Good morning, Please find attached a BUY note for Horizonte Minerals where Panmure Gordon gives the exploration and development company focused in Brazil a price target of 25p (current price 12.3p) following its resource upgrade last week at the Companys Araguaia Nickel Project to 100Mt. Panmure Analyst Alison Turner commented, "The increase in Horizontes Araguaia nickel resource to 100Mt confirms our view that this project is potentially world-class.

Interesting initial drill results from Falc�o last November underline that projects potential, whilst the Santana greenfield gold JV is moving towards drilling.

The Horizonte share price has suffered along with the junior mining sector, providing a very attractive entry point for investors relative to our updated 25p price target (previously 32p - revised down for movement in the comparables)." Horizonte Minerals also announced the appointment of a new Non-Executive Director this morning - Dr.

Owen Bavinton, a qualified geologist, who has over 40 years of experience in the mining and minerals exploration sector, most recently with mining major Anglo American plc. Best regards, Lottie [cid:image001.jpg@01CCD4FB.606D2FF0]