Harvest Minerals (HMI ASX, Mkt Cap A$9.

7m)

Sergi Preliminary Resource Estimate

ASX listed fertilizer company, currently listing on AIM. The company has
several projects in Brazil including a phosphate project which could provide
potential near-term cash flow whilst developing its two potash projects,
close to the only producing potash mine in Brazil, Vale's Taquari-Vassouras.

Acquired in April, Sergi is 40km from Vale's Taquari-Vassouras, the only

producing potash mine in Brazil

4 holes drilled between 2011 and 2014, 1.6-2.7km apart but only 1

intercepted mineralised formations of sylvinite and carnallitite

Recent 3D seismic highlighted potential extensions to this zone

Market Cap - A$9.7m

Share Price - A$0.022
Share Out - 442.7m
Free Float - 280.5m

Management Team
Experienced team involved in establishing some of the most recent
successful mining companies including in Brazil and in potash
Companies include Hunnu Coal (coal in Mongolia sold for A$477m),
Avanco Resources (AVB-ASX, A$170m, copper in Brazil) and Highfield
Resources (HFR-ASX, A$460m, potash in Spain)
Brian McMaster - Executive Chairman, Matthew Wood - Executive
Director, Luis Azevedo - Executive Director , Mark Reilly - Non Executive

Business Case Brazil

Government stated aim is to be self-sufficient in fertilizers by 2020
Agriculture is key growth industry in Brazil with abundant sun, water and

land, but lacks fertilizers required to maximise yields

Brazil largest importer of fertilizers worldwide (imports 70% of total

fertilizers used, India 43%, USA 36% and China 7%)

Resource by Coffey (Brazil)

Inferred Resource (JORC 2012) sylvinite 62Mt@25% KCl and carnallitite
43.3Mt @15.9% KCl
Total 105.3Mt @21.3% KCl (13% K2O) with Exploration Target of 28-32Mt
at 22-28% KCl
Mirabaud Conceptual Estimates (Brazil)
Assumes Harvest-owned mine and plant, or owned mine and toll-treat
Using room-and-pillar mining recovering 40% of inferred resource only
Processing sylvinite or sylvinite/carnallitite blend producing up to
625ktpa K60 Product (~98% KCL concentrate).
Capex US$425-450m including contingency
Pre-tax NPV8% US$350-455m and IRR 23%-28%
Doubling recoverable resource increases to NPV8% US$750m and 31% IRR

Capela Potash Project Potentially Lower Capex

13km from Vales Taquari-Vassouras Potash Mine

3D Seismic suggests possibly northern extension of Vales Mine
8 mineral properties with exploration licences granted covering 11.1kHa
No drilling to date
Potential salt layers at 250-330m depth
Substantially lower depth than Sergi and which could be accessed via a
decline rather than a shaft system, suggesting substantially lower capex

Brazilian fertilizer use increased 12% (2012-14) from 29.25 to 32.21mtpa

Arapua Phosphate Project Potential Early Cash flow

Over this period imports rose 23% but domestic production fell 9%

In Minas Gerais, one of the major coffee growing regions of Brazil

Brazil currently imports over 90% of its potash and 51% of its phosphate
Only potash mine, Vales Taquari-Vassouras, due to be depleted by 2018

Potash - Sergipe Alagoas Basin

Harvest has two potash projects in the Sergipe Alagoas Basin, close to
the only producing potash mine in Brazil, Vale's Taquari-Vassouras.
Production is declining at Taquari-Vassouras as reserve grade declines
and will stop in 2018
Gives Harvest access to excellent infrastructure and product distribution

Seven exploration licences of 12,998ha between 2 blocks

Grab samples at Arapua returned 5-24% P2O5 distributed along three
individual targets (Arapua, Mata do Salgado and Maxixe)
Flotation of weathered material recovered 20.4% of mass at 25.25% P2O5
Simple processing route using crushers , screens and mills to produce
high-grade phosphate and K2O direct application natural fertilizer (DANF)
sold locally to farmers
Du Solo (TSX:DSF) a TSX listed Brazilian phosphate producer aiming to
produce ~130kt this year rising to 360kt over next 2 years sells product at
US$90/t locally on 65% margin.

Next Steps - by End 2015

Listing on AIM, London
Sergi
Commence drilling to upgrade resource to indicated and commence BFS
Capela
Initial drilling and produce scoping study
Arapua
Complete test work at Embrapa (Brazilian Corporation of Agricultural
Research) and at Veloso Trading (a large agricultural exporter inc. coffee)

MIRABAUD Securities LLP

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www.mirabaudsecurities.co.uk