Harvest Minerals : 2106 HAR042 Final Financial Statements 31 Dec 2020.pdfPDF, 1 MB

HARVEST MINERALS LIMITED

ABN 12 143 303 388

Financial Report

For the year ended 31 December 2020

Harvest Minerals Limited

CONTENTS	PAGE NO
Corporate Directory	1
Directors' Report	2
Corporate Governance Statement	10
Consolidated Statement of Comprehensive Income	17
Consolidated Statement of Financial Position	18
Consolidated Statement of Changes in Equity	19
Consolidated Statement of Cash Flows	20
Notes to the Financial Statements	21
Directors' Declaration	46
Auditor's Independence Declaration	47
Independent Auditor's Report	48
Tenement Table	53

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
	Facsimile:	+ 61 8 9227 6390
Company Secretary
Mr Jack James	Stock Exchange
	The Company's securities are quoted on
Share Registry	the AIM market of the London Stock Exchange.
Computershare Investor Services plc	AIM Code: HMI

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

Shard Capital Partners LLP

20 Fenchurch St

London EC3M 3BY

United Kingdom

Harvest Minerals Limited

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Year ended 31 December 2020 report to Shareholders

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 2020.

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). Mr Azevedo was a Director of ASX listed Avanco Resources Limited (appointed 17 December 2012, resigned 13 June 2018), He has not held any other listed directorships in the past three years.

Mr Frank Moxon - Non-Executive Director (Resigned 30 June 2020)

Mr Moxon has 30 years' experience as a corporate financier to developing and growth companies in a wide range of industrial sectors but has specialised for over 20 years in natural resources and is or has been a director of a number of mining and oil and gas companies quoted in London, Australia and Canada. Mr Moxon is a former head of corporate finance at Williams de Broë Plc. and was senior independent non-executive director at Cove Energy Plc until its sale to PTTEP for £1.2 billion in August 2012. Mr Moxon has a BSc in Economics and is a Chartered Honorary Fellow of the Chartered Institute for Securities & Investment and a Fellow of the Institute of Materials, Minerals & Mining.

Mr Moxon is the Managing Director of Hoyt Moxon Ltd, a corporate finance consultancy and a director of AIM quoted Jersey Oil & Gas Plc (appointed 1 October 2015). He has not held any other listed directorships over 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.

Harvest Minerals Limited

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Year ended 31 December 2020 report to Shareholders

Harvest Minerals Limited

Directors' Report

Mr James holds no other current listed directorships. He was previously a director of Haranga Resources Limited (appointed 15 January 2015, resigned 4 May 2018). He has not held any other listed directorships over the past three years.

DIRECTORS' MEETINGS

During the year ended 31 December 2020 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	3	3
Mr Luis Azevedo	3	3
Mr Frank Moxon	1	1
Mr Jack James	3	3

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.

Harvest Minerals Limited

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Year ended 31 December 2020 report to Shareholders