Shares in Harvest Minerals PLC (LON:HMI) rose after the phosphate and potash producer unveiled a resource estimate at a project in Brazil.
The stock increased 0.34p, or 7.7%, to 4.71p as Harvest said its Mandacaru phosphate scheme in Ceará State contained about 4.4 million tonnes of phosphate.
It also had a an estimated additional exploration potential of four million tonnes of phosphate ore with similar grades, to be proven up by more exploration assessment.
Harvest also said development of the Arapua project was on track and the company expected shortly to announce a resource associated with its drilling programme in the first quarter of 2016.
Executive chairman Brian McMaster said: "Completion of this resource estimate, within months of the acquiring the asset in December 2015, demonstrates Harvest's ability to quickly and substantially add value to projects at minimal cost.
"With Arapua, Sergi, Capella and now Mandacaru, we are steadily building a portfolio of phosphate and potash assets that will enable us to realise our goal of becoming a significant South American fertilizer company.
"Whilst we continue to acquire and develop other projects, which meet our capital and cost requirements, the short-term focus remains on the development of the Arapua phosphate project which is progressing according to the company's expectations."
Harvest added that the Australian Securities Exchange Ltd (ASX) had approved its application to remove the company from the official list of the exchange.