- Horizonte Minerals said it had completed test work on samples of limonite ore from its Vermelho nickel-cobalt project in northern Brazil.

A high purity product was identified containing 21.8% cobalt, exceeding the reference grade used for sulphate pricing.

'Producing high purity nickel and cobalt sulphate from the Vermelho project of suitable quality and grade for use in EV battery production is a major milestone in the development of the project,' chief executive Jeremy Martin said.

'The Vermelho project is a value driver for the company, it is a high-grade scalable resource, with good infrastructure and has the potential to be fast tracked to development.'

At 2:34pm: [LON:HZM] Horizonte Minerals PLC share price was +0.09p at 1.82p

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