Reward Raises $2.3M and Acquires Beyondie Plant to Advance Potash Tech

Strategic Acquisition of Beyondie Potash Plant

Reward Minerals Limited (ASX: RWD) has successfully acquired the Beyondie Potash Plant, including administration and operations offices, for $2.13 million. This acquisition, approved by shareholders in December 2024 and funded through a non-dilutive loan extension from Executive Director Dr. Michael Ruane, provides Reward with a fully constructed processing facility previously operated by Kalium Lakes Limited until mid-2023.

The plant, located approximately 160 kilometres southeast of Newman in Western Australia, was acquired on an "as is, where is" basis. Reward has already appointed a site manager to oversee care and maintenance activities and facilitate engineering assessments ahead of planned relocation and refurbishment.

Advancing Innovative Potash Processing Technologies

Reward is not only acquiring physical assets but also advancing its proprietary processing technologies. The company’s patented Reward Process, also known as the Syngenite Process, has received positive preliminary patentability feedback from the International Preliminary Examining Authority. This process enables the recovery of high-purity sulphate of potash (SOP) directly from concentrated seawater and other high-sulphate brines.

In addition, Reward has developed a new processing method that simplifies SOP recovery by eliminating the need for gypsum addition and complex flotation steps. This New Process, protected by a recent patent application submitted in January 2025, promises higher SOP recovery rates and lower operational costs, particularly suited to the Beyondie plant’s configuration.

Financial Position and Capital Raising

To support its growth and operational plans, Reward completed an oversubscribed placement raising $2.3 million before costs from sophisticated and professional investors. This capital injection, combined with the director-provided loan facilities totaling over $5.7 million at 7.5% interest, leaves the company with approximately $2.21 million in cash at the end of December 2024.

Exploration expenditure during the quarter was modest at around $170,000, reflecting early-stage activities at the Carnarvon Potash Project (CPP), where Reward holds a granted exploration licence adjacent to the recently sold Lake Macleod solar salt operations.

Strategic Partnerships and Market Engagement

Reward continues to engage with potential strategic partners across the solar salt, fertilizer, chemical, and finance sectors. Discussions under confidentiality agreements are ongoing to explore joint ventures that leverage Reward’s processing technologies and the acquired Beyondie plant infrastructure.

The company’s focus on coastal brine resources aligns with global trends favoring environmentally sustainable SOP production methods. Reward’s technology offers a potentially lower-cost and more ESG-friendly alternative to traditional potash production, which could attract interest from established salt producers and new market entrants alike.

Looking Ahead

In the coming quarters, Reward plans to advance its processing technologies toward commercialisation, secure statutory approvals for exploration at the CPP, and establish logistics for relocating the Beyondie plant to a more favourable site. The company’s management remains optimistic about the long-term demand for SOP and its ability to become a globally relevant low-cost producer.