Reward Minerals (ASX:RWD) says it has received a positive preliminary report regarding the patent for its potassium sulphate (SOP) processing technology.
The technology is designed to recover potassium sulphate directly from concentrated seawater and other high-sulphate brines.
The International Preliminary Examining Authority has determined in its report that claims 1-17 meet the requirements for novelty under Patent Cooperation Treaty (PCT) Article 33(2), inventive step under PCT Article 33(3) and industrial applicability under Article 33(4).
Shares advanced as much as 25% to an intra-day peak of $0.03 on Monday following the news.
Reward is now required to file applications for the specific countries and regions where it wants to secure patent protection.
The company is still finalising the list of countries and regions but says it will include Australia and other countries that produce or plan to produce significant solar salt from seawater in favourable locations.
CEO Lorry Hughes says the technology is relatively simple.
“It negates the need for the removal of waste salts by expensive mechanical harvesting and it does not require complicated and expensive flotation processing steps to separate waste salts from SOP,” he says.
“All this points toward a significant reduction in production costs compared to existing operations and methods.
“Importantly there appears potential for the first time globally, to produce SOP from waste brines or bitterns from solar salt operations using seawater as feed brine on a commercial basis.
“This could allow operations in coastal areas with established transport infrastructure to produce and ship SOP to market at competitive prices.”
Over the next two quarters, Reward plans to continue advancing its processing technology toward commercialisation, as well as undertake design and statutory approval of initial work programs at the Carnarvon Potash Project.
The company, which has a market capitalisation of $5.5 million, will also continue engagement with solar salt, fertiliser and seawater desalination companies globally to discuss the application of its technology and proposed SOP developments for possible joint venture participation and investment.
Write to Angela East at Mining.com.au
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