Rinehart has both designed and manufactured targets since 1999 and has been a gold level sponsor of World Archery since 2016, when it launched "the wave" target as part of a signature competition series.

A new adaptation of the wave has recently been developed to work with World Archery's laser scoring system, and it will be deployed during the finals at all Archery World Cup events for at least the next two years.

"Rinehart targets will exclusively feature on the world's largest archery stages thanks to a company's work to build quality equipment that not only stops arrows but also works hand-in-hand with our automatic electronic results systems," World Archery secretary general Tom Dielen said.

"We're thankful to have a partner so invested in developing the sport at the highest level."

Rinehart vice-president Tanja Washburn said World Archery "recognises perfection".

"We are truly honoured that they chose to work with us on this project," she said.

"Rinehart Targets is dedicated to the continued development of archery at all levels and strive to ensure the quality World Archery, and all organisations, are looking for."

The deal will also see Rinehart present a new video series this year, while the firm will have "event exposure, logo access and asset use".