Reward Minerals Confirms High-Grade Gold-Copper Assays at Mountain Pond

High-Grade Gold-Copper Results Validate Newfoundland Exploration Potential

Reward Minerals (ASX:RWD) has bolstered its exploration credentials with high-grade assay results from its Mountain Pond Project in Newfoundland, Canada. Rock chip samples from the Jackpot Prospect returned assays as high as 8.16g/t gold and 1.77% copper, confirming robust mineralisation potential in a previously underexplored area. Historic samples at Jackpot had recorded even higher grades, including 23.77g/t gold and 7.48% copper, underscoring the project's upside.

Complementing these results, recent soil sampling at the nearby Bingo Prospect, just 400 metres along strike from Jackpot, yielded a notable 1.55g/t gold assay. Neither Jackpot nor Bingo has been drill tested to date, presenting Reward with a high-impact, first-pass exploration opportunity in a district with limited prior drilling.

Preparations for the company’s maiden drilling campaign are well advanced, with site access clearing and permit applications expected to be finalised within weeks. Drilling is scheduled to commence in the September quarter, aiming to test depth extensions of the Jackpot mineralisation and refine the geological model across the prospects.

Expanding Exploration Footprint Across Newfoundland and Western Australia

Reward’s exploration efforts extend beyond Mountain Pond, with an expanded soil sampling program underway at the Copper Lance Project, also in Newfoundland. This program targets copper anomalies identified in late 2025, with assay results anticipated in the September quarter. The company is encouraged by untested electromagnetic anomalies and high-grade rock exposures in the southern part of the Copper Lance tenure.

In Western Australia, Reward is progressing several projects including the Carnarvon Potash Project and the Warroora Gypsum Project. The Carnarvon licence lies adjacent to an established solar salt operation, offering potential for potash extraction from shallow brines. Meanwhile, Warroora presents a low-cost opportunity to secure gypsum resources critical for Reward’s proprietary potash processing technologies.

Advancing Proprietary Potash Processing and Strategic Plant Discussions

Reward continues to develop its patented Reward Process (Syngenite Process) for recovering high-purity sulphate of potash (SOP) from seawater and brines. The International Preliminary Examining Authority has issued a positive patentability report, bolstering the company’s intellectual property position. Further laboratory testwork has yielded breakthroughs with new processes that simplify SOP recovery, potentially improving project economics and environmental outcomes.

The Beyondie Potash Plant in Western Australia remains on care and maintenance, with Reward actively engaging potential strategic partners across fertilizer, solar salt, and desalination sectors. The company is evaluating scenarios for plant relocation or utilisation at its current site, aiming to integrate proprietary technology to overcome previous operational challenges. These discussions are ongoing, with site visits and engineering evaluations planned for the coming quarter.

Financial Position and Outlook

Reward reported operating cash outflows of A$203,000 for the June quarter, with exploration expenditure of approximately A$102,000. Cash reserves stood at A$376,000 at quarter-end, supplemented by fully drawn unsecured loan facilities totalling A$5.7 million provided by an executive director. The company expects to continue negative operating cash flows as it advances exploration and development activities.

To fund ongoing operations and accelerate exploration, Reward intends to pursue capital raising initiatives via placements or entitlement issues, confident in securing support given its asset portfolio and technological advances.

Upcoming Catalysts and Strategic Focus

Key upcoming milestones include the submission of permit applications for drilling access at Mountain Pond, commencement of diamond drilling at Jackpot, and receipt of extensive soil assay results from Newfoundland projects. Reward will also continue advancing its processing technologies toward commercialisation and refining logistics for the Beyondie plant.

With multiple projects across two continents and proprietary technology in hand, Reward stands at a pivotal juncture. The maiden drilling results in Newfoundland and progress on potash processing commercialisation will be critical to validating the company’s strategy and unlocking shareholder value.