Reward Minerals Limited provided an update on the technical activities related to its new process for recovery of Potassium Sulphate directly from seawater and other high-sulphate brines. On 11 August 2022, the Company filed an Australian Provisional Patent Application to protect Intellectual Property related to the Reward Process. Multiple activities have been completed over the last few months to provide essential data supporting the Patent Application including; Inclusion of additional data to expand the scope of the Reward Process including Potassium recoveries from a wide range of brine compositions; Confirmation of the variability of Potassium recoveries versus reaction temperatures in the Syngenite formation and leaching steps in the Reward Process; Improvement in Potassium extraction from various feed brine compositions by variation in Gypsum to brine ratios in the Syngenite formation reaction; and High-purity SOP recovery from Syngenite leach liquours.

A final laboratory testwork program is underway for completion in July which will provide the data to finalise the Patent Application. The Company remains on track to comply with the PCT Patent Application and will submit the final application prior to 11 August 2023. An ESS utilising the Reward Process to recover high-purity SOP from seawater and other high sulphate brines has been underway since May 20232 and is due for completion in July 2023.

It is being completed by an independent global engineering firm using their own and Reward's development data. A summary of the ESS work streams completed to date include; Preliminary mass and energy balance; Observations and review of evaporation and filtration testwork conducted by Reward to verify robustness of key processing steps; Review of entire flowsheet to identify potential fatal flaws in the Reward. Process for production of SOP.

Final activities to complete the ESS include further review of; Utilities and reagent consumption requirements; Capital and operating cost estimates (-30% - +40%) for a 100,000 tpa SOP production facility based on seawater bitterns feed source; and All findings and recommendations from the independent global engineering firm. Further, as the Reward Process has flexibility for recovery of SOP from a variety of other high-sulphate SOP rich brines, Reward has commenced discussions with several solar salt, fertilizer and seawater desalination companies globally to discuss the application of Reward's technology for SOP production via joint venture participation. Over the next two quarters Reward will focus on the following key activities; Finalisation of the ESS and determination of the next development activities, Finalisation and lodgement of the PCT Patent application, Engagement with solar salt, fertilizer, chemical and seawater desalination companies worldwide to discuss the application of Reward's technology to potential and proposed SOP developments for possible joint venture participation or acquisition, Advancement of the Cultural Heritage Management Plan for the KP Project.