ASX Announcement

Siviour BAM Project Update

Preparation continues for an accelerated commencement of the Graphite Concentrate Operation

Highlights

• Renascor continues to accelerate the development of its Graphite Concentrate operation, the upstream portion of its planned Battery Anode Material (BAM) graphite mine and manufacturing operation in South Australia, with value engineering and design work being undertaken in preparation for the detailed design, procurement and construction phase.
• Current work programs include flotation locked cycle tests to validate optimisations to the process flowsheet, geotechnical assessments for the desalination facility and detailed design on non-process infrastructure, with final tendering underway for front-end engineering design of the mineral process plant and the desalination facility.
• The planned Graphite Concentrate operation is in the advanced stages of development, with Renascor having obtained its primary mining approvals with the award of the Program for Environment Protection and Rehabilitation1 and completed a Definitive Feasibility Study(DFS) level assessment in the recently announced BAM Study.
• The BAM Study estimates that Renascor can deliver a globally competitive gross operating cost for Purified Spherical Graphite of US$1,782 per tonne over the first 10 years andUS$1,846 per tonne over LOM, including Graphite Concentrate operating costs of US$405per tonne over first 10 years and US$472 per tonne over LOM.
• The graphite market continues to grow, with Benchmark Mineral Intelligence predicting an increase in battery demand of 300% by 2028 and policy initiatives such as the US Inflation Reduction Act incentivizing the growth of non-Chinese graphite supply chains to meet the new demand.
• The commencement of the more detailed engineering and design included in the post-DFS work packages, together with Renascor’s previously announced long-lead procurement of non-process infrastructure, is part of Renascor’s strategy to accelerate the upstream development to permit Renascor’s new supply to enter the market in alignment with forecasted near-term shortages of Graphite Concentrates.

Commenting on the upgraded Mineral Resource estimate, Renascor's Managing Director David Christensen stated: “The growth of the lithium-ion battery and anode markets continues to put pressure on the graphite market to meet increasing demand. While aggressive competition amongst Chinese synthetic graphite producers has led to downward pressure on graphite prices in recent months, the long-term graphite demand trend continues to support the need for large, low-cost graphite mines like Siviour.
Renascor expects positive growth for natural graphite to be supported, in particular, as graphite supply chains move outside of China to supply the North American and European markets.
Our current work programs are aimed at preparing Renascor to advance quickly into the detailed design, procurement and construction phase to meet expected shortfalls as the graphite market continues its transition from an industrial to a battery mineral.”