30 September 2025

Harvest Minerals Limited

("Harvest" or the "Company")

Interim Results

Harvest Minerals Limited, the AIM listed fertiliser producer, announces its interim results for the six months ended 30 June 2025.

REVIEW OF OPERATIONS

We have implemented a dual strategy at the Arapuá Project ("Arapuá") in Brazil. The first focus is on the production and sale of our established organic fertiliser, KP Fértil®. The second is on progressing the development of the project's Rare Earth Elements ("REE") potential. By diversifying we are trying to broaden our commodity exposure and expand our future opportunities.

Fertiliser

Sales continue to be negatively affected as the fertiliser sector faces a challenging period, driven by both macroeconomic pressures and a continuation of local factors impacting commodity prices as noted in the Company's 2023 annual results (released on 26 June 2024). We launched a new marketing campaign for KP Fértil® during the review period, which generated a positive initial reaction. Unfortunately, this has not continued, and sales have subsequently been below expectations.  As a result, the period under review has been disappointing and the Company forecasts no near-term respite to the difficult trading conditions.

Total sales for the 6 month period to 30 June 2025 were 10,525 tonnes, which included 3,402 tonnes of orders placed in 2024 and 5,559 tonnes of orders placed in 2025, respectively, but only delivered, and therefore recognised as revenue, in H1 2025. As the Company continues to experience a volatile trading environment, expectations for the remainder of the year have been substantially reduced and the Company is now forecasting total annual sales of 25Kt.

Rare Earth Elements

The REE potential at Arapuá warrants further investigation, albeit we are at an early stage in the exploration programme. Laboratory analysis of rock samples has confirmed REE concentrations ranging from 1,176 ppm to 1,860 ppm of total rare earth oxides ("TREO"), while historical analyses have shown even higher values, ranging from 1,837 ppm to 4,117 ppm TREO (see RNS dated 10 April 2024).

Accordingly, we are planning a fully funded, two-stage REE-focused programme. The first stage involves reviewing historical data and samples from previous drill holes, along with conducting new auger drill holes to clarify and confirm resources. The second stage will expand drilling efforts, conduct a detailed analysis of the optimal beneficiation process, and evaluate both the resource volume and concentration within the deposit. Crucially, this work is supported by Arapuá's existing infrastructure, including on-site teams, laboratories, and equipment.

The REE potential at Arapuá has been further highlighted through a Technical Cooperation Agreement signed with PVW Resources Limited (ASX: PVW), an Australian company specialising in REE projects in Brazil and beyond as announced on 17 September 2024.

RESULTS

The loss after tax recorded in the Condensed Consolidated Statement of Comprehensive Income for the half-year ended 30 June 2025 was $1,980,127 (2024: $1,780,082). Net cash outflow from operating activities in the Condensed Consolidated Statement of Cashflows for the half year ended 30 June 2025 was $313,542 (2024: $877,023).

SUBSEQUENT EVENTS

As announced on 23 June 2025, the Company raised gross proceeds of £300,000 through placing 100,000,000 new ordinary shares of no par value at a placing price of 0.3 pence. The Company also issued one warrant per two Placing Shares, exercisable at 0.6p for a period of 2 years from Admission.  The proceeds from the rise were received on 2 July 2025.

Other than the above matters, post period end, there have been no known significant events after the end of the period that require disclosure in this report.

OUTLOOK

The outlook for the fertiliser business remains very unclear and the Company continues to critically evaluate the position of the division within the group going forward.  Similarly, whilst the REE potential warrants further investigation we continue to approach this opportunity cautiously and mindful of the limitations of our current resources.

Auditor's Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the Directors of the company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on the Page 4 and forms part of the Directors' Report for the half-year ended 30 June 2025.

This report is signed in accordance with a resolution of the Board of Directors.

Brian McMaster

Executive Chairman

30 September 2025

Competent Person Statement

The technical information in this report is based on complied and reviewed data by Mr Paulo Brito BSc(geol), MAusIMM, MAIG. Mr Brito is a consulting geologist for Harvest Minerals Limited and is a Member of AusIMM - The Minerals Institute, as well as, a Member of Australian Institute of Geoscientists. Mr Brito has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brito also meets the requirements of a qualified person under the AIM Note for Mining, Oil and Gas Companies and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Brito accepts responsibility for the accuracy of the statements disclosed in this report.

Condensed Consolidated Statement of Comprehensive Income

for the half-year ended 30 June 2025

Condensed Consolidated Statement of Financial Position

as at 30 June 2025

Condensed Consolidated Statement of Changes in Equity

for the half-year ended 30 June 2025

Condensed Consolidated Statement of Cash Flows

for the half-year ended 30 June 2025

Notes to the Condensed Consolidated Financial Statements
for the half-year ended 30 June 2025

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Corporate Information

This general purpose half-year financial report of Harvest Minerals Limited (the "Company") and its subsidiaries (the "Group") for the half-year ended 30 June 2025 was authorised for issue in accordance with a resolution of the Directors on 30 September 2025.

Harvest Minerals Limited is a company limited by shares incorporated in Australia whose shares are publicly traded on the AIM market of the London Stock Exchange.

The nature of the operations and principal activities of the Group are described in the Directors' Report.

Basis of Preparation

This financial report for the half-year ended 30 June 2025 has been prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board ("AASB").  Compliance with AASB 134 ensures compliance with IAS 134 "Interim Financial Reporting". The Group is a for profit entity for financial reporting purposes under Australian Accounting Standards.

These half-year financial statements do not include all notes of the type normally included within the annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the group as the full financial statements.

It is recommended that the half-year financial statements be read in conjunction with the annual report for the year ended 31 December 2024 and considered together with any public announcements made by Harvest Minerals Limited during the half-year ended 30 June 2025 in accordance with the continuous disclosure obligations of the AIM market.

For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period. The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period.  These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

New and amending Accounting Standards and Interpretations

In the half-year ended 30 June 2025, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group's operations and effective for current reporting periods beginning on or after 1 January 2025. The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 30 June 2025. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group's business and, therefore, no change is necessary to the Group accounting policies.

New and amended accounting standards and interpretations have been published but are not mandatory. The Group has decided against early adoptions of these standards, and has determined the potential impact on the financial statements from the adoption of these standards and interpretations is not material to the Group.

Going concern

For the half-year ended 30 June 2025 the Group recorded a loss after tax of $1,800,746 (Half-year to 30 June 2024: $1,980,127) and had net cash outflows from operating and investing activities of $591,112 (Half-year to 30 June 2024: $895,979). These conditions indicate a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. In the absence of an improvement in sales volumes and pricing, the ability of the Group to continue as a going concern will be dependent on securing additional funding through debt or equity and/or from asset sales in order for the Group to continue to fund its operational activities in the longer term.

The half-year financial report has been prepared on the basis that the Group is a going concern, which contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following reasons:

·      Management have considered the future capital requirements of the entity and will consider all funding options as required, including (but not limited to) fundraising and/or asset sales. In March 2025, the Group launched a strategic review to explore and evaluate a range of alternatives, which could ultimately include the potential sale of one or both business divisions;

·      The level of the Group's discretionary expenditure (such as advertising fees, consultants fees, directors' fees, wages and salaries and travel expenses) can be managed;

·      The Directors agreed to pause drawing their remuneration until such point as the Company is able to pay;

·      In March 2025, the Group successfully renegotiated R$5.0 million (c. £675,000) working capital debt, obtaining a 12-month grace period and an extended 36-month repayment plan. The Group may need to seek similar refinancing arrangements with its lenders in the coming year;

·      The Group has historically demonstrated its ability to raise funds to satisfy its immediate cash requirements;

As at the date of this report, the Board and Management believe there are sufficient funds to meet the Group's working capital requirements in the near term and that sufficient funds will become available, through certain of the above actions, if and when needed, to finance the operations of the Group in the longer term. Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the half-year financial report. The half-year financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the Group not continue as a going concern.

Material Accounting Policies

Deferred Exploration and Evaluation Expenditure

Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest.  Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does not include general overheads or administrative expenditure not having a specific nexus with a particular area of interest.

Each area of interest is limited to a size related to a known or probable mineral resource capable of supporting a mining operation.  Exploration and evaluation expenditure for each area of interest is carried forward as an asset provided that one of the following conditions is met:

·      such costs are expected to be recouped through successful development and exploitation of the area of interest or, alternatively, by its sale; or

·      exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in relation to the area are continuing.

Expenditure which fails to meet the conditions outlined above is written off. Furthermore, the directors regularly review the carrying value of exploration and evaluation expenditure and make write downs if the values are not expected to be recoverable.

Identifiable exploration assets acquired are recognised as assets at their cost of acquisition, as determined by the requirements of AASB 6 Exploration for and Evaluation of Mineral Resources. Exploration assets acquired are reassessed on a regular basis and these costs are carried forward provided that at least one of the conditions referred to in AASB 6 is met.

Exploration and evaluation expenditure incurred subsequent to acquisition in respect of an exploration asset acquired is accounted for in accordance with the policy outlined above for exploration expenditure incurred by or on behalf of the entity.

Acquired exploration assets are not written down below acquisition cost until such time as the acquisition cost is not expected to be recovered. When an area of interest is abandoned, any expenditure carried forward in respect of that area is written off. Expenditure is not carried forward in respect of any area of interest/mineral resource unless the Group's rights of tenure to that area of interest are current.

Mine Properties

Mine properties represent the accumulation of all exploration, evaluation and development expenditure incurred in respect of areas of interest in which mining has commenced or is in the process of commencing. When further development expenditure is incurred in respect of mine property after the commencement of production, such expenditure is carried forward as part of the mine property only when substantial future economic benefits are thereby established, otherwise such expenditure is classified as part of the cost of production.

Amortisation is provided on a unit of production basis which results in a write off of the cost proportional to the depletion of the proven and probable mineral reserves.

The net carrying value of each area of interest is reviewed regularly and to the extent to which this value exceeds its recoverable amount, the excess is either fully provided against or written off in the financial year in which this is determined.

The Group provides for environmental restoration and rehabilitation at site which includes any costs to dismantle and remove certain items of plant and equipment. The cost of an item includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs when an item is acquired or as a consequence of having used the item during that period. This asset is depreciated on the basis of the current estimate of the useful life of the asset. In accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets the Group is also required to recognise as a provision the best estimate of the present value of expenditure required to settle this obligation. The present value of estimated future cash flows is measured using a current market discount rate.

Stripping costs

Costs associated with material stripping activity, which is the process of removing mine waste materials to gain access to the mineral deposits underneath, during the production phase of surface mining are accounted for as either inventory or a non-current asset (non-current asset is also referred to as a 'stripping activity asset').

To the extent that the benefit from the stripping activity is realised in the form of inventory produced, the Group accounts for the costs of that stripping activity in accordance with the principles of AASB 102 Inventories. To the extent the benefit is improved access to ore, the Group recognises these costs as a non-current asset provided that:

·      it is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the Group;

·      the Group can identify the component of the ore body for which access has been improved; and

·      the costs relating to the stripping activity associated with that component can be measured reliably.

Stripping activity assets are initially measured at cost, being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore plus an allocation of directly attributable overhead costs. In addition, stripping activity assets are accounted for as an addition to, or as an enhancement to, an existing asset.

Accordingly, the nature of the existing asset determines:

·      whether the Group classifies the stripping activity asset as tangible or intangible; and

·      the basis on which the stripping activity asset is measured subsequent to initial recognition.

In circumstances where the costs of the stripping activity asset and the inventory produced are not separately identifiable, the Group allocates the production stripping costs between the inventory produced and the stripping activity asset by using an allocation basis that is based on volume of waste extracted compared with expected volume, for a given volume of ore production.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowing using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Revenue

Revenue arises mainly from the sale of fertiliser. The Group generates revenue in Brazil. To determine whether to recognise revenue, the Group follows a 5-step process:

1.   Identifying the contract with a customer

2.   Identifying the performance obligations

3.   Determining the transaction price

4.   Allocating the transaction price to the performance obligations

5.   Recognising revenue when/as performance obligation(s) are satisfied.

The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer.

In determining the amount of revenue and profits to record, and related statement of financial position items (such as contract fulfilment assets, capitalisation of costs to obtain a contract, trade receivables, accrued income and deferred income) to recognise in the period, management is required to form a number of key judgements and assumptions. This includes an assessment of the costs the Group incurs to deliver the contractual commitments and whether such costs should be expensed as incurred or capitalised.

Revenue is recognised either when the performance obligation in the contract has been performed, so 'point in time' recognition or 'over time' as control of the performance obligation is transferred to the customer. For contracts with multiple components to be delivered such as fertiliser, management applies judgement to consider whether those promised goods and services are (i) distinct - to be accounted for as separate performance obligations; (ii) not distinct - to be combined with other promised goods or services until a bundle is identified that is distinct or (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer.

Transaction price

At contract inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the present contract. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are agreed. Once the total transaction price is determined, the Group allocates this to the identified performance obligations in proportion to their relative stand-alone selling prices and recognises revenue when (or as) those performance obligations are satisfied.

For each performance obligation, the Group determines if revenue will be recognised over time or at a point in time. Where the Group recognises revenue over time for long term contracts, this is in general due to the Group performing and the customer simultaneously receiving and consuming the benefits provided over the life of the contract.

For each performance obligation to be recognised over time, the Group applies a revenue recognition method that faithfully depicts the Group's performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts.

When using the output method the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. Where the output method is used, in particular for long term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long term contracts use output methods based upon estimation of number of users, level of service activity or fees collected.

If performance obligations in a contract do not meet the over time criteria, the Group recognises revenue at a point in time. This may be at the point of physical delivery of goods and acceptance by a customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria.

Disaggregation of revenue

The Group disaggregates revenue from contracts with customers by contract type, which includes only fertiliser as management believes this best depicts how the nature, amount, timing and uncertainty of the Group's revenue and cash flows.

Performance obligations

Performance obligations categorised within this revenue type include the debtor taking ownership of the fertiliser product.

Inventories

Inventories are valued at the lower of cost and net realisable value.

Costs incurred in bringing each product to its present location and condition is accounted for as follows:

·      Raw materials - purchase cost; and

·      Finished goods - cost of direct materials and labour and an appropriate proportion of variable and fixed overheads based on normal operating capacity.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Where the Group expects some, or all, of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.

If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money, and where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

NOTE 2:  SEGMENT REPORTING

For management purposes, the Group is organised into one main operating segment, which involves mining exploration, processing and sale of fertiliser. All of the Group's activities are interrelated, and discrete financial information is reported to the Board (Chief Operating Decision Maker) as a single segment. No revenue is derived from a single external customer.

Accordingly, all significant operating decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole.  Revenue earned by the Group is generated in Brazil and all of the Group's non-current assets reside in Brazil.

The following table present revenue and loss information and certain asset and liability information regarding business segments for the half year ended 30 June 2025.

NOTE 3:  REVENUE FROM CONTRACTS WITH CUSTOMERS

The Group derives its revenue from the sale of goods at a point in time in the major category of Fertiliser.

NOTE 4:  COST OF GOODS SOLD

NOTE 5: CASH AND CASH EQUIVALENTS

NOTE 6: TRADE AND OTHER RECEIVABLES

¹ The proceeds for the shares issued on 23 June 2025 were received by the Company on 2 July 2025.

(i)         Classification of trade receivables

Trade debtors, other debtors and goods and services tax are receivable on varying collection terms. Due to the short-term nature of these receivables, their carrying value is assumed to approximate their fair value. Some debtors are given industry standard longer payment terms which may cross over more than one accounting period. These trade terms are widely used in the agricultural market in Brazil and are considered industry norms.

(ii)         Impairment of trade receivables

The group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are adjusted to reflect current and forward information on macroeconomic factors affecting the ability of the customers to settle the receivables. Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due.

NOTE 7: INVENTORIES

NOTE 8: PLANT AND EQUIPMENT

NOTE 9: MINE PROPERTIES

Mine Properties - impairment

Management identified indicators of impairment in relation to the Group's Arapua project assets as market capitalisation is below net assets and the subsidiary is loss making due to difficult market conditions. An assessment for impairment on the Arapua project cash generating unit was undertaken utilising fair value less costs of disposal and no impairment was recognised as a result of this assessment.

The Arapua project cash generating unit has a carrying value of $6.123 million consisting of Mine Properties, Plant and Equipment, Deferred Exploration and Evaluation Expenditure, and Provision for Rehabilitation. The fair value was calculated using the income approach and an independent expert was engaged to assist Management. The fair value is a level 2 on the fair value hierarchy and the key assumptions used in the model are as follows:

The following sensitivities were applied to the fair value less costs of disposal:

NOTE 10: TRADE AND OTHER PAYABLES

Trade creditors, other creditors and goods and services tax are non-interest bearing and generally payable on 60-day terms. Due to the short term nature of these payables, their carrying value is assumed to approximate their fair value.

NOTE 11: BORROWINGS

As at 30 June 2025, the Group recorded $3,472,206 (31 December 2024: $3,169,624) of secured loans as a payable.

At 30 June 2025 all loan facilities for the Group were fully drawn down and are as follows:

In March 2025, the Group announced it has successfully renegotiated its R$5.0 million (c. £675,000) working capital debt, obtaining a 12-month grace period and an extended 36-month repayment plan.

NOTE 12: CONTRIBUTED EQUITY

Contributed equity

Movements in ordinary shares on issue

NOTE 13: DIVIDENDS

No dividends have been paid or provided for during the half-year (half-year to 30 June 2024: $nil).

NOTE 14: CONTINGENT LIABILITIES AND COMMITMENTS

There has been no material change in contingent liabilities or commitments since the last annual reporting date.

NOTE 15: FINANCIAL INSTRUMENTS

The Group has a number of financial instruments which are not measured at fair value in the statement of financial position.

The Directors consider that the carrying amounts of current receivables, current payables and current borrowings are considered to be a reasonable approximation of their fair values.

NOTE 16: SUBSEQUENT EVENTS

As announced on 23 June 2025, the Company raised gross proceeds of £300,000 through placing 100,000,000 new ordinary shares of no par value at a placing price of 0.3 pence. The Company also issued one warrant per two Placing Shares, exercisable at 0.6p for a period of 2 years from Admission.  The proceeds from the raise were received on 2 July 2025.

Other than the above matters, post period end, there have been no known significant events after the end of the period that require disclosure in this report.

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