Reward Minerals looking to fast-track its technology with Beyondie acquisition
November 16, 2023 at 12:20 pm
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Reward Minerals Ltd CEO Lorry Hughes spoke to Thomas Warner from Proactive after the potash-focused advanced-stage technology and development company announced it has entered into an exclusivity deed with the receivers of Kalium Lakes Limited relating to the potential acquisition of the Beyondie Sulphate of Potash (SOP) Project in Western Australia.
The interview delves into the implications of this acquisition and its role in advancing Reward Minerals' potash processing technology.
Hughes said the market responded positively to this news, with a notable increase in the share price.
He emphasised the potential of the Beyondie Project to fast-track the development of Reward Minerals' potash processing technology. The acquired site was operational until recently but faced challenges leading to administration. Hughes expressed confidence in overcoming these challenges and leveraging the existing infrastructure, which includes a 230-man camp and a gas-fired power station, to enhance Reward Minerals' potash processing capabilities.
When questioned about the next steps after the announcement, Hughes outlined a busy schedule for the upcoming months. The deal is set to close, and funding is expected to be secured by January of the following year.
Hughes expressed excitement about the opportunities the acquisition presents, with plans to initiate technical programs and feasibility studies over the next 12 months.
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Proactive Investors
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Reward Minerals Limited is an Australia-based advanced-stage sulphate of potash exploration and development company. The Company is principally involved in mineral exploration. The Companyâs flagship project is Kumpupintil Lake Potash Project, which is located in the Little Sandy Desert, Western Australia, approximately 300 kilometers (kms) east of Newman and some 540 km south-east of Port Hedland. The Project is made up of 1,400 square kilometers (km2) of granted tenements covering Kumpupintil Lake. The Company is also focused on advancement of its 100% owned Carnarvon Potash Project, located north of Carnarvon in north-western Australia, which comprises one granted exploration license E09/2763. The 219 km2 tenement is located only 30km north of the town of Carnarvon in Western Australia. The Company is also the 100% owner and developer of new processing technology for recovery of high-purity sulphate of potash (SOP) from seawater and other high sulphate brines.