REG - Harvest Minerals Ltd - Trading Update

Harvest MineralsAnnouncement

14/02/2023 09:00

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RNS Number : 8619P  Harvest Minerals Limited  14 February 2023

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

14 February 2023

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

 

Trading Update

 

Harvest Minerals Limited, the AIM listed fertiliser producer, is pleased to
provide a further update regarding its working capital growth following the
continued strong sales of its organic, multi-nutrient fertiliser, KP
Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil
('Arapuá') during FY 2022.

 

Summary

 

                                    FY 2022  unaudited((1))   FY 2021 audited

                                    AUD                       AUD
 Cash                               2.724m                    1.708m
 Current Accounts Receivable (Net)  2.572m                    1.825m
 Current Accounts Payable           (0.287m)                  (0.279m)
 Net Working Capital Position       5.009m                    3.254m

(1)  Based on internal company accounts, not yet been audited and therefore
may be subject to change

 

Brian McMaster, Chairman of Harvest, said: "As announced on 24 January 2023,
sales of KP Fértil® continue to grow as the brand gains increased
recognition and trust from principally local coffee, soybean, and maize
growers.  Our decision to expand our storage capacity on site has been driven
by an increase in enquiries for our fertiliser and has proven to be a winning
strategy as we grow.

 

"We maintain a strong and improving working capital position, which we expect
to strengthen further as we continue to profitably build the business. Our net
working capital position has improved by over 50% year-on-year, and we also
note that we have extinguished over AUD1.2m in debt as well, which means our
overall improvement if debt is factored in was closer to 100%. Additionally,
we have recently announced continued success in our litigation with
Agrocerrado, which is fully provided for in the numbers above, and as such any
recoveries from that process will be immediately cash accretive."

 

**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
 St Brides Partners Ltd              Ana Ribeiro                 harvest@stbridespartners.co.uk

 Financial PR                        Isabel de Salis

 

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