REG - Harvest Minerals Ltd - 31 March 2016 - Quarterly Activities Report <Origin Href="QuoteRef">HMI.AX</Origin>

HiremiiAnnouncement

26/04/2016 16:56

RNS Number : 6333V
Harvest Minerals Limited
19 April 2016
19 April 2016
31 March 2016
Quarterly Activities Report 
Harvest Minerals Limited ('the Company') is pleased to provide a summary of its activities for the quarter ended 31 March 2016.
As previously announced, during the quarter the Company concluded its recent capital raising and associated consolidation of securities.
Following the receipt of funds from the capital raise, the Company commenced its exploration and pre-development activities at both its Mandacaru and Arapua/Maximus projects in Minas Gerais State, Brazil. 
Work continued throughout the quarter and at the quarter's end the Company had submitted samples from the initial air core drill programme to the laboratory for analysis. The Company expects to receive final analysis of these samples and be in a position to announce the results of this work during early May 2016.
ENDS
Enquiries:
Harvest Minerals Limited
Brian McMaster, Chairman 
Tel: +61 8 9200 1847
Strand Hanson Limited (Nominated & Financial Adviser)
Rory Murphy
James Spinney
Ritchie Balmer
Tel: +44 20 7409 3494
Mirabaud Securities LLP (Broker)
Rory Scott
Tel: + 44 (0) 20 7878 3360

APPENDIX 1: HARVEST MINERALS TENEMENT SCHEDULE
Tenement
Location
Interest at Beginning of Quarter
Interest at End of Quarter
Acquired During the Quarter
Disposed of During the Quarter
Capela Potash Project
878.103/2008
878.104/2008
878.105/2008
878.106/2008
878.107/2008
878.108/2008
Brazil
51%
51%
-
-
Arapua Fertilizer Project 
831.787/2007
832.447/2009
832.448/2009
832.451/2009
831.144/2010
831.145/2010
831.146/2010
831.275/2010
Brazil
100%
100%
-
-
Sergi Potash Project 
878.109/2008
878.110/2008
878.111/2008
878.045/2009
Brazil
100%
100%
-
-
Mandacaru Project 
800.122/2015
800.651/2015
Brazil
100%
100%
-
-
Summary of Exploration and Evaluation Expenditure Incurred per Project:
Project
Current Quarter Payments
$A'000
Capela Project
12
Arapua Fertilizer Project
264
Sergi Potash Project
11
Total
287
Appendix 5B
Mining exploration entity quarterly report
Name of entity
Harvest Minerals Limited
ABN

Quarter ended ("current quarter")
12 143 303 388

31 March 2016
 
Consolidated statement of cash flows
Cash flows related to operating activities
Current quarter
$A'000
Year to date
9 Months
$A'000
1.1
Receipts from product sales and related debtors


1.2
Payments for 
(a) exploration and evaluation 
(b) development
(c) production
(d) administration 
(287)
(556)
(582)
(1,940)
1.3
Dividends received


1.4
Interest and other items of a similar nature received
1
5
1.5
Interest and other costs of finance paid


1.6
Income taxes paid


1.7
Other



Net Operating Cash Flows
(842)
(2,517)

Cash flows related to investing activities


1.8
Payment for purchases of: 
(a)prospects 
(b)equity investments
(c) other fixed assets
1.9
Proceeds from sale of: 
(a)prospects 
(b)equity investments 
(c)other fixed assets


1.10
Loans to other entities


1.11
Loans repaid by other entities


1.12
Other (provide details if material)



Net investing cash flows
-
-
1.13
Total operating and investing cash flows (carried forward)
(842)
(2,517)


1.13
Total operating and investing cash flows (brought forward)
(842)
(2,517)

Cash flows related to financing activities


1.14
Proceeds from issues of shares, options, etc. net of costs
877
5,228
1.15
Proceeds from sale of forfeited shares


1.16
Proceeds from borrowings


1.17
Repayment of borrowings


1.18
Dividends paid


1.19
Other (provide details if material)
- Fundraising (costs)
(102)
(399)

Net financing cash flows
775
4,829

Net increase (decrease) in cash held
(67)
2,312
1.20
Cash at beginning of quarter/year to date
3,910
1,538
1.21
Exchange rate adjustments to item 1.20
(215)
(222)
1.22
Cash at end of quarter
3,628
3,628
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities

Current quarter
$A'000
1.23
Aggregate amount of payments to the parties included in item 1.2
$198k
1.24
Aggregate amount of loans to the parties included in item 1.10
-
1.25
Explanation necessary for an understanding of the transactions
Payment for Directors consulting fees and Directors fees - $171k
Payments for serviced office, accounting and administrative services in Brazil - $27k
Non-cash financing and investing activities
2.1
Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

 -
2.2
Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

 -
Financing facilities available
Add notes as necessary for an understanding of the position.


Amount available
$A'000 
Amount used
$A'000
3.1
Loan facilities 


3.2
Credit standbyarrangements


Estimated cash outflows for next quarter


$A'000
4.1
Exploration and evaluation
290
4.2
Development
-
4.3
Production
-
4.4
Administration
550

Total
840
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.
Current quarter 
$A'000
Previous quarter
$A'000
5.1
Cash on hand and at bank
3,628
3,910
5.2
Deposits at call
-
-
5.3
Bank overdraft
-
-
5.4
Other (provide details)
-
-

Total: cash at end of quarter (item 1.22)
3,628
3,910
Changes in interests in mining tenements


Tenement reference
Nature of interest
(note (2))
Interest at beginning of quarter
Interest at end of quarter
6.1
Interests in mining tenements relinquished, reduced or lapsed
6.2
Interests in mining tenements acquired or increased

 
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number 
Number quoted
Issue price per security (see note 3) (cents)
Amount paid up per security (see note 3) (cents)
7.1
Preference +securities (description)




7.2
Changes during quarter
(a) Increases through issues
(b) Decreases through returns of capital, buy-backs, redemptions




7.3
+Ordinary securities
93,991,202
93,991,202


7.4
Changes during quarter
(a) Increases through issues:
- Part consideration for the purchase of Sergi Project
- Issue as approved at the General Meeting held on 12/01/16 
- Issue to correct rounding on UK register for capital consolidation 
(b) Decreases through returns of capital, buy-backs:
6,000,000 
5,642,000
100,009
6,000,000 
5,642,000
100,009
7.5
+Convertible debt securities (description)




7.6
Changes during quarter
(a) Increases through issues:
(b) Decreases through securities matured, converted



7.7
Options 
Unlisted
15,862,000
951,720
Exercise price
8.8 pence
7.5 pence
Expiry date
31 May 2017
18 December 2020
7.8
Issued during quarter:
- Unlisted
2,821,000

8.8 pence
31 May 2017
7.9
Exercised during quarter



7.10
Expired during quarter:

7.11
Debentures
(totals only)




7.12
Unsecured notes (totals only)




Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act. 
2 This statement does give a true and fair view of the matters disclosed.
Sign here:  ...Jonathan Hart......................................... Date: 19 April 2016
(Company Secretary)
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3  Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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This information is provided by RNS
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