ASX RELEASE

12 November 2015

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RWD

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Reward Minerals Limited ('Reward' or 'the Company') has received analytical results from the unreported section of LDDH1510 (45-121m). The results represent the final core analyses from Phase 1 of the Resource definition activities at the LD Sulfate of Potash ('SOP') Project.

The LD SOP Project is located in the north of Western Australia. The Project currently contains a 24.4Mt JORC (2004) Indicated SOP Resource grading 12.37kg/m3 SOP in brine, from surface down to 4m depth. The Company has been drilling to expand the existing SOP Resource at depth as well as confirm brine chemistry parameters for Project development activities.

Resource Drilling Results (LDDH1510)

Remaining analyses from LDDH1510 have been received while LDDH1512 remains in progress at 135 metres depth. The SOP content of samples from LDDH1510 were typically highest near to the surface and ranged from 16.9 (at 10m) to 2.8 (at 86m) kg of SOP per cubic metre of sediment. The non-weighted average over the 120 metre horizon was 6.06kg/m3 of sediment. Average core porosity over the same section was 44.8% and the average SOP content of the brine was 13.6kg/m3 (approximate - see Appendix 4). These new results are broadly in line with data obtained from earlier holes.

Detailed LDDH1510 results are available in Appendix 2. An updated summary of results to date is provided in Table 1 below. Collar positions and depth details are shown in Figure 1.

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12 November 2015 ASX RELEASE

Reward Minerals Ltd

Initial Pump Testing (LDDH1510 & 12)

The Company will now primarily focus on brine extraction testwork on LD. Core hole LDDH1510 has been reamed out and cased with 100mm slotted PVC. A 3' submersible pump (maximum pumping rate of ~2-3 litres/second) will be installed shortly. Sampling and flow testing will continue over the summer period.

At the time of reporting coring of LDDH1512 was nearing completion and reaming of the hole to 150mm will follow immediately the hole is complete. Following pumping at LDDH1510, 1512 will be flow tested.

Figure 1: Location of Drill Holes

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   12 November 2015 ASX RELEASE

   Reward Minerals Ltd

   
   

   Table 1: Summary of In-situ Sediment & Brine SOP Results

   
   

   Hole ID	LDDH1501	LDDH1502	LDDH1503	LDDH1504	LDDH1505	LDDH1506	LDDH1507	LDDH1508	LDDH1509	LDDH1510
   Total Hole Depth	131m	87m	135m	110m	119m	39m(2)	128m	126m	116m	121m
   High Porosity Section of Hole (40+%)	0-49m	0-85m	0-116m	0-83m	0-51m	0-31m	0-82m	0-88m	0-94m	0-121m
   Moisture %(H2O)(1)	-	26.4%	24.7%	25.4%	22.2%	27.4%	21.8%	22.5%	20.1%	19.5%
   Mass Leached % (w/w)(1)	-	35.0%	32.8%	34.7%	30.1%	39.8%	30.4%	29.9%	26.6%	27.3%
   In-Situ SOP Grade (kg/m3)(1,3)	-	6.94	5.86	6.80	6.48	9.54	6.78	5.66	6.08	6.06
   In-Situ SOM Grade (kg/m3)(1,6)	-	5.89	5.47	7.60	7.04	13.93	6.54	4.84	6.40	4.01
   Core SG(1)	-	1.86	1.94	1.93	1.97	1.78	1.94	1.95	2.01	1.97
   Porosity(1,4)	47.1%	54.5%	54.1%	57.7%	48.8%	61.5%	49.4%	49.1%	44.5%	44.8%
   Brine SOP Grade (kg/m3)(1,5)	-	13.0	11.8	12.0	13.0	15.6	13.6	11.3	13.2	13.6
   Brine SOM Grade (kg/m3)(1,5,6)	-	10.8	11.0	13.4	13.4	22.3	12.5	9.0	14.2	9.3

   Explanatory Notes:

   1: Data reported in the table refers to the high brine content (Porosity) core section only. Numbers provided are non-weighted averages (approximates only) 2: Terminated in cavity at 39 metres.

   3: SOP (K2SO4) content of in-situ sediment in kilograms of SOP per cubic metre of sediment.

   4: The 'Porosity' figure is the (calculated) volume of brine leached from a sample of core versus the volume of the same core sample. Values calculated in this method correlate well with Porosities determined independently by SGS Laboratories.

2. Estimate of the SOP content in the brine entrained in the section of core being reported. The brine SOP figure is estimated assuming a certain brine SG based on the soluble salts leached from the core and the moisture content of the core.

3. SOM refers to Sulfate of Magnesium, MgSO4.

   
   

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12 November 2015 ASX RELEASE

Reward Minerals Ltd




LD Resource Update




All analyses from Phase 1 of the Resource Drilling program has now been received. Data have been compiled and a Resource Model is being developed by Pendragon Environmental Solutions ('PES'), a well-credentialed and independent hydrogeological specialist with the aim of delineating an SOP Mineral Resource Estimate at the LD Project.

Reward anticipates a Mineral Resource estimate will be available for release within two weeks. Infill (Phase 2) drilling will continue over the summer period.




Yours faithfully,




Michael Ruane Director

on behalf of the Board




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