Reward Minerals Limited provided an Engineering Scoping Study ("ESS") progress update. Recent in-house laboratory evaporation, chemical analyses and Syngenite [K2Ca(SO4)2.H2O)] recovery work programs to support the ESS for SOP recovery using Reward's new brine processing technology ("Reward Process") continue to return encouraging results. The Company submitted an Australian Provisional Patent Application (Application Number - 2022902277) for the Reward Process on 11 August 2022 and intends to submit additional technical information prior to 11 August 2023 to complete the International application.

Recent testwork programs provided additional data for the first order SysCAD, Flowsheet and Mass Balance Model completed in the December Quarter 2022 by an independent global engineering firm. Initial testwork involved evaporation of seawater derived brine ("bitterns") emanating from a solar salt operation in Western Australia (11.5g/l K, 350g/l TDS, 1.26 SG)1 to a Magnesium ("Mg") content of ca. 110g/l followed by draining of the residual high Mg supernatant liquor.

The remaining crystallised salts were redissolved in water to provide a new process brine (ca. 50g/l K) suitable for reacting with Gypsum [CaSO4.2H2O] to form Syngenite [K2Ca(SO4)2.H2O)] (Figure 1). The reaction at ambient temperature provided +50% first pass extraction of K to the solid Syngenite salt.

In operations the residual Syngenite Reactor liquor will be recycled to the brine evaporation ponds for further SOP recovery. Testwork conducted on Reward's Kumpupintil Lake ("KP Lake") Resource 2 brine indicated that following evaporation of Resource brine to K saturation point of (ca. 45g/l K) treatment with Gypsum via the Reward Process method provided a first pass K recovery to Syngenite product of around 40%.

Importantly, the 40% recovery figure for brines of composition similar to that of the KP Lake Resource brine, is possible without redissolution of precrystallised salts. The next part of the program involved treatment of Syngenite with water to produce a SOP solution with very low contaminants (Na, Mg, Cl) plus high purity Gypsum which is recycled to the Syngenite reaction step. The SOP solution is evaporated to provide high purity SOP crystal product (+52% K2O) by conventional technology.

The key benefits of the Reward Process compared to commonly used SOP brine recovery processes are; it does not require mechanical harvesting of mixed potash salts; it does not require the conventional Schoenite or Kainite flotation steps; it may significantly reduce capital and operating costs per unit of SOP. The follow-up programs will be along similar lines but use slightly different Reward Process thresholds to optimise the final flowsheet. In addition upcoming testwork will include final crystallisation of SOP from Syngenite leach liquor to confirm the SOP quality parameters.

Once this program is completed the ESS battery limits will be finalised so it can be advanced in the June Quarter 2023. Over the next two quarters the Company will focus of the following key activities; Advancement of the Reward Process, international patent finalisation and licensing to third parties. Completion of an ESS for the KP Lake Project and typical seawater derived brines utilising the Reward Process.

Engagement with chemical, seawater solar salt, fertilizer and seawater desalination companies worldwide to discuss the application of its technology within proposed SOP developments and production joint ventures. Receipt of results from Fortescue's RC drilling program at the McKay Range Joint Venture.