Reward Minerals granted exploration licence for Carnarvon Potash Project

Reward Minerals Limited (ASX: $RWD) has announced the granting of exploration licence application E09/2763 for the Carnarvon Potash Project (CPP) by the Department of Energy, Mines, Industry Regulation and Safety on 6 May 2024. The +200km2 tenement, situated in an ideal infrastructure location ~30km north of the coastal town of Carnarvon in Western Australia, is 100% owned by Holocene Pty Ltd, a wholly owned subsidiary of Reward.

Reward CEO Lorry Hughes on Carnarvon Potash Project Licence

The grant of the CPP exploration licence is set to be the start of an exciting new chapter for Reward as we continue to advance the development of our novel SOP processing technology and seek to commercialize it as soon as possible. Located so close to a major regional town, established supplies of solar salt bitterns, gypsum, mains power and water, should allow us to inexpensively progress through the pilot stage of development in order to secure full scale development partners. In addition, there is also potential to sub-lease an existing camp and evaporation ponds located within the CPP that are owned by Beta Nutrition Pty Ltd which holds a 4,000 hectare Crown Lease for Algae cultivation. Since the completion of the ESS in September last year, Reward has been convinced that the development of SOP operations using reject brines from solar salt operations in ideal infrastructure locations such as Carnarvon can result in the production of the lowest cost and most ESG friendly SOP globally.

Reward Minerals' Outlook

Reward Minerals' focus on the recovery of Potassium Sulphate (SOP) and other industrial products from Bitterns at the Carnarvon Potash Project (CPP) marks a significant step in the company's strategic development. The proximity to established supplies of solar salt bitterns, gypsum, mains power, and water, coupled with the potential to sub-lease existing facilities, positions Reward to progress inexpensively through the pilot stage of development. The company aims to engage with solar salt, fertilizer, and seawater desalination companies worldwide to discuss the application of its technology and proposed SOP developments for possible joint venture participation and investment. Additionally, the pending change of ownership of Lake Macleod to a private equity owned company may provide new dimensions for potential developments. Reward's ambitions to advance its processing technology toward commercialization and conduct due diligence activities on new projects within the minerals sector for potential acquisition reflect its commitment to growth and innovation.