HMI

Harvest Minerals Limited

Chemicals First-pass screen £1.26m

190/1000 Overall fit

AI beneficiary 35% 10

Operating leverage 25% 25

Valuation 25% 28

Downside protection 15% 18

First-pass take

Commodity fertiliser producer with zero AI exposure. Gross margins collapsed from 47% (2023) to 3.4% (2024); burning ~$400k/year from operations with material going-concern doubt. Negative net cash (−$2.2m) and recent dilutive equity raises signal acute distress.

Flags

loss-makinggoing-concernnegative-cashcyclicalmicro-caphigh-leveragedistressedm-and-a