Technical Cooperation Agreement

Harvest secures Brazilian Geological Survey partnership, but results and assays remain pending.

What the company is saying

Harvest Minerals Limited announces a 24-month Technical-Scientific Cooperation Agreement with the Brazilian Geological Survey (SGB) to advance rare earth element (REE) exploration in Brazil. The company frames this as a strategic alignment with Brazil's national critical minerals agenda, emphasizing institutional validation and technical collaboration. The release highlights prior technical work, including a peak grade of 5,662 ppm TREO and intercepts up to 17 m at Capão Bonito, and a historical peak of 2,796 ppm TREO at Sguário Granite. Harvest stresses that for SGB-requested work, it will incur no cost and will access all resulting data. The tone is confident, focusing on the partnership's potential to enhance geological and metallurgical understanding. Chairman Brian McMaster is quoted to reinforce the significance of the collaboration and Harvest's role in Brazil's critical minerals ambitions.

What the data suggests

The agreement covers four project areas in Brazil's Ribeira Belt: Capão Bonito, Sguário, Carambeí, and Cerro Azul Granites. Capão Bonito has seen 76 auger holes drilled (839 m), with a peak grade of 5,662 ppm TREO and mineralised intercepts up to 17 m, supported by ammonium sulphate leaching tests. Sguário Granite reports a historical peak of 2,796 ppm TREO, with 13 holes (152 m) drilled in 2025 and assays pending. Carambeí and Cerro Azul have 13 and 6 auger holes drilled respectively, with assays also pending. The 24-month programme will include advanced chemical and mineralogical characterisation, laboratory-scale REE extraction, and mutual sample sharing. No resource estimate, economic assessment, or financial figures are disclosed. All technical progress cited is pre-resource, with the next material data point being pending assay results from 2025 drilling.

Analysis

The announcement is generally positive in tone, highlighting the signing of a 24-month technical cooperation agreement with the Brazilian Geological Survey and providing detailed technical data on drilling and grades. The majority of claims are realised and supported by specific figures (e.g., number of holes, metres drilled, peak grades), which grounds the narrative in concrete exploration activity. However, some language inflates the significance of the agreement, such as claims of 'institutional validation' and alignment with Brazil's national agenda, which are not substantiated by official statements or outcomes. The forward-looking ratio is moderate, with several claims about future benefits and positioning, but the bulk of the announcement is factual and technical. There is no indication of a large capital outlay or immediate financial impact, and the technical cooperation is described as cost-free for Harvest for SGB-requested work. The gap between narrative and evidence is moderate: while the technical progress is real, the broader strategic significance is somewhat overstated relative to the current stage (early exploration, assays pending, no resource estimate or economic study).

Risk flags

• ●All project areas are at an early exploration stage, with no resource estimate or economic assessment disclosed. This means commercial viability remains unproven and subject to significant geological risk.
• ●Assay results for Sguário, Carambeí, and Cerro Azul Granites are pending, so the actual grade, continuity, and scale of mineralisation are unknown. Negative or inconclusive results could materially reduce project value.
• ●The announcement relies on the strategic significance of the partnership and institutional validation, but no formal endorsement or binding offtake is provided by the Brazilian Geological Survey. This limits the immediate practical impact of the agreement.
• ●The technical cooperation is described as cost-free for SGB-requested work, but no details are given on the scope or potential costs of other activities, leaving open the risk of future funding requirements.
• ●Execution risk exists in delivering meaningful technical progress and converting early-stage exploration into a defined resource or economic project within the 24-month timeframe.

Bottom line

Harvest's agreement with the Brazilian Geological Survey provides technical and institutional support for its rare earth exploration portfolio in Brazil, but all projects remain at an early stage. The most advanced asset, Capão Bonito, has reported a peak grade of 5,662 ppm TREO and intercepts up to 17 m, while other areas have only historical or pending assay data. The 24-month programme is set to deliver advanced technical studies, but no resource estimate, economic study, or near-term revenue is in sight. The partnership may improve credibility and access to expertise, yet its practical value will depend on forthcoming assay results and subsequent milestones. Investors should focus on the release of pending assay data and any move toward resource definition as the next meaningful catalysts. The key takeaway is that while institutional collaboration is positive, the investment case hinges on future technical outcomes, not current project maturity.

Announcement summary

(LSE/AIM:DI) Harvest Minerals Limited has entered into a Technical-Scientific Cooperation Agreement with Serviço Geológico do Brasil (SGB), the Brazilian Geological Survey, to research the potential occurrence of mineral commodities considered critical or strategic for Brazil. The Agreement, signed with Harvest's subsidiary Scanty Mineração Ltda, will focus on the REE potential of the Capão Bonito, Carambeí, Cerro Azul, and Sguário Granite project areas within the Ribeira Belt in the states of São Paulo and Paraná. Previous work has demonstrated a peak grade of 5,662 ppm TREO and mineralised intercepts of up to 17 m in thickness at Capão Bonito Granite, supported by ammonium sulphate leaching testwork. Sguário Granite reports a historical peak of 2,796 ppm TREO, with a first-pass reconnaissance campaign of 13 holes (152 m) completed in 2025 and assay results pending. Carambeí Granite comprises four exploration licences, with 13 auger holes (138 m) drilled in 2025 and assay results pending. Cerro Azul Granite comprises five exploration licences, with a first-pass reconnaissance programme of 6 auger holes (99 m) completed in 2025 and assay results pending. The 24-month agreement, which starts immediately, includes advanced chemical and mineralogical characterisation, laboratory-scale REE extraction and recovery test work, and mutual sharing of samples. For work requested by SGB, Harvest will incur no cost and will have access to the data/results. The partnership positions Harvest, via Scanty, within Brazil's national critical minerals agenda and provides institutional validation by the federal geological agency of its exploration targets and REE mineralisation model. Execution of the 24-month work programme will commence immediately with the exchange of samples, followed by laboratory characterisation campaigns.

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