ASX RELEASE

BW EQUITIES RESEARCH REPORT ON REWARD MINERALS LTD

2 DECEMBER 2015

ASX CODE

RWD

DIRECTORS & MANAGEMENT

Colin McCavana

Chairman

Rod Della Vedova

Non-Executive Director

Michael Ruane

Managing Director

Daniel Tenardi

Projects Director

Paul Savich

Corporate Development Officer/Company Secretary

Bianca Taveira

Company Secretary

KEY PROJECTS

LD Project Karly Project

HEAD OFFICE

Reward Minerals Ltd 159 Stirling Highway

Nedlands WA 6009

PO Box 1104

Nedlands WA 6909

ACN 009 173 602

ABN 50 007 173 602

T: 08 9386 4699

F: 08 9386 9473

E: [email protected]

Reward Minerals Ltd (ASX Code: RWD), ('Reward' or 'the Company') is pleased to announce that a research report has been completed by BW Equities and the report is now available on the Company's website: www.rewardminerals.com.

BW Equities is an independent securities advisory firm focused on providing quality advisory and investment services to Australian and International institutional and wholesale investors and Australian listed corporates.

As with all analyst reports, this document may contain estimates and forecasts prepared by the researcher and extrapolated from information on the Company already in the public domain. Such forecasts do not represent guidance issued by the Company.

For further information on Reward please contact: Paul Savich Benjamin Kay

Reward Minerals Ltd BW Equities

Office: +61 8 9386 4699 Office: +61 3 9601 4801

Yours sincerely

Bianca Taveira Company Secretary

www.rewardminerals.com