REG - Harvest Minerals Ltd - KP Fértil® Sales Update

Harvest MineralsAnnouncement

02/05/2024 13:45

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RNS Number : 0502N  Harvest Minerals Limited  02 May 2024

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

2 May 2024

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

 

KP Fértil® Sales Update

 

Harvest Minerals Limited, the AIM listed fertiliser producer, provides the
following update on 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 April 2024 totaled 17,388 tonnes, equating to c. 50%
of total 2023 volume ordered and c. 25% of 2024 sales guidance of 70,000
tonnes

§ Invoiced orders totaled 8,396 tonnes, with the remaining expected to be
invoiced through Q2 2024

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

Brian McMaster, Chairman of Harvest, said: "We're pleased by the initial
response to our new marketing campaign, which in April alone, generated orders
comparable to those received from January to March 2024. This places us at 25%
of our annual guidance of 70,000 tonnes, instilling confidence as we move into
the more robust seasonal phase of the year. While we recognize the ongoing
challenges in the market, we maintain cautious optimism about meeting our
year-end targets. We'll closely monitor market conditions and adjust our
strategies as necessary.

 FURTHER INFORMATION

 

In the first four months of 2024, Harvest received new orders totalling 17,388
tonnes for its KP Fértil® product produced at its Arapuá Fertiliser
Project in Brazil, of which 8,396 tonnes were invoiced by end of the period
and the remaining orders are expected to be invoiced through Q2 2024. The
orders to date represent c. 50% of the total volume placed in 2023.

 

Despite the ongoing tightness in market prospects, there are signs pointing
towards improvement in the second half of the year, particularly as it aligns
with the seasonal strength of our target crops. Harvest's marketing campaign
has been positively received, suggesting that new and existing buyers are
returning to the marketplace as macroeconomic conditions normalise. Moving
forward, we maintain our guidance target of 70,000 tonnes for the year 2024
and look forward to providing further updates to the market throughout the
year.

 

**ENDS**

 

For further information, please visit www.harvestminerals.net
(http://www.harvestminerals.net/)  or contact:

 

 Harvest Minerals Limited              Brian McMaster (Chairman)   Tel: +44 (0) 203 940 6625

 Strand Hanson Limited                 Ritchie Balmer              Tel: +44 (0) 20 7409 3494

 (Nominated & Financial Adviser)       James Spinney

 Tavira Securities                     Jonathan Evans              Tel: +44 (0) 20 3192 1733

 (Broker)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR").

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