Renascor Resources Limited announced 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. 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 higher grade graphite drilled to date within the project area 4. 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 Study 5 (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.

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 area 7. 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. 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.