Harvest Minerals : End Year Report 31 Dec 2021

HARVEST MINERALS LIMITED

ABN 12 143 303 388

Financial Report

For the year ended 31 December 2021

Harvest Minerals Limited

CONTENTS	PAGE NO
Corporate Directory	1
Directors' Report	2
Corporate Governance Statement	10
Consolidated Statement of Comprehensive Income	16
Consolidated Statement of Financial Position	17
Consolidated Statement of Changes in Equity	18
Consolidated Statement of Cash Flows	19
Notes to the Financial Statements	20
Directors' Declaration	45
Auditor's Independence Declaration	46
Independent Auditor's Report	47
Tenement Table	51

Harvest Minerals Limited

CORPORATE DIRECTORY
Directors	Registered Office
Mr Brian McMaster (Executive Chairman)	22 Lindsay Street
Mr Luis Azevedo (Executive Director)	Perth WA 6000 Australia
Mr Jack James (Non-Executive Director)	Telephone:	+ 61 8 9200 1847
Mr Alex Penha (Non-Executive Director)	Facsimile:	+ 61 8 9227 6390

Company Secretary	Stock Exchange
Mr Jack James	The Company's securities are quoted on
	the AIM market of the London Stock Exchange.
Share Registry	AIM Code: HMI
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone: [phone]
Auditors
HLB Mann Judd (WA Partnership)
Level 4
130 Stirling Street
Perth WA 6000
Nominated & Financial Adviser
Strand Hanson Limited
26 Mount Row
London W1K 3SQ
United Kingdom
Broker
Tavira Securities Limited
88 Wood Street
London EC2V 7DA
United Kingdom

Harvest Minerals Limited

1

Year ended 31 December 2021 Corporate Directory

Harvest Minerals Limited

Directors' Report

The Directors present their report for Harvest Minerals Limited ('Harvest' or 'the Company') and its subsidiaries ('the Group') for the year ended 31 December 2021.

DIRECTORS

The names, qualifications and experience of the Company's Directors in office during the year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.

Mr Brian McMaster - Executive Chairman

Mr McMaster is a Chartered Accountant and has over 26 years' experience in the area of corporate reconstruction and turnaround/performance improvement. Formerly, Mr McMaster was a partner of the restructuring firm Korda Mentha and prior to that was a partner at Ernst & Young. His experience includes significant working periods in the United Kingdom, South America, Asia and the United States.

Mr McMaster is currently a director of Valor Resources Ltd (appointed 10 January 2017), AIM quoted Jangada Mines Plc (appointed 30 June 2015) and AIM quoted Arc Minerals Limited (1 August 2017). Mr McMaster was a director of Contango Holdings Plc (appointed 26 October 2017, resigned 31 May 2020). He has not held any other listed directorships in the past three years.

Mr Luis Azevedo - Executive Director

Mr Azevedo is a resource industry professional with over 35 years of international experience. Mr Azevedo qualified as a geologist at the University of Rio de Janeiro in 1985 and, subsequent to working as a geologist, he completed a law degree at the University of Candido Mendes in 1992 and obtained his Masters of Law from Pontifical Catholic University Rio de Janeiro in 1994. Mr Azevedo has held senior positions with major resource companies including Western Mining Corporation, Barrick Gold and Harsco. In 2004 he founded legal firm, FFA Legal, based in Rio de Janeiro, which provides specialist legal and technical support to resource companies operating in Brazil. Mr Azevedo is based in Rio de Janeiro, Brazil and is a Brazilian citizen.

Mr Azevedo is currently a director of TSX-V listed Aranjin Resources Limited (appointed 20 April 2017), AIM quoted Jangada Mines plc (appointed 5 May 2017), TSX listed company Talon Metals Corp (appointed 5 April 2005) and Over The Counter exchange traded Brazil Minerals Inc (appointed 1 January 2014). He has not held any other listed directorships in the past three years.

Mr Jack James - Non-Executive Director & Company Secretary

Mr James was appointed as a Non-Executive Director on 3 July 2017. He is a Chartered Accountant and holds a Bachelor of Business from the Queensland University of Technology. Mr James has over 20 years' experience in chartered accounting specialising in corporate advisory and reconstruction. Mr James provides accounting, secretarial and advisory advice to private and public companies, government and other stakeholders.

Mr James holds no other current listed directorships. He has not held any other listed directorships in the past three years.

Mr Alex Penha - Non-Executive Director (appointed 19 July 2021)

Mr. Penha has over 16 years of experience in capital markets focused on junior mining companies. He has played key roles with both private and publicly traded companies, executing equity raises, implementing listing transactions, and developing corporate and M&A strategies. Past roles include CFO with GK Resources Ltd., Founder and VP Corporate Development with Rio Verde Minerals Development Corp., Mr Penha holds no other current listed directorships and has not held any other listed directorships in the past three years.

Harvest Minerals Limited

2

Year ended 31 December 2021 Report to Shareholders

Harvest Minerals Limited

Directors' Report

DIRECTORS' MEETINGS

During the year ended 31 December 2021 the number of meetings of Directors held and the number of meetings attended by each Director were as follows:

	Number of Meetings	Number of Meetings
Director	Eligible to Attend	Attended
Mr Brian McMaster	5	5
Mr Luis Azevedo	5	5
Mr Jack James	5	5
Mr Alex Penha	1	1

In addition to the formal meeting of Directors above, the Board has regular and frequent discussions throughout the period and passed circular resolutions on all material matters.

REMUNERATION REPORT (AUDITED)

This report outlines the remuneration arrangements in place for Key Management Personnel of Harvest Minerals Limited in accordance with the requirements of the Corporation Act 2001 and its Regulations. For the purpose of this report, Key Management Personnel of the Company are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including any Director (whether Executive or otherwise) of the Group, and includes the Executives in the Company receiving the highest remuneration.

The remuneration report is set out under the following main headings:

• Principles used to determine the nature and amount of remuneration
• Service agreements
• Details of remuneration
• Share-basedcompensation
• Additional disclosures relating to Key Management Personnel

Principles used to determine the nature and amount of remuneration

The Board is responsible for determining and reviewing compensation arrangements for the Directors. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. The Group does not link the nature and amount of the emoluments of such officers to the Group's financial or operational performance. The expected outcome of this remuneration structure is to retain and motivate Directors.

As part of its Corporate Governance Policies and Procedures, the Board has adopted a formal Remuneration Committee Charter. Due to the current size of the Group and number of directors, the Board has elected not to create a separate Remuneration Committee but has instead decided to undertake the function of the Committee as a full Board under the guidance of the formal charter.

The Board determines appropriate levels of performance rewards as and when they consider rewards are warranted. The Group has no policy on Executives and Directors entering into contracts to hedge their exposure to options or shares granted as part of their remuneration package.

The table below shows the performance of the Group as measured by loss per share since 2018:

	As at	31 Dec	31 Dec	31 Dec	30 Jun	30 Jun
		2021	2020	2019	2019	2018
	Loss per share (cents)	(2.24)	(1.79)	(0.49)	(1.86)	(2.22)
Harvest Minerals Limited			3	Year ended 31 December 2021 Report to Shareholders