Announcement • Apr 17
Reward Minerals Ltd, Annual General Meeting, May 29, 2026 Reward Minerals Ltd, Annual General Meeting, May 29, 2026. Reported Earnings • Apr 02
Full year 2025 earnings released: AU$0.009 loss per share (vs AU$0.10 loss in FY 2024) Full year 2025 results: AU$0.009 loss per share (improved from AU$0.10 loss in FY 2024). Net loss: AU$2.52m (loss narrowed 89% from FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 31
Reward Minerals Ltd (ASX:RWD) signed a letter of intent to acquire Mineral Licence 040292M in Newfoundland, Canada from Alexander Duffitt, Margaret Duffitt, Robert Snook and Jeanette Martin for CAD 0.10 million. Reward Minerals Ltd (ASX:RWD) signed a letter of intent to acquire Mineral Licence 040292M in Newfoundland, Canada from Alexander Duffitt, Margaret Duffitt, Robert Snook and Jeanette Martin for CAD 0.10 million on March 26, 2026. A cash consideration of CAD 0.04 million will be paid by Reward Minerals Ltd. The consideration consists of 0.65 million common equity of Reward Minerals Ltd to be issued for assets. If a JORC or NI 43-101 Mineral Resource (“Mineral Resource”) of 750,000 ounces of AuEq (gold equivalent) is defined within 040292M, Reward to issue 1,000,000 Fully Paid Ordinary Shares in Reward to the Vendors within three business days of an ASX release by Reward detailing the Mineral Resource. The parties have agreed to negotiate in good faith and enter into a binding Definitive Agreement incorporating the terms and conditions set out in the LOI within thirty (30) calendar days from 26 March 2026, or within such other time frame as may be mutually agreed upon by the parties in writing. New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-AU$2.6m). Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$28k revenue, or US$19k). Market cap is less than US$10m (AU$11.2m market cap, or US$7.70m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Board Change • Jan 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Dec 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.6m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-AU$2.6m). Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$28k revenue, or US$19k). Market cap is less than US$10m (AU$10.7m market cap, or US$7.17m). New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.6m free cash flow). Negative equity (-AU$2.6m). Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m (AU$28k revenue, or US$18k). Market cap is less than US$10m (AU$13.3m market cap, or US$8.72m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Nov 12
Reward Minerals Ltd (ASX:RWD) entered into a binding of letter of intent to acquire Copper Lance Project from Northex Capital Partners Inc for AUD 0.096 million. Reward Minerals Ltd (ASX:RWD) entered into a binding of letter of intent to acquire Copper Lance Project from Northex Capital Partners Inc. for AUD 0.096 million on November 12, 2025. A cash consideration of AUD 0.02 million and issues 2 million common equity of Reward Minerals Ltd to Copper Lance Project. Under the terms of the agreement, Reward has the right to purchase one half of one percent (0.5%) of the NSR for AUD 750,000.00 at any time and to retain a 1.0% Net Smelter Returns Royalty (NSR) that shall apply to all Mineral Depositions and Northex Capital Partners Inc. to retain a 1.0% Net Smelter Returns Royalty (NSR) that shall apply to all Mineral Depositions. The parties have agreed to negotiate in good faith and enter into a binding Definitive Agreement incorporating the terms and conditions set out in the LOI within thirty (30) calender days from 6 November 2025, or within such other time frame as may be mutually agreed upon by the parties in writing. Reported Earnings • Sep 16
First half 2025 earnings released: AU$0.006 loss per share (vs AU$0.10 loss in 1H 2024) First half 2025 results: AU$0.006 loss per share (improved from AU$0.10 loss in 1H 2024). Net loss: AU$1.68m (loss narrowed 93% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Board Change • Apr 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 03
Reward Minerals Ltd, Annual General Meeting, May 29, 2025 Reward Minerals Ltd, Annual General Meeting, May 29, 2025. Location: at quest kings park, 54 kings park road, west perth, western australia Australia Reported Earnings • Apr 02
Full year 2024 earnings released: AU$0.10 loss per share (vs AU$0.10 loss in FY 2023) Full year 2024 results: AU$0.10 loss per share. Net loss: AU$23.7m (loss widened 4.4% from FY 2023). New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-AU$3.4m). Earnings have declined by 77% per year over the past 5 years. Revenue is less than US$1m (AU$35k revenue, or US$22k). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$16.2m market cap, or US$10.2m). Board Change • Mar 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Feb 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.3m (US$8.46m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$3.4m). Earnings have declined by 77% per year over the past 5 years. Revenue is less than US$1m (AU$35k revenue, or US$22k). Market cap is less than US$10m (AU$13.3m market cap, or US$8.46m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Jan 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$3.4m). Earnings have declined by 77% per year over the past 5 years. Revenue is less than US$1m (AU$35k revenue, or US$22k). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$17.3m market cap, or US$10.8m). Announcement • Dec 20
Reward Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.301986 million. Reward Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.301986 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,536,428
Price\Range: AUD 0.06
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.06
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 830,004
Price\Range: AUD 0.06
Transaction Features: Subsequent Direct Listing New Risk • Dec 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.5m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-AU$3.4m). Earnings have declined by 77% per year over the past 5 years. Revenue is less than US$1m (AU$35k revenue, or US$22k). Market cap is less than US$10m (AU$15.5m market cap, or US$9.87m). Announcement • Oct 24
Reward Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.3 million. Reward Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,333,333
Price\Range: AUD 0.06
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.06
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 11
Reward Minerals Ltd, Annual General Meeting, May 29, 2024 Reward Minerals Ltd, Annual General Meeting, May 29, 2024. Reported Earnings • Mar 30
Full year 2023 earnings released: AU$0.10 loss per share (vs AU$0.02 loss in FY 2022) Full year 2023 results: AU$0.10 loss per share (further deteriorated from AU$0.02 loss in FY 2022). Net loss: AU$22.7m (loss widened 480% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Board Change • Mar 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 10
Reward Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 22.785314 million. Reward Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 22.785314 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 135,706,276
Price\Range: AUD 0.05
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 320,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Transaction Features: Rights Offering Announcement • Jul 12
Reward Minerals Limited Provides an Update on the Technical Activities Related to Its New Process for Recovery of Potassium Sulphate Directly from Seawater and Other High-Sulphate Brines Reward Minerals Limited provided an update on the technical activities related to its new process for recovery of Potassium Sulphate directly from seawater and other high-sulphate brines. On 11 August 2022, the Company filed an Australian Provisional Patent Application to protect Intellectual Property related to the Reward Process. Multiple activities have been completed over the last few months to provide essential data supporting the Patent Application including; Inclusion of additional data to expand the scope of the Reward Process including Potassium recoveries from a wide range of brine compositions; Confirmation of the variability of Potassium recoveries versus reaction temperatures in the Syngenite formation and leaching steps in the Reward Process; Improvement in Potassium extraction from various feed brine compositions by variation in Gypsum to brine ratios in the Syngenite formation reaction; and High-purity SOP recovery from Syngenite leach liquours. A final laboratory testwork program is underway for completion in July which will provide the data to finalise the Patent Application. The Company remains on track to comply with the PCT Patent Application and will submit the final application prior to 11 August 2023. An ESS utilising the Reward Process to recover high-purity SOP from seawater and other high sulphate brines has been underway since May 20232 and is due for completion in July 2023. It is being completed by an independent global engineering firm using their own and Reward's development data. A summary of the ESS work streams completed to date include; Preliminary mass and energy balance; Observations and review of evaporation and filtration testwork conducted by Reward to verify robustness of key processing steps; Review of entire flowsheet to identify potential fatal flaws in the Reward. Process for production of SOP. Final activities to complete the ESS include further review of; Utilities and reagent consumption requirements; Capital and operating cost estimates (-30% - +40%) for a 100,000 tpa SOP production facility based on seawater bitterns feed source; and All findings and recommendations from the independent global engineering firm. Further, as the Reward Process has flexibility for recovery of SOP from a variety of other high-sulphate SOP rich brines, Reward has commenced discussions with several solar salt, fertilizer and seawater desalination companies globally to discuss the application of Reward's technology for SOP production via joint venture participation. Over the next two quarters Reward will focus on the following key activities; Finalisation of the ESS and determination of the next development activities, Finalisation and lodgement of the PCT Patent application, Engagement with solar salt, fertilizer, chemical and seawater desalination companies worldwide to discuss the application of Reward's technology to potential and proposed SOP developments for possible joint venture participation or acquisition, Advancement of the Cultural Heritage Management Plan for the KP Project. Reported Earnings • Apr 01
Full year 2022 earnings released: AU$0.02 loss per share (vs AU$0.003 loss in FY 2021) Full year 2022 results: AU$0.02 loss per share (further deteriorated from AU$0.003 loss in FY 2021). Net loss: AU$3.91m (loss widened AU$3.27m from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Board Change • Jan 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 30
Reward Minerals Ltd Appoints Lorry Hughes as Chief Executive Officer, Effective September 8, 2022 Reward Minerals Ltd. announced the appointment of Mr. Lorry Hughes as its new Chief Executive Officer effective from September 8, 2022. Mr. Hughes is an Economic Geologist with 30 years' resource industry experience and was previously Managing Director and CEO of Yandal Resources Ltd. (2018- 2022) and South Boulder Mines Ltd. (20082013) during highly successful periods. At South Boulder Mines Ltd, he was responsible for the discovery and initial development of the world class Colluli potash project in Eritrea. He has also held executive and senior management positions for mining and development companies including Intermin Resources Ltd, Australian Vanadium Ltd, Energy Metals Ltd, Ivernia Inc. and Rio Tinto Ltd. He has comprehensive mining, development and exploration experience from working on numerous projects in Australia and overseas including Malaysia, Indonesia and Africa. His specific commodity experience includes gold, potash, uranium, vanadium and base metals. His corporate and technical expertise includes capital raising, company promotion, corporate strategy, feasibility study delivery, geological Resource definition/expansion and mine planning. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rod Della Vedova was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
Reward Minerals Ltd, Annual General Meeting, May 31, 2022 Reward Minerals Ltd, Annual General Meeting, May 31, 2022, at 10:30 W. Australia Standard Time. Location: Quest Kings Park 54 Kings Park Road West Perth Australia Agenda: To receive and consider financial statements and report; to consider adoption of remuneration report; to consider reelection of director; to consider approval of additional 10% capacity to issue equity securities; and to consider other business matters. Recent Insider Transactions • Apr 13
Acting CEO & Executive Director recently bought AU$483k worth of stock On the 8th of April, Michael Ruane bought around 4m shares on-market at roughly AU$0.11 per share. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of AU$309k worth in shares. Reported Earnings • Apr 01
Full year 2021 earnings released: AU$0.003 loss per share (vs AU$0.001 loss in FY 2020) Full year 2021 results: AU$0.003 loss per share (down from AU$0.001 loss in FY 2020). Net loss: AU$635.9k (loss widened 165% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jan 22
Reward Minerals Ltd Provides Update on its 2021 Drilling Campaign in the Officer Basin in Western Australia Reward Minerals Ltd. provided the following update on its 2021 drilling campaign in the Officer Basin in Western Australia. Five drill holes were completed between August and December 2021. Two of these were drilled as part of the 2020 Phase 1 program, including a re-drill of OB004 (OB004B) and OB005, which also required a re-drill (OB005B) due to technical issues encountered during drilling. OB006 - OB008 were subsequently drilled between November and December 2021 as part of the Phase 2 drill program, following receipt of Heritage Clearance in October 2021. All holes were executed using mud rotary drilling techniques for a total of 1,147 metres. The purpose of the drilling was to follow up on significant, Potash-rich brine flows encountered previously in holes OB001 - OB004 drilled during 2020. The 2021 drilling at Officer Basin confirms the presence of substantial groundwater occurrence in the area/s drilled. However, generally the tenor of dissolved salts in the groundwater recovered from the drill holes was disappointing, particularly in view of the much higher Total Dissolved Ion (TDI) content of brines encountered in holes OB001 - OB004 during 2020. While it appears that near-surface groundwater is relatively fresh and that TDI generally increases with depth, the drilling crew experienced great difficulty in isolating the upper, freshwater aquifers from deeper, brine-containing aquifers (of significantly higher salinity). Thus, it is difficult to quantify the dilution effect on deeper groundwater by shallower inflow during the process of pumping and subsequent airlift recovery. Ground conditions including running sands underlain by dense clay formations made drilling difficult with frequent loss of mud circulation, and drilling equipment getting stuck or lost downhole on a regular basis. Results of the Officer Basin drilling to-date provide the following indications: Drilling of the deeper holes OB001 and OB002 (cored to 419.45m and 705.6m respectively) failed to return solid evaporites containing water-soluble potash salts. Core analysis of OB002 to include formation dating to confirm whether the targeted rock sequences were in fact reached, has yet to be finalised. These dating results may provide a guide as to whether deeper drilling to penetrate the Browne Formations sediments is warranted. The shallower drilling executed in 2021 in holes OB005 - OB008 and limited groundwater recovery trials support Reward's view that a large palaeovalley system runs from (at least) OB001/OB002 in the east across the Warnturr and Timpirr Lakes corridor to the west, a distance of >40km. The low-density tenor of groundwater in recent holes OB005, OB006 and OB007 suggests that these holes are located on the margins of the postulated palaeovalley aquifer. OB008 demonstrated a significant Potash content in groundwater drawn from the bottom of hole at 202 metres. Potassium analysis of 1.49kg/m3 and sulphate of 13.9kg/m3 are regarded as encouraging (SOP equivalent of 3.3kg/m3 of brine). Based on that assumption, Reward proposes to conduct a geophysical survey involving Passive Seismic Surveying, both across and perpendicular to the postulated flow direction of the palaeovalley. Survey lines will effectively run parallel to Seismic Line N83-1. Passive seismic is a relatively low-cost, non-ground disturbing technique used extensively in Western Australia to define depth of cover, shallow stratigraphy and direction and depth of palaeovalley water and brine resources for mining and other (Potash) operations. Follow-up drilling has confirmed the effectiveness of the method in other regions. The implementation of the Passive Seismic Survey will require approval from WDLAC and the Martu Traditional Owners in order to gain access to the Warnturr and Timpirr Lake areas which are of Cultural Significance to the Martu and are Registered Sites under the Aboriginal Heritage Act 1972. Reward will seek to discuss access considerations prior to any further planning of geophysical survey activities. Recent Insider Transactions • Dec 02
Executive Director recently sold AU$810k worth of stock On the 29th of November, Michael Ruane sold around 6m shares on-market at roughly AU$0.13 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$104k more than they bought in the last 12 months. Announcement • Oct 08
Reward Minerals Ltd Completes Officer Basin Clearance Heritage Survey Reward Minerals Ltd. announce that it has received Heritage Clearance for Phase 2 drilling at its Officer Basin Potash Project. The Heritage survey was conducted in accordance with the standards and requirements of Western Desert Lands Aboriginal Corporation (WDLAC), the trustee corporation for Martu native title. Eleven (11) new drill sites and associated access tracks have been Cleared, covering an area of approximately 135km2. The Survey will ensure Reward's activities avoid Registered Sites and WDLAC identified exclusion areas. Some modifications to access corridors have been
made as a result of the survey however the modifications do not affect the exploration scope or program. The Clearance allows Reward to continue exploration at its Officer Basin Project, where activities resume at previously Cleared Areas. It is anticipated that at least 3 holes from the Phase 2 drill program will be completed during the current field season. OB001 OB005 have been drilled along Seismic Line N83-01 over a distance of 11.3km, striking NE-SW across a potential palae ovalley system containing potash-rich brine. The depths of brine encountered in these holes vary between 20m and 200m in depth. OB005 began earlier in September but has experienced some technical delays. Modifications to the drilling technique have been applied to overcome these issues. Drilling is expected to recommence mid-October. Reported Earnings • Sep 16
First half 2021 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in 1H 2020) First half 2021 results: Net loss: AU$359.8k (loss narrowed 26% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Executive Departure • Jul 13
Chief Executive Officer Gregory Cochran has left the company On the 1st of July, Gregory Cochran's tenure as Chief Executive Officer of the company ended after 3.6 years in the role. We don't have any record of a personal shareholding under Gregory's name. Gregory is the only executive to leave the company over the last 12 months. Under Gregory's leadership, the company delivered a total shareholder return of -56%. Reported Earnings • Apr 01
Full year 2020 earnings released: AU$0.001 loss per share (vs AU$0.004 profit in FY 2019) Full year 2020 results: Net loss: AU$240.3k (down 139% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Mar 28
Executive Director recently bought AU$69k worth of stock On the 24th of March, Michael Ruane bought around 490k shares on-market at roughly AU$0.14 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$160k more in shares than they have sold in the last 12 months. Announcement • Jan 28
Reward Minerals Limited Completes Four Exploration Drill Holes in its Officer Basin Exploration Program, Being Conducted 100 Km East of Lake Disappointment (Kumpupintil Lake) in Western Australia Reward Minerals Limited announced that it has now completed four exploration drill holes in its Officer Basin (OB) exploration program, being conducted 100 km east of Lake Disappointment (Kumpupintil Lake) in Western Australia. Brine samples collected during pumping of completed drill holes confirmed potash rich groundwater occurring at depths of between 18 - 87m below surface. The dissolved ion ratios for the OB brines have been plotted on the conventional Jänecke Phase Diagram in Figure 1. The plot suggests that a crude Potash harvest from an OB1 brine may have significant Glaserite K3Na(SO4)2 content hence a high potassium grade. Pure Glaserite analyses 35.3% K versus 44.8% K for SOP. The first drill hole (OB01) in the program was drilled with a mud rotary/tricone pre-collar to a depth of 59.5m and then with HQ triple tube (HQ-TT) diamond coring to a depth of 192.1m. This initial section of the hole was subsequently deepened with HQ-TT to a final depth of 419.45m after reaming and casing off following drilling difficulties. Substantial sub-artesian flow of brine was encountered at 87.1m depth. The inflow brine contained encouraging potassium and sulphate values. The deepening of OB01 was designed to test for potash rich evaporites that may be contained within Browne Formation units at depth within the Gibson sector of the Officer Basin. Hole OB01 encountered drilling problems and was cased-off with HQ-TT and continued with NQ triple tube (NQ-TT) diamond core tail. Due to these difficulties OB01 was ultimately abandoned at a final depth of 419.45m and a second stratigraphic drill hole (OB02) was collared 230m to the southwest along seismic line N83-01. OB02 was drilled using an 8-inch diameter mud rotary/tricone pre-collar to a depth of 144m. The pre-collar was cased with 125mm diameter PVC to a depth of 135m. The hole was then continued to a depth of 251.9m using a polycrystalline diamond compact (PDC) bit. Subsequently the hole was cored with HQ-TT to 485.7m and NQ-TT to a final depth of 705.6m. While analyses of drill core from OB01 and OB02 have not yet been completed, it appears that no water soluble evaporites were encountered in these two holes. Following the positive brine flow and chemistry of groundwater in OB01 and OB02, shallow holes OB03 and OB04 were drilled 3.5 and 6.5 km south west of OB01 respectively, along seismic line N83-01. Both holes OB03 and OB04 encountered significant groundwater inflow and test bores were constructed using slotted PVC casing and gravel packing to allow pumping and sampling of aquifers to be completed. Pumping from a depth of 35m in both holes delivered potash rich brines with compositions very similar to that intersected in OB01 at 87.1m and later pumped from a depth of 45m. Further pump tests are required to assess aquifer depth extent, long term yields and variation in brine chemistry. However, results to date are encouraging. Importantly the brines obtained to date contain potassium and sulphate concentrations that appear suitable for SOP production. The relatively low sodium to potassium ion ratio (Na:K) in the brines is also encouraging as it would lead to less waste salt (NaCl) being generated per unit of SOP produced. 