Renascor Resources : More High-Grade Graphite from Drilling at Siviour

For personal use only

16 June 2022

More High-Grade Graphite from Drilling at Siviour

Drill results expected to support improved and accelerated mining schedule

in updated Battery Anode Material Study

• Recent drilling at Renascor's Siviour Graphite Deposit in South Australia has intersected widespread, high-grade graphite intersections. Assay results received to date include:
• • 28 metres at 8.2% Total Graphitic Carbon (TGC) from 82 metres (SIVRC248),
  • 25 metres at 8.4% TGC from 77 metres, including 18 metres at 10.0% TGC from 84 metres (SIVRC239),
  • 31 metres at 7.0% TGC from 79 metres (SIVRC247),
  • 39 meters at 6.6% TGC from 100 metres (SIV236),
  • 21 metres at 8.8% TGC from 66 metres (SIVRC246) and
  • 28 metres at 7.2% TGC from 70 metres (SIVRC243).
• Siviour is currently the second largest reported Proven Graphite Reserve in the world and the largest Graphite Reserve outside Africa1, supporting a 40 year mine life with production of Graphite Concentrates of up to 150,000 tonne per annum2.
• The drilling has confirmed continuity of widespread high-grade graphite within the deposit and is anticipated to support an increase in the confidence level of the Siviour Resource and a potential increase in the scale of the Siviour Ore Reserve.
• The drill results will be incorporated into a revised pit design and mining schedule as part of Renascor's optimised Battery Anode Material Study3 (BAM Study), with the potential to reduce mining costs and increase the volume of graphitic ore mined.
• The market for Graphite remains strong, with Fastmarkets reporting Purified Spherical Graphite (PSG) prices of US$3,500 to US$3,800 per tonne, a 42% increase over the last twelve months4, and -194 mesh (a common feedstock for PSG) prices of US$830 per tonne, as increase of 58% over the same period5.

Renascor Resources Limited	Head	office:	Phone: + 61 8 8363 6989	1
ABN 90 135 531 341	36 North Terrace	Email: [e-mail]
	Kent Town, South Australia 5067	www.renascor.com.au

For personal use only

ASX Release: Renascor Resources

16/6/22

Renascor Resources Limited (ASX: RNU) (Renascor) is pleased to report on recent drill results from its 100%-owned Siviour Graphite Deposit in South Australia that has confirmed further continuity of widespread high-grade graphite.

Commenting on the drill results, Renascor Managing Director David Christensen stated:

"These results continue to confirm that Siviour is a Tier One graphite orebody and, given its favourable deposit geometry and location in South Australia, presents Renascor with an opportunity to become a globally significant low-cost producer of high-value Purified Spherical Graphite for use in Electric Vehicles.

We expect these most recent drill results to support an improved and accelerated mining schedule in our optimised Battery Anode Material Study and staged expansions to proposed Siviour production capacity to meet the ever-increasing demand for Purified Spherical Graphite for lithium-ion battery anodes."

Discussion

Renascor is currently undertaking an updated, optimised Battery Anode Materials Study6 (BAM Study) of Renascor's planned vertically integrated mine and advanced manufacturing operation in South Australia.

The optimised 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 metre (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.

As shown in Figure 1 below, 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.

Figure 1. Siviour Graphite Deposit, showing location of the Inferred Resource zone targeted in the recent drill program in

relation to the current Siviour Resource.

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ASX Release: Renascor Resources

16/6/22

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 metres at 8.2% Total Graphitic Carbon (TGC) from 82 metres (SIVRC248),
• 25 metres at 8.4% TGC from 77 metres, including 18 metres at 10.0% TGC from 84 metres (SIVRC239),
• 31 metres at 7.0% TGC from 79 metres (SIVRC247),
• 39 meters at 6.6% TGC from 100 metres (SIV236),
• 21 metres at 8.8% TGC from 66 metres (SIVRC246) and
• 28 metres at 7.2% TGC from 70 metres (SIVRC243).

Results of assays received to date are below in Table 1, with complete details included in Appendix 1 and Appendix 2 of this announcement.

For personal use

	Hole			Collar			Collar
			(MGAE)			(MGAN)
22SIVRC236	633237		6245877
22SIVRC237	632497		6245907
22SIVRC238	632598		6245908
22SIVRC239	632797		6245901
22SIVRC240	632599		6245701
22SIVRC241*	632696		6245705
22SIVRC242*	632799		6245795
22SIVRC243	632698		6245903
22SIVRC244
632698		6245804
22SIVRC245*	632775		6245805
22SIVRC246	632497		6245807
22SIVRC247	632897		6245800

	From			To			Interval			TGC%
	(metres)			(metres)			(metres)
94	95	1	3.5
100	139	39	6.62
43	44	1	3.85
47	48	1	3.65
50	51	1	3.45
55	65	10	4.69
38	39	1	3.30
47	51	4	5.63
59	60	1	3.30
68	94	26	7.71
77	102	25	8.42
84	102	18	10.00
62	66	4	4.2
72	75	3	6.13
77	93	16	7.71
67	68	1	4.95
0	0	0	0.00
60	65	5	3.75
70	98	28	7.25
62	67	5	4.88
70	72	2	5.18
74	76	2	3.53
82	106	24	6.00
0	0	0	0.00
51	59	8	4.4
66	87	21	8.78
71	72	1	3.15
73	74	1	0.30
79	110	31	7.02

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ASX Release: Renascor Resources

16/6/22

	22SIVRC248	632898	6245898	74	77	3	4.57
	82	110	28	8.25
					75	76	1	3.25
	22SIVRC249	632896	6245702	77	78	1	3.25
					81	90	9	8.79
	22SIVRC250	632997	6245701	76	78	2	6.38
	80	81	1	3.25
	22SIVRC251	632696	6245715	62	69	7	5.11
	72	98	26	8.44
					70	74	4	4.98
	22SIVRC252	632795	6245678	80	88	8	6.21
					91	98	7	8.06
	22SIVRC253	632793	6245976	52	71	19	8.34
	74	90	16	7.57
	22SIVRC254	632997	6245802	79	81	2	3.78
	83	111	28	7.93
	22SIVRC255	633087	6245692	80	81	1	3.10
	22SIVRC256*	632994	6245902	0	0	0	0.00
					70	74	4	3.81
	22SIVRC257	632796	6245829	82	84	2	4.50
					87	110	23	8.27
	Figure 1. Results from assays received to date
	* Hole not completed to target depth
	** Unless otherwise indicated, TGC based on a 3% cut-off, with maximum intervals of 1m internal waste

The drilling results have confirmed the continuity of high-grade graphite within the targeted Inferred Resource zone (see Figure 1) 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 optimised BAM Study.

Next steps

The results from the remaining drill holes completed in the recent drill program will be reported as results become available. These new data, upon completion, will be used to update the Siviour Mineral Resource estimate and underpin a revised mining schedule to be incorporated in the updated BAM Study.

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]
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ASX Release: Renascor Resources

16/6/22

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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.

• See Renascor ASX announcement dated 21 July 2020.

• See Renascor ASX announcement dated 11 November 2020.
  3 See Renascor ASX announcement dated 28 March 2022.
  4 Fastmarkets mid-point PSG price as of 11 June 2022 was US$3,650 per tonne (versus US$2,575 in June 2021) . 5 Fastmarkets mid-point-194 price as of 11 June 2022 was US$830 per tonne (versus US$520 in June 2021).
  6 See Renascor ASX announcement dated 1 July 2020.

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