(Alliance News) - Horizonte Minerals PLC on Monday said Jeremy Martin, its co-founder and chief executive will step down, alongside Chief Financial Officer Simon Retter.

The London-based nickel development company said it will appoint Karim Nasr as interim CEO. Nasr is managing partner and co-chief investment officer of La Mancha Resource Capital LLP, which advises La Mancha Resource Fund SCSp, one of the company's major shareholders. Nasr will step down from his role at La Mancha, the firm said.

The company noted that the board changes come as it continues discussions for a financing solution for its Araguaia Nickel project. Shares tumbled earlier this month as the firm scaled back construction on the site as it seeks funding to cover cost increases of at least 35%.

The firm said Non-Executive Interim Chair William Fisher and Non-Executive Director Owen Bavinton will also step down.

Horizonte also proposed the appointment of senior board member Paul Smith as Chair, and IAMGOLD Corp Chair Maryse Belanger as its new interim chief operating officer.

Non-Executive Director John MacKenzie said: "Firstly, we would like to thank Jeremy for his leadership and contributions to the company. Jeremy was a founding director of Horizonte and has led the company since 2010. We are grateful for his dedication to the business and wish him well for the future.

"I am pleased to welcome Karim Nasr as interim chief executive officer. Karim is a highly respected senior leader, and it is a credit to Horizonte as a group that we are able to call on someone of his calibre. The board is grateful that Karim has agreed to lead the company through this financing and restructuring process."

Horizonte shares rose 2.6% to 9.85 pence each on Monday morning in London.

By Harvey Dorset, Alliance News reporter

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