Renascor Resources Limited announced an upgrade to the Mineral Resource estimate for its 100%-owned Siviour Graphite Deposit in South Australia. The updated estimate represents a 17% increase in the Indicated Resource and a 14% increase in the Measured + Indicated Resource. The results are expected to support an improved pit design, mining schedule and Ore Reserve to be incorporated into Renascor's ongoing optimised Battery Anode Material Study (BAM Study).

Ongoing work: Renascor is continuing the development of the Siviour Battery Anode Material (BAM) Project, with multiple concurrent workstreams currently underway, including programs related to: Resource expansion drilling. Following the extension of the Siviour project area through an agreement to acquire the north-western extension of the Siviour Inferred Resource and other areas immediately along-strike of the existing Mineral Resource, Renascor expects to commence drilling later this quarter. The potential extension of the Siviour Mineral Resource in this area is expected to be used to support future capacity expansions beyond those considered in the optimised BAM Study.

Downstream site. Renascor is negotiating a commercial agreement to secure the site for the proposed downstream facility where it will produce Purified Spherical Graphite (PSG) for use in lithium-ion batteries from Graphite Concentrates mined at the Siviour Graphite Deposit. PEPR.

Following review and feedback regarding the Program for Environment Protection and Rehabilitation (PEPR) from the South Australian Department for Energy and Mining (DEM), Renascor has finalised responses to all queries for DEM's final approval of the PEPR for the proposed Siviour Graphite Mine. Updated Battery Anode Material Study. Renascor has completed updated geotechnical, tailings, hydrogeological and infrastructure studies, together with optimisation and locked-cycle mineral process testing for an updated, optimised BAM Study.

The optimised BAM Study is assessing an increase to the previously planned PSG production capacity of 28,000tpa, as well as additional staged expansions to meet projected demand. Offtake. Renascor is progressing negotiations on binding PSG offtake agreements with Renascor's existing offtake partners, including active discussion on PSG price and other material contract terms. In addition, Renascor continues to have discussions with other leading anode and battery manufacturers concerning potential PSG offtake.

Finance. The Australian Government, through Export Finance Australia (EFA), has conditionally approved a loan facility of AUD 185 million (Loan Facility) to fund the development of the Siviour BAM Project. The Loan Facility was approved through Export Finance Australia (EFA) under the Australian Government's AUD 2 billion Critical Minerals Facility.

Renascor continues to work with EFA towards satisfying the conditions, which include customary project financing conditions, for final approval of the Loan Facility. Satisfaction of the conditions of approval is projected to coincide with a final investment decision for the development of the BAM Project.