Reward Minerals Ltd · ASX:RWD
Reward Minerals — Non-Deal Roadshow (November 2025)
23 slides from Reward Minerals's roadshow presentation, Nov 18, 2025
Slide 1: Copper Lance Project Newfoundland Investor Roadshow
HIGH GRADE COPPER Historic samples up to 42% Copper UNDEREXPLORED No modern exploration NEWFOUNDLAND Highly mining friendly province INVESTOR ROADSHOW FIRST MOVER Overlooked area, high discovery potential COPPER LANCE PROJECT NEWFOUNDLAND DR MICHAEL RUANE LORRY HUGHES November 2025 PhD (Chemistry) M
Slide 2: Forward Looking Statements and Disclaimer
FORWARD LOOKING STATEMENTS AND DISCLAIMER ASX Code: RWD This document includes forward-looking statements. When used in this Recipients should consider seeking appropriate professional advice in document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, reviewing the Presentation a
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS NEW COPPER LANCE PROJECT: EXCEPTIONAL DISCOVERY POTENTIAL IN PROVEN VMS TERRITORY Ming Mine 1 ▪ Copper Lance located in an under-explored geological setting within the prolific Dunnage Zone Volcanics. ▪ The Dunnage Zone is the host to one of Earth's premier VMS Springdale provi
Slide 4: Volcanogenic Massive Sulphide (VMS) Deposits
VOLCANOGENIC MASSIVE SULPHIDE (VMS) DEPOSITS ASX Code: RWD Deposit Classification Type: Mafic to bimodal-mafic VMS (Cyprus/Noranda-type) Setting: Dunnage Zone volcanics (Cambro-Ordovician, ~470-450 Ma) Metal Signature: Cu-dominant (40% Cu surface grades) → High-temp core zone Regional Analogues: Min
Slide 5: Copper Lance Project – Key Information
COPPER LANCE PROJECT – KEY INFORMATION ASX Code: RWD ▪ ~70km2 covering ~ 20km strike of prospective geology. ▪ Prospective for multiple commodities including copper, gold, silver & cobalt. ▪ Located adjacent to town of Howley and 45km from regional centre of Deer Lake – excellent site access and lon
Slide 6: Copper Lance Project – Highly Prospective
COPPER LANCE PROJECT – HIGHLY PROSPECTIVE ASX Code: RWD ▪ Anomalous regional till/soil geochemistry coincident with magnetic anomalies. ▪ High-grade copper in Howley outcropping rock chip Firefly’s Green Bay Ming Cu-Au Mine samples from separate Project 5km East veins1; ▪ 42% Cu, 4.05oz/t Ag Copper
Slide 7: Copper Lance Project – Highly Prospective
COPPER LANCE PROJECT – HIGHLY PROSPECTIVE ASX Code: RWD ▪ Aeroquest AeroTEM IV flown in June 2009. ▪ Interpretation recognized NNE-SW trending conductor Refer to next slide anomalies. for historic soil anomaly map ▪ Area 3 has been interpreted as having potential for a Howley deep-seated massive sul
Slide 8: Copper Lance Project – Highly Prospective
COPPER LANCE PROJECT – HIGHLY PROSPECTIVE ASX Code: RWD ▪ Historic uranium focused exploration by Westfield Minerals in 1981 in the area of the property to the NW & N of the high-grade rock chips; ▪ defined prospective basic volcanic rock types; Firefly’s Green Bay Ming Cu-Au Mine ▪ defined multiple
Slide 9: WA Gold & Copper Projects
Appendix A WA GOLD & COPPER PROJECTS ASX Code: RWD • Portfolio of exploration licence applications highly prospective for gold and copper North Bore mineralization. Copper Salt Port Project • Reward to advance grant of tenures to (RWD) conduct exploration programs or seek divestment. • Historic data
Slide 10: Beyondie SOP Plant - Clear Strategic Fit
Appendix B BEYONDIE SOP PLANT - CLEAR STRATEGIC FIT ASX Code: RWD 1 Acquisition 2 Expertise and 3 Substantial 4 Attractive Terms represent Process to Realise SOP Potash SOP Market Excellent Value Value Production Facility outlook ▪ Reward Minerals Ltd (Reward) acquired the ▪ Reward is a highly exper
Slide 11: Beyondie SOP Plant - Clear Strategic Fit
Appendix B BEYONDIE SOP PLANT - CLEAR STRATEGIC FIT ASX Code: RWD ✓Reward to utilise its extensive processing experience Current and proprietary technology. harvested salt ✓Two development options; Beyondie SOP Plantwaste stockpile in operation during Reward due diligence site visit in August 2023.
Slide 12: Beyondie SOP Plant – WA's Global Salt Hub
Appendix B BEYONDIE SOP PLANT – WA’S GLOBAL SALT HUB ASX Code: RWD ✓Located ~160km SE of Newman, Western Australia, the project was constructed in 2020/2021, produced first SOP Potash from the plant in October 2021 and first sales in July 2022. ✓A total of $466 million1 was previously invested into
Slide 13: Reward's SOP Plant Assets - Care & Maintenance
Appendix B REWARD’S SOP PLANT ASSETS - CARE & MAINTENANCE ASX Code: RWD Operations ceased in September 2023 and site transitioned to Care and Maintenance ahead of sale process ✓ SOP Process plant ✓ Compaction plant ✓ Admin offices and Evaporation Ponds not included in Transaction ablution facilities
Slide 14: The Original Beyondie Project – Kalium Lakes Ltd
Appendix B THE ORIGINAL BEYONDIE PROJECT – KALIUM LAKES ASX Code: RWD LTD ✓The operational plan and processing techniques were seriously challenged by a rush into production, exacerbated by inexperienced workforce. COVID-19 and flooding events added problems. ✓However, the plant was constructed from
Slide 15: Past MisSteps: What went wrong?
Appendix B PAST MISSTEPS ASX Code: RWD What went wrong? ❌ Kalium’s brine evaporation operations and Feasibility Studies were designed by credentialed international consultants without operational experience at remote Western Australian sites and lake brine systems. ❌ Kalium’s did not have access to
Slide 16: Rectify the Situation: How Reward plans to fix it
Appendix B RECTIFY THE SITUATION ASX Code: RWD How Reward plans to fix it Once the project ✓Reward Board & management have the expertise (+75 years) to undertake an operation of this can be recombined, nature. complete a mining ✓Obtain statutory approvals and reconfigure operations with a technicall
Slide 17: Rectify the Situation
Appendix B RECTIFY THE SITUATION ASX Code: RWD Area for new trench and brine bore field ✓ 10 Mile West is a critical project area as it contains SOP Resources close to the plant. Excess Salt stockpile to be used to initially build ✓ 10 Mile West was not inexpensive evaporation available to the ponds
Slide 18: The Reward Process
Appendix B THE REWARD PROCESS ASX Code: RWD ▪ A new process technology for the recovery of SOP Potash from solar salt operation bitterns and other high-sulphate brines. ▪ Australian PCT Patent Application Lodged – August 20231 – Publication Date 15/2/2025. ▪ Initial work program to include an Engine
Slide 19: The Reward Process
Appendix A THE REWARD PROCESS ASX Code: RWD 9 g/l SOP 21 g/l SOP 24 g/l SOP ✓No mechanical harvesting of Potash Salts. ✓No flotation upgrade required. Redissolved SOP Rich Brine ✓Uses conventional fixed plant components. ✓Significant cost reduction potential. Add Gypsum +50% K to Syngenite ✓Applicab
Slide 20: Corporate Summary
CORPORATE SUMMARY ASX Code: RWD Capital Structure Existing Share Register Shares on issue m 267.0 Share price A$ 0.04 Other shareholders Board & Management Unlisted Options on issue ($0.12 - $0.20 – 4 m 29.4 Sep 2026) 28.1 41.0 Market capitalisation A$m 10.7 Existing Cash (End September 2025) A$m 1.
Slide 21: Board and Management
BOARD AND MANAGEMENT ASX Code: RWD Board and Management team are ideally placed to advance its exploration projects and realise value from Beyondie, with extensive experience in the minerals, potash and salt industries Colin McCavana Dr. Michael Ruane Rod Della Vedova Lorry Hughes Warren Hinchliffe
Slide 22: Compliance Section
COMPLIANCE SECTION ASX Code: RWD Competent Person Statement About Reward The information in this presentation that relates to exploration results or Reward is an ASX-listed advanced-stage sulphate of potash technology and prospectivity is based on information compiled by Mr Lorry Hughes who is a dev
Slide 23: Thank you
ASX: RWD Thank you Contacts Executive Director CEO Head Office Dr. Michael Ruane Lorry Hughes 159 Stirling Highway PhD (Chemistry) MRACI BSc. (Geology) FAusIMM Nedlands WA 6009 Email: michael.ruane@rewardminerals.com Email: lorry.hughes@rewardminerals.com Postal Address Phone: +61 8 9386 4699 Phone: