Horizonte Minerals Plc provided an operational update for the Araguaia Nickel Project ("Araguaia" or "the Project"). Highlights: Significant progress on key project execution preparation activities, including competitive tendering for supply of key processing equipment, electric furnace and project management (EPCM) services; Operational Readiness Plan well advanced with all key permits in place for commencement of construction; Financing discussions remain on track. Credit committee approval for the senior debt facility expected in Third Quarter 2021 as previously announced; Key environmental and social programmes continuing in preparation for construction phase; Mobilisation of Head of Projects to Brazil and appointment of Engineering, Community, Health and Safety Managers continues the build out of the project execution team. Project Execution Readiness: Based on the optimised scope and execution plan that was generated by the Value Engineering work (see announcement 4 December 2020), the past six months have focused on final preparations for project execution. The objectives of this project readiness process has been to: Define the final process equipment specification and suppliers that will be used by the Project, particularly the electric furnace and rotary kiln; Identify and partner with the best-placed Engineering, Procurement and Construction Management (EPCM) contractor to deliver the Project; Update and detail the Project Execution Plan to reflect these inputs; and Optimise the Operational Readiness Plan. Key outcomes of the work include: Prioritising procurement of linked process equipment as 'process island packages' where possible, to reduce interface risk; Contract negotiations being well advanced with all key vendors following the completion of a detailed and rigorous assessment process of all technical and commercial proposals received and subsequent proposal optimisation process; Competitive tenders completed and significant progress made on the following key packages: Process equipment including crushers, conveyors, electrical, dryer, kiln, dust collection and refinery; Electric furnace and calcine transfer system; Overland powerline and main electrical infrastructure EPC; and Construction contracts, including bulk earthworks, temporary construction infrastructure and services, and civil works; Updated market proposals for key opex inputs; and Capital expenditure and operational expenditure remain in line with the Value Engineering work. Horizonte's environmental and social workstreams are critical to social licence to operate. As part of the financing due diligence phase and in preparation for the construction of the Project, the sustainability team has further de-risked Araguaia by completing a number of management plans to ensure Araguaia remains compliant with Equator Principles (IV) and IFC Performance Standards with input by consulting groups ERM and Kienbaum. The Company has permitted all infrastructure components of Araguaia, including the award of construction licences for the transmission line and the water pipeline in early 2021. A full suite of social and environmental control plans were developed as part of Araguaia's Brazilian environmental construction licences, and a number of programmes have commenced prior to construction. Some examples of work commenced include the resettlement action plan, social communication programme, safety improvements for school communities located along the PA-449 highway, and the Local Development Agenda programme.