Reward Minerals (ASX:$RWD) announces acquisition of Beyondie SOP Project

Reward Minerals Limited (ASX:RWD) has entered into a binding share sale agreement with the Receivers and Managers of Kalium Lakes Limited to acquire the Beyondie Sulphate of Potash (SOP) Project on a debt-free basis for a total consideration of A$20 million. The agreement includes an upfront cash consideration of $14.75 million and deferred cash consideration of $5 million by 30 June 2025. The completion of the share sale agreement is subject to the approval of deeds of company arrangement (DOCAs) for each of KLP and KLI, shareholder approval, and an equity capital raising by Reward.

Executive Commentary on Beyondie SOP Project Acquisition

Reward Executive Director, Dr Michael Ruane, expressed the company's satisfaction with the progress made in acquiring the Beyondie SOP project on a debt-free basis. Dr Ruane highlighted the company's eagerness to swiftly evaluate the plant and flowsheet modifications and costs for potentially recommissioning the Beyondie Project. Additionally, he emphasized the evaluation's scope, which includes incorporating the Reward Process into the existing project layout and exploring SOP recovery operations at other SOP resource sites.

Summary of Beyondie SOP Project Acquisition and Future Plans

Reward Minerals' acquisition of the Beyondie SOP Project marks a significant step forward for the company. The completion of the share sale agreement is contingent upon the approval of DOCAs, shareholder approval, and an equity capital raising. Upon acquisition, Reward intends to maintain the Beyondie Project on care and maintenance for 12 months while assessing operational shortcomings and potential solutions. The company aims to incorporate the Reward Process into the project's infrastructure, followed by an evaluation of the plant's viability for revenue generation and any necessary capital expenditure. Reward's focus on advanced-stage sulphate of potash exploration and development, along with its proprietary processing technology, positions it for strategic growth and development in the sector.