Harvest Minerals Ltd

Latest Results (20.03.2026):

Harvest Minerals Ltd (Harvest Minerals Limited) — Q2 2024 (half‑year ended 30 June 2024). The company reported a H1 2024 loss after tax of $1,780,082 and revenue from fertiliser sales of $1,226,412. Management continues a dual strategy at the Arapuá project: ongoing KP Fértil® fertiliser production and a newly accelerated Rare Earth Elements (REE) exploration programme. Trading in the fertiliser business remained weak, cash at bank closed at $450,149, and the business flagged a going‑concern uncertainty while noting a post‑period equity issue and fee conversions that materially strengthened near‑term liquidity for further REE work.

Financial performance

Loss after tax: $1,780,082 (H1 2023: $1,645,945). Gross (loss)/profit was $(16,790) on fertiliser revenue of $1,226,412. Basic and diluted loss per share: (0.94) cents (H1 2023: (0.87) cents).

Cash flow and liquidity

Net cash outflow from operating activities: $877,023 (H1 2023: $2,634,226). Cash and cash equivalents at 30 June 2024: $450,149. Management notes a material uncertainty over going concern but states sufficient near‑term funds are available following a post‑period equity raising and fee conversions.

Sales and operating metrics

Total fertiliser sales in H1 2024: 17,007 tonnes (2,271 t from 2023 orders; 14,736 t from 2024 orders delivered in H1). Management reports continued weak demand and now forecasts total annual sales of "35,000Kt" (as disclosed).

REE exploration progress

Early REE work at Arapuá produced encouraging assays: laboratory rock sample TREO from 1,176 ppm to 1,860 ppm, with historical results up to 4,117 ppm TREO. The company launched a fully funded two‑stage REE programme and signed a post‑period Technical Cooperation Agreement with PVW Resources to advance the REE opportunity.

Balance sheet and indebtedness

Total assets: $9.93m; total liabilities: $5.15m; net assets: $4.78m (31 Dec 2023: $7.33m). Borrowings (secured loans) totalled $3.02m (current $1.06m; non‑current $1.96m). Inventories: $1.29m; trade and other receivables (net): $889k.

Impairment & provisions

Management identified indicators of impairment for Arapuá and commissioned an independent valuation (not complete at reporting date). A management (Level 3) assessment concluded no impairment was required for interim reporting, but the valuation process is ongoing. Provision for rehabilitation: $461,429 (non‑current).

Subsequent events & outlook

Post period, Harvest issued 100,000,000 new shares at 1p raising gross £422,634 (AUD $801,389) and settling £577,366 (AUD $1,094,788) of director/company secretary fees via shares. The majority of proceeds will fund REE exploration. Management reiterates commitment to the dual strategy but warns of continued difficult fertiliser market conditions.