In January 2004, the shareholders approved the acquisition of a portfolio of gold and base metal exploration tenements and adopted the name of Reward Minerals Ltd.
The Company issued a Prospectus on 12 February 2004 to raise $3,000,000 before costs. The issue was successful and Reward Minerals Ltd listed on ASX on 12 December 1991 with the ASX Code RWD. Directors of the Company at that time were Messrs GE Lambert, CJ Van Heyst and WP Brooks. On 3 December 2004, Michael Ruane joined the Board of the Company.
In January 2006, the Company acquired an additional package of exploration tenements prospective for Potash mineralisation. At this time Reward Minerals Ltd had 28,884,077 fully paid shares on issue.
In June 2006, the Company issued 14,442,038 shares and 14,442,038 options (exercisable at 20 cents) via a non renounceable rights issue to shareholders raising $2,888,408. On completion of the issue the Company had 43,326,115 shares and 14,442,038 options on issue.
In February 2007, Reward Minerals Ltd announced the discovery of a 24.4Mt resource of sulfate of Potash (SOP) from 0-4 metres depth in Lake Disappointment in the north west of Western Australia.
In June 2007, Shaw Corporate Finance placed 6.6 million fully paid shares at 68 cents per share raising $4.488 million for development funds. Upon completion of the placement, Reward had 51,172,173 fully paid shares on issue and 14,442,038 options.
On 17 October 2008, the shareholders of Reward Minerals Ltd approved the divestment of its non-Potash gold and base metal prospects to subsidiary company, Jinka Minerals Ltd for the issue of 14,901,190 fully paid Jinka shares and 14,901,190 20 cent options. The Jinka shares and options were then distributed by Reward pro rata to its shareholders. Jinka was subsequently taken over by Kentor Gold Ltd in 2011.
In November 2009, Reward announced the definition of a second Potash deposit in Lake Mackay located near the WA-NT border comprising 20.6Mt of SOP from 0-2 metres depth.
Development of the Lake Disappointment potash resource was delayed from 2008 to 2011 due to protracted negotiations with the Martu Native Title Holders. However, a Mining and Indigenous Land Use Agreement between the Martu people and Reward Minerals Ltd was eventually executed on 23 December 2011 paving the way for development of the Lake Disappointment Project – subject to favourable feasibility outcomes and environmental clearances.
The Company is now proceeding with additional exploration aimed at expanding the resource base and upgrading the resource status. Development activities are also proceeding with the establishment of access roads, base camp and pilot scale evaporation ponds in progress.
Additional staff and technical consultants have been appointed by the Company to expedite the development process.