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

10 January 2022

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

Fourth Quarter and Annual 2021 KP Fértil® Sales Performance and 2022 Guidance

Harvest Minerals Limited, the AIM listed remineraliser producer, is pleased to provide an update on sales of its organic, multi-nutrient fertiliser, KP Fértil®, from its 100% owned Arapua Fertiliser Project in Brazil ('Arapua') during the fourth quarter and annual 2021.

Highlights:

·    Accumulated sales by end of December 2021 reached 85,030 tonnes

o  6.3% above 2021 sales target

o  57% increase over 2020 sales

o  46% CAGR over the last three years

·    22,984 tonnes of KP Fértil® sold in Q4 2021

o  105% higher than management budget of 11,200 tonnes

o  Represents a 42% increase in total tonnage compared to Q4 2020

·    2022 Sales guidance established at 150,000 tonnes, or 76% increase from 2021

o  Substantial sales orders for 2022 started to be placed towards the end of 2021

Brian McMaster, Chairman of Harvest, said: "2021 was a breakout year for Harvest.  Our annual sales performance has grown exponentially over the last three full years as the quality and value of our product has been recognised by the market. We have seen repeat clients increasing their orders while adding new clients to our portfolio at a pace faster than anticipated. With a high rate of client retention, continued penetration of our product and very strong end of the year, we have high hopes for 2022. On behalf of the Harvest team, I would like to thank the continued support of our shareholders and wish all a happy new year."

Review of Sales

During the fourth quarter of 2021, Harvest's sales performance achieved a total volume of 22,984 tonnes of its KP Fértil®, representing a 105% increase over the sales realised in the same period of 2020. The total 2021 accumulated sales achieved 85,030 tonnes compared to 54,115 tonnes in the year of 2020 and 27,559 tonnes in 2019. Such sales performance represents a 46% CAGR (Compound Annual Growth Rate) over the last three years. 

Based on the success of 2021, discussions with customers and continued strong activity of the agricultural sector in Brazil, Harvest is forecasting its calendar 2022 sales volume to be 150,000 tonnes.  This represents a substantial increase over 2021 and is consistent with the Company's experiences of the business growing year on year.  The Company has seen encouraging sales orders already placed for 2022, which are now under its credit assessment.

**ENDS**

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