Half-year Results

Harvest Minerals Limited, the AIM-listed organic fertiliser producer, is pleased to announce its Interim Results for the six months ended 30 June 2026, extracts from which are set out below.

REVIEW OF OPERATIONS

Arapua Fertilizer Project

2026 continued to be a challenging year for the Company and its key project, Arapua. Global market conditions continue to impact on the business, and the Company’s focus continues to be the preservation of Arapua and addressing the Company’s balance sheet. Negotiations with the banks in Brazil continues.

Total sales for the 6-month period to 30 June 2026 were 12,210 tonnes. 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 44,000 tonnes.

Rare Earth Elements portfolio - Strategic Acquisition of additional projects

As announced post balance date, the Company has completed the strategic acquisition of Scanty Mineração Ltda, which holds a portfolio of eight highly prospective ionic clay rare earth ("REE") projects across 27 exploration tenements in Brazil. This acquisition signals the next step in Harvest's expanded critical minerals strategy and provides exposure to multiple high-quality assets, and follows on from the work undertaken in 2025 on Arapua’s REE potential. Further detail is set out below under Subsequent Events.

RESULTS

The loss after tax recorded in the Condensed Consolidated Statement of Comprehensive Income for the half-year ended 30 June 2026 was $1,180,047 (2025: $1,680,967).

Net cash outflow from operating activities in the Condensed Consolidated Statement of Cashflows for the half year ended 30 June 2026 was $456,364 (2025: $313,542).

SUBSEQUENT EVENTS

As announced on 21 July 2026, the Company entered into a binding agreement to acquire 100% of Scanty Mineração Ltda ("Scanty"), a wholly owned subsidiary of Union Star Metals Limited (ASX: USM), in a cash, shares and milestone related transaction. The acquisition consideration is structured as to:

A$200,000 cash payment, and the issue of 40,000,000 new Harvest ordinary shares, on completion

Up to a further A$300,000 cash payment for meeting development milestones;

The assumption of approximately A$1.5 million of deferred acquisition payments and associated 1.5% royalty obligations due to the previous vendors.

Subsequently, and as announced on 1 September 2026, the Scanty acquisition was completed.

As announced on 14 September 2026, the Company entered into a Technical-Scientific Cooperation Agreement with Serviço Geológico do Brasil, the Brazilian Geological Survey and the country's leading geoscience institution, to research the potential occurrence of mineral commodities considered critical or strategic for Brazil.

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.

However, the Board considers the acquisition of Scanty represents a significant milestone in the Company’s strategy of building a meaningful rare earth elements business in Brazil, which comprises a broad portfolio that combines an advanced lead asset with multiple regional exploration opportunities capable of delivering long-term value.

Condensed Consolidated Statement of Comprehensive Income

for the half-year ended 30 June 2026

Consolidated

Other comprehensive income

Item that may be reclassified subsequently to profit or loss

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the half-year ended 30 June 2026

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 2026 was authorised for issue in accordance with a resolution of the Directors on 30 September 2026.

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 2026 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 2025 and considered together with any public announcements made by Harvest Minerals Limited during the half-year ended 30 June 2026 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 2026, 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 2026. 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 2026. 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 2026 the Group recorded a loss after tax of $1,180,047 (Half-year to 30 June 2025: $1,980,127) and had net cash outflows from operating and investing activities of $456,364 (Half-year to 30 June 2025: $415,623). 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;

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 have agreed to pause drawing their remuneration until such time as the Company is able to pay;

The Group is continuing negotiations with its Brazilian financiers in regards to restructuring its debts;

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 units 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. Revenue is recognized at a point in time when customers takes physical delivery of the fertiliser. The transaction price is estimated at contract inception for the amount to which the Company expects to be entitled and has rights to under the present contract.

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

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 2026.

Continuing operations

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.

Consolidated

NOTE 6: TRADE AND OTHER RECEIVABLES

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.

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

Consolidated

In the prior year financial year, 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 impairment of $1,607,464 was recognised as a result of this assessment.

NOTE 10: TRADE AND OTHER PAYABLES

Consolidated

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

Consolidated

As at 30 June 2026, the Group recorded $3,463,287 (31 December 2025: $3,397,086) of secured loans as a payable.

At 30 June 2026 all loan facilities for the Group were fully drawn down and are as follows:

In May 2026, Triunfo reached agreement with Banco Itau S.A that provided for settlement of all amounts owing upon payment of R$253,269 (AUD70,170), debt of R$1,255,673 (AUD279,618) was forgiven. This amount was paid in full on 19 May 2026. As such, as at the date of this Report, Banco Itau S.A. is no longer a creditor of Triunfo.

In February 2026, Triunfo Mineracao do Brasil Ltda (Triunfo) made an application to the 5th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro seeking preliminary injunctive relief against enforceability of financial obligations owing by Triunfo. On 9 March 2026, injunctive relief was granted for an initial period of 60 days. This is not a formal judicial reorganisation or out-of-court reorganisation. Rather, it is a measure to protect distressed companies by halting creditor enforcement action for a period of time to allow the company to negotiate with creditors. Since March 2026, Triunfo has been in negotiations with lenders in respect to amounts owed.

In May 2026, Triunfo applied to the Court for an extension of the initial 60 day period. On 2 June 2026, the Court extended the period to 60 days. No further extensions have been sought from the Court and negotiations with the banks are ongoing.

NOTE 12: CONTRIBUTED EQUITY

NOTE 13: DIVIDENDS

No dividends have been paid or provided for during the half-year (half-year to 30 June 2025: $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 21 July 2026, the Company entered into a binding agreement to acquire 100% of Scanty Mineração Ltda ("Scanty"), a wholly owned subsidiary of Union Star Metals Limited (ASX: USM), in a cash, shares and milestone related transaction. The acquisition consideration is structured as to:

A$200,000 cash payment, and the issue of 40,000,000 new Harvest ordinary shares, on completion

Up to a further A$300,000 cash payment for meeting development milestones;

The assumption of approximately A$1.5 million of deferred acquisition payments and associated 1.5% royalty obligations due to the previous vendors.

Subsequently, and as announced on 1 September 2026, the Scanty acquisition was completed.

As announced on 14 September 2026, the Company entered into a Technical-Scientific Cooperation Agreement with Serviço Geológico do Brasil, the Brazilian Geological Survey and the country's leading geoscience institution, to research the potential occurrence of mineral commodities considered critical or strategic for Brazil.

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.