Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) shares soared, rising 45% to 0.33p, after it announced a deal to acquire eight Brazilian rare earth projects in a deal involving A$200,000 cash and 40 million new shares upfront, with further payments tied to exploration and development milestones.
The AIM-listed company will buy Scanty Mineração Ltda from Australia-listed Union Star Metals, gaining 27 exploration tenements targeting ionic clay and hard-rock rare earth mineralisation.
Harvest could pay a further A$300,000 upon achieving specified resource and development targets. It will also assume around A$1.5 million of contingent acquisition obligations, payable in cash or shares, alongside 1.5% net smelter return royalties owed to Scanty’s original vendors.
The most advanced properties are Capão Bonito and Sguario, where fieldwork has identified anomalous surface mineralisation. Follow-up exploration will validate the historical work and advance priority targets.
The acquisition builds on Harvest’s Arapuá project, where previous work recorded average total rare earth oxide concentrations ranging from 2,110.53 to 2,656.99 parts per million. Completion remains subject to conditions including Brazilian regulatory approval.Al/m
