REG - Harvest Minerals Ltd - Q1 2024 KP Fértil® Sales Update

Harvest MineralsAnnouncement

10/04/2024 09:00

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RNS Number : 0169K  Harvest Minerals Limited  10 April 2024

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
(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

 

 

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