Harvest Mi (di) Regulatory News (HMI)

Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

30 March 2022

Harvest Minerals Limited ('Harvest' or the 'Company')

First Quarter 2022 KP Fértil® Sales Performance

Harvest Minerals Limited, the AIM listed fertiliser producer, is pleased to provide a trading update for its organic, multi-nutrient fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil ('Arapuá').

Highlights:

· Accumulated sales orders in Q1 CY2022 totalled 70,200 tonnes, an increase of over 689% compared to the same period last year, and representing:

o 82% of the total 2021 sales orders of 85,000 tonnes

o 47% of the sales target for FY 2022 (150,000 tonnes)

· Experiencing continued increased demand for KP Fértil®

Brian McMaster, Chairman of Harvest, said: "2022 has started with a bang and demand for KP Fértil® has increased substantially which is a testament to the quality and efficacy of our product and the hard work of our team in getting the message out. Our customers are continuing to see outstanding results from the use of our product and feedback from them remains extremely positive and encouraging.

Additionally, we have seen improved macro conditions and an increasing awareness of the importance of domestically produced fertilisers all of which have been positives in the development of our sales channels. The current and foreseeable market conditions remain favourable, and we are constantly reviewing our position in the market to ensure that we build a substantiable customer base for years to come. These are exciting times and never before has the saying that we are "in the right place, with the right commodity at the right time" being more accurate.  

Further Information:

During the three first months of 2022, Harvest continued to experienced record breaking performance, achieving a total volume of 70,200 tonnes of its KP Fértil®, representing a 689% increase over the same period in 2021. The total sales orders, to date in 2022, have reached 82% of all the sales performed in the entire year of 2021, and 47% of 2022 sales guidance of 150,000 tonnes. In calculating the 2022 target of 150,000 tonnes, Harvest assumed it would sell 8,656 tonnes in the first quarter of the year. The total sales orders of 70,200 tonnes is substantially more than initially forecast (over a 700% increase).

Historically, Harvest has experienced a seasonal sales performance with relatively modest sales during the start of the year ramping up to a buying season around mid-year, tapering off to more modest sales around the wet season at year end. Given the historic expectation that approximately 80% of sales are seasonally placed in the second half of the year, the Company is advancing its plans to meet production of 200,000 tonnes.

**ENDS**

For further information, please visit www.harvestminerals.net or contact: