Shares in Harvest Minerals Limited (LON:HMI) rocketed 40% after it outlined its move to tangible exploration work at its two projects in Brazil.
During the quarter ended 31 March 2016, the fertiliser producer concluded its recent capital raising after listing on AIM in September, and began preliminary work at its Brazilian potash projects.
Following the raising of funds, the group began exploration and pre-development at its Mandacaru and its Arapua/Maximus projects in Minas Gerais State, Brazil.
At the end of the quarter, the company submitted samples from the initial air core drill programme for testing. The results are expected in early May.
“Since receiving the proceeds of our recent funding in January, the team has been very busy ground mapping the extent of the potential product,” said chairman Brian McMaster last month.
Around 90% of Brazil’s potash is currently imported, making it the most prolific importer of potash in the world.
Mirabaud estimates that Harvest could produce 100ktpa under a trial mining permit, which could be issued within 6 months.
Shares stood at 5.71p.