MIRABAUD Securities LLP 33, Grosvenor Place UK London SW1X 7HY T +44 (0)20 7484 3510 F +44 (0)20 7930 4861 www.mirabaudsecurities.co.uk

Harvest Minerals (HMI ASX, Mkt Cap A$9.7m) 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.

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%)

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

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

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

Sergi Preliminary Resource Estimate 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

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

Arapua Phosphate Project Potential Early Cash flow In Minas Gerais, one of the major coffee growing regions of Brazil

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)

Market Cap - A$9.7m

Share Price - A$0.022

Share Out - 442.7m

Free Float - 280.5m