Completed acquisition of Scanty Mineracao & TVR

Harvest Minerals Limited

01 September 2026

 

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

1 September 2026

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

Completion of acquisition of Scanty Mineracao and TVR

Overview on Newly Acquired Brazilian Rare Earth Portfolio and

Outline Exploration Roadmap

Harvest Minerals Limited ("Harvest" or the "Company") is pleased to announce, further to its 21 July 2026 announcement, that it has now completed the acquisition of Scanty Mineração Ltda. ("Scanty"), holders of a portfolio of highly prospective ionic adsorption clay ("IAC") rare earth element ("REE") projects.  The acquisition, which complements the existing Arapua Rare Earth Project, establishes Harvest as an emerging rare earth exploration company with a portfolio of REE projects across Brazil, one of the world's most prospective jurisdictions for clay-hosted rare earth mineralisation, in addition to the Company's Brazilian fertilizer operations.

OVERVIEW

§ Strategic Acquisition: Completion of the acquisition of Scanty adds a portfolio of eight multistage REE projects across four Brazilian states targeting IAC mineralisation.

§ Established Technical Foundation: Prior to Harvest's acquisition, the projects benefited from several years of geological evaluation and technical work, including 98 auger holes totalling approximately 1,477 metres completed since 2024. All the data sets are currently being reviewed and validated.

§ Pending Analytical Programme: 386 samples collected by Scanty at the Capão Bonito Project are being laboratory tested and results are expected at the end of the current quarter. This data will be incorporated into Harvest's geological interpretation to support planning of the next phase of exploration.

§ Historical leach testwork: Historical testwork has already confirmed that mineralisation exhibits ionic adsorption clay behaviour, which provides strong encouragement for continued project advancement.

§ 2026 Exploration Programme: Following review of the historical dataset and receipt of the outstanding analytical results, Harvest intends to design and implement, subject to securing the necessary funding, a follow-up drilling programme at Capão Bonito to further evaluate its potential for future resource definition.

Brian McMaster, Chairman of Harvest, commented: "The completion of the acquisition of Scanty represents a significant milestone in Harvest's strategy of building a meaningful rare earth business in Brazil. Rather than acquiring a single exploration project, we have assembled a broad portfolio that combines an advanced lead asset with multiple regional exploration opportunities capable of delivering long-term value.

"Capão Bonito immediately stood out as the cornerstone of the portfolio. The volume of work already by the previous operator, including drilling, metallurgy and geological interpretation, provides us with an excellent technical foundation from which to accelerate project advancement. Just as importantly, the project still has considerable room for growth as we continue to increase drill density, receive outstanding assay results and better understand the controls on rare earth recovery.

"While Capão Bonito will be our immediate priority, we are equally encouraged by the broader Southeast Hub. Several projects have now completed their first reconnaissance drilling programmes, and the pending analytical results have the potential to significantly expand the known mineralised footprint of the district and identify additional priority targets for follow-up exploration.

"Our objective over the coming 12 months is clear: systematically advance Capão Bonito towards potential initial Mineral Resource Estimate while continuing to unlock value across the remainder of the portfolio through disciplined targeted exploration and technical evaluation."

FURTHER INFORMATION

Building a Brazilian Rare Earth Platform

The acquisition of Scanty represents a transformational step in Harvest's evolution as a critical minerals' exploration company.

Since announcing its Technical Cooperation Agreement with Union Star Metals Limited (then called PVW Resources Limited) to evaluate the rare earth potential of the Arapua Project, Harvest has progressively expanded its understanding of the opportunity presented by ionic adsorption clay hosted rare earth mineralisation in Brazil. The acquisition of Scanty significantly accelerates this strategy by adding a diversified portfolio of exploration projects that have already benefited from several years of geological evaluation and technical work.

The portfolio comprises eight exploration projects located across the states of São Paulo, Paraná, Minas Gerais and Bahia. Together they provide Harvest with exposure to multiple prospective geological terrains while significantly increasing the Company's exploration footprint.

Unlike many early-stage exploration portfolios, the acquired assets are not all at the same stage of development. Instead, they provide a balanced pipeline ranging from regional target generation through to advanced drill-ready projects, where exploration has already established encouraging geological and metallurgical characteristics.

This diversified approach allows Harvest to pursue two complementary objectives simultaneously: advancing Capão Bonito towards an initial mineral resource while continuing to evaluate numerous additional exploration opportunities capable of delivering future discoveries.

The Company believes this strategy provides a balanced allocation of exploration capital, combining near-term development milestones with longer-term district-scale discovery potential.

The Portfolio

While each project is at a different stage of exploration, the portfolio was assembled by the previous operator based on favourable geological characteristics, weathered granitic terrains and the potential to host near-surface clay-hosted rare earth mineralisation.

The projects are grouped into two principal exploration regions:

·      Southeast Hub - comprising Capão Bonito, Itapeva, Sguario, Carambeí and Cerro Azul. This represents the Company's immediate exploration focus, with the greatest amount of geological information and drilling completed to date.

·      Northeast Hub - comprising earlier-stage regional projects in Ceará, Minas Gerais and Bahia States where reconnaissance work and target evaluation will continue in parallel with activities in the Southeast Hub.

Located within favourable granitic terrains extending across São Paulo and Paraná States, the Southeast Hub contains five projects sharing similar geological characteristics and exploration models. Although each project is at a different level of advancement, collectively they provide the opportunity to develop a district-scale rare earth business rather than a single isolated deposit.

Across the five projects, a total of 821 samples were collected and are currently undergoing laboratory analysis ahead of results this quarter. These results are expected to represent one of the most important value inflection points for the portfolio, as they will not only define the next stage of work at Capão Bonito but will also determine the exploration priorities for the remainder of the Southeast Hub.

Capão Bonito has been identified as Harvest's lead development asset and will be the primary focus of exploration activities during the next phase of work as it possesses by far the most advanced technical database, combining historical drilling, encouraging metallurgy and a more detailed understanding of the geological controls on mineralisation. It has progressed beyond initial target generation and, under Harvest's stewardship, will now enter the next phase of exploration with the objective of evaluating its potential for future resource definition.

Scanty has completed an auger drilling program at the Capão Bonito target, comprising 98 holes with a cumulative depth of approximately 1,477 metres. The average hole depth was 19 metres, with a maximum depth of 30 metres. Of the samples collected during the previous program, 386 individual samples remain pending laboratory analysis, with results expected later this quarter.

Historical leach testwork executed by Scanty confirmed that mineralisation exhibits ionic adsorption clay behaviour, which provide strong encouragement for continued project advancement.

The existing dataset provides a strong understanding of the geometry of the mineralised clay profile, establishing a solid foundation for the next phase of resource definition drilling.

Next Exploration Priorities

The immediate priority for 2026 is the completion of chemical analyses for the 386 samples collected at Capão Bonito during the 2025 drilling programme executed by the prior owner. These results are expected to expand the geological database, refine the geological interpretation of the project and identify the highest-priority areas for future drilling. Selected mineralised intervals will subsequently undergo desorption testing (ICM694) to further evaluate metallurgical performance.

Building Long-Term Value

Collectively, these workstreams are expected to advance the technical understanding of Capão Bonito while continuing to evaluate the broader exploration potential of the Southeast Hub. The programme, to be budgeted and detailed in due course, will be designed to support the next phase of exploration at Capão Bonito while advancing regional exploration across the portfolio, with the objective of further assessing the potential for future resource definition and identifying additional exploration opportunities.

Further details on the acquisition of Scanty

All conditions precedent have now been satisfied and therefore the acquisition of Scanty has now completed. Accordingly, the completion payments of A$200,000 in cash, and the issue of 40 million new Harvest ordinary shares have been triggered. Please refer to the Company's 21 July 2026 RNS for details on the further contingent consideration payable.

Admission to AIM and TVR

Application will be made to the London Stock Exchange for the above 40,000,000 new Ordinary Shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 2 September 2026 ("Admission").

Following the issue of such shares, the total issued share capital of the Company will consist of 543,169,217 Ordinary Shares with voting rights.  The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.

On Admission, the abovementioned figure of 543,169,217 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Harvest under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

**ENDS**

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

Harvest Minerals Limited	Brian McMaster  (Chairman)	Tel: [phone]
Strand Hanson Limited Nominated & Financial Adviser	Ritchie Balmer James Spinney	Tel: [phone]
Tavira Securities Broker	Jonathan Evans	Tel: [phone]

 

END