Company Announcements

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

18 April 2023

Harvest Minerals Limited

('Harvest' or the 'Company')

Q1 2023 KP Fértil® Sales Update

Harvest Minerals Limited, the AIM listed fertiliser producer, is pleased to provide an update on Q1 2023 sales of its organic, multi-nutrient, direct application fertiliser, KP Fértil®, from its 100% owned Arapua Fertiliser Project in Brazil ('Arapua').

HIGHLIGHTS

·    Sales orders received total 16,755 tonnes versus budget of 12,000 tonnes

·    Sales orders invoiced and delivered total 3,560 tonnes

Brian McMaster, Chairman of Harvest, said: "The start to 2023 is consistent with our internal planning expectations but notably a slower start than 2022, where concerns over the situation in the Ukraine accelerated buying decisions.  This "normalising" of buying patterns seems consistent throughout the industry and not specific to us.  The fundamentals of our position in the market have not changed: we have a unique, highly effective, 100% organic fertiliser and we continue to grow our customer base and order book.  As such, we maintain our view that we will deliver our 2023 year-end invoiced sales target of KP Fértil 200,000 tonnes."

REVIEW OF OPERATIONS

Q1, 2023, Harvest has received sales orders for 16,755 tonnes of its KP Fértil® produced at its Arapua Fertiliser Project in Brazil.  Whilst the sales orders for Q1, 2023 are lower than Q1, 2022, it is clear that the war in the Ukraine had accelerate buying decisions during 2022, (as was speculated). Accordingly, as the Company returns to previously established buying cycles, it remains on track to achieve its 2023 year-end invoiced sales target of 200,000 tonnes of KP Fértil®, which is a 33% increase over that recorded in 2022.  During Q1, the Company also witnessed a decrease in prices for conventional fertiliser products.  To date, this has not impacted Harvest's selling price, but the Company anticipates that as the year progresses prices will become a more critical part of the buying decision than during 2022; the Company is monitoring this and will respond to the market conditions as required.

**ENDS**

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