Renascor Resources Limited reported on recent drill results from its 100%-owned Siviour Graphite Deposit in South Australia that has confirmed further continuity of widespread high-grade graphite. Renascor is currently undertaking an updated, optimized Battery Anode Materials Study6 (BAM Study) of Renascor's planned vertically integrated mine and advanced manufacturing operation in South Australia. The optimized BAM Study is assessing an increase to the previously planned Purified Spherical Graphite (PSG) production capacity of 28,000tpa, as well as additional staged expansions to both the planned Graphite Concentrate and PSG operations in order to meet projected demand.

In support of this objective, Renascor recently completed a 2,873 meter (38 hole) reverse circulation drill program at Siviour, with a primary aim of increasing the confidence level of the Siviour Resource and the scale of the Siviour Ore Reserve. The drill program concentrated on areas within the Inferred Resource zones, with results to date from areas within the eastern-most portion of the current pit designs. Assays received to date (representing approximately 50% of the expected graphitic intersections from the recent drill program) have included several wide intersections of high-grade graphite within the targeted Inferred Resource zone, including: 28 meters at 8.2% Total Graphitic Carbon (TGC) from 82 meters (SIVRC248), 25 meters at 8.4% TGC from 77 meters, including 18 meters at 10.0% TGC from 84 meters (SIVRC239), 31 meters at 7.0% TGC from 79 meters (SIVRC247), 39 meters at 6.6% TGC from 100 meters (SIV236), 21 meters at 8.8% TGC from 66 meters (SIVRC246) and 28 meters at 7.2% TGC from 70 meters (SIVRC243).

The drilling results have confirmed the continuity of high-grade graphite within the targeted Inferred Resource zone and the potential to increase the confidence of the Siviour Resource and the scale of the Siviour Ore Reserve, as well as the potential to reduce mining costs and increase the volume of graphitic ore included in the mining schedule in the optimized BAM Study.