Reward Minerals Reports Historic Gold up to 24g/t and Copper up to 29% at Newfoundland Projects

Exploration Focus in Newfoundland

Reward Minerals Ltd (ASX:RWD) has provided a comprehensive update on its exploration activities targeting high-grade gold and copper discoveries in Newfoundland, Canada. The company’s key projects, Mountain Pond Gold and Copper Lance Copper, are situated within the prolific Dunnage Zone volcanics, a region known for hosting numerous volcanogenic massive sulphide (VMS) deposits with significant historical resources.

Both projects present multiple priority targets identified through surface sampling and soil geochemistry, with no prior drilling conducted. Historic rock chip assays at Mountain Pond have returned gold grades up to 23.77 grams per tonne (g/t) and copper grades up to 7.48%, while Copper Lance has recorded rock chip copper assays as high as 29%. These results underscore the potential for new discoveries in underexplored areas.

Mountain Pond Gold Project Details

The Mountain Pond Gold Project covers approximately 10 square kilometres along the Sullivan Pond Fault corridor, a highly prospective structural setting for orogenic gold and base metals. Located just 7 kilometres from Springdale, a major service town, the project benefits from established infrastructure and access to assay laboratories and drilling contractors.

Reward Minerals has consolidated ground along the fault for the first time in over 15 years, with soil geochemistry revealing strong anomalism in gold, copper, zinc, arsenic, and cobalt. The Jackpot Prospect within the project area hosts quartz veins with gold assays up to 23.77 g/t and copper up to 0.42%. Despite these encouraging surface results, no drilling has been undertaken to date, highlighting the project’s exploration upside.

Copper Lance Copper Project Highlights

The Copper Lance Project is located approximately 30 kilometres northwest of the Buchans VMS Camp, a historically productive mining district. The project encompasses around 70 square kilometres with about 20 kilometres of prospective strike length. Historical production in the region includes significant zinc, lead, copper, silver, and gold grades, supporting the geological potential of the area.

Recent field programs have confirmed very high-grade copper mineralisation in veins, with rock chip samples returning up to 28.9% copper. Soil sampling has identified strong copper anomalism exceeding 600 parts per million (ppm) in some areas. These findings have led to the identification of several high-priority prospects such as Hinds Lake Spillway, Hinds Brook North, and Conical Hill, with further exploration planned.

Exploration Program and Forward Plans

Reward Minerals plans to commence field programs in May 2026, continuing through to December, focusing on confirmation and extension of rock chip and soil sampling at both Newfoundland projects. The company is preparing for maiden drill testing during the 2026 field season, aiming to validate and prioritise drill targets based on the surface geochemical and geophysical data.

In addition to its Canadian projects, Reward is advancing its portfolio of Australian copper, gold, and potash projects. The company holds a fully constructed potash processing facility at Beyondie in Western Australia and is developing proprietary processing technology designed to improve recovery and reduce costs. Strategic transactions and tenure grants are underway to progress these assets.

Corporate and Management Overview

Reward Minerals’ board and management team bring extensive experience in mineral exploration and development. Executive Director Dr Michael Ruane, who holds a PhD in Chemistry, is the company’s founder and largest shareholder. CEO Lorry Hughes has 30 years of resource industry experience, including leadership roles in successful mining companies. The team’s expertise spans gold, copper, potash, and salt industries, positioning Reward to advance its exploration and development objectives.

The company’s capital structure includes approximately 274 million shares on issue, a market capitalisation of around A$10.7 million, and cash reserves of A$0.9 million as of December 2025. Debt stands at A$7.1 million, resulting in an enterprise value near A$18.5 million.

Reward Minerals’ recent strategic moves include securing key mineral licences adjoining the Jackpot Prospect, as reported in March 2026, enhancing its ground position and exploration potential in Newfoundland. These developments set the stage for the upcoming drilling campaign and further exploration activities.