Highlights

  • Core has been logged and sampled in Springdale, and the company expects assay results in the December quarter.
  • Reward describes a strongly sheared chlorite schist, cut by quartz and quartz-carbonate veins, as the interpreted host of mineralisation.
  • These are surface samples and not a measure of the size or grade of any deposit.
  • Reward is seeking a transaction or joint venture with a potash producer, solar salt operator or project developer.

Reward Minerals (ASX:RWD) has reported a September 2026 quarter in which it finished its first diamond drilling at a Newfoundland gold-copper prospect, kept talks going with potential partners for its Western Australian potash plant, and ended the period with A$262,000 in cash.

Newfoundland Drilling Completed, Assays Pending

The maiden diamond program at the Jackpot gold-copper prospect, part of the Mountain Pond Project, ran from 23 September to 10 October 2026. Five holes totalling 243.2 metres were drilled, with depths between 16.7 and 87.5 metres. Core has been logged and sampled in Springdale, and the company expects assay results in the December quarter. No drilling results have therefore been reported yet.

Reward describes a strongly sheared chlorite schist, cut by quartz and quartz-carbonate veins, as the interpreted host of mineralisation. Rock-chip samples reported earlier include historic values of up to 23.77 g/t gold and 7.48 per cent copper, and more recent samples (20 July 2026) of up to 8.16 g/t gold and 1.77 per cent copper. These are surface samples and not a measure of the size or grade of any deposit.

September soil surveys identified a gold corridor of at least 1.2 kilometres linking the Jackpot, Bingo and High Stakes prospects, with a peak of 378 ppb gold at High Stakes. Ante Up returned copper values up to 510 ppm, and Wildcard showed a copper anomaly over more than 800 metres of strike. Rock-chip results from the new prospects are pending.

At the separate Copper Lance Project, follow-up soil sampling at Hinds Brook North peaked at 242 ppm copper, with gold mostly at the detection limit. Reward said the program was scaled back because its field team prioritised Mountain Pond.

Beyondie Potash Plant And Corporate Talks

Reward is seeking a transaction or joint venture with a potash producer, solar salt operator or project developer. Options it cites include restarting the Beyondie plant or recovering sulphate of potash, magnesium compounds and by-products from solar salt and desalination brines. Confidential discussions with parties in the fertiliser, desalination and chemical sectors continued, and third parties visited the plant in August and September. The company states that discussions remain ongoing and incomplete, and no transaction has been announced.

The plant is under care and maintenance with a full-time site manager. Reward says it intends either to relocate the plant or restart it using its own processing technology, and it plans a materially updated engineering scoping study based on newer laboratory-scale processes. Its 2023 study assumptions are unchanged.

Other Western Australian Projects

At the Carnarvon Potash Project, a brine bore analysed 2.38 g/L potassium, equivalent to 5.3 g/L of sulphate of potash, while heritage surveys and drilling approvals remain pending. During the quarter the company sold a Kalgoorlie tenement application to an unrelated party for A$150,000 cash.

Cash Position And Funding

Net operating cash outflow was A$353,000 for the quarter and net investing outflow A$161,000, including A$261,000 of exploration spending offset by A$100,000 of tenement sale proceeds. Financing inflow was A$400,000, drawn from loans provided by executive director Dr M Ruane at 7.5 per cent interest. Reward says its loan facilities total A$6.131 million and are fully drawn. Closing cash fell from A$376,000 to A$262,000.

The company estimates about 0.43 quarters of funding, and says it intends to raise capital through a placement or an entitlements issue, stating it is confident of success. No terms have been announced, and the raising is not assured.

What To Watch

Reward lists as next steps the receipt of Jackpot assays, follow-up planning, Western Australian licence grants, continuing partner negotiations and assessing Beyondie relocation or restart scenarios.