Renascor Resources Limited - PEPR Approval for Siviour Graphite Mine and Concentrator

Renascor Resources Limited (ASX: RNU) (Renascor) is pleased to announce the approval of the Program for Environment Protection and Rehabilitation (PEPR) for the proposed Siviour Graphite Mine and Concentrator, the upstream component of Renascor's vertically integrated Siviour Battery Anode Material Project (BAM Project), located wholly in South Australia

Highlights:

Renascor is pleased to announce that it has received approval from the South Australian Department of Energy and Mining (DEM) for the Program for Environment Protection and Rehabilitation (PEPR) for its proposed Siviour Mine and Concentrator in South Australia1.

The PEPR approval permits Renascor to process up to 1.65 million tonnes per annum, which would allow Renascor to produce up to 150,000 tonnes of Graphite Concentrates per year2.

Approval of the PEPR, which is the second step (following the previous grant of the Siviour

Mineral Lease3) in South Australia's two-stage assessment process, permits Renascor to move forward with the development of the upstream Graphite Mine and Concentrator portion of the Siviour Battery Anode Material Project - a vertically integrated battery anode material manufacturing operation located wholly within South Australia.

PEPR approval follows a process of extensive stakeholder engagement, independent expert audits and comprehensive studies undertaken to incorporate designs and management plans to comply with conditions outlined in the Siviour Mineral Lease granted in 20194.

The conditions of the approved PEPR are in line with Renascor's expectations after a period of consultation with DEM since submission of the PEPR in September 20215.

PEPR approval satisfies a fundamental condition of the Australian Government's A$185 million loan facility to fund Renascor's integrated Siviour Battery Anode Material Project6.

Commenting on the PEPR approval, Renascor Managing Director David Christensen stated: 'Obtaining PEPR approval brings Renascor another key step closer to becoming a producer of 100% Australian-made Purified Spherical Graphite. This approval is the culmination of extensive technical, environmental and social investigation over the last 6 years, and satisfies a fundamental condition precedent of the Australian Government's A$185 million loan facility to fund Renascor's integrated Siviour Battery Anode Material Project. We are very proud that our Siviour Project has satisfied the comprehensive conditions required by the South Australian Department for Energy and Mining and we look forward to continued engagement with the local community and the State Government as we work towards the commencement of mining and graphite production at Siviour with minimal environmental impacts and maximum social and economic benefits to the local and wider community. The timing of the PEPR approval is especially opportune for the Siviour Project, as there is growing potential for substantial upstream bottlenecks in the graphite-anode-battery supply chain due in large part to the lengthier approval process associated with new graphite mining operations relative to rapidly growing anode capacity. With this important regulatory milestone now achieved, Renascor is well poised to rapidly advance through the final development stages, into construction and operation of an important new supply line for the lithium-ion battery industry.'

South Australian legislation consists of a two-part assessment and approval process for mining operations, first requiring the granting of a Mineral Lease, and, secondly, the approval of a PEPR, before mining and processing operations may commence. The South Australian Minister for Energy and Mining granted a Mineral Lease for the proposed Siviour Graphite Mine and Concentrator in April 20197 . The grant of the Mineral Lease followed comprehensive environmental impact studies and stakeholder engagement commencing in 2016 and detailed the conditions that were to be addressed in the PEPR. Renascor subsequently undertook further stakeholder engagement and comprehensive studies to incorporate designs and management plans to comply with conditions outlined in the Siviour Mineral Lease and submitted a proposed PEPR to the Department of Energy and Mining (DEM) in September 20218 . The PEPR preparation process was managed internally by Renascor and environmental consultancy JBS&G, with input from external consultants, including independent expert audits to confirm that Renascor's proposed management and operational strategies are effective to comply with the Mineral Lease conditions. Following the completion of its internal review, DEM has now approved the PEPR for Renascor's proposed Siviour Graphite Mine and Concentrator. The conditions of the approved PEPR are in line with Renascor's expectations after a period of consultation with the DEM since submission of the PEPR in September 20219 . Under the terms of the PEPR, Renascor may process up to 1.65 million tonnes per annum, which would permit Renascor to produce up to 150,000 tonnes of Graphite Concentrates per year10.

Renascor intends to integrate the Siviour Graphite Mine and Concentrator operation with a downstream Battery Anode Material (BAM) manufacturing facility that will use Graphite Concentrates from the Siviour mining and concentrator operation to produce Purified Spherical Graphite (PSG) for use in lithium-ion battery anodesn connection with the BAM project, Renascor is currently undertaking multiple concurrent workstreams, including:

Optimised BAM study. Renascor is currently undertaking an updated, optimised BAM study building on previous detailed feasibility work for the planned vertically integrated BAM project11. The optimised BAM study is assessing an increase to the previously planned PSG production capacity of 28,000tpa, as well as a staged expansion to meet projected increasing demand for PSG. The BAM study is being designed to utilise the maximum processing capacity of 1.65 million tonnes approved in the

PEPR. Resource expansion drilling. Renascor is currently undertaking resource expansion drilling within the Siviour project area. The current drilling is focussing on areas outside of the proposed mining plan for the production stages being considered in the optimised BAM study. Drilling is these areas is expected to support future capacity expansions beyond those considered in the optimised

BAM Study. 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 terms12. Renascor continues to have discussions with other leading anode, battery and electric vehicle manufacturers in Northeast Asia, Europe and the United States concerning potential PSG offtake. Renascor has provided PSG samples to support customer qualification and commenced offtake discussions with these parties concerning potential offtake from the initial or subsequent stages of production. ASX Release: Renascor Resources 28/11/2022 4 Finance. The Australian Government, through Export Finance Australia (EFA), has conditionally approved a loan facility of A$185 million (Loan Facility) to fund the development of the Siviour BAM Project13. The Loan Facility was approved through Export Finance Australia under the Australian Government's $2 billion Critical Minerals Facility. The PEPR approval satisfies a fundamental condition of this loan facility14.

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

Contact:

Media

David Christensen

Managing Director

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James Moses

Mandate Corporate

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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.

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