Harvest Minerals completes Scanty Mineracao acquisition

London - Harvest Minerals Limited (LSE:HMI) has finalized its acquisition of Scanty Mineração Ltda., a Brazilian company with eight rare earth element projects, according to a press release. The deal, announced on July 21, 2026, incorporates ionic adsorption clay rare earth projects across four Brazilian states into Harvest's existing operations.

The acquisition cost Harvest A$200,000 in cash and the issuance of 40 million new ordinary shares. More contingent consideration may still be owed as per previously disclosed terms. Scanty's projects are situated in São Paulo, Paraná, Minas Gerais, and Bahia states. Pre-acquisition, 98 auger holes totaling about 1,477 meters were drilled in the portfolio since 2024.

Currently, 386 samples from the Capão Bonito Project are being tested in labs, with results anticipated at the end of the current quarter. The portfolio includes two regions: a Southeast Hub with five key projects and a Northeast Hub with projects in three states. Harvest considers Capão Bonito as its primary development asset. Historical leach testwork has shown the mineralization displays ionic adsorption clay properties.

Harvest plans to design a subsequent drilling program at Capão Bonito, contingent on securing funding and after reviewing historical data and pending analytical results. Post-share issuance, Harvest will have a total of 543,169,217 ordinary shares, with the new shares set to trade on AIM at 8:00 a.m. on Tuesday. Brian McMaster, Harvest's Chairman, stated the acquisition marks a significant milestone in their strategy to build a substantial rare earth business in Brazil. This news piece was AI-generated and reviewed by an editor for accuracy.