Harvest Mi (di) Regulatory News (HMI)

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

10 April 2024

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

Q1 2024 KP Fértil® Sales Update

Harvest Minerals Limited, the AIM listed fertiliser producer, provides the following update on Q1 2024 sales of its organic, multi-nutrient, direct application fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil ('Arapuá').

OVERVIEW

§ Orders to the end of March 2024 totaled 8,492 tonnes, or 24% of total 2023 volume ordered

§ Invoiced orders totalled 7,142 tonnes, with the remaining expected to be invoiced through Q2 2024

§ Extensive sales campaign initiated in preparation of stronger market seasonality in second half of the year. 

Brian McMaster, Chairman of Harvest, said: "The Q1 2024 sales update with orders totaling 8,492 tonnes represents 24% of our 2023 volume ordered, and is a fair start to the year. As we move forward, we acknowledge the challenging market conditions but remain cautiously optimistic about the anticipated improvement in the second half of the year, particularly in our target crop segments. Our proactive response includes the launch of an extensive marketing campaign aimed at capitalizing on potential market opportunities. We remain committed to our guidance target of 70,000 tonnes for 2024 and will provide updates to the market as we navigate through the year."

FURTHER INFORMATION

In the first three months of 2024, Harvest received new orders totalling 8,492 tonnes for its KP Fértil® product produced at its Arapuá Fertiliser Project in Brazil, of which 7,142 tonnes were invoiced by end of the quarter and the remaining orders are being invoiced through Q2 2024. The orders in Q1 2024 represents 24% of the total volume booked in 2023.

Of the approximated 6,000 tonnes of orders placed during 2023, but that were to be invoiced during Q1 2024 per the Company's 15 February 2024 RNS, 550.47 tonnes have now been invoiced. The Company continues to collect cash from amounts invoiced during 2023, but which hadn't been settled by year end 2023. Further, the Company continues to work with customers which have placed orders in 2022 but which have not yet agreed to take delivery of the product from our storage facility. We have also started to seek ways to legally enforce the deliveries.

Market prospects continue to be tight although signaling for an improvement in the second half of the year, which is seasonally stronger on our target crops. To reap the benefits of a market uptick, Harvest has initiated an extensive sales campaign with a number of compelling incentives offered to existing and new buyers and to our team of sellers as well.

We continue with our guidance target of 70,000 tonnes to the year of 2024 and will keep the market informed of the performance as we advance the year.

**ENDS**

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