Renascor Resources : Extends Siviour Project Area

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12 July 2022

Renascor Extends Siviour Project Area

Drilling expected to start this quarter to further expand Siviour Mineral Resource and support potential future production capacity increases

• Renascor has entered into an access and option agreement that will permit it to explore in, and potentially purchase the land over, an area that includes the north-western extension of the Siviour Inferred Resource and other areas immediately along-strike of the existing Mineral Resource.
• Recent drilling to the immediate south of the north-western zone has included assays that are amongst thickest and highest grade intersections to date within the project area1.
• Renascor considers the north-western extension area to offer similar potential for thick, high-grade graphite and an opportunity to further extend the current pit design in future staged expansions to Siviour's production capacity.
• Siviour is currently the second largest reported Proven Graphite Reserve in the world and the largest Graphite Reserve outside Africa2, supporting a 40-year mine life with production of Graphite Concentrates of up to 150,000 tonne per annum3.
• Renascor will now seek to increase the size and improve the confidence level of the Siviour Mineral Resource within this north-western area to support potential increases in production capacity beyond production levels being considered in Renascor's optimised Battery Anode Material Study.
• Pending drill rig availability and final regulatory approvals, Renascor expects to commence drilling in the current quarter.

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For personal use only

ASX Release: Renascor Resources

12/07/2022

Renascor Resources Limited (ASX: RNU) (Renascor) is pleased to announce that is has entered into a land access and option agreement that will permit it to explore in, and potentially purchase the land over, an area that includes the north-western extension of the Siviour Inferred Resource and other areas immediately along-strike of the existing Mineral Resource.

Commenting on the agreement, Renascor Managing Director David Christensen stated:

"Siviour is already one of the largest graphite deposits in the world, with the current Mineral Resource offering the potential to produce up to 150,000 tonnes of graphite flake concentrates per year in a staged development over a 40 year mine-life.

The agreement announced today helps further secure the project's long-term future as a Tier 1 graphite project capable of significant growth to respond to the increasing demand for Purified Spherical Graphite for lithium-ion batteries."

Discussion

Renascor recently announced drill results from areas within and along-strike of the western portion of the Siviour Mineral Resource that included near-surface intersections that are amongst the thickest and highest grade graphite drilled to date within the project area4. Renascor is currently in the process of incorporating these results in a revised pit design and mining schedule as part of Renascor's optimised Battery Anode Material Study5 (BAM Study), with the potential to reduce mining costs and increase the volume of graphitic ore mined.

Based on airborne electro-magnetic (EM) conductivity data and historical drill information, Renascor considers the area to the immediate north of the western portion of the Siviour Mineral Resource to offer similar potential for thick, high-grade graphite and an opportunity to further extend the current pit design in future staged expansions to Siviour's production capacity beyond production levels being considered in Renascor's optimised BAM Study.

As shown in Figure 1, this north-western zone includes portions of the Siviour Inferred Resource where previous drilling intersected significant graphite intersections, including: 36 metres at 8.5% Total Graphitic Carbon (TGC) from 34 metres (SIVRC005) and 32 metres at 5.3% TGC from 27 metres (SIVRC006)6.

Figure 1. Siviour, showing the location of the Mineral Resource zones and results from recent drilling to the west of

Inferred Resource in relation to land subject to new access and option agreement

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ASX Release: Renascor Resources

12/07/2022

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Renascor previously conducted an airborne EM survey over the area north of the Siviour Mineral Resource in the area subject to the new access and option agreement, identifying an extensive conductive trend extending through the north-western portion of this area7. The conductive trend includes a portion of the Siviour Inferred Resource, as well as a northward extension of the conductivity anomaly for an additional two kilometres along-strike. See Figure 2. Previous drilling in the project area has shown a strong correlation between areas of high conductivity and graphite mineralisation, suggesting strong potential for additional graphite along this conductive trend.

Figure 2. Siviour Project area, showing existing Mineral Resource and portion of airborne EM image over land subject to new

access and option agreement

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ASX Release: Renascor Resources

12/07/2022

The existing Siviour Mineral Lease (ML 6495) includes the bulk of the Siviour Mineral Resource and the proposed pit design that Renascor is currently incorporating in the BAM Study.

The access and option agreement announced today concerns the freehold title to the land immediately north of the Siviour Mineral Lease. Renascor already has the rights to explore for minerals in this area pursuant to Exploration Lease 64698.

The access and option agreement ensures that Renascor will continue to enjoy access rights to this area for drilling and other programs Renascor is planning to undertake in support of future expansions to the Siviour Mineral Resource and the Siviour Battery Anode Material Project. The agreement also grants Renascor an option to purchase the land following an independent appraisal.

Next steps

Pending drill availability and final regulatory approvals, Renascor expects to commence drilling in the current quarter.

This ASX announcement has been approved by Renascor's Board of Directors and authorised for release by Renascor's Managing Director David Christensen.

For further information, please contact:
Company Contact	Media Enquiries Contact
David Christensen	James Moses
Managing Director	Mandate Corporate
[phone]	[phone]
[e-mail]	[e-mail]

Keep in the Loop:

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ASX Release: Renascor Resources

12/07/2022

Disclaimer

Renascor confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Renascor confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

This report may contain forward-looking statements. Any forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a number of factors could cause actual results, or expectations to differ materially from the results expressed or implied in the forward-looking statements.

Competent Person Statement

The information in this document that relates to exploration activities and exploration results is based on information compiled and reviewed by Mr G.W. McConachy who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McConachy is a director of the Company. Mr McConachy has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr McConachy consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

The information concerning historical drill hole results contained in this announcement is extracted from previous ASX announcements lodged by Renascor on 5 December 2015 and 6 July 2022. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

1. See Renascor ASX announcement dated 6 July 2022.
2. See Renascor ASX announcement dated 21 July 2020.
3. See Renascor ASX announcement dated 11 November 2019.
4. See Renascor ASX announcement dated 6 July 2022.
5. See Renascor ASX announcement dated 28 March 2022.
6. See Renascor ASX announcement dated 3 December 2015.
7. See Renascor ASX announcement dated 11 July 2017.
8. Renascor previously secured access rights and an option to purchase the land covering Mineral Lease. See Renascor ASX announcement dated 22 August 2018.

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