REWARD TO ACQUIRE BEYONDIE POTASHPLANT Highlights Reward to...

REWARD TO ACQUIRE BEYONDIE POTASH
PLANT

Highlights
 Reward to acquire Beyondie Potash Plant, administration and
operations offices and minor associated infrastructure for $2.13 million
(excluding GST)
 Purchase price is a small fraction of replacement cost
 Reward to update the engineering scoping study for its Carnarvon
Potash project assuming use of the newly acquired plant components
Lorry Hughes, CEO of Reward commented:
“Reward is delighted to announce this strategic, low cost and potentially
transformative proposed acquisition that reinforces the Company’s commitment to
pursuing opportunities which exist for recovery of Potassium Sulphate (Potash, SOP
or K2SO4) from Western Australian solar salt operations.
Reward aspires to use its technologies and experience in combination with
components of the Beyondie Plant to establish a new facility at significantly reduced
capital cost relative to that indicated in Reward’s September 2023 Engineering
Scoping Study1 (ESS) for its Carnarvon Potash Project (CPP).
The 2023 ESS demonstrated that a technically sound and commercially attractive
operation could be established utilising the Reward Process2 and reject brines
(Bitterns) from typical seawater solar salt operations that exist at several established
or proposed development sites in Northwest Western Australia between Shark Bay
and Port Hedland.
The established salt operations have been operating continuously for up to 50 years
using seawater as feed brine. If Reward can establish a SOP operation in partnership
with one of these operations, we believe it will change the landscape of the SOP
industry in Australia.
Reward’s ESS considered nominal production of 100,000tpa standard SOP (>52%
K2O) and generated estimated operating costs of $273/t SOP (excluding contingency
of $27.3/t SOP) which is FOB ex. Geraldton Port in Western Australia. These
operating costs are estimated to be amongst the cheapest in the world.
Specific components from the plant acquisition and capital cost estimates for the
relocation of them to the CPP, or any other more suitable site identified, will be
included in an ESS update, with planning for this to commence shortly.
The use of alternative new processing technologies which are currently under
development by Reward3 will also be included in the ESS update to determine which
process and Potassium Sulphate product is the most attractive to produce.
There is obvious potential to advance the ESS update and/or feasibility studies in
partnership with a salt producer or development company.
The Beyondie Plant Acquisition is another key step toward commercialisation of
Reward’s processing technology IP that has the potential to transform the SOP
industry in our view”.
30 September 2024
ASX CODE: RWD
DIRECTORS
Colin McCavana
Chairman
Rod Della Vedova
Non-Executive Director
Michael Ruane
Executive Director
MANAGEMENT
Lorry Hughes
CEO
Bianca Taveira
Company Secretary
HEAD OFFICE
Reward Minerals Ltd
159 Stirling Highway
Nedlands WA 6009
PO Box 1104
Nedlands WA 6909
T: 08 9386 4699
E: [email protected]
W: www.rewardminerals.com
1 Refer to ASX announcement dated 28 September 2023, 2 Refer to AS