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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Harvest Minerals Limited | LSE:HMI | London | Ordinary Share | AU000XINEAB4 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.85 | 1.70 | 2.00 | 1.90 | 1.85 | 1.85 | 365,482 | 08:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 8.63M | 198k | 0.0010 | 18.50 | 3.5M |
From Apr 2019 to Apr 2024
TIDMHMI
RNS Number : 5100U
Harvest Minerals Limited
29 March 2019
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
29 March 2019
Harvest Minerals Limited ('Harvest' or the 'Company')
Unaudited Interim Results for Period Ended 31 Dec 2018
Harvest Minerals Limited, the AIM listed fertiliser producer, is pleased to announce its unaudited interim results for the six-month period ended 31 December 2018.
Highlights
-- Focused on developing a profitable, sustainable business for the long term
-- Completed the mine and associated processing plant build-out at Arapuá Project to facilitate the production of 320Ktpa fertiliser, KPfértil
-- Produced KPfértil to service existing and new sales contracts -- Received approval from MAPA to register KPfértil as a remineraliser
-- Continued generation of impressive agronomic results, providing further validation for KPfértil
-- Increased marketing activities in emerging marketplaces in Brazil -- Planted demonstration farm adjacent to site to show benefits to prospective customers -- Improving month-on-month sales rates and repeat customers on maintained selling price
-- Initial revenue numbers of A$1,048,062. having only just commenced approaching the marketplace in earnest during the review period
-- Production costs anticipated to stabilise to below the US$10/t mark
Chairman's Statement
2018 was a transformational year for Harvest Minerals Limited ('Harvest or the 'Company') with the period under review playing a crucial role in that process, as we focused on generating value for shareholders through realising several key milestones and establishing a firm platform for future growth.
During the review period, we concentrated on the continued development of our Arapuá Project ('the Project'), in the heart of the largest and fastest growing fertiliser market in Brazil, where we produce KPfértil, a registered and approved organic multi-nutrient fertiliser that contains many of the essential nutrients required by plants.
In June 2018, following an oversubscribed placing, Harvest spent the remainder of the year completing the mine and associated processing plant expansion at the Project to facilitate the increased production of up to 320Kt per annum, to be in a position to service both existing and new sales contracts. Additionally, we have increased marketing activities to include local advertising, demonstration trials, attending trade events and strengthening key relationships with local customers and cooperatives.
In July 2018, we received approval from the Ministry of Agriculture ('MAPA') to register KPfértil as a remineraliser and generated more exceptional agronomic results that provided further validation for our product and the significant benefits it can provide to farmers. Through the planting of a demonstration farm adjacent to the site, we can clearly show the benefits to prospective customers first-hand.
Since inception, Harvest has been very successful, but like all new businesses we have had some outcomes that have fallen short of our expectations, the most notable of these was the premature termination of our strategic alliance with Geociclo Biotecnologia S/A ('Geociclo') that could have provided an impetus to the Company's expansion plans. The resultant insolvency of Geociclo, did create an opportunity in being able to appoint key members of its sales team to our own team and its existing client database.
The Company's expectations, at this stage, are that the sales price and cost of production numbers assumed by the Company brokers are materially in line with the Company's full year expectations. The Company expects that the assumptions relating to sales volumes (and therefore revenue) and resultant profit before tax, will not be met by the 30 June year end, predominately as a result of a timing issue where the prime selling seasons in Brazil and the Company's financial year end do not reconcile and as such we see this as a timing issue not as a permanent impairment. Additionally, the Company has experienced some unbudgeted one-off costs that have impacted the Company's profit before tax in H1 2019, which are not expected to be repeated in H2 2019 or thereafter. The Company therefore expects to report a 2019 full year revenue figure approximately 25 per cent. below current analyst estimates, and to breakeven at the profit before tax level.
Some of the key metrics that the Company monitors internally to give us comfort that things are progressing well include our improving month-on-month sales rates and the fact that to date all customers who have received our product have either purchased again, or indicated that they will purchase again, when the need arises. Importantly, we have been able to maintain our selling price. Additionally, the Company has stabilised its production costs in accordance with expectations.
With an improving sales run rate and repeat customers, the business can only grow. We have entered the phase of building a profitable, sustainable business for the long term. There are many moving parts to achieving this and the timing and scheduling of achieving our objectives will not always fit the schedule of all shareholders or the timing of 6 monthly reporting. Building the business up to capacity will take months, not weeks and there will be periods where the communication with the market may be thin. This should be interpreted as a good thing; it means we are busy building the business.
As we report on the closing of the 2018-year, Harvest is well placed to move forward. The macro fundamentals that brought investors to Harvest remain as strong as ever: the very significant demand for fertiliser product in Brazil, the attractiveness of our product compared to alternatives, our proximity to customers, and our extremely attractive economics are all in place and bode well for a profitable and exciting future.
The Board believes that Harvest is an attractive proposition: it is well-funded; revenue generative; the Project is ideally located within an emerging market; with the product being competitively priced and an outstanding natural product with a robust profit margin.
As always, the Board would like to thank our team for their work and our shareholders for their continued commitment to Harvest.
Brian McMaster
Chairman
28 March 2019
Condensed Consolidated Statement of Comprehensive Income
for the half-year ended 31 December 2018
Hot Features
Premium
Consolidated
31 December 31 December
Notes 2018 2017
$ $
----------- -----------
Revenue from contracts with customers 3 1,048,062 42,294
Less: Transfer to capitalised exploration
and evaluation expenditure - (42,294)
----------- -----------
1,048,062 -
Cost of goods sold 4 (418,738) -
----------- -----------
Gross profit 629,324 -
----------- -----------
Interest revenue (13) 182
Other income 584 53,381
629,895 53,563
Listing and share registry expenses (21,026) (25,596)
Accounting and audit expenses (61,895) (27,596)
Consulting expenses (665,157) (140,719)
Directors' expenses (345,626) (307,630)
Rent and outgoings (90,057) (154,021)
Advertising (116,075) (70,548)
Legal expenses (17,866) (63,831)
Impairment of loan 5 (486,257) -
Share based payment expense 11 (472,275) -
Travel and accommodation expenses (103,026) (4,011)
Wages & Salaries (116,265) -
Foreign exchange gain 175,025 (89)
Depreciation (572) (2,642)
Other expenses (107,626) (86,561)
Interest expense (25) -
Loss before income tax (1,798,828) (829,681)
Income tax expense - (3,827)
Loss after income tax (1,798,828) (833,508)
Other comprehensive income
Item that may be reclassified subsequently
to profit or loss
Exchange differences on translation
of foreign operations 197,245 (57,386)
Other comprehensive income / (loss)
for the half-year (1,601,583) (57,386)
-----------
Total comprehensive loss for the half-year (1,601,583) (890,894)
-----------
Loss per share
Basic and diluted loss per share (cents
per share) (0.97) (0.68)
Condensed Consolidated Statement of Financial Position
as at 31 December 2018
Consolidated
Notes 31 December 30 June
2018 2018
$ $
------------ ------------
Assets
Current Assets
Cash and cash equivalents 11,928,997 15,492,355
Trade and other receivables 5 1,307,194 231,008
Inventories 6 136,791 -
------------ ------------
Total Current Assets 13,372,982 15,723,363
------------ ------------
Non-Current Assets
Plant and equipment 1,006,705 491,941
Mine properties 7 3,378,136 -
Deferred exploration and evaluation
expenditure 8 4,011,596 6,854,518
Total Non-Current Assets 8,396,437 7,346,459
------------ ------------
Total Assets 21,769,419 23,069,822
------------ ------------
Current Liabilities
Trade and other payables 9 255,058 426,153
Total Current Liabilities 255,058 426,153
------------ ------------
Total Liabilities 255,058 426,153
------------ ------------
Net Assets 21,514,361 22,643,669
============ ============
Equity
10,
Issued capital 11 43,048,343 42,576,068
Reserves 3,184,800 2,987,555
Accumulated losses (24,718,782) (22,919,954)
------------ ------------
Total Equity 21,514,361 22,643,669
============ ============
Condensed Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2018
Notes Issued Capital Accumulated Option Reserve Foreign Currency Total
$ Losses $ Translation $
$ Reserve
$
Balance as at 1 July
2018 42,576,068 (22,919,954) 3,541,048 (553,493) 22,643,669
---------------- ------------- ------------------ ----------------- ------------
Total comprehensive
loss for the
half-year
Loss for the
half-year - (1,798,828) - - (1,798,828)
Other comprehensive
loss - - - 197,245 197,245
---------------- ------------- ------------------ ----------------- ------------
Total comprehensive
loss for the
half-year - (1,798,828) - 197,245 (1,601,583)
---------------- ------------- ------------------ ----------------- ------------
Transactions with
owners in their
capacity as owners
Shares issued to
directors and other
employees 11 472,275 - - - 472,275
Balance at 31
December 2018 43,048,343 (24,718,782) 3,541,048 (356,248) 21,514,361
================ ============= ================== ================= ============
Balance as at 1 July
2017 23,892,802 (20,062,859) 3,463,720 (183,970) 7,109,693
---------------- ------------- ------------------ ----------------- ------------
Total comprehensive
loss for the
half-year
Loss for the
half-year - (833,508) - - (833,508)
Other comprehensive
loss - - - (57,386) (57,386)
---------------- ------------- ------------------ ----------------- ------------
Total comprehensive
loss for the
half-year - (833,508) - (57,386) (890,894)
---------------- ------------- ------------------ ----------------- ------------
Transactions with
owners in their
capacity as owners
Shares issued as
part of placement 2,061,179 - - - 2,061,179
Options Issued 11 - - 77,328 - 77,328
Share issue costs (257,327) - - - (257,327)
Balance at 31
December 2017 25,696,654 (20,896,367) 3,541,048 (241,356) 8,099,979
================ ============= ================== ================= ============
Condensed Consolidated Statement of Cash Flows
for the half-year ended 31 December 2018
31 December 31 December
2018 2017
$ $
----------- -----------
Cash flows from operating activities
Receipts from customers 33,742 -
Payments to suppliers and employees (2,872,794) (857,883)
Interest received - 182
Interest paid (38) -
Other receipts - 53,381
-----------
Net cash outflow from operating activities (2,839,090) (804,320)
----------- -----------
Cash flows from investing activities
Payments for plant and equipment (515,336) (79,336)
Proceeds from trial mining - 43,440
Payments for exploration and evaluation
expenditure (108,906) (788,937)
-----------
Net cash outflow from investing activities (624,242) (824,833)
----------- -----------
Cash flows from financing activities
Proceeds from share issue - 2,061,179
Proceeds from exercise of options - -
Share issue costs - (180,000)
----------- -----------
Net cash inflow from financing activities - 1,881,179
----------- -----------
Net increase / (decrease) in cash and
cash equivalents (3,463,332) 252,026
Cash and cash equivalents at beginning
of period 15,492,355 1,386,284
Effect of exchange rate fluctuations
on cash held (100,026) (90)
Cash and cash equivalents at the end
of the period 11,928,997 1,638,220
=========== ===========
Notes to the Condensed Consolidated Financial Statements
for the half-year ended 31 December 2018
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 31 December 2018 was authorised for issue in accordance with a resolution of the Directors on 28 March 2019.
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 31 December 2018 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 30 June 2018 and considered together with any public announcements made by Harvest Minerals Limited during the half-year ended 31 December 2018 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 (as adopted by the European Union).
New and amending Accounting Standards and Interpretations
In the half-year ended 31 December 2018, 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 July 2018.
As a result of this review, the Group has initially applied AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers from 1 July 2018.
Due to the transition methods chosen by the Group in applying AASB 9 and AASB15, comparative information throughout the interim financial statements has not been restated to reflect the requirements of the new standards.
The Directors have determined that there is no material impact of AASB 9 and AASB 15 revised Standards and Interpretations on the Group and therefore, no material change is necessary to the Group's accounting policies.
The Directors have also reviewed all new (including AASB 16 Leases) and revised Standards and Interpretations in issue but not yet adopted for the half-year ended 31 December 2018. As a result of this review the Directors have determined that there is no material impact, of the new and revised Standards and Interpretations on the Group's business and, therefore, no material change is necessary to the Group's accounting policies.
As a result of the Company having advanced its Arapua fertilizer project to production, the following amendments to accounting policies have been implanted:
Deferred Exploration and Evaluation Expenditure
During the period, the Directors determined that in respect of the Arapua Fertiliser Project, whilst the Company was still operating under its Trial Mining Licence granted in December 2016 for four years, the ramp up of production pending approval of a Full Mining Licence warranted reclassifying the costs carried forward in respect of the Arapua Fertiliser Project of $3,424,124 at 1 July 2018 from Deferred Exploration and Evaluation Expenditure to Mine Properties. This necessitated the Company testing this expenditure for impairment before reclassification. The results of this test were that the expenditure was not impaired.
The Company continues to carry forward deferred exploration and evaluation expenditure for its other projects in accordance with the Group's accounting policy for such expenditure.
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 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 an entity is also required to recognise as a provision the best estimate of the present value of expenditure required to settle the 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.
Revenue
Revenue is measured at fair value of the consideration received or receivable. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be measured reliably. The following specific recognition criteria must be met before revenue is recognised:
Sale of goods
Revenue from the sale of fertiliser is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied:
-- the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;
-- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-- the amount of revenue can be measured reliably;
-- it is probable that the economic benefits associated with the transaction will flow to the Group; and
-- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
NOTE 2: SEGMENT REPORTING
For management purposes, in the current period the Group was organised into operating segments based on discrete financial information reported to the Board (Chief Operating Decision Maker).
These segments have been designed to represent the following:
-- Production (Arapua) -- Exploration and evaluation -- Corporate
In previous periods, the Group was organised into two main operating segments, being exploration and evaluation and corporate.
The following table present revenue and loss information and certain asset and liability information regarding business segments for the half years ended 31 December 2018 and 31 December 2017.
Continuing operations
Production (Arapua) Exploration Corporate Consolidated
and Evaluation
$ $ $ $
31 December 2018
Segment revenue 1,048,062 - 571 1,048,633
Segment profit before
income tax expense 629,324 - (2,428,152) (1,798,828)
Segment assets 5,659,924 4,011,596 12,097,899 21,769,419
-------------------------- --------------------------- ------------------------ -----------------
Segment liabilities 109,952 - 145,106 255,058
-------------------------- --------------------------- ------------------------ -----------------
31 December 2017
Segment revenue - 50,954 2,609 53,563
Segment profit before
income tax expense - - (883,244) (883,244)
Segment assets - 6,449,276 1,809,746 8,259,022
-------------------------- --------------------------- ------------------------ -----------------
Segment liabilities - - 159,044 159,044
-------------------------- --------------------------- ------------------------ -----------------
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.
6 months
to 6 months to
31 December 31 December
2018 2017
$ $
At a point in time
Fertiliser 1,048,062 42,294
Less: Transfer to capitalised exploration and evaluation expenditure (trial mining) - (42,294)
Total revenue 1,048,062 -
--------- --------
NOTE 4: COST OF GOODS SOLD
6 months to 6 months to 31 December
31 December 2018 2017
$ $
Mine operating costs 317,029 -
Royalty expense 20,961 -
Depreciation and amortisation 80,748 -
Total cost of goods sold 418,738 -
----------------- -----------------------
NOTE 5: TRADE AND OTHER RECEIVABLES
Year ended
6 months to 30 June
31 December 2018 2018
$ $
Trade Debtors 1,025,037 -
Prepayments 137,128 -
Cash advances 116,498 192,343
Refundable security deposit 15,170 14,991
GST receivable 5,707 4,367
Other receivables 7,654 19,307
Unsecured Loan 486,257 -
Less: Provision for impairment (1) (486,257) -
----------------- ----------
Total trade and other receivables 1,307,194 231,008
----------------- ----------
(1) Impairment of advance to Geociclo which is the result of a judicial administration the recovery of which is uncertain.
NOTE 6: INVENTORIES
Year ended
6 months to 30 June
31 December 2018 2018
$ $
Raw materials - at cost 37,658 -
Finished goods - at cost 99,133 -
Total inventories 136,791 -
----------------- ----------
NOTE 7: MINE PROPERTIES
Year ended
6 months to 30 June
31 December 2018 2018
$ $
Mines in production 3,378,136 -
Balance at end of period 3,378,136 -
----------------- ----------
At beginning of the period - -
Transferred from deferred exploration and evaluation expenditure 3,424,124 -
Less: Accumulated amortisation (45,988) -
Balance at the end of the period 3,378,136 -
----------------- ----------
NOTE 8: DEFERRED EXPLORATION AND EVALUATION EXPITURE
Year ended
6 months to 30 June
31 December 2018 2018
$ $
Exploration and evaluation phase:
At beginning of the period 6,854,518 5,865,430
Transfer to mining properties (3,424,124) -
Acquisition of Sergi Potash Project(1) 100,000 100,000
Exploration expenditure during the period 8,906 1,216,280
Proceeds from trial mining - (41,827)
Net exchange differences on translation 472,296 (285,365)
----------------- ----------
Balance at the end of the period 4,011,596 6,854,518
----------------- ----------
(1) As announced on the ASX on 20 April 2015 Harvest acquired a 100% interest in the Sergi Potash Project in Sergipe State, Brazil. The portion of consideration for this acquisition recorded during the period, as per the Sergi Project Mineral Rights Purchase and Sale Agreement, is a payment of $100,000 cash on 24 September 2018.
The ultimate recoupment of costs carried forward for exploration expenditure is dependent on the successful development and commercial exploitation or sale of the respective mining areas.
NOTE 9: TRADE AND OTHER PAYABLES
31 December 30 June
2018
$ 2018
$
Trade payables 148,427 401,022
Accruals 83,311 20,932
Other payables 23,320 4,199
------------ --------
255,058 426,153
------------ --------
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 10: ISSUED CAPITAL
31 December 30 June
2018 2018
$ $
Issued and paid up capital
Issued and fully paid 43,048,343 42,576,068
---------- ----------
6 months to Year ended
31 December 2018 30 June 2018
No. $ No. $
Movements in ordinary shares on issue
Opening balance 184,335,884 42,576,068 116,838,589 23,892,802
Shares issued to Directors and other
employees 1,500,000 472,275 3,000,000 928,979
Shares issued as part of placement - - 64,497,295 19,284,091
Share issue costs - - - (1,529,804)
----------- ---------- ----------- -----------
Closing balance 185,835,884 43,048,343 184,335,884 42,576,068
----------- ---------- ----------- -----------
Share Options
As at the date of this report, there were 3,355,125 unissued ordinary shares under options. The details of the options at the date of this report are as follows:
Exercise at Exercise at Total
14p 10p
by 31/12/19 by 25/10/19
Balance at 1 July 2018 2,755,125 600,000 3,355,125
Balance at 31 December
2018 2,755,125 600,000 3,355,125
============ ============ ==========
No option holder has any right under the options to participate in any other share issue of the Company or any other entity. No options were exercised since the end of the half-year.
NOTE 11: SHARE BASED PAYMENTS
Share based payment transactions recognised during the period were as follows:
6 months to
31 December 6 months
2018 to 31 December
2017
$ $
Capital raising expenses(1)
---------- ------------- ----------------
Share based payments to supplier - 77,328
---------- ------------- ----------------
Profit and Loss(2)
----------------
Share based payments to Directors and
employees 472,275 -
----------------- ----------------
(1) Capital raising expenses
The table below summarises options granted to suppliers during the half-year ended 31 December 2018:
Balance at Granted
start of during Exercised Expired Balance at Exercisable
Grant Expiry Exercise the the during the during end of the at end of
Date date price half-year half-year half-year the half-year half-year the year
Number Number Number Number Number Number
-------------- -------- ------------- ------------- ------------- ------------- ------------- ------------------
25 Oct
17 25 Oct 19 $0.176 - 600,000 - - 600,000 600,000
-------------- -------- ------------- ------------- ------------- ------------- ------------- ------------------
Weighted remaining
contractual life
(years) - 2.0 2.0 - 0.819 0.819
------------- ------------- ------------- ------------- ------------- ------------------
Weighted average exercise
price - $0.1712 $0.1712 - $0.1712 $0.1712
------------- ------------- ------------- ------------- ------------- ------------------
The options were valued using the Black & Scholes option pricing model with inputs noted in the above table and further inputs as follows:
- Grant date share price: $0.212 - Risk-free interest rate: 1.5% - Volatility: 110%
(2) Profit and loss
The following shares were issued during the current period to Directors and other employees as payment for services performed:
Share price
Number of at grant
Date shares date Value
Number $ $
--------- ----------- --------
25 Jul 18 1,500,000 0.3148 472,275
--------- ----------- --------
The shares were valued at the Company's share price at grant date.
NOTE 12: DIVIDENDS
No dividends have been paid or provided for during the half-year (2017: nil).
NOTE 13: CONTINGENT LIABILITIES AND COMMITMENTS
There has been no material change in contingent liabilities or commitments since the last annual reporting date.
NOTE 14: SUBSEQUENT EVENTS
There have been no other known significant events subsequent to the end of the period that require disclosure in this report.
*ENDS*
For further information please visit www.harvestminerals.net or contact:
Harvest Minerals Limited Brian McMaster Tel: +44 (0) 20 7317
(Chairman) 6629
Strand Hanson Limited James Spinney Tel: +44 (0)20 7409
Nominated & Financial Adviser Ritchie Balmer 3494
Arden Partners plc Tim Dainton Tel: +44 (0) 20 7614
Joint Broker John Llewellyn-Lloyd 5900
Maria Gomez De
Olea
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
Joint Broker 9900
St Brides Partners Ltd Isabel de Salis Tel: +44 (0)20 7236
Financial PR Gaby Jenner 1177
Notes
Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic, MAPA-certified remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K(2) O and 2.49% P(2) O(5) . This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years' production and the known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
March 29, 2019 08:00 ET (12:00 GMT)
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