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LONDON - Harvest Minerals Limited (LSE:HMI), an AIM-listed organic fertilizer producer, reported a loss of $3.67 million for the year ended December 31, 2024, compared to a $3.18 million loss in the previous year, according to final results released Thursday.
The company’s revenue from fertilizer sales declined to $2.65 million from $3.13 million in 2023. Total (EPA:TTEF) sales volume for the year was 37,186 tonnes, which included 1,591 tonnes of orders placed in 2023 but delivered in 2024.
Harvest Minerals attributed its performance to challenging market conditions, noting that following record high global fertilizer prices in 2022, the company has experienced "two full years of substantially below expectation performance" due to macroeconomic issues "outside the control of the company."
In response to financial pressures, the company implemented cost-cutting measures throughout 2024, including a pause on director remuneration payments during Q3 2024, which remains in place.
The company’s cash position stood at $1.01 million as of December 31, 2024, up from $795,554 at the end of 2023. Total borrowings increased to $3.17 million from $2.79 million a year earlier.
In March 2025, Harvest Minerals announced it had renegotiated its R$5.0 million (approximately £675,000) working capital debt, securing a 12-month grace period and extending the repayment plan to 36 months. The company also launched a strategic review that could potentially include the sale of business divisions.
On June 23, 2025, the company raised £300,000 before costs by issuing 100 million new ordinary shares at 0.3 pence per share, with one warrant per two placing shares, exercisable at 0.6 pence for two years.
The company has set sales guidance of 70,000 tonnes of placed orders for 2025.
This article is based on a press release statement from Harvest Minerals Limited.
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