Occurrences of REE at the Arapuá Project

Harvest Minerals Limited, the AIM listed fertiliser producer, announces that it has identified potential for Rare Earth Elements ("REE") at its 100% owned Arapuá Fertiliser Project in Brazil ("Arapuá Project").

Highlights

• Laboratory analysis of rock sample demonstrates the occurrence of REE with contents ranging from 1,176 ppm to 1,860 ppm of total rare earth oxides ("TREO").
• A broader sample collection database characterized according to the degree of weathering has demonstrated REE contents from 549 ppm to 1,375 ppm TREO, not including analysis of all REE elements.
• Historical laboratory analysis being validated by Harvest has indicated REE contents ranging from 1,837 ppm to 4,117 ppm TREO.
• REE-focused programme initiated to undertake re-assaying of substantial set of selected rock samples and drilling data for detailing of mineralization and potential association of REE with ionic clays.

Brian McMaster, Chairman of Harvest, said: "It is encouraging to observe the presence of critical rare earth elements (REE) at the Arapuá Project. We acknowledge the significance of the Total Rare Earth Oxides (TREO) grades observed in the rock samples in our database, particularly depending on whether the mineralization is associated with ionic clays, which we are currently investigating. We have initiated a work programme specifically focused on REE to validate both existing and historical data, and we will report the results in due course".

Background

The Arapuá Project comprises nine exploration mineral rights covering a combined area of 14,481 hectares, spanning the Arapuá and Maximus blocks, which are owned by a subsidiary of Harvest's, Triunfo Mineracao do Brasil (see Figure 1).

In 2017, Harvest disclosed its initial JORC compliant mineral resource estimate ("MRE"), indicating a total Indicated and Inferred Resource of 13.07 million tonnes at 3.1% K2O and 2.49% P2O5. This estimate was derived from drilling and exploration efforts, accounting for only 6.7% of the known mineralization.

Throughout the exploration and drilling phases aimed at defining the MRE, a considerable number of samples were collected and are currently stored at the Arapuá Project's facilities. Upon revisiting the laboratory analysis database for these samples, the presence of REE has been identified in the kamafugite rocks, the rock type associated with the Arapuá Project's mineral resources.

The table below presents the results for REE, including TREO, obtained from samples collected across the Maximus block. The Maximus Block represents the permitted area where Harvest conducts its mining activities.

Table 1: REE results from samples collected over the Maximus Block

*Notes

LREE: Light Rare Earth Elements oxides are defined by their lower atomic weights. LREE includes lanthanum (La), cerium(Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm) and europium (Eu).

HREE: Heavy rare earth oxides are defined by their higher atomic weights relative to light rare earth oxides. HREOs include oxides of gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and include scandium (Sc) and yttrium (Y). The results do not include Sc.

MREO: Magnet Rare Earth Elements; they are Nd, Pr, Dy and Tb.

TREO: Total Rare Earth Oxides is the sum of the oxides of heavy rare earths elements (HREO) and light rare earths elements (LREO). (La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3) + Yttrium (Y2O3).

Harvest has also identified in its sample collection database a total of 152 samples which have shown REE occurrences, although they have not been analysed for a number of REE elements such as Pr, Nd, Sm, Eu, Gd, Dy, Ho, Er and Tm. The analyzed samples were characterized according to their degree of weathering using the Chemical Index of Alteration ("CIA"). The CIA was applied considering the potential association of REE with clays. However, this association still requires detailed investigation. These samples will undergo geochemical analysis to obtain the total concentration of REE.

The table below shows REE partial results from samples characterized according to their degree of weathering over the Maximus Block.

Table 2: REE partial results from samples collected over the Maximus Block.

Historical Work (See Disclaimer at the end of this News Release)

Historical studies conducted within the Arapuá block, documented in a report titled "Capacete Project Audit Report", which was obtained by Harvest during the acquisition of the Arapuá project, also highlighted significant REE findings from samples collected in the Arapuá block, as illustrated in Table 3 below. Harvest is presently engaged in sample collection from the same locations within an area known as the Capacete area, as part of its own data verification process.

Table 3: Results from samples collected over the Capacete area with CIA and REE datas.

Work Programme

The advancement of investigations into the presence of REE in Harvest's mineral rights is supported by the existing infrastructure of the Arapuá Project, which includes the team, laboratories, and equipment.

The exploration programme, the later stages of which are subject to further funding, aims to:

• Execute laboratory analysis on existing samples in the Company's rock composite library;
• Conduct mapping programmes and sampling campaigns focusing on REE;
• Carry out a drilling campaign using auger and reverse circulation methods for subsurface collection;
• Conduct mineralogical characterization of the ore; and
• Contingent to the ore characterization work results, investigate the optimal beneficiation process route and evaluate the volume of resources and concentration within the deposit.

Figure 1: Arapuá Project Mineral Rights