past 3 months (32% average weekly change). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding).New Risk • Oct 02New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$289m). Shareholders have been diluted in the past year (42% increase in shares outstanding).Price Target Changed • Oct 02Price target decreased by 8.1% to UK£1.95Down from UK£2.12, the current price target is an average from 5 analysts. New target price is 290% above last closing price of UK£0.50. Stock is down 48% over the past year. The company is forecast to post a net loss per share of US$0.093 next year compared to a net loss per share of US$0.026 last year.공시 • Sep 12Horizonte Minerals plc Announces Demise of David Hall, Co-Founder and Former ChairmanHorizonte Minerals Plc announced the demise of David Hall, the Company's co-founder and former Chairman. The Board extends its deepest condolences to the Hall family and would like to thank David for his leadership and the integral part he played in the establishment, development, and growth of Horizonte Minerals. The company will carry on with his vision and honour his legacy. David began his career studying Geology at Trinity College Dublin and during his early career spent time in Africa, Europe and the Middle East. He went on to become AngloGold's South American Exploration Manager before establishing numerous junior exploration and development companies, including Horizonte Minerals.공시 • Aug 25Horizonte Minerals plc Appoints Fernando Marino as its Operations DirectorHorizonte Minerals Plc strengthen its management team with the appointment of Mr. Fernando Marino as its Operations Director for the Araguaia Nickel Project ("Araguaia" or "the Project"). Fernando has over 35 years of experience in the resources industry, with a strong track record of ramping up and operating mining operations in Brazil. He worked across a range of mining operations for Vale in Brazil, including as Director of Operations at Onça Puma, a ferronickel operation in Para state located approximately 250 km from Araguaia. During his time at Onça Puma, he managed the initial ramp-up phase and subsequently implemented improvements to the original furnace design in conjunction with Hatch (Araguaia's furnace vendor). Additionally, he led a comprehensive review of the operational, maintenance and safety procedures, resulting in a record annual production of 25,000 tonnes of nickel, without any lost-time accidents. Prior to joining Horizonte, Fernando was Executive Manager at Vale's Base Metals South Atlantic operations, and previously managed the Salobo copper mine and plant.공시 • Aug 24Horizonte Minerals plc Appoints Fernando Marino as Its Operations Director for the Araguaia Nickel ProjectHorizonte Minerals Plc announced the appointment of Mr. Fernando Marino as its Operations Director for the Araguaia Nickel Project ("Araguaia" or "the Project"). Fernando has over 35 years of experience in the resources industry, with a strong track record of ramping up and operating mining operations in Brazil. He worked across a range of mining operations for Vale in Brazil, including as Director of Operations at Onça Puma, a ferronickel operation in Para state located approximately 250 km from Araguaia. During his time at Onça Puma, he managed the initial ramp-up phase and subsequently implemented improvements to the original furnace design in conjunction with Hatch (Araguaia's furnace vendor). Additionally, he led a comprehensive review of the operational, maintenance and safety procedures, resulting in a record annual production of 25,000 tonnes of nickel, without any lost-time accidents. Prior to joining Horizonte, Fernando was Executive Manager at Vale's Base Metals South Atlantic operations, and previously managed the Salobo copper mine and plant.공시 • Aug 03Horizonte Minerals Plc Announces Second Quarter of 2023 Araguaia Construction UpdateHorizonte Minerals Plc reported that it is continuing to make good progress on the construction of its 100%-owned Araguaia Nickel Project Line 1 (the Project). The company is targeting first metal in first quarter of 2024. As of 30 June 2023, approximately 65% of the overall Araguaia Line 1 construction programme has been completed, physical site construction was 53% advanced with ore stockpiling having now commenced following the issuance of the mining permit during the quarter. Additionally, a major milestone in the quarter was the safe delivery to site of the rotary kiln, a key long lead item. The 11 steel sections will now be aligned and welded together before being lifted into place for final installation on the kiln piers. Off-site, construction of the 126km, 230kV transmission line is well advanced with over 90% of the pylons erected and 42 km of conductor cable installed. Construction of the water storage reservoir has commenced. As of 30 June 2023, a total of USD 329 million has been spent on the Araguaia construction out of the budgeted capital requirement of USD 537 million. As at quarter-end, the company had total liquidity and funding sources of USD 344 million. The FS for Horizonte's 100% owned Vermelho project in Brazil, is currently on-going and is expected to be published in 2024. Vermelho has a high-grade scalable resource with a long mine life. Given Vermelho's geological characteristics, the ore has the ability to be processed either through High-Pressure Acid Leach ("HPAL") or Rotary Kiln Electric furnace ("RKEF") technologies. As part of the study and driven by the evolving market dynamics, Horizonte is evaluating the optimal final nickel product that will supply the critical metals market.공시 • Jul 12+ 1 more updateHorizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced the appointment of John MacKenzie as a Non-Executive Director and Simon Retter as an Executive Director effective immediately. John MacKenzie John is a senior mining executive with more than 30 years of operational and investment experience in the metals and mining sector, currently Chief Executive Officer and Director of TSX-listed Capstone Copper Corp. (current market capitalisation of USD 3 billion). Previously, John was Executive Chair and Founder of Mantos Copper before its merger with Capstone Mining in 2022. He brings extensive operating and construction experience to the Board, in particular in South American through his time as part of the Anglo American group where he was a member of the Executive Committee and CEO of Copper at Anglo American plc, CEO Zinc at Anglo Base Metals and General Manager at their Minera Loma de Niquel mine and smelter in Venezuela, an RKEF ferronickel operation similar in design capacity to Araguaia. He was also previously a Non-Executive Director of KAZ Minerals plc John has a Master of Science in Mining Engineering from the University of the Witwatersrand, a Master of Business Leadership from the University of South Africa and has completed the Advanced Management Programme at Harvard Business School. Simon Retter: Simon has served as the group CFO of Horizonte Minerals since 2016. He is a commercially focused business leader with almost 15 years of experience as an Executive and Non-Executive Director focussed in the natural resources sector, driving strategic growth and leading high-performance teams across various financial roles. Simon started his career at Deloitte in assurance and advisory, qualifying as a chartered accountant before gaining extensive experience in the public markets and the mining sector, specifically, reverse takeovers, IPOs and secondary fundraising. Change in Company Secretary: Mr. Leonardo (Leo) Neves, Horizonte's General Counsel, has been appointed as Company Secretary, taking over from Mr. Simon Retter effective immediately. Mr. Neves is an experienced legal professional, having developed his career at law firms Pinheiro Neto Advogados (Brazil), McMillan LLP (Canada) and Fasken Martineau LLP (UK). He has also acted in-house for various mining companies, including Ferrous Resources where he spent 9 years as Head of Legal and Company Secretary. Mr. Neves holds an LL.B. degree from University of Brasília (UnB) and an LL.M. degree from the London School of Economics and Political Science (LSE). He is qualified to practice as a solicitor in England and Wales, as well as in Brazil and Portugal.Breakeven Date Change • Jul 07Forecast to breakeven in 2024The 4 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$14.6m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule.공시 • Jul 07Horizonte Minerals plc Receives Mining Approval for AraguaiaHorizonte Minerals plc announced that it has received its mining approval permit for its 100%-owned Araguaia Nickel Project in Brazil. The approval was issued by the Para State Secretariat for Environment and Sustainability ("SEMAS") and enables Horizonte to commence its mining activities, with initial work underway to establish ore stockpiles on the ROM pad ahead of the commissioning phase. The approval enables the Company to mine, stockpile, and categorise ore, optimising the consistency of the feedstock, a process required to mitigate risk during commissioning which is a key part of the mine-to-mill strategy. Over the course of the next six months, stockpiles will be established, with sufficient ore to feed the plant for the subsequent six months. The Pequizeiro Pit, located 750 metres from the plant site, will be the primary source of ore to Araguaia, supplying the first two years of the Project's mine life and contributing over 50% of the mine production for the first ten years.공시 • Jun 30Horizonte Minerals plc Announces Construction Milestone At Its 100%-Owned Araguaia Nickel Project in BrazilHorizonte Minerals Plc announced that a construction milestone has been achieved at its 100%-owned Araguaia Nickel Project in Brazil, following the successful delivery to site of the rotary kiln, a key long lead item. The rotary kiln is a key part of the process flow sheet at Araguaia. Its safe delivery to site is therefore an important milestone in the construction schedule given it is one of the key long lead packages. The FLSmidth supplied rotary kiln was designed and built according to the standards which will allow Araguaia to meet its low cost and low environmental impact targets. The 11 individual sections of the kiln will now be welded together over the course of the next month, before the sections are lifted into place on top of the kiln piers for final welding and alignment.분석 기사 • Apr 04Is Horizonte Minerals (LON:HZM) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...공시 • Jan 25Horizonte Minerals plc Submits Environmental and Social Impact Assessment for Its Vermelho Nickel Cobalt ProjectHorizonte Minerals Plc announced that it has advanced the permitting process for its 100%-owned Vermelho Nickel Cobalt Project (‘Vermelho’ or ‘the Project’), located 160km from the Company's construction-stageAraguaia Nickel Project (‘Araguaia’),in parallel with ongoing work on the Feasibility Study which is expected to be published in first half of 2024. The Company has submitted the Environmental and Social Impact Assessment (‘EIA’) and the associated Relatório de Impacto Ambiental (‘RIMA’) with the Pará State Secretariat for Environment and Sustainability (‘SEMAS’) and it is targeting the approval of the EIA/RIMA and subsequent granting of a Preliminary Licence (‘LP’) in Mid-2024. The granting of the LP is the first in a three-stage environmental Licensing process to develop a mine in Brazil. Through the granting of the LP, SEMAS confirms that the Project is acceptable from an environmental and social perspective. Over the course of an 18-month period, Horizonte, in conjunction with Rambol Group (‘Rambol’) (a leading global environmental and social consultancy firm) together with Integratio (a leading Brazilian social consultancy firm) undertook the collection and analysis of the baseline social and environmental data specified by SEMAS, to document the current physical, biological and social settings at Vermelho. This process was enhanced through leveraging the extensive database of historical environmental and social data previously collected at Vermelho by Vale S. A (‘Vale’), the previous owner of the Project. Horizonte acquired Vermelho from Vale in 2017, after Vale had successfully attained an LP for the project and subsequently made a positive construction decision in 2005.Breakeven Date Change • Dec 31Forecast to breakeven in 2025The 3 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$10.6m in 2025. Average annual earnings growth of 44% is required to achieve expected profit on schedule.Price Target Changed • Nov 28Price target decreased to UK£2.75Down from UK£3.20, the current price target is an average from 3 analysts. New target price is 153% above last closing price of UK£1.09. Stock is down 20% over the past year. The company is forecast to post a net loss per share of US$0.029 next year compared to a net loss per share of US$0.15 last year.분석 기사 • Oct 06Is Horizonte Minerals (LON:HZM) Weighed On By Its Debt Load?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Price Target Changed • Oct 05Price target increased to UK£4.40Up from UK£3.20, the current price target is an average from 2 analysts. New target price is 386% above last closing price of UK£0.91. Stock is down 41% over the past year. The company is forecast to post a net loss per share of US$0.02 next year compared to a net loss per share of US$0.15 last year.분석 기사 • Jun 21Horizonte Minerals (LON:HZM) Has Debt But No Earnings; Should You Worry?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Price Target Changed • Apr 27Price target decreased to UK£0.16Down from UK£0.27, the current price target is an average from 3 analysts. New target price is 104% above last closing price of UK£0.079. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of UK£0 next year compared to a net loss per share of UK£0.0057 last year.분석 기사 • Sep 15Does Horizonte Minerals (LON:HZM) Have A Healthy Balance Sheet?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...분석 기사 • Dec 09What Is The Ownership Structure Like For Horizonte Minerals Plc (LON:HZM)?If you want to know who really controls Horizonte Minerals Plc ( LON:HZM ), then you'll have to look at the makeup of...주주 수익률HZMGB Metals and MiningGB 시장7D0%0.2%1.5%1Y-99.8%86.0%19.4%전체 주주 수익률 보기수익률 대 산업: HZM은 지난 1년 동안 86%의 수익을 기록한 UK Metals and Mining 산업보다 저조한 성과를 냈습니다.수익률 대 시장: HZM은 지난 1년 동안 19.4%를 기록한 UK 시장보다 저조한 성과를 냈습니다.주가 변동성Is HZM's price volatile compared to industry and market?HZM volatilityHZM Average Weekly Movement42.3%Metals and Mining Industry Average Movement9.2%Market Average Movement5.7%10% most volatile stocks in GB Market12.0%10% least volatile stocks in GB Market3.1%안정적인 주가: HZM의 주가는 지난 3개월 동안 UK 시장보다 변동성이 컸습니다.시간에 따른 변동성: HZM의 주간 변동성은 지난 1년간 32%에서 42%로 증가했습니다.회사 소개설립직원 수CEO웹사이트n/a150Karim Nasrwww.horizonteminerals.com더 보기Horizonte Minerals Plc 기초 지표 요약Horizonte Minerals의 순이익과 매출은 시가총액과 어떻게 비교됩니까?HZM 기초 통계시가총액UK£876.78k순이익 (TTM)-UK£5.68m매출 (TTM)n/a0.0x주가매출비율(P/S)-0.2x주가수익비율(P/E)HZM는 고평가되어 있습니까?공정 가치 및 평가 분석 보기순이익 및 매출최근 실적 보고서(TTM)의 주요 수익성 지표HZM 손익계산서 (TTM)매출US$0매출원가US$0총이익US$0기타 비용US$7.20m순이익-US$7.20m최근 보고된 실적Jun 30, 2023다음 실적 발표일해당 없음주당순이익(EPS)-0.027총이익률0.00%순이익률0.00%부채/자본 비율93.3%HZM의 장기 실적은 어땠습니까?과거 실적 및 비교 보기View Valuation기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2024/06/17 16:03종가2024/05/16 00:00수익2023/06/30연간 수익2022/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Horizonte Minerals Plc는 6명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관David GaglianoBMO Capital Markets Equity ResearchJason FaircloughBofA Global Researchnull nullCantor Fitzgerald Canada Corporation3명의 분석가 더 보기
Breakeven Date Change • Apr 15Forecast to breakeven in 2025The 2 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.45m in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule.
New Risk • Apr 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.06m market cap, or US$6.36m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end).
New Risk • Mar 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: UK£4.05m (US$5.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (30% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.05m market cap, or US$5.11m).
공시 • Feb 20Horizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced that Maryse Bélanger, interim Chief Operating Officer of the Company will step down as COO effective 21 February 2024, following a period of handover to Graham Crew, who is appointed as new interim COO. Mr. Crew was Chief Technical Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Crew has been on a period of secondment to the Company in recent months having stepped down from his day-to-day executive role within La Mancha. He was previously a Non-executive Director at Golden Star Resources Limited before becoming Chief Operating Officer. He has extensive operational experience in Australia, Africa and Asia and was previously Operations Manager for La Mancha Resources Australia, including the development and construction and ramp up of the Mungari processing facility, prior to the divestment of those assets to Evolution Mining. He began his career with Western Mining Corporation at Olympic Dam and Leinster Nickel Operations. He holds a B.Eng (Mining Engineering) from the West Australian School of Mines, is a Member of the Australian institute of Corporate Directors and a Fellow of the Australasian Institute of Mining & Metallurgy.
공시 • Dec 28Horizonte Minerals Plc announced that it expects to receive £20 million in fundingHorizonte Minerals Plc announced a private placement of non-convertible senior secured loan for gross proceeds of $20 million on December 27, 2023. The transaction include the participation from returning lenders La Mancha Investments S.A R.L., Orion Mine Finance, OMF FundIII (Cr) Ltd. and Glencore International AG. The interest payment date is December 31, 2023.
공시 • Dec 19Horizonte Minerals plc Announces Board AppointmentsHorizonte Minerals Plc announced the appointments of Paul Smith as Non-Executive Director and Chair of the Board of the Company and of Karim Nasr as an Executive Director of the Company. As previously announced on 27 November 2023, the Board proposed the appointment of Paul Smith as Non-Executive Director and Chair, succeeding Vincent Benoit who had agreed to act as interim Chair and who will now continue his role as a Non-Executive Director, in addition to theappointed Mr. Nasras an Executive Director. Mr. Smith and Mr. Nasr's appointments weresubject to receipt of the usual director certifications in accordance with the AIM Rules. The Company's Nominated Advisor, Peel Hunt, have now completed the due diligence processes, and Mr. Smith's and Mr. Nasr's appointmentshave been confirmed by the Board, effective immediately. Following this announcement, Horizonte's Board will be comprised of five members, of which the following three members are considered independent under the QCA Corporate Governance Code: Paul Smith, Gillian Davidson and John MacKenzie. Mr. Nasr has also been appointed as interim CEO to lead the financing and restructuring process for the Company and to work with the Board to appoint a new senior leadership team. In the process, Mr. Nasr temporarily stepped down from his day-to-day executive role within La Mancha Resource Capital LLP to devote himself to Horizonte, agreeing to a Conflict of Interest Protocol, a summary of which is set out below.
Breakeven Date Change • Apr 15Forecast to breakeven in 2025The 2 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.45m in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule.
New Risk • Apr 03New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.06m market cap, or US$6.36m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end).
New Risk • Mar 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: UK£4.05m (US$5.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (30% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.05m market cap, or US$5.11m).
공시 • Feb 20Horizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced that Maryse Bélanger, interim Chief Operating Officer of the Company will step down as COO effective 21 February 2024, following a period of handover to Graham Crew, who is appointed as new interim COO. Mr. Crew was Chief Technical Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Crew has been on a period of secondment to the Company in recent months having stepped down from his day-to-day executive role within La Mancha. He was previously a Non-executive Director at Golden Star Resources Limited before becoming Chief Operating Officer. He has extensive operational experience in Australia, Africa and Asia and was previously Operations Manager for La Mancha Resources Australia, including the development and construction and ramp up of the Mungari processing facility, prior to the divestment of those assets to Evolution Mining. He began his career with Western Mining Corporation at Olympic Dam and Leinster Nickel Operations. He holds a B.Eng (Mining Engineering) from the West Australian School of Mines, is a Member of the Australian institute of Corporate Directors and a Fellow of the Australasian Institute of Mining & Metallurgy.
공시 • Dec 28Horizonte Minerals Plc announced that it expects to receive £20 million in fundingHorizonte Minerals Plc announced a private placement of non-convertible senior secured loan for gross proceeds of $20 million on December 27, 2023. The transaction include the participation from returning lenders La Mancha Investments S.A R.L., Orion Mine Finance, OMF FundIII (Cr) Ltd. and Glencore International AG. The interest payment date is December 31, 2023.
공시 • Dec 19Horizonte Minerals plc Announces Board AppointmentsHorizonte Minerals Plc announced the appointments of Paul Smith as Non-Executive Director and Chair of the Board of the Company and of Karim Nasr as an Executive Director of the Company. As previously announced on 27 November 2023, the Board proposed the appointment of Paul Smith as Non-Executive Director and Chair, succeeding Vincent Benoit who had agreed to act as interim Chair and who will now continue his role as a Non-Executive Director, in addition to theappointed Mr. Nasras an Executive Director. Mr. Smith and Mr. Nasr's appointments weresubject to receipt of the usual director certifications in accordance with the AIM Rules. The Company's Nominated Advisor, Peel Hunt, have now completed the due diligence processes, and Mr. Smith's and Mr. Nasr's appointmentshave been confirmed by the Board, effective immediately. Following this announcement, Horizonte's Board will be comprised of five members, of which the following three members are considered independent under the QCA Corporate Governance Code: Paul Smith, Gillian Davidson and John MacKenzie. Mr. Nasr has also been appointed as interim CEO to lead the financing and restructuring process for the Company and to work with the Board to appoint a new senior leadership team. In the process, Mr. Nasr temporarily stepped down from his day-to-day executive role within La Mancha Resource Capital LLP to devote himself to Horizonte, agreeing to a Conflict of Interest Protocol, a summary of which is set out below.
Board Change • Dec 05High number of new and inexperienced directorsThere are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Gillian Davidson is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.
공시 • Nov 29+ 1 more updateHorizonte Minerals plc Announces Simon Retter, to Step Down as Chief Financial OfficerHorizonte Minerals Plc announces the following changes to its board of directors (the "Board") and senior leadership team. These changes have been made as the Company advances discussions for a financing solution for its Araguaia Nickel Project ("Araguaia" or "the Project") and the completion of construction of the Project. Jeremy Martin, Co-Founder and Chief Executive Officer of the Company ("CEO") will step down as CEO and as a member of the Company's Board alongside Simon Retter, Chief Financial Officer of the Company who will step down as CFO and as a member of the Company's Board. In addition, in accordance with best practice corporate governance William Fisher, Non-Executive Interim Chair and Owen Bavinton, Non-Executive Director, will step down from the Company's Board having served as directors since 2011 and 2012 respectively. These director and officer changes are effective with all departing directors and officers agreeing to assist the Board with an orderly handover. Jeremy is a founding director of Horizonte and has led the business as CEO since 2010. Under his leadership, Horizonte discovered, acquired and consolidated its interests in the Company's two tier-one nickel assets in Brazil. Jeremy oversaw the development of these assets and took Araguaia from a greenfield project through the feasibility stage and onto construction. The Board is appreciative of his significant contribution to the Company. The Company announced the following proposed appointments (subject to receipt of the usual director certifications where applicable in accordance with the AIM Rules) with further proposed Board directors expected to be announced in the coming weeks. The Board announced the appointment of Karim Nasr as interim CEO and his proposed appointment as a Board director. Mr. Nasr will lead the financing and restructuring process and will work with the Board to appoint a new senior leadership team. Mr. Nasr is Managing Partner and Co-Chief Investment Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr. Nasr has over 25 years of experience in corporate finance and investments, including experience of restructurings in Brazil. Mr. Nasr will step down from his day-to-day executive role within La Mancha to devote himself to Horizonte and put in place a financing plan to restart construction. Mr. Smith is a corporate finance professional and senior board member with extensive experience in driving industry-leading performance at natural resource focused companies. Upon his appointment taking effect, Mr. Smith will act as the Chair of the Board. Pending such appointment taking effect, Non-Executive Director, Vincent Benoit has agreed to act as interim Chair.
Breakeven Date Change • Nov 27Forecast to breakeven in 2025The 4 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$60.5m in 2025. Average annual earnings growth of 71% is required to achieve expected profit on schedule.
공시 • Oct 24Horizonte Minerals plc Provides Updates on ConstructionHORIZONTE MINERALS provided Q3-2023 CON Construction progress continues to be made at Araguaia. Strong safety performance, no lost time injuries with close to 5.1 million hours worked. Rotary Kiln sections have been installed on the support piers. The furnace shell is complete with roof installation underway. All critical equipment packages have been contracted and are either on site or en route to site. As of 30 September, 138,000 tonnes of ore averaging 1.92% Ni has been stockpiled. Commissioning of the 126 km (230kV) power transmission line underway. USD429 million has been spent at Araguaia as of 30 September 2023. Reta Engenharia's detailed capital cost and schedule analysis is on-going, with the updated estimate being assessed to meet the requirements of AACEI Class 1, improved from the estimate utilised in September 2022. Principal capital changes are linked to the following: Civil works: the development of engineering maturity and identification of new scopes to the project resulted in increases in civil quantities (concrete, rebar and formwork) and the corresponding rise in the installation costs. These changes relate to the water storage reservoir, the water abstraction pipeline, selected major equipment packages and equipment interfaces. More detailed information will be given once the final engineering study is complete by mid Fourth Quarter-2023. Project FINANCING ACTIVITIES. Araguaia line 2: FEASIBILITY Study EXPECTED in Fourth Quarter 2023. The results from the Feasibility Study on Araguaia Line 2 remain on track to be published in mid fourth quarter-2023. Forward-looking information includes, but is not limited to, the ability of the Company to complete a positive feasibility study regarding the second RKEF line at Araguaia on time, or at all, the success of exploration and mining activities; cost and timing for delivery of the equipment to be purchased, the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates and achieving production in accordance with the Company's potential production profile or at all.
공시 • Oct 05Horizonte Minerals Plc Provides Update on Araguaia Nickel Project ConstructionHorizonte Minerals Plc announces that it has made good progress in completing the final detailed engineering and construction design for Line 1 of its 100%-owned Araguaia Nickel Project ("Araguaia" or "the Project"). This work, along with a comprehensive cost review, has resulted in changes to the design and execution scope, which are expected to increase the overall capital expenditure requirement by at least 35% (of current capex budget) and delay first production to Q3-2024. Given the progress made to date with construction, the value of the Araguaia Line 1 Project and the upcoming delivery of the Feasibility Study on Araguaia Line 2, the Company continues to have strong support from its major partners. The Company is working on a plan with its various financial institutions together with the cornerstone shareholdersfor a financing solution to complete construction. Construction work on site continues to progress well with all key engineering drawings issued for construction. Ore stockpiling activities commenced last quarter, and ROM build-up is progressing to schedule. The rotary dryer is now in place, with all shells aligned for final welding. Construction of the 126km, 230kV transmission line is well advanced, with all pylons erected and 118km of conductor cable installed. Construction of the water storage reservoir is also well advanced, with the initial sections of the water abstraction pipeline positioned and foundations poured for the river abstraction pump station. To de-risk the operation, the final detailed engineering work has added additional scope items linked to the major equipment packages, made several enhanced design changes from the original engineering study (including changes to the water abstraction pipeline design and water storage reservoir), and has identified the requirement for additional civil works and quantities. Additionally, changes have been required with selected suppliers who have not been able to deliver to the project timeframe, which has added further cost pressures. Accordingly, the Company engaged Reta Engenharia to undertake an independent review of the remaining capital expenditure and schedule, incorporating the change in scope, material and quantity variations, increased project duration to first metal and associated costs, and additional working capital requirements. The Company has also undertaken a detailed review of the ramp up and operational costs. The Company expects to publish an update by mid Q4-2023 once this review is complete. The results from the Feasibility Study on Araguaia Line 2 remain on track to be published in Q4-2023. The combined production of Araguaia Line 1 and 2 is expected to be 29,000 tonnes per annum.
New Risk • Oct 05New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$289m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$289m free cash flow). Share price has been highly volatile over the past 3 months (32% average weekly change). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding).
New Risk • Oct 02New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$289m). Shareholders have been diluted in the past year (42% increase in shares outstanding).
Price Target Changed • Oct 02Price target decreased by 8.1% to UK£1.95Down from UK£2.12, the current price target is an average from 5 analysts. New target price is 290% above last closing price of UK£0.50. Stock is down 48% over the past year. The company is forecast to post a net loss per share of US$0.093 next year compared to a net loss per share of US$0.026 last year.
공시 • Sep 12Horizonte Minerals plc Announces Demise of David Hall, Co-Founder and Former ChairmanHorizonte Minerals Plc announced the demise of David Hall, the Company's co-founder and former Chairman. The Board extends its deepest condolences to the Hall family and would like to thank David for his leadership and the integral part he played in the establishment, development, and growth of Horizonte Minerals. The company will carry on with his vision and honour his legacy. David began his career studying Geology at Trinity College Dublin and during his early career spent time in Africa, Europe and the Middle East. He went on to become AngloGold's South American Exploration Manager before establishing numerous junior exploration and development companies, including Horizonte Minerals.
공시 • Aug 25Horizonte Minerals plc Appoints Fernando Marino as its Operations DirectorHorizonte Minerals Plc strengthen its management team with the appointment of Mr. Fernando Marino as its Operations Director for the Araguaia Nickel Project ("Araguaia" or "the Project"). Fernando has over 35 years of experience in the resources industry, with a strong track record of ramping up and operating mining operations in Brazil. He worked across a range of mining operations for Vale in Brazil, including as Director of Operations at Onça Puma, a ferronickel operation in Para state located approximately 250 km from Araguaia. During his time at Onça Puma, he managed the initial ramp-up phase and subsequently implemented improvements to the original furnace design in conjunction with Hatch (Araguaia's furnace vendor). Additionally, he led a comprehensive review of the operational, maintenance and safety procedures, resulting in a record annual production of 25,000 tonnes of nickel, without any lost-time accidents. Prior to joining Horizonte, Fernando was Executive Manager at Vale's Base Metals South Atlantic operations, and previously managed the Salobo copper mine and plant.
공시 • Aug 24Horizonte Minerals plc Appoints Fernando Marino as Its Operations Director for the Araguaia Nickel ProjectHorizonte Minerals Plc announced the appointment of Mr. Fernando Marino as its Operations Director for the Araguaia Nickel Project ("Araguaia" or "the Project"). Fernando has over 35 years of experience in the resources industry, with a strong track record of ramping up and operating mining operations in Brazil. He worked across a range of mining operations for Vale in Brazil, including as Director of Operations at Onça Puma, a ferronickel operation in Para state located approximately 250 km from Araguaia. During his time at Onça Puma, he managed the initial ramp-up phase and subsequently implemented improvements to the original furnace design in conjunction with Hatch (Araguaia's furnace vendor). Additionally, he led a comprehensive review of the operational, maintenance and safety procedures, resulting in a record annual production of 25,000 tonnes of nickel, without any lost-time accidents. Prior to joining Horizonte, Fernando was Executive Manager at Vale's Base Metals South Atlantic operations, and previously managed the Salobo copper mine and plant.
공시 • Aug 03Horizonte Minerals Plc Announces Second Quarter of 2023 Araguaia Construction UpdateHorizonte Minerals Plc reported that it is continuing to make good progress on the construction of its 100%-owned Araguaia Nickel Project Line 1 (the Project). The company is targeting first metal in first quarter of 2024. As of 30 June 2023, approximately 65% of the overall Araguaia Line 1 construction programme has been completed, physical site construction was 53% advanced with ore stockpiling having now commenced following the issuance of the mining permit during the quarter. Additionally, a major milestone in the quarter was the safe delivery to site of the rotary kiln, a key long lead item. The 11 steel sections will now be aligned and welded together before being lifted into place for final installation on the kiln piers. Off-site, construction of the 126km, 230kV transmission line is well advanced with over 90% of the pylons erected and 42 km of conductor cable installed. Construction of the water storage reservoir has commenced. As of 30 June 2023, a total of USD 329 million has been spent on the Araguaia construction out of the budgeted capital requirement of USD 537 million. As at quarter-end, the company had total liquidity and funding sources of USD 344 million. The FS for Horizonte's 100% owned Vermelho project in Brazil, is currently on-going and is expected to be published in 2024. Vermelho has a high-grade scalable resource with a long mine life. Given Vermelho's geological characteristics, the ore has the ability to be processed either through High-Pressure Acid Leach ("HPAL") or Rotary Kiln Electric furnace ("RKEF") technologies. As part of the study and driven by the evolving market dynamics, Horizonte is evaluating the optimal final nickel product that will supply the critical metals market.
공시 • Jul 12+ 1 more updateHorizonte Minerals Plc Announces Executive ChangesHorizonte Minerals Plc announced the appointment of John MacKenzie as a Non-Executive Director and Simon Retter as an Executive Director effective immediately. John MacKenzie John is a senior mining executive with more than 30 years of operational and investment experience in the metals and mining sector, currently Chief Executive Officer and Director of TSX-listed Capstone Copper Corp. (current market capitalisation of USD 3 billion). Previously, John was Executive Chair and Founder of Mantos Copper before its merger with Capstone Mining in 2022. He brings extensive operating and construction experience to the Board, in particular in South American through his time as part of the Anglo American group where he was a member of the Executive Committee and CEO of Copper at Anglo American plc, CEO Zinc at Anglo Base Metals and General Manager at their Minera Loma de Niquel mine and smelter in Venezuela, an RKEF ferronickel operation similar in design capacity to Araguaia. He was also previously a Non-Executive Director of KAZ Minerals plc John has a Master of Science in Mining Engineering from the University of the Witwatersrand, a Master of Business Leadership from the University of South Africa and has completed the Advanced Management Programme at Harvard Business School. Simon Retter: Simon has served as the group CFO of Horizonte Minerals since 2016. He is a commercially focused business leader with almost 15 years of experience as an Executive and Non-Executive Director focussed in the natural resources sector, driving strategic growth and leading high-performance teams across various financial roles. Simon started his career at Deloitte in assurance and advisory, qualifying as a chartered accountant before gaining extensive experience in the public markets and the mining sector, specifically, reverse takeovers, IPOs and secondary fundraising. Change in Company Secretary: Mr. Leonardo (Leo) Neves, Horizonte's General Counsel, has been appointed as Company Secretary, taking over from Mr. Simon Retter effective immediately. Mr. Neves is an experienced legal professional, having developed his career at law firms Pinheiro Neto Advogados (Brazil), McMillan LLP (Canada) and Fasken Martineau LLP (UK). He has also acted in-house for various mining companies, including Ferrous Resources where he spent 9 years as Head of Legal and Company Secretary. Mr. Neves holds an LL.B. degree from University of Brasília (UnB) and an LL.M. degree from the London School of Economics and Political Science (LSE). He is qualified to practice as a solicitor in England and Wales, as well as in Brazil and Portugal.
Breakeven Date Change • Jul 07Forecast to breakeven in 2024The 4 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$14.6m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule.
공시 • Jul 07Horizonte Minerals plc Receives Mining Approval for AraguaiaHorizonte Minerals plc announced that it has received its mining approval permit for its 100%-owned Araguaia Nickel Project in Brazil. The approval was issued by the Para State Secretariat for Environment and Sustainability ("SEMAS") and enables Horizonte to commence its mining activities, with initial work underway to establish ore stockpiles on the ROM pad ahead of the commissioning phase. The approval enables the Company to mine, stockpile, and categorise ore, optimising the consistency of the feedstock, a process required to mitigate risk during commissioning which is a key part of the mine-to-mill strategy. Over the course of the next six months, stockpiles will be established, with sufficient ore to feed the plant for the subsequent six months. The Pequizeiro Pit, located 750 metres from the plant site, will be the primary source of ore to Araguaia, supplying the first two years of the Project's mine life and contributing over 50% of the mine production for the first ten years.
공시 • Jun 30Horizonte Minerals plc Announces Construction Milestone At Its 100%-Owned Araguaia Nickel Project in BrazilHorizonte Minerals Plc announced that a construction milestone has been achieved at its 100%-owned Araguaia Nickel Project in Brazil, following the successful delivery to site of the rotary kiln, a key long lead item. The rotary kiln is a key part of the process flow sheet at Araguaia. Its safe delivery to site is therefore an important milestone in the construction schedule given it is one of the key long lead packages. The FLSmidth supplied rotary kiln was designed and built according to the standards which will allow Araguaia to meet its low cost and low environmental impact targets. The 11 individual sections of the kiln will now be welded together over the course of the next month, before the sections are lifted into place on top of the kiln piers for final welding and alignment.
분석 기사 • Apr 04Is Horizonte Minerals (LON:HZM) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
공시 • Jan 25Horizonte Minerals plc Submits Environmental and Social Impact Assessment for Its Vermelho Nickel Cobalt ProjectHorizonte Minerals Plc announced that it has advanced the permitting process for its 100%-owned Vermelho Nickel Cobalt Project (‘Vermelho’ or ‘the Project’), located 160km from the Company's construction-stageAraguaia Nickel Project (‘Araguaia’),in parallel with ongoing work on the Feasibility Study which is expected to be published in first half of 2024. The Company has submitted the Environmental and Social Impact Assessment (‘EIA’) and the associated Relatório de Impacto Ambiental (‘RIMA’) with the Pará State Secretariat for Environment and Sustainability (‘SEMAS’) and it is targeting the approval of the EIA/RIMA and subsequent granting of a Preliminary Licence (‘LP’) in Mid-2024. The granting of the LP is the first in a three-stage environmental Licensing process to develop a mine in Brazil. Through the granting of the LP, SEMAS confirms that the Project is acceptable from an environmental and social perspective. Over the course of an 18-month period, Horizonte, in conjunction with Rambol Group (‘Rambol’) (a leading global environmental and social consultancy firm) together with Integratio (a leading Brazilian social consultancy firm) undertook the collection and analysis of the baseline social and environmental data specified by SEMAS, to document the current physical, biological and social settings at Vermelho. This process was enhanced through leveraging the extensive database of historical environmental and social data previously collected at Vermelho by Vale S. A (‘Vale’), the previous owner of the Project. Horizonte acquired Vermelho from Vale in 2017, after Vale had successfully attained an LP for the project and subsequently made a positive construction decision in 2005.
Breakeven Date Change • Dec 31Forecast to breakeven in 2025The 3 analysts covering Horizonte Minerals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$10.6m in 2025. Average annual earnings growth of 44% is required to achieve expected profit on schedule.
Price Target Changed • Nov 28Price target decreased to UK£2.75Down from UK£3.20, the current price target is an average from 3 analysts. New target price is 153% above last closing price of UK£1.09. Stock is down 20% over the past year. The company is forecast to post a net loss per share of US$0.029 next year compared to a net loss per share of US$0.15 last year.
분석 기사 • Oct 06Is Horizonte Minerals (LON:HZM) Weighed On By Its Debt Load?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Price Target Changed • Oct 05Price target increased to UK£4.40Up from UK£3.20, the current price target is an average from 2 analysts. New target price is 386% above last closing price of UK£0.91. Stock is down 41% over the past year. The company is forecast to post a net loss per share of US$0.02 next year compared to a net loss per share of US$0.15 last year.
분석 기사 • Jun 21Horizonte Minerals (LON:HZM) Has Debt But No Earnings; Should You Worry?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Price Target Changed • Apr 27Price target decreased to UK£0.16Down from UK£0.27, the current price target is an average from 3 analysts. New target price is 104% above last closing price of UK£0.079. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of UK£0 next year compared to a net loss per share of UK£0.0057 last year.
분석 기사 • Sep 15Does Horizonte Minerals (LON:HZM) Have A Healthy Balance Sheet?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
분석 기사 • Dec 09What Is The Ownership Structure Like For Horizonte Minerals Plc (LON:HZM)?If you want to know who really controls Horizonte Minerals Plc ( LON:HZM ), then you'll have to look at the makeup of...
